Aeon
- Assets
- $205.4m
- Revenue
- $34.4m
- Investments
- $0.0
- Employees
- 265
- Location
- Minneapolis, MN
- Founding
- 11/1986
- Data as of
- 12/2020
- EIN
- 41-1558711
Organization Overview
Aeon is located in Minneapolis, MN. The organization was established in 1986. 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. As of 12/2020, Aeon employed 265 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Aeon 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 12/2020, Aeon generated $34.4m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 16.6% each year . All expenses for the organization totaled $36.8m during the year ending 12/2020. While expenses have increased by 15.1% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE AND SUSTAIN QUALITY AFFORDABLE HOMES THAT STRENGTHEN LIVES AND COMMUNITIES. AEON ACQUIRES, IMPROVES AND PRESERVES DECENT, SAFE AND AFFORDABLE HOUSING FOR VERY LOW, LOW AND MODERATE INCOME PERSONS; REMAINING RESPONSIBLE AND RESPONSIVE TO THE COMMUNITY, NEIGHBORHOODS AND RESIDENTS IT SERVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RENTAL OPERATIONS - AEON OWNS AND OPERATES APARTMENT HOMES FOR RESIDENTS WITH LOW OR MODERATE INCOMES. AEON SERVES 15,000 PEOPLE EACH YEAR ACROSS 59 PROPERTIES IN THE TWIN CITIES METRO REGION OF MINNESOTA. RESIDENTS INCLUDE PEOPLE WHO HAVE EXPERIENCED HOMELESSNESS, YOUTH, SENIORS, PEOPLE WITH MENTAL AND CHEMICAL HEALTH ISSUES, AND OTHERS WHO FACE CHALLENGES MAINTAINING HOUSING STABILITY.
HOUSING DEVELOPMENT - AEON EXPANDS AFFORDABLE HOUSING THROUGH NEW CONSTRUCTION AND ACQUISITIONS. OUR 2016 STRATEGIC PLAN CHALLENGED AEON TO CREATE 3,000 MORE AFFORDABLE HOMES BY 2020, WHICH WAS ACHIEVED.
PROPERTY MANAGEMENT - AEON MANAGES MOST OF THE PROPERTIES IT OWNS, ENSURING APARTMENT HOMES ARE QUALITY HOMES FOR THE LONG-TERM, WHILE BUILDING POSITIVE RELATIONSHIPS WITH RESIDENTS. AS OF DECEMBER 31, 2020, AEON MANAGES 49 PROPERTIES ACROSS THE TWIN CITIES METRO REGION.
RESIDENT SERVICES--AEON PROVIDES SUPPORT TO RESIDENTS WHO NEED IT THROUGH RESIDENT SERVICES. THE GOAL IS TO PROMOTE RESIDENT STABILITY. THIS PROGRAM OFFERS A VARIETY OF TYPES OF SUPPORT, DEPENDING ON THE NEEDS OF THE RESIDENT OR THE RESIDENT COMMUNITY AT A PARTICULAR PROPERTY. SERVICES RANGE FROM COMMUNITY-BUILDING ACTIVITIES, PERSONAL EMPOWERMENT INITIATIVES, AND EDUCATIONAL OPPORTUNITIES TO SERVICES PROVIDED BY PARTNER NONPROFIT SERVICE ORGANIZATIONS WITH EXPERTISE IN RECOVERY, MENTAL HEALTH ISSUES, ETC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alan Arthur President & CEO | Officer | 50 | $200,329 |
Santiago DE Angulo Executive VP Of Property Operationgs | Officer | 50 | $198,473 |
Sarah Harris Executive Vp, Strategy, Partnerships & Production | Officer | 50 | $194,644 |
Caroline Horton Treasurer & Chief Financial Officer | Officer | 50 | $173,657 |
Stacy Mcmahon Vice President Of Asset Management | Officer | 50 | $157,317 |
Virginia Brown Vice President Of Advancement | 50 | $145,414 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Brothers Mfg Repairs, Janitorial Contractor | 12/30/20 | $900,209 |
Urbanworks Acrhitecture Services | 12/30/20 | $679,090 |
United Protective Agency Security Services | 12/30/20 | $464,342 |
True Building Maintenance Services Llc Repairs, Janitorial Contractor | 12/30/20 | $481,127 |
Value Plus Flooring Inc Flooring Replacement | 12/30/20 | $291,027 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $148,583 |
| Related organizations | $0 |
| Government grants | $2,157,919 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,235,805 |
| Noncash contributions included in lines 1a–1f | $5,519,210 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,542,307 |
| Total Program Service Revenue | $23,354,201 |
| Investment income | $476,548 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$3,242 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $34,369,814 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $110,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $999,723 |
| Compensation of current officers, directors, key employees. | $368,947 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,461,241 |
| Pension plan accruals and contributions | $199,990 |
| Other employee benefits | $386,449 |
| Payroll taxes | $369,129 |
| Fees for services: Management | $144,886 |
| Fees for services: Legal | $111,061 |
| Fees for services: Accounting | $84,781 |
| Fees for services: Lobbying | $13,206 |
| Fees for services: Fundraising | $81,686 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,294,504 |
| Advertising and promotion | $0 |
| Office expenses | $1,039,269 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,729,521 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $6,696,206 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,401,218 |
| Insurance | $854,646 |
| All other expenses | $948,497 |
| Total functional expenses | $36,797,264 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,834,735 |
| Savings and temporary cash investments | $8,942,146 |
| Pledges and grants receivable | $537,176 |
| Accounts receivable, net | $11,165,984 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,293,470 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $32,550 |
| Net Land, buildings, and equipment | $163,976,595 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,747,573 |
| Intangible assets | $823,968 |
| Other assets | $250 |
| Total assets | $205,354,447 |
| Accounts payable and accrued expenses | $14,986,940 |
| Grants payable | $0 |
| Deferred revenue | $792,578 |
| 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 | $169,375,112 |
| Unsecured mortgages and notes payable | $7,550,000 |
| Other liabilities | $2,274,900 |
| Total liabilities | $194,979,530 |
| Net assets without donor restrictions | -$1,163,839 |
| Net assets with donor restrictions | $11,538,756 |
| 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 | $205,354,447 |
Grants Recieved
Over the last fiscal year, we have identified 41 grants that Aeon has recieved totaling $2,213,566.
| Awarding Organization | Amount |
|---|---|
Mcknight Foundation Minneapolis, MN PURPOSE: OR GENERAL OPERATING SUPPORT, AND TO STRENGTHEN CAPACITY TO ADVOCATE FOR, ACQUIRE, REHABILITATE, AND STABILIZE AFFORDABLE HOUSING | $300,000 |
Mcknight Foundation Minneapolis, MN PURPOSE: OR GENERAL OPERATING SUPPORT, AND TO STRENGTHEN CAPACITY TO ADVOCATE FOR, ACQUIRE, REHABILITATE, AND STABILIZE AFFORDABLE HOUSING | $300,000 |
Mcknight Foundation Minneapolis, MN PURPOSE: OR GENERAL OPERATING SUPPORT, AND TO STRENGTHEN CAPACITY TO ADVOCATE FOR, ACQUIRE, REHABILITATE, AND STABILIZE AFFORDABLE HOUSING | $300,000 |
Mcknight Foundation Minneapolis, MN PURPOSE: OR GENERAL OPERATING SUPPORT, AND TO STRENGTHEN CAPACITY TO ADVOCATE FOR, ACQUIRE, REHABILITATE, AND STABILIZE AFFORDABLE HOUSING | $300,000 |
Saint Paul & Minnesota Foundation Saint Paul, MN PURPOSE: MULTIPLE GRANTS FOR MULTIPLE PURPOSES | $119,400 |
The Douglass Brandenborg Family Foundation Edina, MN PURPOSE: GENERAL OPERATING SUPPORT | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Family Housing Fund Minneapolis, MN | $55,836,528 | $42,355,449 |
Aeon Minneapolis, MN | $205,354,447 | $34,369,814 |
Governmental And Educational Assistance Corporation Brooklyn Park, MN | $65,629,127 | $32,792,478 |
Habitat For Humanity International Inc St Paul, MN | $95,417,664 | $44,081,313 |
One Vision Clear Lake, IA | $49,722,327 | $26,134,344 |
Trellis Co Minneapolis, MN | $174,341,513 | $41,938,944 |
Integrated Community Services Inc Green Bay, WI | $950,571 | $23,339,700 |
Friendship Haven Inc Fort Dodge, IA | $50,931,455 | $22,390,428 |
Community Housing Corporation Of America Inc St Paul, MN | $54,692,887 | $61,922,441 |
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 |