Adel Manor Inc
- Assets
- $1.2m
- Revenue
- $665.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Adel, IA
- Founding
- 03/1971
- Data as of
- 12/2021
- EIN
- 42-0952944
Organization Overview
Adel Manor Inc is located in Adel, IA. The organization was established in 1971. According to its NTEE Classification (Y99) the organization is classified as: Mutual & Membership Benefit N.E.C., under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Adel Manor Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Adel Manor Inc generated $665.9k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.7% each year . All expenses for the organization totaled $473.1k during the year ending 12/2021. While expenses have increased by 6.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE AFFORDABLE HOUSING TO LOW-INCOME, ELDERLY OR HANDICAPPED INDIVIDUALS IN ADEL, IOWA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADEL MANOR, INC. PROVIDES AFFORDABLE HOUSING TO LOW-INCOME, ELDERLY AND HANDICAPPED INDIVIDUALS THROUGH OPERATION OF 26-UNIT AND 48-UNIT MULTIFAMILY COMMUNITIES LOCATED IN ADEL, IOWA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jim Peters Vice President | OfficerTrustee | 0.3 | $0 |
Dan Hawkins President | OfficerTrustee | 0.5 | $0 |
Linda Fuller Secretary/treasurer | OfficerTrustee | 0.3 | $0 |
Craig Poldberg Director | Trustee | 0.5 | $0 |
Charles Kreager Director | Trustee | 0.3 | $0 |
Bill Sandquist Director | Trustee | 0.3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $360,333 |
| Investment income | $43 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $219,811 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $665,891 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $60,285 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $4,024 |
| Payroll taxes | $5,461 |
| Fees for services: Management | $48,560 |
| Fees for services: Legal | $3,446 |
| Fees for services: Accounting | $6,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,873 |
| Advertising and promotion | $5,416 |
| Office expenses | $4,785 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $74,367 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $67,432 |
| Insurance | $16,842 |
| All other expenses | $0 |
| Total functional expenses | $473,109 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $240,181 |
| Savings and temporary cash investments | $36,735 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,618 |
| Net Land, buildings, and equipment | $932,866 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,994 |
| Total assets | $1,231,394 |
| Accounts payable and accrued expenses | $24,155 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $968,435 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $17,929 |
| Total liabilities | $1,010,519 |
| Net assets without donor restrictions | $220,875 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,231,394 |
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