Osborne Apartments Inc
- Assets
- $3.1m
- Revenue
- $686.4k
- Investments
- $1.0m
- Employees
- 0
- Location
- Spring Lake Park, MN
- Founding
- 07/1980
- Data as of
- 09/2023
- EIN
- 41-1374298
Organization Overview
Osborne Apartments Inc is located in Spring Lake Park, MN. The organization was established in 1980. 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. Osborne 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, Osborne Apartments Inc generated $686.4k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $770.0k during the year ending 09/2023. While expenses have increased by 2.1% per year over the past 7 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
TO PROVIDE QUALITY HOUSING TO LOW INCOME SENIOR CITIZENS
Describe the Organization's Program Activity:
Part 3 - Line 4a
SENIOR CITIZEN HOUSING PROJECT WITH 60 RENTAL UNITS PROVIDES QUALITY HOUSING TO 60 LOW INCOME SENIOR CITIZENS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Hoeft Chairman | OfficerTrustee | 1 | $0 |
Pam Quast Director | Trustee | 1 | $0 |
John Nordstrom Director | Trustee | 1 | $0 |
Alexander Quast Director | Trustee | 1 | $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 | $684,791 |
| Investment income | $1,591 |
| 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 | $686,382 |
| 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 | $138,326 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $19,995 |
| Payroll taxes | $12,055 |
| Fees for services: Management | $44,511 |
| Fees for services: Legal | $1,666 |
| Fees for services: Accounting | $8,798 |
| 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 | $8,062 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $216,980 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,369 |
| Interest | $128,220 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $127,108 |
| Insurance | $37,624 |
| All other expenses | $0 |
| Total functional expenses | $769,960 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $115,331 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $853 |
| 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 | $21,459 |
| Net Land, buildings, and equipment | $1,812,211 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,035,549 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $121,422 |
| Total assets | $3,106,825 |
| Accounts payable and accrued expenses | $114,826 |
| Grants payable | $0 |
| Deferred revenue | $904 |
| 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 | $4,537,867 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $20,803 |
| Total liabilities | $4,674,400 |
| Net assets without donor restrictions | -$1,567,575 |
| 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 | $3,106,825 |