Riverton Community Housing
- Assets
- $51.6m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 31
- Location
- Minneapolis, MN
- Founding
- 02/1973
- Data as of
- 09/2021
- EIN
- 23-7259966
Organization Overview
Riverton Community Housing is located in Minneapolis, MN. The organization was established in 1973. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 09/2023, Riverton Community Housing employed 31 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Riverton Community Housing 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 09/2021, Riverton Community Housing generated $1.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (11.1%) each year. All expenses for the organization totaled $1.4m during the year ending 09/2021. As we would expect to see with falling revenues, expenses have declined by (12.4%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
CREATE AND FOSTER A QUALITY LIVING EXPERIENCE WITH A DEDICATION TO OPERATING COOPERATIVE HOUSING THROUGH A NONPROFIT AND DEMOCRATIC MODEL.
Describe the Organization's Program Activity:
PROVIDE 578 QUALITY BELOW MARKET HOUSING UNITS IN 7 COOPERATIVES. RIVERTON WORKS TO OPERATE COOPERATIVE PROPERTIES EFFICIENTLY WHILE KEEPING SUSTAINABLITY AND HOUSING QUALITY IN MIND. MANAGING IN A WAY THAT MEETS THE MISSION OF THE ORGANIZATION IN ORDER TO KEEP RENTS BELOW MARKET AS MUCH AS POSSIBLE WHILE BALANCING THE NEEDS OF THE COOPERATIVE COMMUNITY FOR THE FUTURE IS AN IMPORTANT ACCOMPLISHMENT.
CO-OP MEMBER ENGAGEMENT. COLLABORATING WITH THE 7 CO-OP COMMUNITIES LEADERSHIP STRUCTURES, PROVIDING EDUCATIONAL, LEADERSHIP AND GROWTH EXPERIENCES FOR RESIDENTS TO INCREASE COMMUNITY ENGAGEMENT AND GROW PERSONAL SKILLSETS IS A STRONG PART OF THE WORK. PROVIDING SUPPORT FOR COOPERATIVE MEMBERS TO BE CIVICALLY INVOLVED IN THEIR IMMEDIATE AND SURROUNDING COMMUNITITES THROUGH A DEMOCRATIC MODEL IS A KEY TO THIS WORK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Novak Executive Di | Officer | 40 | $150,429 |
Alyssa Braaten Board Member | Trustee | 2.5 | $0 |
Michael Copa Board Member | Trustee | 2.5 | $0 |
Brian Dusbiber Secretary | OfficerTrustee | 2.5 | $0 |
Kit Fordham Board Member | Trustee | 2.5 | $0 |
Ryan Hampton Treasurer | OfficerTrustee | 2.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $16,789 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $32,319 |
| 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 | $1,788,971 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $280,617 |
| Pension plan accruals and contributions | $9,988 |
| Other employee benefits | $27,023 |
| Payroll taxes | $20,584 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $39,726 |
| Advertising and promotion | $2,129 |
| Office expenses | $7,062 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $10,064 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,565 |
| Interest | $532,986 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $370,199 |
| Insurance | $0 |
| All other expenses | -$2,152 |
| Total functional expenses | $1,435,268 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,773,583 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,467,090 |
| 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 | $122,125 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $1,061,020 |
| Other assets | $5,410,329 |
| Total assets | $51,630,870 |
| Accounts payable and accrued expenses | $488,192 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $46,470,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $398,511 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,498 |
| Total liabilities | $47,362,201 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $4,268,669 |