Seven Corners Community Housing Corporation
- Assets
- $9.2m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 10/1985
- Data as of
- 06/2022
- 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 06/2022, Seven Corners Community Housing Corporation generated $3.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $3.5m during the year ending 06/2022. While expenses have increased by 1.1% 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
2022
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 |
|---|---|---|---|
Brian Hanninen President | OfficerTrustee | 1 | $0 |
David Swanson Secretary | OfficerTrustee | 1 | $0 |
Tim Mungavan Treasurer | OfficerTrustee | 3 | $0 |
Dan Walsh Board Member | Trustee | 1 | $0 |
Niioblite Harper Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bdc Management Co Property Mgmt | 6/29/19 | $184,998 |
Acme Tuckpointing Masonry And Brickwork | 6/29/19 | $311,915 |
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 | $3,189,815 |
| Investment income | $2,632 |
| 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 | $3,192,447 |
| 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 | $134,375 |
| 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 | $481,970 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $788,649 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $232,356 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $775,969 |
| Insurance | $137,826 |
| All other expenses | $0 |
| Total functional expenses | $3,480,481 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,841 |
| Savings and temporary cash investments | $114,501 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,465 |
| 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 | $118,261 |
| Net Land, buildings, and equipment | $6,670,067 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,238,468 |
| Total assets | $9,179,603 |
| Accounts payable and accrued expenses | $5,913,790 |
| Grants payable | $0 |
| Deferred revenue | $19,607 |
| Tax-exempt bond liabilities | $3,570,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $6,192,935 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $112,723 |
| Total liabilities | $15,809,055 |
| Net assets without donor restrictions | -$6,629,452 |
| 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 | $9,179,603 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sholom Home East Inc St Paul, MN | $55,805,227 | $20,264,604 |
Homestead At Rochester Inc Eden Prairie, MN | $84,661,096 | $19,652,604 |
Jeremiah Program Minneapolis, MN | $39,745,824 | $13,376,447 |
Milwaukee Habitat For Humanity Milwaukee, WI | $24,987,795 | $20,382,762 |
Habitat For Humanity International Inc Des Moines, IA | $24,118,438 | $12,529,342 |
Community Housing Resources Minneapolis, MN | $41,679,341 | $15,920,162 |
Home And Community Options Inc Winona, MN | $11,542,509 | $9,788,629 |
Phm New Richmond Senior Housing Inc Roseville, MN | $18,158,628 | $8,376,438 |
Greater Minnesota Housing Fund St Paul, MN | $209,115,546 | $19,170,053 |
American Indian Community Development Corporation Minneapolis, MN | $37,892,319 | $10,832,403 |
Habitat For Humanity International Inc Madison, WI | $16,210,690 | $8,401,610 |
Phw Menomonee Falls Inc Roseville, MN | $45,125,918 | $7,810,658 |