2025-11-14T10:04:01-06:00 2024-12-31 450250958 EIDE BAILLY LLP 931 N PLUM GROVE RD SCHAUMBURG IL 601734853 990 2024-01-01 341430740 TETON HOUSING CORPORATION TETO 3307624011 730 WEST MARKET STREET AKRON OH 44303 HERBERT NEWMAN V. PRESIDENT 3307624011 2025-11-05 1 1 HEATHER L BIRKETT CPA P01058933 8475174300 2025-11-04 2024 2025-03-06 01:10:19Z HERBERT NEWMAN 730 WEST MARKET STREET AKRON OH 44303 747341 0 X N/A X 1984 OH PROVIDES LOW-INCOME HOUSING FOR ELDERLY AND HANDICAPPED PERSONS 4 1 0 4 0 0 0 0 714108 745197 157 186 2137 1958 716402 747341 0 0 0 0 0 0 0 0 0 699182 722373 699182 722373 17220 24968 851166 799068 1908005 1830939 -1056839 -1031871 PROVIDES LOW-INCOME HOUSING FOR ELDERLY AND HANDICAPPED PERSONS. 0 0 677167 747155 PROVIDES LOW-INCOME HOUSING TO SENIOR CITIZENS IN A 58-UNIT APARTMENT COMPLEX 677167 1 0 0 0 0 0 0 0 0 0 1 0 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 1 0 0 0 0 0 0 0 0 0 1 9 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 4 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 OH X SUMMIT MGMT SERVICES 3307624011 730 WEST MARKET ST AKRON OH 44303 X ELMER JACOBS PRESIDENT 1.00 X X 0 0 0 HERBERT NEWMAN VP, SECRETARY, TREASURER 1.00 X X 0 0 0 EDWARD M NEWMAN TRUSTEE 1.00 X 0 0 0 H BRADLEY WILLEN TRUSTEE 1.00 X 0 0 0 0 0 0 0 0 0 0 0 RENTAL INCOME 531110 742618 742618 LAUNDRY AND VENDING 531110 1302 1302 TENANT CHARGES 531110 1277 1277 745197 186 186 MISCELLANEOUS 900099 1958 1958 1958 747341 747155 0 186 X 39536 39536 1245 1245 19995 19995 276963 254258 22705 3708 3708 31089 31089 220441 220441 69142 69142 8362 8362 MAINTENANCE EXPENSE 39574 39574 BAD DEBTS 7153 7153 RENTING EXPENSE 3504 3504 1661 400 1261 722373 677167 45206 0 1697 9525 15359 15360 2034 4027 6443 8716 2813886 2360691 522337 453195 303296 308245 851166 799068 61119 54032 1219 2773 1831216 1759473 14451 14661 1908005 1830939 X -1056839 -1031871 -1056839 -1031871 851166 799068 24968 0 X X 0 1 X 0 1 1 X 692065 692716 689636 715476 745197 3535090 719 719 692065 692716 690355 715476 745197 3535809 0 0 0 3535809 84 66 73 157 186 566 84 66 73 157 186 566 2512 1958 4470 692149 695294 690428 715633 747341 3540845 0.99860 0.99910 0.00020 0.00010 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2021 AMOUNT: $ 2,512. 2024 AMOUNT: $ 1,958. 121400 121400 2501745 2171238 330507 126912 125624 1288 63829 63829 0 453195 ESCROW DEPOSITS 59302 REPLACEMENT RESERVE 229091 RESIDUAL RECEIPTS 19852 308245 SECURITY DEPOSITS 14661 14661 X 747341 0 747341 0 747341 722373 0 722373 0 722373 PART X, LINE 2: THE ORGANIZATION QUALIFIES FOR TAX EXEMPT STATUS UNDER IRS CODE SECTION 501(C)(3). ACCORDINGLY, NO PROVISION IS NECESSARY FOR FEDERAL, STATE, AND LOCAL INCOME TAXES. THE ORGANIZATION IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. IN ADDITION, THE ORGANIZATION IS GENERALLY SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO ITS EXEMPT PURPOSE. MANAGEMENT HAS DETERMINED THE PROJECT HAS NO TAXABLE UNRELATED BUSINESS INCOME. THE ORGANIZATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. MANAGEMENT BELIEVES THAT THE ORGANIZATION HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. SUMMIT MANAGEMENT SERVICES HERBERT NEWMAN, OFFICER IS MAJORITY STOCKHOLDER OF SUMMIT MANAGEMENT 39536 MANAGEMENT FEE 1 PART IV, COL (E) MANAGEMENT FEES ARE PAID PURSUANT TO A MANAGEMENT AGREEMENT THAT PROVIDES FOR A MAXIMUM YEARLY FEE OF 5.36% OF THE ORGANIZATION'S AGGREGATE GROSS COLLECTIONS. THE FEE IS DETERMINED TO BE REASONABLE AND AT FMV FOR THE SERVICES PROVIDED AND WAS APPROVED BY THE DISINTERESTED MEMBERS OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 2 EDWARD NEWMAN AND HERBERT NEWMAN ARE FAMILY MEMBERS. HERBERT NEWMAN OWNS SUMMIT MANAGEMENT SERVICES, THE PROPERTY MANAGER OF THE PROPERTY OWNED BY TETON HOUSING CORPORATION. H. BRADLEY WILLEN IS IN A BUSINESS RELATIONSHIP WITH SUMMIT MANAGEMENT AND WITH EDWARD AND HERBERT NEWMAN. FORM 990, PART VI, SECTION A, LINE 3 ALL MANAGEMENT DUTIES ARE DELEGATED TO SUMMIT MANAGEMENT SERVICES, INC. PURSUANT TO A MANAGEMENT AGREEMENT WITH TETON HOUSING CORPORATION, WHICH INCLUDES PROPERTY MANAGEMENT, ACCOUNTING AND FINANCIAL FUNCTIONS, MANAGEMENT OF THE ORGANIZATIONS BUDGET, POLICY AND OVERALL GOVERNENCE. FORM 990, PART VI, SECTION A, LINE 8A NO MEETINGS WERE HELD DURING 2024. FORM 990, PART VI, SECTION A, LINE 8B NO MEETINGS WERE HELD DURING 2024. FORM 990, PART VI, SECTION B, LINE 11B SUMMIT MANAGEMENT SERVICES, INC AND HERBERT NEWMAN REVIEW A DRAFT OF THE 990 PRIOR TO SIGNING THE 8879. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS PROVIDED TO BRENT MEYER AT SUMMIT MANAGEMENT SERVICES WHO THEN REVIEWS THE 990 WITH THE SIGNER, HERBERT NEWMAN, VICE PRESIDENT OF TETON HOUSING CORP PRIOR TO MR. NEWMAN'S APPROVAL AND SIGNING OF THE RETURN. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G MANAGER: PROGRAM SERVICE EXPENSES 91,590. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 91,590. OFFICE SERVICES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 19,556. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 19,556. MAINTENANCE SERVICES: PROGRAM SERVICE EXPENSES 124,952. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 124,952. ALL OTHER CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 37,716. MANAGEMENT AND GENERAL EXPENSES 3,149. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 40,865. FORM 990, PART XII, LINE 2C SUMMIT MANAGEMENT SERVICES, INC HANDLES THE FINANCIALS AND ENSURES THE INTEGREITY OF THE ORGANIZATION'S FINANCIAL REPORTING AND INTERNAL CONTROLS.