ASCEND STL INC: Form 990, tax year 2009

View the entire original 990 at ProPublica ↗

Organization: ASCEND STL INC (EIN 43-1844396)
Tax period: 2009-10-01 to 2010-09-30
Filed: 2011-04-12
IRS object ID: 201121029349300207
Schema version: 2009v1.7
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule A
Schedule B
Schedule D
Schedule O

Return header ReturnHeader

Field	Value	IRS element (for citing)
Timestamp	2011-04-12T14:15:52-05:00	Timestamp
Tax Period End Date	2010-09-30	TaxPeriodEndDate

Preparer Firm PreparerFirm

Preparer Firm Business Name PreparerFirmBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	Hayes & Associates LLC	BusinessNameLine1

Preparer Firm US Address PreparerFirmUSAddress

Field	Value	IRS element (for citing)
Address Line1	1015 North 98th Street Suite 200	AddressLine1
City	Omaha	City
State	NE	State
ZIP Code	68114	ZIPCode

Field	Value	IRS element (for citing)
Return Type	990	ReturnType
Tax Period Begin Date	2009-10-01	TaxPeriodBeginDate

Filer Filer

Field	Value	IRS element (for citing)
EIN	431844396	EIN

Name Name

Field	Value	IRS element (for citing)
Business Name Line1	St Louis Housing Authority Development	BusinessNameLine1
Business Name Line2	Corporation	BusinessNameLine2

Field	Value	IRS element (for citing)
Name Control	STLO	NameControl
Phone	3142864231	Phone

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	3520 Page Blvd	AddressLine1
City	St Louis	City
State	MO	State
ZIP Code	63106	ZIPCode

Officer Officer

Field	Value	IRS element (for citing)
Name	CHERYL A LOVELL	Name
Title	TREASURER	Title
Phone	3142864231	Phone
Date Signed	2011-04-08	DateSigned
Authorize Third Party	1	AuthorizeThirdParty

Preparer Preparer

Field	Value	IRS element (for citing)
Name	Fred Weber	Name
Phone	4023902480	Phone

Field	Value	IRS element (for citing)
Tax Year	2009	TaxYear
Build TS	2016-02-24 21:20:13Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Name Of Principal Officer Person	CHERYL A LOVELL	NameOfPrincipalOfficerPerson

Address Principal Officer US AddressPrincipalOfficerUS

Field	Value	IRS element (for citing)
Address Line1	3520 PAGE BLVD	AddressLine1
City	ST LOUIS	City
State	MO	State
ZIP Code	63106	ZIPCode

Field	Value	IRS element (for citing)
Gross Receipts	1356703	GrossReceipts
Group Return For Affiliates	0	GroupReturnForAffiliates
Organization501c	X	Organization501c
Web Site	N/A	WebSite
Type Of Organization Corporation	X	TypeOfOrganizationCorporation
Year Formation	1999	YearFormation
State Legal Domicile	MO	StateLegalDomicile
Activity Or Mission Description	Low Income Housing.	ActivityOrMissionDescription
Nbr Voting Members Governing Body	6	NbrVotingMembersGoverningBody
Nbr Independent Voting Members	6	NbrIndependentVotingMembers
Total Nbr Employees	0	TotalNbrEmployees
Total Nbr Volunteers	0	TotalNbrVolunteers
Total Gross UBI	0	TotalGrossUBI
Net Unrelated Business Txbl Income	0	NetUnrelatedBusinessTxblIncome
Contributions Grants Prior Year	450000	ContributionsGrantsPriorYear
Contributions Grants Current Year	1333300	ContributionsGrantsCurrentYear
Program Service Revenue CY	0	ProgramServiceRevenueCY
Investment Income Prior Year	1374	InvestmentIncomePriorYear
Investment Income Current Year	23403	InvestmentIncomeCurrentYear
Other Revenue Prior Year	191359	OtherRevenuePriorYear
Other Revenue Current Year	0	OtherRevenueCurrentYear
Total Revenue Prior Year	642733	TotalRevenuePriorYear
Total Revenue Current Year	1356703	TotalRevenueCurrentYear
Grants And Similar Amnts CY	0	GrantsAndSimilarAmntsCY
Benefits Paid To Members CY	0	BenefitsPaidToMembersCY
Salaries Etc Current Year	0	SalariesEtcCurrentYear
Total Prof Fundrsng Exp CY	0	TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year	0	TotalFundrsngExpCurrentYear
Other Expense Prior Year	706291	OtherExpensePriorYear
Other Expenses Current Year	315847	OtherExpensesCurrentYear
Total Expenses Prior Year	706291	TotalExpensesPriorYear
Total Expenses Current Year	315847	TotalExpensesCurrentYear
Revenues Less Expenses Prior Year	-63558	RevenuesLessExpensesPriorYear
Revenues Less Expenses CY	1040856	RevenuesLessExpensesCY
Total Assets BOY	3659299	TotalAssetsBOY
Total Assets EOY	13558448	TotalAssetsEOY
Total Liabilities EOY	0	TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY	3659299	NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY	13558448	NetAssetsOrFundBalancesEOY
Mission Description	TO PROVIDE LOW INCOME HOUSING	MissionDescription
Significant New Program Services	0	SignificantNewProgramServices
Significant Change	0	SignificantChange
Expense	315847	Expense
Revenue	1333300	Revenue
Description	Provide housing and housing assistance to low income families who qualify under Section 7 of the U.S. Housing Act. Participating in transactions with the St. Louis Housing Authority, the Corporation is involved in supporting units that will be operated and maintained as qualified low-income units. Some of these units are under Section 42 of the Internal Revenue Code and others will be operated and maintained as public housing units for eligible low-income families.	Description
Total Program Service Expense	315847	TotalProgramServiceExpense
Described In501 C3	1	DescribedIn501C3
Schedule B Required	1	ScheduleBRequired
Political Activities	0	PoliticalActivities
Lobbying Activities	0	LobbyingActivities
Donor Advised Funds	0	DonorAdvisedFunds
Conservation Easements	0	ConservationEasements
Collections Of Art	0	CollectionsOfArt
Credit Counseling	0	CreditCounseling
Term Or Permanent Endowments	0	TermOrPermanentEndowments
Balance Sheet Amounts Reported	1	BalanceSheetAmountsReported
Independent Audit Financial Stmt	1	IndependentAuditFinancialStmt
Consolidated Audit Financial Stmt	0	ConsolidatedAuditFinancialStmt
School	0	School
Foreign Office	0	ForeignOffice
Foreign Activities	0	ForeignActivities
More Than5000 K To Organizations	0	MoreThan5000KToOrganizations
More Than5000 K To Individuals	0	MoreThan5000KToIndividuals
Professional Fundraising	0	ProfessionalFundraising
Fundraising Activities	0	FundraisingActivities
Gaming	0	Gaming
Hospital	0	Hospital
Grants To Organizations	0	GrantsToOrganizations
Grants To Individuals	0	GrantsToIndividuals
Schedule J Required	0	ScheduleJRequired
Tax Exempt Bonds	0	TaxExemptBonds
Excess Benefit Transaction	0	ExcessBenefitTransaction
Prior Excess Benefit Transaction	0	PriorExcessBenefitTransaction
Loan To Officer Or DQP	0	LoanToOfficerOrDQP
Grant To Related Person	0	GrantToRelatedPerson
Bsnss Rltnshp With Organization	0	BsnssRltnshpWithOrganization
Bsnss Rltnshp Thru Family Member	0	BsnssRltnshpThruFamilyMember
Officer Entity With Bsnss Rltnshp	0	OfficerEntityWithBsnssRltnshp
Deductible Non Cash Contributions	0	DeductibleNonCashContributions
Deductible Contributions Of Art	0	DeductibleContributionsOfArt
Terminated	0	Terminated
Partial Liquidation	0	PartialLiquidation
Disregarded Entity	0	DisregardedEntity
Related Entity	0	RelatedEntity
Related Org Controlled Entity	0	RelatedOrgControlledEntity
Transfers To Exempt Non Chrtbl Org	0	TransfersToExemptNonChrtblOrg
Activities Conducted Partnership	0	ActivitiesConductedPartnership
Schedule O Required	1	ScheduleORequired
Number Forms Transmitted With1096	0	NumberFormsTransmittedWith1096
Number W2 G Included	0	NumberW2GIncluded
Number Of Employees	0	NumberOfEmployees
Unrelated Business Income	0	UnrelatedBusinessIncome
Foreign Financial Account	0	ForeignFinancialAccount
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTrans
Taxable Party Notification	0	TaxablePartyNotification
Non Deductible Contributions	0	NonDeductibleContributions
Quid Pro Quo Contributions	0	QuidProQuoContributions
Form8282 Property Disposed Of	0	Form8282PropertyDisposedOf
Funds To Pay Premiums	0	FundsToPayPremiums
Premiums Paid	0	PremiumsPaid
Excess Business Holdings	0	ExcessBusinessHoldings
Taxable Distributions	0	TaxableDistributions
Distribution To Donor	0	DistributionToDonor
Nbr Voting Governing Body Members	6	NbrVotingGoverningBodyMembers
Number Independent Voting Members	6	NumberIndependentVotingMembers
Family Or Business Relationship	0	FamilyOrBusinessRelationship
Delegation Of Management Duties	0	DelegationOfManagementDuties
Changes To Organizing Docs	0	ChangesToOrganizingDocs
Material Diversion Or Misuse	0	MaterialDiversionOrMisuse
Members Or Stockholders	0	MembersOrStockholders
Election Of Board Members	0	ElectionOfBoardMembers
Decisions Subject To Approval	0	DecisionsSubjectToApproval
Minutes Of Governing Body	1	MinutesOfGoverningBody
Minutes Of Committees	1	MinutesOfCommittees
Officer Mailing Address	0	OfficerMailingAddress
Local Chapters	0	LocalChapters
Form990 Provided To Governing Body	1	Form990ProvidedToGoverningBody
Conflict Of Interest Policy	0	ConflictOfInterestPolicy
Whistleblower Policy	0	WhistleblowerPolicy
Document Retention Policy	0	DocumentRetentionPolicy
Compensation Process CEO	0	CompensationProcessCEO
Compensation Process Other	0	CompensationProcessOther
Investment In Joint Venture	0	InvestmentInJointVenture
Upon Request	X	UponRequest

The Books Are In Care Of TheBooksAreInCareOf

Name Business NameBusiness

Field	Value	IRS element (for citing)
Business Name Line1	Cheryl A Lovell Treasurer	BusinessNameLine1

Field	Value	IRS element (for citing)
Telephone Number	3142864231	TelephoneNumber

Address US AddressUS

Field	Value	IRS element (for citing)
Address Line1	3520 Page BLVD	AddressLine1
City	St Louis	City
State	MO	State
ZIP Code	63106	ZIPCode

Field	Value	IRS element (for citing)
No Listed Persons Compensated	X	NoListedPersonsCompensated

Form990 Part VII Section A Form990PartVIISectionA (6 entries)

TitleTitle	Average Hours Per WeekAverageHoursPerWeek	Individual Trustee Or DirectorIndividualTrusteeOrDirector	OfficerOfficer	Reportable Comp From OrganizationReportableCompFromOrganization	Reportable Comp From Related OrgsReportableCompFromRelatedOrgs	Other CompensationOtherCompensation
Samuel Coleman
President	1.00	X	X	0	0	0
Cheryl Lovell
Treasurer/Secretary	1.00	X	X	0	0	0
ROBERT BATts
Director	1.00	X		0	0	0
Brian Davies
Director	1.00	X		0	0	0
Paula Foster
Director	1.00	X		0	0	0
Arnetta Kelley
Director	1.00	X		0	0	0

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	0	TotalReportableCompFromOrg
Total Reportable Comp Frm Rltd Orgs	0	TotalReportableCompFrmRltdOrgs
Total Other Compensation	0	TotalOtherCompensation
Number Individuals GT100 K	0	NumberIndividualsGT100K
Formers Listed	0	FormersListed
Total Comp GT150 K	0	TotalCompGT150K
Compensation From Other Sources	0	CompensationFromOtherSources
Number Of Contractors GT100 K	0	NumberOfContractorsGT100K
All Other Contributions	1333300	AllOtherContributions
Total Contributions	1333300	TotalContributions

Investment Income InvestmentIncome

Field	Value	IRS element (for citing)
Total Revenue Column	23403	TotalRevenueColumn
Related Or Exempt Function Income	23403	RelatedOrExemptFunctionIncome

Total Revenue TotalRevenue

Field	Value	IRS element (for citing)
Total Revenue Column	1356703	TotalRevenueColumn
Related Or Exempt Function Income	23403	RelatedOrExemptFunctionIncome
Unrelated Business Revenue	0	UnrelatedBusinessRevenue
Exclusion	$0	ExclusionAmount

Fees For Services Accounting FeesForServicesAccounting

Field	Value	IRS element (for citing)
Total	5900	Total
Program Services	5900	ProgramServices

Depreciation Depletion DepreciationDepletion

Field	Value	IRS element (for citing)
Total	307936	Total
Program Services	307936	ProgramServices

Other Expenses OtherExpenses

Field	Value	IRS element (for citing)
Description	Insurance	Description
Total	2011	Total
Program Services	2011	ProgramServices

Total Functional Expenses TotalFunctionalExpenses

Field	Value	IRS element (for citing)
Total	315847	Total
Program Services	315847	ProgramServices
Management And General	0	ManagementAndGeneral
Fundraising	0	Fundraising

Cash Non Interest Bearing CashNonInterestBearing

Field	Value	IRS element (for citing)
BOY	544408	BOY
EOY	321541	EOY

Savings And Temp Cash Investments SavingsAndTempCashInvestments

Field	Value	IRS element (for citing)
EOY	249830	EOY

Other Notes Loans Receivable Net OtherNotesLoansReceivableNet

Field	Value	IRS element (for citing)
BOY	1318613	BOY
EOY	10732207	EOY

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

Field	Value	IRS element (for citing)
BOY	1308	BOY
EOY	1074	EOY

Field	Value	IRS element (for citing)
Land Buildings Equipment Basis	2234050	LandBuildingsEquipmentBasis

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

Field	Value	IRS element (for citing)
BOY	1305750	BOY
EOY	2234050	EOY

Other Assets Total OtherAssetsTotal

Field	Value	IRS element (for citing)
BOY	489220	BOY
EOY	19746	EOY

Total Assets TotalAssets

Field	Value	IRS element (for citing)
BOY	3659299	BOY
EOY	13558448	EOY

Total Liabilities TotalLiabilities

Field	Value	IRS element (for citing)
BOY	0	BOY
EOY	0	EOY

Field	Value	IRS element (for citing)
Follow SFAS117	X	FollowSFAS117

Unrestricted Net Assets UnrestrictedNetAssets

Field	Value	IRS element (for citing)
BOY	3659299	BOY
EOY	13558448	EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	3659299	BOY
EOY	13558448	EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	3659299	BOY
EOY	13558448	EOY

Field	Value	IRS element (for citing)
Method Of Accounting Accrual	X	MethodOfAccountingAccrual
Accountant Compile Or Review	0	AccountantCompileOrReview
FS Audited	1	FSAudited
Audit Committee	1	AuditCommittee
Financial Statement Separate	X	FinancialStatementSeparate
Federal Grant Audit Required	0	FederalGrantAuditRequired

Schedule A IRS990ScheduleA

Field	Value	IRS element (for citing)
Publicly Supported Org170b1 Avi	X	PubliclySupportedOrg170b1Avi

Gifts Grants Contrib Received170 GiftsGrantsContribReceived170

Field	Value	IRS element (for citing)
Current Tax Year Minus2 Years	1647766	CurrentTaxYearMinus2Years
Current Tax Year Minus1 Year	450000	CurrentTaxYearMinus1Year
Current Tax Year	1356703	CurrentTaxYear
Total	3454469	Total

Value Srvc Fclts Furnished By Govt ValueSrvcFcltsFurnishedByGovt

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	5000	CurrentTaxYearMinus4Years
Current Tax Year Minus3 Years	5000	CurrentTaxYearMinus3Years
Total	10000	Total

Total170 Total170

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	5000	CurrentTaxYearMinus4Years
Current Tax Year Minus3 Years	5000	CurrentTaxYearMinus3Years
Current Tax Year Minus2 Years	1647766	CurrentTaxYearMinus2Years
Current Tax Year Minus1 Year	450000	CurrentTaxYearMinus1Year
Current Tax Year	1356703	CurrentTaxYear
Total	3464469	Total

Field	Value	IRS element (for citing)
Public Support Total170	3464469	PublicSupportTotal170

Gross Investment Income170 GrossInvestmentIncome170

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	1120	CurrentTaxYearMinus4Years
Current Tax Year Minus3 Years	6818	CurrentTaxYearMinus3Years
Current Tax Year Minus2 Years	252403	CurrentTaxYearMinus2Years
Current Tax Year Minus1 Year	192733	CurrentTaxYearMinus1Year
Current Tax Year	23403	CurrentTaxYear
Total	476477	Total

Field	Value	IRS element (for citing)
Total Support	3940946	TotalSupport
Gross Receipts From Admissions Etc	532650	GrossReceiptsFromAdmissionsEtc
Public Support Pertcentage170	0.87910	PublicSupportPertcentage170
Public Support Pertcent Prior Year	0.89660	PublicSupportPertcentPriorYear
Thirty Three Percnt Tests CY170	X	ThirtyThreePercntTestsCY170

Schedule B IRS990ScheduleB

Contributor Info ContributorInfo

Field	Value	IRS element (for citing)
Contributor Number	RESTRICTED	ContributorNumber

Contributor Name Business ContributorNameBusiness

Field	Value	IRS element (for citing)
Business Name Line1	RESTRICTED	BusinessNameLine1

Contributor Address US ContributorAddressUS

Field	Value	IRS element (for citing)
Address Line1	RESTRICTED	AddressLine1
Address Line2	RESTRICTED	AddressLine2
City	RESTRICTED	City
State	RESTRICTED	State
ZIP Code	RESTRICTED	ZIPCode

Field	Value	IRS element (for citing)
Aggregate Contributions	RESTRICTED	AggregateContributions

Schedule D IRS990ScheduleD

Land Land

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	2234050	OtherCostOrOtherBasis
Book Value	2234050	BookValue

Field	Value	IRS element (for citing)
Total Of Book Value Land Buildings	2234050	TotalOfBookValueLandBuildings
Total Revenue	1356703	TotalRevenue
Total Expenses	315847	TotalExpenses
Excess Or Deficit For Year	1040856	ExcessOrDeficitForYear
Net Unrealized GL On Investments	-458238	NetUnrealizedGLOnInvestments
Other	$9,316,531	OtherAmount
Total Adjustments	8858293	TotalAdjustments
Excess Or Deficit Per FS	9899149	ExcessOrDeficitPerFS
Tot Revenue Etc Audited Fincl Stmt	1356703	TotRevenueEtcAuditedFinclStmt
Revenue Not Rptd F990	0	RevenueNotRptdF990
Revenue Subtotal	1356703	RevenueSubtotal
Revenue Not Rptd On Fin Stmt	0	RevenueNotRptdOnFinStmt
Total Revenue Per Form990	1356703	TotalRevenuePerForm990
Tot Expenses Etc Audited Fincl Stmt	315847	TotExpensesEtcAuditedFinclStmt
Expenses Not Rptd F990	0	ExpensesNotRptdF990
Expenses Subtotal	315847	ExpensesSubtotal
Expenses Not Rptd On Fin Stmt	0	ExpensesNotRptdOnFinStmt
Total Expenses Per Form990	315847	TotalExpensesPerForm990

Form990 Schedule D Part XIV Form990ScheduleDPartXIV (2 entries)

ExplanationExplanation

**IMPAIRMENT LOSS OF INTEREST RECEIVABLE-during the year ended September 30, 2010, management re-investigated the treatment of its notes receivable. As a result of this change in accounting principle, the accounting treatment for interest receivable, which was previously accrued based upon the interest rates in the underlying notes receivable agreements, was also re-evaluated. Management determined that future accrual of interest related to the notes receivable should cease. Previously recorded interest receivable is evaluated annually for impairment. At September 30, 2010, management determined that historically payment on outstanding interest receivable was minimal. Anticipated future payment of the interest receivable was also considered minimal and unlikely. As a result, the interest receivable balance is considered fully impaired at September 30, 2010. The net affect decreased net assets by $458,237

**Change in Accounting Principle-During the year ended September 30, 2010, management re-investigated the treatment of its notes receivable. These notes were paid to separate limited partnerships to fund the limited partnerships' construction of low income housing properties. As part of the loan agreement, the payments from the Organization secure low income public housing units for future periods. The notes are payable with the available cash flows of the limited partnerships. It was determined by management and its third party consultant that these limited partnerships historically do not generate cash flows and collection of the note receivable amount is unlikely. It was determined that the notes receivables represent, in substance, prepaid assets to secure the future use of low income public housing units. The notes receivable were revalued in the current year to reflect a declining value on a straight-line basis over the 40 years for which low income public housing units are to be provided. The notes were previously discounted to fair value based upon the interest rate in the note agreement. This resulted in an increase in notes receivable of $213,584 and a decrease in the amortization of notes receivable of $9,102,946. The net affect increased net assets by $9,316,530.

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (2 entries)

IdentifierIdentifier	ExplanationExplanation
Form 990, Part VI, Section B, line 11	FORM 990 IS REVIEWED BY THE BOARD AND GIVEN APPROVAL BEFORE IT IS FILED.
Form 990, Part VI, Section C, line 19	THE ORGANIZATION ONLY MAKES DOCUMENTS AVAILABLE TO THE PUBLIC WHICH ARE REQUIRED BY LAW. THESE SUCH DOCUMENTS ARE AVAILABLE UPON REQUEST.