Seven Corners Community Housing Corporation
- Assets
- $8.3m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 10/1985
- Data as of
- 06/2024
- EIN
- 41-1464430
Organization Overview
Seven Corners Community Housing Corporation is located in Minneapolis, MN. The organization was established in 1985. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Seven Corners Community Housing Corporation 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 06/2024, Seven Corners Community Housing Corporation generated $3.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $3.7m during the year ending 06/2024. While expenses have increased by 1.4% per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE AFFORDABLE HOUSING FOR INDIVIDUALS AND FAMILIES IN MINNEAPOLIS, MINNESOTA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE, ON A NON-PROFIT BASIS, 248 UNITS OF AFFORDABLE HOUSING FOR INDIVIDUALS AND FAMILIES IN THE WEST BANK AREA OF MINNEAPOLIS, MINNESOTA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tim Mungavan Treasurer | OfficerTrustee | 3 | $0 |
Brian Hanninen President | OfficerTrustee | 1 | $0 |
David Swanson Secretary | OfficerTrustee | 1 | $0 |
Niioblite Harper Board Member | Trustee | 1 | $0 |
Dan Walsh Board Member | Trustee | 1 | $0 |
Scott Williams Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Acme Tuckpointing Masonry And Brickwork | 6/29/19 | $311,915 |
Bdc Management Co Property Mgmt | 6/29/19 | $184,998 |
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 | $3,381,094 |
| Investment income | $40,522 |
| 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 | $3,421,616 |
| 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 | $142,558 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $487,191 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $770,781 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $331,440 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $810,934 |
| Insurance | $166,458 |
| All other expenses | $0 |
| Total functional expenses | $3,653,766 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $41,870 |
| Savings and temporary cash investments | $122,218 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,675 |
| 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 | $275,110 |
| Net Land, buildings, and equipment | $5,544,250 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,260,459 |
| Total assets | $8,256,582 |
| Accounts payable and accrued expenses | $6,363,016 |
| Grants payable | $0 |
| Deferred revenue | $16,409 |
| Tax-exempt bond liabilities | $2,770,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $6,221,072 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $114,757 |
| Total liabilities | $15,485,254 |
| Net assets without donor restrictions | -$7,228,672 |
| 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 | $8,256,582 |