Aeon
- Assets
- $203.6m
- Revenue
- $34.8m
- Investments
- $0.0
- Employees
- 362
- Location
- Minneapolis, MN
- Founding
- 11/1986
- Data as of
- 12/2022
- 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 12/2023, Aeon employed 362 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 12/2022, Aeon generated $34.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.4% each year . All expenses for the organization totaled $50.3m during the year ending 12/2022. While expenses have increased by 15.5% per year over the past 8 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE AND SUSTAIN QUALITY AFFORDABLE HOMES THAT STRENGTHEN LIVES AND COMMUNITIES.
Describe the Organization's Program Activity:
RENTAL OPERATIONS - AEON OWNS AND OPERATES AFFORDABLE APARTMENT HOMES FOR RESIDENTS WITH LOW OR MODERATE INCOMES. EACH YEAR, AEON SERVICES MORE THAN 17,000 PEOPLE ACROSS 60 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.
RESIDENT SERVICES - MANY RESIDENTS COME TO AEON WITH A VARIETY OF CHALLENGES AND LIVED EXPERIENCES. RESIDENT SERVICES PROVIDES SUPPORT TO START ADDRESSING BARRIERS AND HELP RESIDENTS SUCCESSFULLY MAINTAIN THEIR HOUSING. THIS IS DONE THROUGH 1) COMMUNITY SERVICE PROVIDERS, WHO PROVIDE 1:1 CASE MANAGEMENT TO RESIDENTS WITH SIGNIFICANT CHALLENGES TO MAINTAINING HOUSING STABILITY; AND 2) AEON'S RESIDENT CONNECTIONS TEAM, WHICH HELP RESIDENTS MAINTAIN HOUSING BY ASSISTING THEM TO ACCESS BASIC NEEDS, BUILDING COMMUNITY, AND FOSTERING LEADERSHIP.
RENTAL OPERATIONS - AEON OWNS AND OPERATES AFFORDABLE APARTMENT HOMES FOR RESIDENTS WITH LOW OR MODERATE INCOMES. EACH YEAR, AEON SERVICES MORE THAN 17,000 PEOPLE ACROSS 60 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.
RESIDENT SERVICES - MANY RESIDENTS COME TO AEON WITH A VARIETY OF CHALLENGES AND LIVED EXPERIENCES. RESIDENT SERVICES PROVIDES SUPPORT TO START ADDRESSING BARRIERS AND HELP RESIDENTS SUCCESSFULLY MAINTAIN THEIR HOUSING. THIS IS DONE THROUGH 1) COMMUNITY SERVICE PROVIDERS, WHO PROVIDE 1:1 CASE MANAGEMENT TO RESIDENTS WITH SIGNIFICANT CHALLENGES TO MAINTAINING HOUSING STABILITY; AND 2) AEON'S RESIDENT CONNECTIONS TEAM, WHICH HELP RESIDENTS MAINTAIN HOUSING BY ASSISTING THEM TO ACCESS BASIC NEEDS, BUILDING COMMUNITY, AND FOSTERING LEADERSHIP.
HOUSING DEVELOPMENT - AEON EXPANDS AFFORDABLE HOUSING THROUGH NEW CONSTRUCTION AND ACQUISITIONS. WE CURRENTLY HAVE ALMOST 6,000 HOMES ACROSS 60 PROPERTIES IN THE TWIN CITIES METRO REGION.
HOUSING DEVELOPMENT - AEON EXPANDS AFFORDABLE HOUSING THROUGH NEW CONSTRUCTION AND ACQUISITIONS. WE CURRENTLY HAVE ALMOST 6,000 HOMES ACROSS 60 PROPERTIES IN THE TWIN CITIES METRO REGION.
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, 2022, AEON MANAGES 50 PROPERTIES ACROSS THE TWIN CITIES METRO REGION.
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, 2022, AEON MANAGES 50 PROPERTIES ACROSS THE TWIN CITIES METRO REGION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Martha Swanson Board Chairperson | OfficerTrustee | 1 | $0 |
Melissa Downey Board Vice Chairperson | OfficerTrustee | 1 | $0 |
Scott Anderson Board Secretary | OfficerTrustee | 1 | $0 |
Tami Diehm Director | Trustee | 1 | $0 |
Sareoun Earm Director | Trustee | 1 | $0 |
Jackie Foster Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rozin Security Consulting Llc Security Services | 12/30/22 | $1,465,065 |
Midwest Fence & Mfg Security Fencing | 12/30/22 | $1,009,893 |
Hamernick Corporation Flooring & Flooring Installation | 12/30/22 | $828,373 |
Renovation Systems Renovations, Cleaning, Flooring | 12/30/22 | $672,890 |
Rozin Security Consulting Llc Security Services | 12/30/22 | $1,465,065 |
Hamernick Corporation Flooring & Flooring Installation | 12/30/22 | $828,373 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $422,655 |
| Related organizations | $0 |
| Government grants | $5,331,745 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,382,461 |
| Noncash contributions included in lines 1a–1f | $71,213 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,136,861 |
| Total Program Service Revenue | $26,101,415 |
| Investment income | $618,627 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$63,281 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $34,793,622 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $288,261 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,327,680 |
| Compensation of current officers, directors, key employees. | $593,203 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,553,090 |
| Pension plan accruals and contributions | $251,907 |
| Other employee benefits | $449,663 |
| Payroll taxes | $499,464 |
| Fees for services: Management | $313,598 |
| Fees for services: Legal | $123,577 |
| Fees for services: Accounting | $73,304 |
| Fees for services: Lobbying | $100,750 |
| Fees for services: Fundraising | $92,526 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,151,930 |
| Advertising and promotion | $0 |
| Office expenses | $1,202,603 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,585,345 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,038,078 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,854,083 |
| Insurance | $1,383,668 |
| All other expenses | $1,444,916 |
| Total functional expenses | $50,323,803 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,492,775 |
| Savings and temporary cash investments | $17,081,630 |
| Pledges and grants receivable | $1,560,907 |
| Accounts receivable, net | $12,409,442 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $567,481 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $250,844 |
| Net Land, buildings, and equipment | $160,863,668 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,004,139 |
| Intangible assets | $1,372,687 |
| Other assets | $0 |
| Total assets | $203,603,573 |
| Accounts payable and accrued expenses | $22,759,242 |
| Grants payable | $0 |
| Deferred revenue | $571,062 |
| 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 | $173,873,711 |
| Unsecured mortgages and notes payable | $15,686,624 |
| Other liabilities | $1,372,687 |
| Total liabilities | $214,263,326 |
| Net assets without donor restrictions | -$21,769,339 |
| Net assets with donor restrictions | $11,109,586 |
| 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 | $203,603,573 |