Hilltop Residence Inc
- Assets
- $561.8k
- Revenue
- $205.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Madison, MN
- Founding
- 04/1987
- Data as of
- 09/2021
- EIN
- 41-1376605
Organization Overview
Hilltop Residence Inc is located in Madison, MN. The organization was established in 1987. 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 a subordinate organization within an affiliated group for tax-exemption purposes. Hilltop Residence 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 09/2021, Hilltop Residence Inc generated $205.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (4.7%) each year. All expenses for the organization totaled $265.5k during the year ending 09/2021. As we would expect to see with falling revenues, expenses have declined by (2.6%) per year over the past 6 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HOUSING TO THE ELDERLY AND HANDICAPPED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HILLTOP RESIDENCE, INC. LOCATED IN MADISON, MINNESOTA IS A 36-UNIT APARTMENT COMPLEX FOR THE HANDICAPPED AND ELDERLY. THE RESIDENCE OFFERS INDEPENDENT LIVING WITH SERVICES FOR LOW INCOME PERSONS 62 YEARS OR OLDER.HILLTOP RESIDENCE OFFERS AN ATTRACTIVE AND SECURE ENVIRONMENT FOR ITS RESIDENTS, COMBINING THE PRIVACY AND INDEPENDENCE OF PERSONAL APARTMENTS WITH THE PEACE OF MIND THAT COMES WITH IN-HOUSE AND ON-CAMPUS SERVICES. SERVICES OFFERED INCLUDE: NURSING VISITS; MEDICATION MANAGEMENT; DIETARY MANAGEMENT; ASSISTANCE WITH LIGHT DRESSING, GROOMING, MEDICATION REMINDERS, BREAKFAST; BATHING; HOUSEKEEPING AND LAUNDRY; MEDICAL TRANSPORTATION AND SHOPPING MANAGEMENT; EXERCISE PROGRAM AND ACTIVITIES; PLUS ADDITIONAL CARES AVAILABLE FROM A MENU OF SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brandon Ulstad Chairman | OfficerTrustee | 0.1 | $0 |
Jeff Kallhoff Secretary (left Before Ye 09/2021) | OfficerTrustee | 0.1 | $0 |
Erik Bjerke CEO | Officer | 0.5 | $0 |
Carol Borgerson CFO | Officer | 1 | $0 |
Jason Young Director | Trustee | 0.1 | $0 |
Lynn Zimmerman Director | Trustee | 0.1 | $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 | $202,978 |
| Investment income | $9 |
| 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 | $205,649 |
| 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 | $11,797 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,844 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $33,500 |
| Advertising and promotion | $1,839 |
| Office expenses | $552 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $37,751 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $76,214 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $62,686 |
| Insurance | $11,066 |
| All other expenses | $20,288 |
| Total functional expenses | $265,537 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50 |
| Savings and temporary cash investments | $107,271 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $454,516 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $561,837 |
| Accounts payable and accrued expenses | $18,637 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $12,197 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,121,248 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $70,408 |
| Total liabilities | $1,222,490 |
| Net assets without donor restrictions | -$660,653 |
| 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 | $561,837 |
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