2018-03-27T13:31:34-07:00 2017-12-31 364025026 WIELAND & COMPANY INC CPAS 201 HOUSTON STREET SUITE 301 BATAVIA IL 60510 990 2017-01-01 363971142 LAKE VIEW TOWERS RESIDENTS ASSOCIATION INC LAKE 7732865400 C/O LMCI 5618 N MILWAUKEE AVE CHICAGO IL 60646 STEPHEN SOMUAH President 2018-03-27 true Paul H Wieland P00326532 6304064490 2017 2022-09-23 18:48:47Z STEPHEN SOMUAH 4550 N CLARENDON AVE CHICAGO IL 60640 6991909 false false X N/A X 2004 IL TO PROVIDE AND MAINTAIN SAFE AND AFFORDABLE HOUSING FOR LOW TO MODERATE INCOME INDIVIDUALS AND FAMILIES. 7 7 0 20 0 0 6763209 6768988 1049 1225 217906 221696 6982164 6991909 0 0 867608 887320 0 0 6553623 6387336 7421231 7274656 -439067 -282747 36342218 35581599 41048126 40570254 -4705908 -4988655 TO PROVIDE AND MAINTAIN SAFE AND AFFORDABLE HOUSING FOR LOW TO MODERATE INCOME INDIVIDUALS AND FAMILIES. false false 7274656 OPERATED AND MAINTAINED LAKE VIEW TOWERS, A 500-UNIT AFFORDABLE HOUSING PROJECT IN CHICAGO. DURING THE REPORTING PERIOD THE ORGANIZATION OPERATED THE PROPERTY FOR THE BENEFIT OF LOW TO MODERATE INCOME INDIVIDUALS AND FAMILIES. 7274656 true false false false false false false false false false true false false true true true true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 9 0 true 0 false false false false false false false false false false false false false X 7 7 false true false false false false false true true false false true false false false false true false true false IL X LEASING AND MANAGEMENT CO INC 7732865400 5618 N MILWAUKEE AVE CHICAGO IL 60646 X STEPHEN SOMUAH President 2.00 0.00 X X 0 0 0 SERAFIM KOGAN Vice President 2.00 0.00 X X 0 0 0 DIANE SANTUCCI Secretary/Treas 2.00 0.00 X X 0 0 0 VALEDA WILLIAMS Director 2.00 0.00 X 0 0 0 PETER MAZIYA Director 2.00 0.00 X 0 0 0 RASHID SHAIKH Director 2.00 0.00 X 0 0 0 LENA MCCLELLAN Director 2.00 0.00 X 0 0 0 0 false false false LEASING & MANAGEMENT COMPANY INC 5618 N MILWAUKEE AVE CHICAGO IL 60646 PROPERTY MANAGEMENT 376093 BROADBANK CONCEPTS 4550 N CLARENDON AVE CHICAGO IL 60640 CABLE 165764 PREZA CONSTRUCTION INC 3913 FARGO AVE SLOKIE IL 60076 CONSTRUCTION 212171 ALLIED UNIVERSAL 500 N MICHIGAN AVE CHICAGO IL 60611 SECURITY 370783 ILLINOIS GLASSWORKS 1814 PICKWICK AVE GLENVIEW IL 60026 GLASS INSTALLATION 147871 5 0 RENTAL RECEIPTS 6768988 6768988 6768988 1225 1225 0 0 0 0 0 0 0 LAUNDRY AND VENDING 63905 63905 PARKING 140926 140926 TENANT CHARGES 16865 16865 221696 6991909 6768988 222921 X 0 0 0 0 0 0 677923 677923 0 145423 145423 63974 63974 376093 376093 167859 167859 9800 9800 0 0 0 0 0 66222 66222 0 0 0 0 0 0 990488 990488 0 2031026 2031026 127775 127775 OPERATING CONTRACTS 577295 577295 SECURITY CONTRACT 537618 537618 REAL ESTATE TAXES 367924 367924 WATER AND SEWER 287245 287245 847991 847991 7274656 7274656 0 0 84483 387542 0 0 50588 24575 0 0 0 0 149442 171670 56526237 25076002 32736376 31450235 0 0 0 457894 444662 2863435 3102915 36342218 35581599 424109 345560 38253992 37747927 2370025 2476767 41048126 40570254 X -4705908 -4988655 -4705908 -4988655 36342218 35581599 -282747 X false true X true true true X 0 6679224 6820048 6690273 6763209 6768988 33721742 0 0 0 6679224 6820048 6690273 6763209 6768988 33721742 0 0 33721742 2897 2337 1167 1049 1225 8675 0 2897 2337 1167 1049 1225 8675 0 194073 195998 196075 217906 221696 1025748 6876194 7018383 6887515 6982164 6991909 34756165 0.97020 0.97790 0.00020 0.00030 X 1550000 1550000 53376637 23650037 29726600 90063 37522 52541 1044574 984404 60170 464963 404039 60924 31450235 CONSTRUCTION FUND RESERVE 109875 ESCROW DEPOSITS 272051 REPLACEMENT RESERVE 2485658 TENANT SECURITY DEPOSITS 235331 3102915 ACCRUED INTEREST 1850186 ACCRUED MANAGEMENT FEES 30700 ACCRUED PAYROLL 16526 ACCRUED REAL ESTATE TAXES 345700 PREPAID RENTS 16861 TENANT SECURITY DEPOSITS 216794 2476767 X 6991909 6991909 6991909 7274656 7274656 7274656 Part X : FIN48 Footnote The Organization is tax exempt under Internal Revenue Code Section 501 (c) (3), is classified as a public charity and has no unrelated business income. Accordingly, no provision for income taxes is reported. The financial statement effects of a tax position taken or expected to be taken are recognized when it is more likely than not, based on technical merits, that the position will be sustained upon examination. As of December 31, 2017, the Organization had no uncertain tax positions that qualify for recognition or disclosure in the financial statements. Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company Property management of building owned by Association Form 990, Part VI, Line 11b: Form 990 Review Process Board is provided a review copy. Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees Officers and directors are volunteers. Personnel are all employees of professional real estate management company that provides management services to the Association pursuant to an agreement approved by HUD. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available Available at Board's building office and from management company Form 990, Part IX, Line 24e: Other Expenses : Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e: Other Expenses : Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e: Other Expenses : Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e: Other Expenses BAD DEBTS (Net recoveries): Column (A) - Total = $23800; Column (B) - Program Services = $23800; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e: Other Expenses BOARD EXPENSES: Column (A) - Total = $35403; Column (B) - Program Services = $35403; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e: Other Expenses ELECTRICITY: Column (A) - Total = $143566; Column (B) - Program Services = $143566; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e: Other Expenses FITNESS ROOM EXPENSE: Column (A) - Total = $431; Column (B) - Program Services = $431; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e: Other Expenses GARBAGE REMOVAL: Column (A) - Total = $52786; Column (B) - Program Services = $52786; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e: Other Expenses GAS: Column (A) - Total = $239309; Column (B) - Program Services = $239309; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e: Other Expenses HVAC: Column (A) - Total = $22731; Column (B) - Program Services = $22731; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e: Other Expenses MISCELLANEOUS FINANCIAL: Column (A) - Total = $2750; Column (B) - Program Services = $2750; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e: Other Expenses MISCELLANEOUS OPERATING: Column (A) - Total = $939; Column (B) - Program Services = $939; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e: Other Expenses MISCELLANEOUS TAXES AND INSUR.: Column (A) - Total = $2420; Column (B) - Program Services = $2420; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e: Other Expenses MORTGAGE INSURANCE PREMIUMS: Column (A) - Total = $149352; Column (B) - Program Services = $149352; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e: Other Expenses OPERATING SUPPLIES: Column (A) - Total = $77359; Column (B) - Program Services = $77359; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e: Other Expenses OTHER RENTING EXPENSES: Column (A) - Total = $3506; Column (B) - Program Services = $3506; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e: Other Expenses RENT FREE UNIT, OPERATING: Column (A) - Total = $23448; Column (B) - Program Services = $23448; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e: Other Expenses SOCIAL PROGRAMMING: Column (A) - Total = $70191; Column (B) - Program Services = $70191; Column (C) - Management & General = $0; Column (D) - Fundraising = $0