Ppl Properties
- Assets
- $82.9m
- Revenue
- $10.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 10/2011
- Data as of
- 12/2022
- EIN
- 27-4235225
Organization Overview
Ppl Properties is located in Minneapolis, MN. The organization was established in 2011. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, 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. Ppl Properties 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 12/2022, Ppl Properties generated $10.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.7% each year . All expenses for the organization totaled $10.3m during the year ending 12/2022. While expenses have increased by 9.8% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PPL PROPERTIES HAS BEEN FORMED AS A SUPPORTING ORGANIZATION TO A NONPROFIT, TAX-EXEMPT CHARITABLE MINNESOTA CORPORATION, PROJECT FOR PRIDE IN LIVING, INC. (PPL). THE MISSION OF PPL IS TO WORK WITH LOWER-INCOME INDIVIDUALS AND FAMILIES TO ACHIEVE GREATER SELF-SUFFICIENCY THROUGH HOUSING, EMPLOYMENT TRAINING, EDUCATION AND SUPPORT SERVICES. TO THIS END, PPL PROPERTIES SHALL OWN MEMBERSHIP INTERESTS IN LIMITED LIABILITY COMPANIES THAT HOLD AND MANAGE REAL ESTATE DEVOTED TO USE AS AFFORDABLE HOUSING FOR LOWER-INCOME INDIVIDUALS AND FAMILIES. PPL PROPERTIES ALSO PARTICIPATES AS A PARTNER IN GENERAL AND/OR LIMITED PARTNERSHIPS THAT OWN AND MANAGE REAL PROPERTY, ALL FOR THE BENEFIT OF PPL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PPL PROPERTIES OWNS MEMBERSHIP INTERESTS IN OVER 30 SINGLE-MEMBER LIMITED LIABILITY COMPANIES THAT HOLD AND MANAGE REAL ESTATE DEVOTED TO USE AS AFFORDABLE HOUSING FOR LOWER-INCOME INDIVIDUALS AND FAMILIES. SEE SCHEDULE R FOR A FULL LIST.PPL PROPERTIES ALSO PARTICIPATES AS A PARTNER IN GENERAL AND/OR LIMITED PARTNERSHIPS THAT OWN AND MANAGE REAL PROPERTY, ALL FOR THE BENEFIT OF PPL, IN FUTURE YEARS.PPL PROPERTIES IS THE SOLE OWNER OF OTHER WHOLLY OWNED LLCS WHICH CONSISTS OF: A COMMUNITY CENTER THAT HOUSES A PPL PROGRAM, THE SERVICE CENTER WHICH IS THE HEADQUARTERS OF PPL'S ADMINISTRATIVE OFFICES AND ONSITE TRAINING CENTER (FRANKLIN THEATER), AND AN ENTITY WHICH ACQUIRES, REHABILITATES, AND SELLS SINGLE FAMILY HOMES TO LOW INCOME BUYERS IN NORTH MINNEAPOLIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Lafave President | OfficerTrustee | 5 | $0 |
Paul Williams Vice President | OfficerTrustee | 2 | $0 |
Scott Cordes Treasurer | OfficerTrustee | 2 | $0 |
Leslie Seaberg Secretary | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Twin Construction Llc Construction | 12/30/22 | $279,525 |
Aspen Waste Systems Trash Removal | 12/30/22 | $189,076 |
Renovation Systems Construction | 12/30/22 | $136,567 |
Tranquility Housing Cleaning | 12/30/22 | $126,685 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $94,671 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,150,000 |
| Noncash contributions included in lines 1a–1f | $4,150,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,244,671 |
| Total Program Service Revenue | $6,161,868 |
| Investment income | $11,643 |
| 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 | $10,418,182 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $1,637,191 |
| Fees for services: Legal | $17,746 |
| Fees for services: Accounting | $36,915 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,499,393 |
| Advertising and promotion | $0 |
| Office expenses | $239,956 |
| Information technology | $129,575 |
| Royalties | $0 |
| Occupancy | $1,675,411 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $829,935 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,361,302 |
| Insurance | $406,025 |
| All other expenses | $28,871 |
| Total functional expenses | $10,257,593 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $941,438 |
| Savings and temporary cash investments | $4,288,691 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $488,467 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $273,200 |
| Inventories for sale or use | $441,022 |
| Prepaid expenses and deferred charges | $5,137 |
| Net Land, buildings, and equipment | $64,310,600 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $8,427,308 |
| Intangible assets | $0 |
| Other assets | $3,743,317 |
| Total assets | $82,919,180 |
| Accounts payable and accrued expenses | $9,974,132 |
| Grants payable | $0 |
| Deferred revenue | $270,319 |
| 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 | $68,492,495 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,230,467 |
| Total liabilities | $88,967,413 |
| Net assets without donor restrictions | -$6,048,233 |
| 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 | $82,919,180 |