Lubbock Apartment Association Inc
- Assets
- $770.3k
- Revenue
- $795.9k
- Investments
- $0.0
- Employees
- 5
- Location
- Lubbock, TX
- Founding
- 02/1973
- Data as of
- 12/2022
- EIN
- 75-1371114
Organization Overview
Lubbock Apartment Association Inc is located in Lubbock, TX. The organization was established in 1973. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Lubbock Apartment Association Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lubbock Apartment Association Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Lubbock Apartment Association Inc generated $795.9k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.5%) each year. All expenses for the organization totaled $719.5k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (5.6%) per year over the past 7 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO EDUCATE, ADVOCATE, CULTIVATE RELATIONSHIPS AND PROVIDE RESOURCES TO STRENGTHEN OUR RENTAL HOUSING INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASSOCIATION PROVIDES BENEFITS INCLUDING EDUCATION, MARKET AND INDUSTRY SURVEYS AND PUBLICATIONS. DURING THE YEAR ENDED THE ASSOCIATION HAD OVER 500 MEMBERS REPRESENTING OVER 33,000 RENTAL UNITS IN LUBBOCK AND THE SOUTH PLAINS.
ONLINE AND EMAIL PUBLICATIONS ARE DISTRIBUTED TO MEMBERS AND NON-MEMBERS TO AID AND UPDATE APARTMENT OWNERS AND MANAGERS IN THE LUBBOCK AREA. THE ASSOCIATION SUPPORTS A LISTING WEBSITE WITH AN ONLINE APARTMENT GUIDE FOR THE LUBBOCK AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Suzanne Comer Executive Director | Officer | 37.5 | $73,690 |
Tanner Noble President | OfficerTrustee | 2 | $0 |
Albert Gillespie Vice President | OfficerTrustee | 2 | $0 |
Lyndsay Snyder Secretary/treasurer | OfficerTrustee | 2 | $0 |
Mont Mcclendon Past President | OfficerTrustee | 1 | $0 |
Drew Gray Director | Trustee | 1 | $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 | $24,185 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $24,185 |
| Total Program Service Revenue | $762,306 |
| Investment income | $189 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $37,352 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$28,874 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $762 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $795,920 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $12,960 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,347 |
| Compensation of current officers, directors, key employees. | $103,442 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $125,237 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $16,406 |
| Payroll taxes | $15,651 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,989 |
| Office expenses | $85,736 |
| Information technology | $113,032 |
| Royalties | $0 |
| Occupancy | $16,590 |
| Travel | $28,917 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,564 |
| Interest | $0 |
| Payments to affiliates | $52,604 |
| Depreciation, depletion, and amortization | $6,730 |
| Insurance | $0 |
| All other expenses | $1,190 |
| Total functional expenses | $719,513 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $46,762 |
| Savings and temporary cash investments | $189,939 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $139,266 |
| 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 | $0 |
| Net Land, buildings, and equipment | $394,351 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $770,318 |
| Accounts payable and accrued expenses | $17,081 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $17,081 |
| Net assets without donor restrictions | $753,237 |
| 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 | $770,318 |
Grants Awarded
Over the last fiscal year, Lubbock Apartment Association Inc has awarded $39,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
LUBBOCK POLICE & FIRE BENEVOLENCE FUND PURPOSE: PROCEEDS FROM THE STATE OF THE CITY ADDRESS THAT WERE DONATED TO A CHARITY OF THE MAYOR'S CHOICE. | $14,000 |
BROADWAY FESTIVAL PURPOSE: TO SPONSOR THE 2017 4TH ON BROADWAY FESTIVAL. | $15,000 |
AMERICAN NATIONAL RED CROSS PURPOSE: TO PROVIDE HURRICANE RELIEF. | $10,000 |