2024-11-05T07:02:54-06:00 2023-12-31 351750664 DAUBY O'CONNOR & ZALESKI LLC 501 CONGRESSIONAL BLVD 300 CARMEL IN 46032 990 2023-01-01 351513423 LEISURE LIVING APARTMENTS INC LEIS 5742376000 112 WEST JEFFERSON BLVD SUITE 300 SOUTH BEND IN 46601 ROD LUDWIG DIRECTOR 5742376000 2024-11-05 1 0 EKATERINA GWYN P01333750 3178485700 2023 2024-10-15 13:58:12Z ROD LUDWIG 112 WEST JEFFERSON BLVD SUITE 300 SOUTH BEND IN 46601 247962 0 X N/A X 1977 IN LEISURE LIVING APARTMENTS, INC. WAS ORGANIZED AS AN INDIANA NOT-FOR-PROFIT CORPORATION TO OWN AND OPERATE TWO APARTMENT PROJECTS FOR LOW INCOME FAMILIES IN MILFORD, INDIANA. PHASE I HAS 16 UNITS AND PHASE II HAS 16 UNITS. THE CORPORATION'S MORTGAGE LOANS WERE PROVIDED THROUGH THE RURAL DEVELOPMENT, DEPARTMENT OF AGRICULTURE, UNDER SECTION 515 OF THE HOUSING ACT OF 1949. 5 5 0 5 0 0 107456 109640 131166 137009 0 92 1513 1221 240135 247962 0 0 0 0 0 0 0 0 0 226719 202997 226719 202997 13416 44965 453733 460052 777296 738650 -323563 -278598 X LEISURE LIVING APARTMENTS, INC. WAS ORGANIZED AS AN INDIANA NOT-FOR-PROFIT CORPORATION TO OWN AND OPERATE TWO APARTMENT PROJECTS FOR LOW INCOME FAMILIES IN MILFORD, INDIANA. PHASE I HAS 16 UNITS AND PHASE II HAS 16 UNITS. THE CORPORATION'S MORTGAGE LOANS WERE PROVIDED THROUGH THE RURAL DEVELOPMENT, DEPARTMENT OF AGRICULTURE, UNDER SECTION 515 OF THE HOUSING ACT OF 1949. 0 0 111259 137009 LEISURE LIVING APARTMENTS, INC. WAS ORGANIZED AS AN INDIANA NOT-FOR-PROFIT CORPORATION TO OWN AND OPERATE TWO APARTMENT PROJECTS FOR LOW INCOME FAMILIES IN MILFORD, INDIANA. PHASE I HAS 16 UNITS AND PHASE II HAS 16 UNITS. THE CORPORATION'S MORTGAGE LOANS WERE PROVIDED THROUGH THE RURAL DEVELOPMENT, DEPARTMENT OF AGRICULTURE, UNDER SECTION 515 OF THE HOUSING ACT OF 1949. 111259 0 1 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 5 0 1 0 0 0 0 0 0 0 0 0 0 0 X 5 5 0 1 0 0 1 1 1 1 1 0 0 1 1 1 1 0 0 0 0 0 X RODNEY LUDWIG 5742376000 112 WEST JEFFERSON BLVD STE 300 SOUTH BEND IN 46601 X DEE KINNEY PRESIDENT 0.50 0.00 X X 0 0 0 JOHN PRITZ VICE PRESIDENT 0.50 0.00 X X 0 0 0 BRENDA PETERSON SECRETARY-TREASURER 0.50 0.00 X X 0 0 0 TESSA DOLL DIRECTOR 0.50 0.00 X 0 0 0 SABRINA BROWN DIRECTOR 0.50 0.00 X 0 0 0 0 0 0 0 0 0 0 0 109640 109640 RENTAL INCOME 531110 137009 137009 137009 92 92 LAUNDRY & VENDING 531110 957 957 OTHER REV. - MISC 531110 197 197 TENANT CHARGES 531110 67 67 1221 247962 137009 0 1313 23386 23386 6700 6700 257 257 11499 11499 96138 96138 2250 2250 14707 14707 414 414 MTG CO EMPLOYEE CHARGEB 47646 47646 202997 111259 91738 0 14366 14122 6248 7038 3719 4253 1468662 1155197 318533 313465 75930 85718 5533 5003 29404 30453 453733 460052 14167 7391 2688 2658 743660 708757 16781 19844 777296 738650 X -323563 -278598 -323563 -278598 453733 460052 44965 0 X X 1 X 0 1 0 X 109559 108204 114354 107456 109640 549213 104599 112243 121442 131166 137009 606459 214158 220447 235796 238622 246649 1155672 0 0 0 1155672 94 103 53 0 92 342 94 103 53 92 342 1871 1764 1459 1513 1221 7828 216123 222314 237308 240135 247962 1163842 0.99300 0.99270 0.00030 0.00040 X SCHEDULE A, PART III, LINE 12: MISCELLANEOUS INCOME CONSISTS OF TENANT CHARGES, LAUNDRY AND VENDING CHARGES AND OTHER INCOME ITEMS FOR SERVICES PROVIDED FOR THE CONVENIENCE OF THE TENANTS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 40000 40000 1223946 1006460 217486 118719 111112 7607 85997 37625 48372 313465 REPLACEMENT RESERVE FUND 85718 C 85718 SECURITY DEPOSITS 16053 MORTGAGE ESCROW DEPOSITS 14400 30453 ACCRUED INTEREST 1360 SECURITY DEPOSITS 15860 ACCRUED MANAGEMENT FEE PAYABLE 2424 UNCLAIMED FUNDS LIABILITY 200 19844 X PART X, LINE 2: THE CORPORATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE AND STATE INCOME TAX AND HAS BEEN CLASSIFIED AS AN OTHER THAN PRIVATE FOUNDATION. ACCORDINGLY, NO PROVISION FOR FEDERAL AND STATE TAXES ON REVENUE AND INCOME HAS BEEN RECOGNIZED IN THE ACCOMPANYING FINANCIAL STATEMENTS. GENERALLY, THE FEDERAL AND STATE TAX RETURNS WERE SUBJECT TO EXAMINATIONS FROM THE THREE YEARS AFTER THE LATER OF THE ORIGINAL OR EXTENDED DUE DATE OR THE DATE FILED WITH THE APPLICABLE TAX AUTHORITY. FORM 990, PART VI, SECTION A, LINE 3 LEISURE LIVING APARTMENTS, INC., BOTH PHASE I AND PHASE II, IS MANAGED BY BRADLEY RESIDENTIAL MANAGEMENT CORPORATION, A PROFESSIONAL PROPERTY MANAGEMENT COMPANY. BRADLEY RESIDENTIAL MANAGEMENT CORPORATION HAS A SIGNED MANAGEMENT AGREEMENT WITH THE PROJECT WHICH IS APPROVED BY RURAL DEVELOPMENT AS WELL AS US DEPARTMENT OF HOUSING FOR THE DIFFERENT PHASES. THE SIGNED MANAGEMENT AGREEMENT WITH THE PROJECT, APPROVED BY RURAL DEVELOPMENT, IS FOR A SPECIFIED TIME PERIOD. THE MANAGEMENT CONTRACT ENCOMPASSES THE DAY TO DAY OPERATIONS OF THE PROJECT INCLUDING, BUT NOT LIMITED TO, COLLECTION OF RENTS, MAINTENANCE OF FACILITIES, SUPERVISION OF STAFF, AND ONGOING SUPPORT FOR BOTH THE OWNERS AND TENANTS AS NEEDED IN ORDER TO ESTABLISH A SAFE, SANITARY AND AFFORDABLE ENVIRONMENT. FORM 990, PART VI, SECTION A, LINE 6 THE TOTAL NUMBER OF SHARES WHICH THE CORPORATION IS TO HAVE AUTHORITY TO ISSUE IS 1,000. THE BOARD OF DIRECTORS ARE SHAREHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE DIRECTORS ELECTED AT THE ANNUAL MEETING TO SUCCEED THE DIRECTORS NAMED IN THE ARTICLES OF INCORPORATION SHALL BE ELECTED FOR STAGGERED TERMS OF THREE, TWO, AND ONE YEARS. AS THE TERMS OF SUCH DIRECTORS EXPIRE, THEIR SUCCESSORS SHALL BE ELECTED FOR TERMS OF THREE YEARS UNTIL THEIR SUCCESSORS ARE ELECTED AND QUALIFIED. DIRECTORS SHOULD BE RESIDENTS OF THE COMMUNITY WHERE THE HOUSING IS LOCATED. FORM 990, PART VI, SECTION A, LINE 7B THE BYLAWS MAY BE REPEALED OR AMENDED BY A MAJORITY VOTE OF THE DIRECTORS PRESENT AT ANY ANNUAL MEETING OF THE BOARD, OR AT ANY SPECIAL MEETING OF THE BOARD CALLED FOR SUCH PURPOSE, AT WHICH A QUORUM IS PRESENT; PROVIDED, HOWEVER, NO SUCH ACTION SHALL CHANGE THE PURPOSES OF THE CORPORATION SO AS TO IMPAIR ITS RIGHTS AND POWERS UNDER THE LAWS OF SAID STATE, OR TO WAIVE ANY REQUIREMENT FOR THE PROVISIONS OF SAFETY AND SECURITY OF THE PROPERTY AND FUNDS OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B THE AUDITING FIRM SENDS A DRAFT OF THE RETURN TO THE MANAGEMENT COMPANY. THE MANAGEMENT COMPANY PRESENTS THE 990 AT THE BOARD MEETING FOR THEIR REVIEW. ONCE THE BOARD HAS AN OPPORTUNITY TO ASK QUESTIONS, THE BOARD APPROVES THE FORM 990 AND THE PRESIDENT GIVES APPROVAL TO FILE THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS SIGN OFF ON THE POLICY ANNUALLY AND ABSTAIN FROM ANY VOTING WHERE A CONFLICT OF INTEREST COULD EXIST. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION DOES NOT COMPENSATE OFFICERS OR DIRECTORS (SEE PAGE 7, PART VII). IF THE ORGANIZATION REVISES THEIR POSITION ON COMPENSATION OF OFFICERS AND DIRECTORS, AN ADDITIONAL POLICY WILL BE DRAFTED AT THAT TIME. FORM 990, PART VI, SECTION C, LINE 19 EXISTING POLICIES, RETURNS AND FINANCIAL STATEMENTS ARE MAINTAINED AT THE OFFICES OF THE MANAGEMENT COMPANY. THESE DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. FORM 990, PART XII, LINE 2C: THE MANAGEMENT COMPANY RECEIVES A COPY OF THE FINANCIAL STATEMENTS. PRIOR TO THE FINALIZATION OF THE FINANCIAL STATEMENTS, A COPY OF THE FINANCIAL STATEMENTS IS GIVEN TO ALL OF THE BOARD MEMBERS FOR THEIR COMMENTS. WHEN THE FINANCIAL STATEMENTS ARE UP FOR BID, THE BOARD DISCUSSES THE RELATIONSHIP WITH THE CURRENT AUDITORS AND MAKES A DETERMINATION AS TO WHETHER TO MAINTAIN THIS RELATIONSHIP OR CHANGE TO A NEW AUDITING FIRM.