Faith Haven Incorporated
- Assets
- $2.2m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 5
- Location
- Duluth, MN
- Founding
- 05/1969
- Data as of
- 06/2023
- EIN
- 23-7029195
Organization Overview
Faith Haven Incorporated is located in Duluth, MN. The organization was established in 1969. 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. As of 06/2023, Faith Haven Incorporated employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Faith Haven Incorporated 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 06/2023, Faith Haven Incorporated generated $1.1m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 8.6% each year. All expenses for the organization totaled $995.4k during the year ending 06/2023. While expenses have increased by 10.0% per year over the past 5 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
FAITH HAVEN, INCORPORATED WAS ORGANIZED TO OPERATE A SENIOR CITIZEN APARTMENT COMPLEX UNDER THE GUIDELINES OF THE US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SECTION 236.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FAITH HAVEN, INC., PROVIDES SAFE & AFFORDABLE HOUSING FOR PEOPLE AGED 62 OR BETTER WHO ARE FACING FINANCIAL CHALLENGES. THE RESIDENTS MUST HAVE AN INCOME AT OR BELOW 80% OF THE AREA MEDIAN INCOME. THE AVERAGE ANNUAL RESIDENT INCOME IS $20,000. THE AVERAGE AGE IS 75, AND THEY LIVE HERE AN AVERAGE OF 6.5 YEARS. 81% OF OUR RESIDENTS ARE FEMALE. FOR RESIDENTS WHO QUALIFY, STAFF ASSISTS IN OBTAINING HOUSING CHOICE VOUCHERS TO APPLY TOWARDS RENT. OUR FACILITY HAS TEN STORIES, WITH 123 ONE BEDROOM APARTMENTS. RESIDENTS LIVING ON THE TOP THREE FLOORS ENJOY SPECTACULAR VIEWS OF LAKE SUPERIOR. THEY HAVE ACCESS TO A LIBRARY, BEAUTY SHOP, FITNESS CENTER, LAUNDRY, AND GENERAL STORE, WHICH ARE ALL LOCATED ON SITE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Monica Postlewaite Manager | Officer | 40 | $70,140 |
John Scott Board Member | Trustee | 1 | $4,900 |
Kathy Resberg President | Officer | 2 | $4,225 |
Charles Bell Board Member | Trustee | 1 | $2,750 |
Deb Adams-Koltes Secretary | Officer | 1 | $2,745 |
Gary Schneider Board Member | Trustee | 1 | $2,700 |
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 | $786 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $786 |
| Total Program Service Revenue | $991,787 |
| Investment income | $22,706 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,400 |
| 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 | $9,814 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,051,474 |
| 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. | $67,525 |
| Compensation of current officers, directors, key employees. | $40,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $158,326 |
| Pension plan accruals and contributions | $11,698 |
| Other employee benefits | $33,173 |
| Payroll taxes | $17,533 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $27,187 |
| Fees for services: Accounting | $11,687 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $9,450 |
| Office expenses | $20,797 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $384,404 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $77,797 |
| Insurance | $49,992 |
| All other expenses | $55,242 |
| Total functional expenses | $995,372 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $472,383 |
| Savings and temporary cash investments | $1,081,102 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $200 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,603 |
| Prepaid expenses and deferred charges | $39,657 |
| Net Land, buildings, and equipment | $569,670 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,165,615 |
| Accounts payable and accrued expenses | $34,766 |
| Grants payable | $0 |
| Deferred revenue | $345,677 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| 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 | $33,554 |
| Total liabilities | $413,997 |
| Net assets without donor restrictions | $1,751,618 |
| Net assets with donor restrictions | $0 |
| 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 | $2,165,615 |