Elevate Housing Foundation
- Assets
- $32.6m
- Revenue
- $24.5m
- Investments
- $0.0
- Employees
- 550
- Location
- Lincolnwood, IL
- Founding
- 06/2017
- Data as of
- 12/2022
- EIN
- 82-1235705
Organization Overview
Elevate Housing Foundation is located in Lincolnwood, IL. The organization was established in 2017. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Elevate Housing Foundation employed 550 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Elevate Housing Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
ELEVATE HOUSING FOUNDATION(ELEVATE) IS ORGANIZED AND SHALL BE OPERATED EXCLUSIVELY FOR CHARITABLE PURPOSES, INCLUDING RELIEVING THE POOR AND DISTRESSED BY PROVIDINGSAFE, DECENT AND SANITARY HOUSING TO SENIORS AND FAMILIES IN NEED OF AFFORDABLE HOUSING. WHILE NOT LIMITED TO SUCH, ELEVATE MAY PROVIDE HOUSING THAT IS SUBSIDIZED BY HUD OR BY OTHER GOVERNMENTAL PROGRAMS. HOWEVER, REGARDLESS OF ANY SUBSIDY, OCCUPANCY IN HOUSING OWNED BY ELEVATE WILL BE LIMITED IN ACCORDANCE WITH THE STANDARDS SET FORTH FO NONPROFIT AFFORDABLE HOUSING IN REV. PROC 96-32.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE AFFORDABLE NURSING HOME CARE AND HOUSING FOR LOW TO MODERATE INCOME INDIVIDUALS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ilya Shulman President | Trustee | 0 | $0 |
Tony Shir Board Member | Trustee | 0 | $0 |
Alla Stavnitser Board Member | Trustee | 0 | $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 | $24,527,753 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,527,753 |
| 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 | $13,592,990 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $88,156 |
| Office expenses | $93,302 |
| Information technology | $250,500 |
| Royalties | $0 |
| Occupancy | $2,577,377 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,475,159 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $958,115 |
| Insurance | $0 |
| All other expenses | $1,466,015 |
| Total functional expenses | $25,031,429 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,583,748 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,323,794 |
| Loans from Officers, Directors, or Controlling Persons | $310,253 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | -$2,756,097 |
| Net Land, buildings, and equipment | $29,142,705 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $32,604,403 |
| Accounts payable and accrued expenses | $3,799,135 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $11,908,876 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $31,180,000 |
| Unsecured mortgages and notes payable | $8,400,000 |
| Other liabilities | $5,264,402 |
| Total liabilities | $60,552,413 |
| Net assets without donor restrictions | -$27,948,010 |
| 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 | $32,604,403 |