Vermilion Housing Corp
- Assets
- $412.1k
- Revenue
- $219.5k
- Investments
- $0.0
- Employees
- 2
- Location
- Tower, MN
- Founding
- 05/1978
- Data as of
- 12/2022
- EIN
- 23-7448653
Organization Overview
Vermilion Housing Corp is located in Tower, MN. The organization was established in 1978. According to its NTEE Classification (L50) the organization is classified as: Homeowners & Tenants Associations, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Vermilion Housing Corp employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vermilion Housing Corp is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2022, Vermilion Housing Corp generated $219.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (4.2%) each year. All expenses for the organization totaled $213.8k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE SUBSIDIZED APARTMENTS TO LOW INCOME TENANTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE 50 LOW INCOME HOUSING UNITS IN TOWER AND SOUDAN, SUITED TO THE SPECIAL NEEDS AND LIVING REQUIREMENTS OF ELIGIBLE OCCUPANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Hill President | Officer | 2 | $0 |
Amber Zak Secretary | Officer | 2 | $0 |
Julie Johnson Director | Officer | 1 | $0 |
Carol Norberg Director | Officer | 1 | $0 |
Timothy Tomsich Treasurer | Officer | 12 | $5,532 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,705 |
| All other contributions, gifts, grants, and similar amounts not included above | $213,662 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $219,367 |
| Total Program Service Revenue | $0 |
| Investment income | $155 |
| 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 | $219,522 |
| 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. | $5,532 |
| Compensation of current officers, directors, key employees. | $5,532 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $36,323 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,718 |
| Fees for services: Management | $21,300 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $651 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,104 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,331 |
| Insurance | $19,447 |
| All other expenses | $1,228 |
| Total functional expenses | $213,778 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $27,071 |
| Savings and temporary cash investments | $52,738 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,781 |
| 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 | $4,482 |
| Net Land, buildings, and equipment | $315,020 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $412,092 |
| Accounts payable and accrued expenses | $33,204 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $273,780 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $306,984 |
| Net assets without donor restrictions | $77,017 |
| Net assets with donor restrictions | $28,091 |
| 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 | $412,092 |