Faith Residence Apartments Inc
- Assets
- $632.2k
- Revenue
- $76.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Belle Plaine, MN
- Founding
- 01/2004
- Data as of
- 09/2023
- EIN
- 20-0423817
Organization Overview
Faith Residence Apartments Inc is located in Belle Plaine, MN. The organization was established in 2004. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Faith Residence Apartments Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2023, Faith Residence Apartments Inc generated $76.4k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $117.8k during the year ending 09/2023. While expenses have increased by 4.2% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE AFFORDABLE HOUSING FOR PERSONS WITH DISABILITIES IN BELLE PLAINE, MN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FAITH RESIDENCE APARTMENTS, INC. OPERATES AN 8-UNIT INDEPENDENT LIVING APARTMENT COMPLEX FOR THE PURPOSE OF PROVIDING AFFORDABLE HOUSING FOR PERSONS WITH DISABILITIES IN BELLE PLAINE, MN. TENANT RENTS CONSIST OF A PORTION FOR WHICH IS BASED ON TENANT INCOME AND A PORTION THAT IS SUBSIDIZED THROUGH A RENTAL ASSISTANCE CONTRACT WITH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. DURING THE CURRENT FISCAL YEAR, 2,676 UNIT DAYS WERE RENTED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Hayes President & | OfficerTrustee | 2 | $0 |
Chris Meyer Former Presi | OfficerTrustee | 2 | $0 |
Rev John Boeder Director | Trustee | 0.3 | $0 |
Mr Jeff Davis Vice Chair | Trustee | 0.3 | $0 |
Mr Jon Maertz Director | Trustee | 0.3 | $0 |
Rev Michael Muehlenhardt Director | Trustee | 0.3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $75,009 |
| Investment income | $82 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $76,371 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,370 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $261 |
| Payroll taxes | $1,609 |
| Fees for services: Management | $7,410 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,960 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,711 |
| Advertising and promotion | $0 |
| Office expenses | $8,819 |
| Information technology | $5,277 |
| Royalties | $0 |
| Occupancy | $25,532 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $625 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $32,975 |
| Insurance | $215 |
| All other expenses | $0 |
| Total functional expenses | $117,764 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,949 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $80 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $615,203 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $632,232 |
| Accounts payable and accrued expenses | $18,851 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,944 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $156,309 |
| Total liabilities | $177,104 |
| Net assets without donor restrictions | -$510,372 |
| Net assets with donor restrictions | $965,500 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $632,232 |