Health Endowment Properties Inc in Bowling Green, Kentucky (KY)

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Health Endowment Properties Inc
Employer Identification Number (EIN)611192362
Name of OrganizationHealth Endowment Properties Inc
In Care of NameJames L Vaughn
Address800 Park St, Bowling Green, KY 42101-2356
ActivitiesLow income housing, Described in section 509(a)(2) of the Code
SubsectionCharitable Organization
Ruling Date06/1992
DeductibilityContributions are deductible
FoundationOrganization that normally receives no more than one third of its support from gross investment income and unrelated business income and at the same time more than one third of its support from contributions, fees, and gross receipts related to exempt purposes
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period03/2006
Assets$10,000,000 to $49,999,999
Income$1,000,000 to $4,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$14,091,281
Amount of Income$1,910,639
Form 990 Revenue Amount$1,910,639
National Taxonomy of Exempt Entities (NTEE)Housing, Shelter: Public Housing Facilities


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Amount of income in 2006: $1,910,639
This organization: 

 $1,910,639
Other organizations performing similar types of work: 

 $830,011

Assets in 2006: $14,091,281
This organization: 

 $14,091,281
Other organizations performing similar types of work: 

 $2,556,923

Expenses in 2005: $1,922,313
Health Endowment Properties Inc: 

 $1,922,313
Other organizations performing similar types of work: 

 $814,088

Income to expenses ratio in 2005: 1.0
Health Endowment Properties Inc: 

 1.0
Other organizations performing similar types of work: 

 1.0

Expenses allocated to program services in 2005: 94.1%
Health Endowment Properties Inc: 

 94.1%
Other organizations performing similar types of work: 

 91.0%

Grants share in income in 2005: 64.5%
This organization: 

 64.5%
Other organizations performing similar types of work: 

 0.2%

Financial snapshot ($)

Revenue for 2005

Assets at end of 2005

Expenses for 2005

Functional Expenses for 2005 ($)

Income-Producing Activities for 2005

Revenue, Expenses, and Changes in Net Assets or Fund Balances
200020012002200320042005
Total revenue$1,723,107$1,695,219$1,683,639$1,645,608$1,857,290$1,910,639
Contributions, gifts, grants, and similar amounts received$984,846$979,001$988,666$997,498$1,199,904$1,231,945
Contributions to donor advised funds
Direct public support$0$0$0$0$0$0
Indirect public support$0$0$0$0$0$0
Government contributions (grants)$984,846$979,001$988,666$997,498$1,199,904$1,231,945
Program service revenue including government fees and contracts$590,192$599,395$604,281$601,042$592,648$587,829
Membership dues and assessments$0$0$0$0$0$0
Interest on savings and temporary cash investments$0$0$0$0$0$0
Dividends and interest from securities$0$0$0$0$0$0
Net rental income or (loss)$10,200$10,200$9,900$9,750$8,400$39,320
Gross rents$10,200$10,200$9,900$9,750$8,400$39,320
Less: rental expenses$0$0$0$0$0$0
Other investment income$92,607$47,468$41,514$2,860$8,224$32,716
Gain or (loss) from sales of assets other than inventory$0$0$0$0$0$0
Gross amount from sales of assets other than inventory$0$0$0$0$0$0
Less: cost or other basis and sales expenses$0$0$0$0$0$0
Net income or (loss) from special events and activities$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0
Other revenue$45,262$59,155$39,278$34,458$48,114$18,829
Total expenses$1,819,628$1,817,715$1,899,351$1,913,656$1,921,831$1,922,313
Program services$1,715,417$1,717,457$1,795,320$1,812,982$1,810,756$1,808,855
Management and general$104,211$100,258$104,031$100,674$111,075$113,458
Fundraising$0$0$0$0$0$0
Payments to affiliates$0$0$0$0$0$0
Net assets or fund balances at end of year$-1,499,197$-1,636,693$-1,872,405$-2,140,453$-2,204,994$-2,216,668
Excess or (deficit) for the year$-96,521$-122,496$-215,712$-268,048$-64,541$-11,674
Net assets or fund balances at beginning of year$-1,402,676$-1,499,197$-1,636,693$-1,872,405$-2,140,453$-2,204,994
Other changes in net assets or fund balances$0$-15,000$-20,000$0$0$0
Statement of Functional Expenses (for 2005)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$1,922,313$1,808,855$113,458$0
Grants paid from donor advised funds
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$0$0$0$0
Compensation of former officers, directors, key employees, etc.
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Salaries and wages of employees not included above$0$0$0$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$0$0$0$0
Payroll taxes$0$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$15,659$0$15,659$0
Legal fees$0$0$0$0
Supplies$23,437$23,437$0$0
Telephone$0$0$0$0
Postage and shipping$0$0$0$0
Occupancy$270,714$270,714$0$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$0$0$0$0
Travel$0$0$0$0
Conferences, conventions, and meetings$0$0$0$0
Interest$748,588$748,588$0$0
Depreciation, depletion, etc.$300,452$300,452$0$0
Other expenses not covered above$563,463$465,664$97,799$0
Balance Sheets
200020012002200320042005
Total assets$8,301,653$8,020,563$7,735,806$7,356,350$7,129,656$14,091,281
Cash - non-interest-bearing$0$0$0$0$0$0
Savings and temporary cash investments$22,134$67,411$3,096$29,188$24,929$27,112
Accounts receivable less allowance for doubtful accounts$11,233$5,856$5,002$2,705$3,257$4,438
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0$0
Grants receivable$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Other notes and loans receivable less allowance for doubtful accounts$0$0$0$0$0$0
Inventories for sale or use$0$0$0$0$0$0
Prepaid expenses and deferred charges$12,658$10,780$23,131$22,528$24,793$7,788
Investments - publicly-traded securities
Investments - other securities$0$0$0$0$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0
Investments - other$1,651,495$1,683,383$1,515,533$1,442,510$1,483,779$8,691,940
Land, buildings, and equipment less accumulated depreciation$6,168,890$5,895,255$5,698,906$5,461,536$5,203,227$4,911,107
Other assets, including program-related investments$435,243$357,878$490,138$397,883$389,671$448,896
Total liabilities$9,800,850$9,657,256$9,608,211$9,496,803$9,334,650$16,307,949
Accounts payable and accrued expenses$471,989$447,134$525,267$587,663$615,773$528,348
Grants payable$0$0$0$0$0$0
Deferred revenue$357$296$381$952$2,482$2,170
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$0
Mortgages and other notes payable$9,285,000$9,165,000$9,035,000$8,860,000$8,666,000$15,728,662
Other liabilities$43,504$44,826$47,563$48,188$50,395$48,769
Total liabilities and net assets/fund balances$8,301,653$8,020,563$7,735,806$7,356,350$7,129,656$14,091,281
Total net assets or fund balances$-1,499,197$-1,636,693$-1,872,405$-2,140,453$-2,204,994$-2,216,668
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
200020012002200320042005
Total revenue$1,723,107$1,695,219$1,683,639$0$0$0
Total revenue, gains, and other support per audited financial statements$1,723,107$1,695,219$1,683,639$0$0$0
Other expenses$0$0$0$0$0$0
Net unrealized gains on investments$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0
Other$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0
Other$0$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
200020012002200320042005
Total expenses$1,819,628$1,817,715$1,899,351$0$0$0
Total expenses and losses per audited financial statements$1,819,628$1,832,715$1,919,351$0$0$0
Other revenue$0$15,000$20,000$0$0$0
Donated services and use of facilities$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0
Losses$0$0$0$0$0$0
Other$0$15,000$20,000$0$0$0
Other expenses$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0
Other$0$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings13
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?
Did the organization acquire a direct or indirect interest in any applicable insurance contract?
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?
Number of employees employed in the pay period that includes March 12, 20060
Analysis of Income-Producing Activities (for 2005)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$85,226$593,468
Program service revenue
Program service revenue 1000000$000$0$587,829
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$000$0$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$0Income exempt from debt-financed (section 514) provisions because at least 85% of the use of the property is for the organization's exempt purposes (Note: This code is only for income from the 15% or less non-exempt purpose use.) (section 514(b)(1)(A))$30,920$0
not debt-financed property000000$0Real property rental income that does not depend on the income or profits derived by the person leasing the property and is excluded by section 512(b)(3)$8,400$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$32,716$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$0Section 501(c)(3) organization - Income from an activity carried on primarily for the convenience of the organization's members, students, patients, visitors, officers, or employees (hospital parking lot or museum cafeteria, for example) (section 513(a)(2))$13,190$5,639
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2005)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2005)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2005)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
The total number of donor advised funds owned at the end of the tax year
The aggregate value of assets held in all donor advised funds owned at the end of the tax year
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts
The aggregate value of assets held in all funds or accounts included above at the end of the tax year
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that receives a substantial part of its support from a governmental unit or from the general public
Support Schedule
199920002001200220032004
Total$1,589,243$1,728,635$1,700,535$1,684,578$1,650,614$1,856,414
Gifts, grants, and contributions received$982,018$984,846$979,001$988,666$997,498$1,199,904
Membership fees received$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$502,764$659,146$604,711$605,220$601,091$591,772
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$66,118$39,381$57,668$51,414$17,567$16,624
Net income from unrelated business activities not included above$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0
Other income$38,343$45,262$59,155$39,278$34,458$48,114
Lobbying Expenditures by Electing Public Charities (for 2005)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Health Endowment Properties Inc800 Park St, Bowling Green, KY 42101-2356KY1992-06$1,910,639
2St Marks Towers IncOne Towers Plaza, Brunswick, GA 31520-4461GA1979-12$1,569,853
3Shalom Tower ApartmentsLouisville, KY 40205KY$1,082,657
4Louisville Housing Services Corporation420 S 8th St, Louisville, KY 40203-1906KY1989-11$785,704
5Lake Cumberland Housing Agency IncPO BOX 440, Jamestown, KY 42629-0440KY1979-09$509,714
6Woodstock Manor Housing Development Fund Corporation755 Palisade Avenue, Yonkers, NY 10703-1800NY1985-01$8,184,759
7Tg 110 Inc8610 N New Braunfels Ave Ste 500, San Antonio, TX 78217-6397TX2002-11$3,238,697
8Progressive Baptist Church Housing Foundation Inc, T E Brown Apartments3601 South Wells, Chicago, IL 60609-1867IL1979-08$1,957,825
9St George Tower Ltd2160 E Maple Rd, Troy, MI 48083-4400MI1979-02$1,701,039
10Sebco Housing Development Fund, Ian Resnick - Controller885 Bruckner Blvd, Bronx, NY 10459-5201NY1983-11$1,427,261
11Saratoga County Rural Preservation Company IncCompany Inc 1214 Saratoga Rd Rt 50, Ballston Spa, NY 12020NY1983-08$1,310,983
12Rio Concho Manor Inc401 Rio Concho Drive, San Angelo, TX 76903-5505TX1988-10$1,251,522
13Two Hundred Seventy-Two To Two Hundred Eighty Linwood Avenue Inc276 Linwood Ave, Buffalo, NY 14209-1838NY1976-02$1,111,823
14South Atlantic Housing Of Brevard IncPO BOX 450049, Atlanta, GA 31145-0049GA1984-11$1,071,764
15St Justins Plaza Inc120 Boggs Ave, Pittsburgh, PA 15211-2059PA1978-08$1,061,209
16Thomas Campbell Apartments Inc, Nba Thomas Campbell850 Beech St, Washington, PA 15301-6542PA1951-07$905,912
17Tanner Gardens11260 N Tatum Blvd Ste 149, Phoenix, AZ 85028-2308AZ1981-01$864,018
18St Francis Of Assisi Residences At Braintree Ii Inc53 Independence Avenue, Braintree, MA 02184-1768MA1978-09$819,787
19Santa Cruz Apartments Inc1107 E Tonto St, Phoenix, AZ 85034-4032AZ1993-10$750,209
20Tg 104 Inc, Bavarian Manor Apts8610 N New Braunfels Ave Ste 500, San Antonio, TX 78217-6397TX2002-11$737,935
Number of organizations performing similar types of work
Alaska2
Alabama6
Arkansas3
Arizona12
California98
Colorado15
Connecticut8
District of Columbia5
Delaware2
Florida33
Georgia20
Hawaii13
Iowa10
Idaho3
Illinois33
Indiana7
Kansas4
Kentucky4
Louisiana12
Massachusetts22
Maryland8
Maine7
Michigan22
Minnesota19
Missouri16
Mississippi5
Montana3
North Carolina12
North Dakota2
Nebraska3
New Hampshire1
New Jersey23
New Mexico6
Nevada1
New York76
Ohio46
Oklahoma2
Oregon9
Pennsylvania46
Rhode Island4
South Carolina4
South Dakota4
Tennessee10
Texas36
Utah1
Virginia26
Vermont5
Washington11
Wisconsin12
West Virginia1
Wyoming1
International3
Total737
All affiliated organizations
AffiliationNameAddressStateEstablishedTotal Income
CentralHealth Endowment Properties Inc800 Park St, Bowling Green, KY 42101-2356KY1992-06$1,910,639
SubordinateHealth Endowment Properties Inc, Group Return800 Park St, Bowling Green, KY 42101-2356KY1992-06$21,057,354
SubordinateHealth Endowment Properties Inc, Commonwealth Endowment Proprts IncPO BOX 9876, Bowling Green, KY 42102-9876KY1992-06$0
SubordinateHealth Endowment Properties Inc, Commonwealth Endwmt Prop Mark I IncPO BOX 9876, Bowling Green, KY 42102-9876KY1992-06$0
SubordinateHealth Endowment Properties Inc, Duncanville Endowment PropertiesPO BOX 9876, Bowling Green, KY 42102-9876KY1992-06$0
Number of affiliated organizations
Kentucky5
Total5

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