Seaview Lutheran Plaza Inc

Nonprofit profile at a glance

EIN
953161421
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Corona Del Mar, CA, USA
Phone
9499238681
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Senior Citizens' Housing/Retirement Communities
Affiliation
Christianity

Reported finances

Revenue
$871,581
Expenses
$3,396,555
Assets
$42,571,120
Liabilities
$6,985

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • ERIC SATERMO (President)
  • RAY FLASKAMPER (Vice President)

Highest reported compensation

  • ERIC SATERMO (President): $150,000 total reported compensation
  • BRENT GORDON (Foundation Mgr.): $18,900 total reported compensation
  • DOROTHEA SUE SILAVS (Treasurer): $17,400 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

On july 31,2021, the organization sold the housing project and proceeds from sale ofproperty will be used to further the mission of the associated church. The organization plans to distribute (over a number of years) all proceeds to various associated churches and other non-profit organization that meets the mission of theorganization.

What it reported doing in 2024

The organization and its sole pass through entity - 1521 foundation, llc has beenorganized to provide financial assistance and support to various churches andnon-profit organizations that share the same vision and charitable nature. Fundsneeded to achieve this mission come from proceeds from the sale of the housing project seaview lutheran plaza, inc., owned and sold in july 2021 alongwith with theinvestment income it earns from its principal investment in these accounts. Theorganization plans to distribute (over a number of years) all proceeds to variousreligious, charitable and / or scientific non-profit organizations.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 93
  • Accountability: 63
  • Sustainability: 43
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 86.3%; rating input score 86
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 1 of 9 controls in place; rating input score 11
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -289.7%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 12.53; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 82; 82nd percentile among comparable filings
  • Officer compensation ratio: 6.8%; rating input score 48; 48th percentile among comparable filings

Growth

  • Program expense growth: 9.2% per year; rating input score 100; 60th percentile among comparable filings
  • Revenue growth: -2.4% per year; rating input score 0; 8th percentile among comparable filings
  • Asset growth: 30.1% per year; rating input score 100; 91st percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 86.3% of spending went to programs
  • Governance: 10 of 10 board members independent · 1 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $2.9M in reported program spending
  • Leadership: top reported pay $150K · 10 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 5 filed schedules · includes grants
  • Filing history: 11 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 28 filed money-flow records
  • Related organizations: 23 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Governance controls: 7 of 8 not reported.
  • High — Sustainability: Operating margin scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 48/100.