Housing Alternatives Development Company
- Assets
- $20.0m
- Revenue
- $6.3m
- Investments
- $667.6k
- Employees
- 303
- Location
- Deephaven, MN
- Founding
- 03/1991
- Data as of
- 03/2023
- EIN
- 41-1670818
Organization Overview
Housing Alternatives Development Company is located in Deephaven, MN. The organization was established in 1991. 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 03/2023, Housing Alternatives Development Company employed 303 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Housing Alternatives Development Company 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 03/2023, Housing Alternatives Development Company generated $6.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.5% each year . All expenses for the organization totaled $6.5m during the year ending 03/2023. While expenses have increased by 9.9% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
OWNS, MANAGES, AND OPERATES LOW TO MODERATE INCOME HOUSING AND SENIOR HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION IS THE SOLE OWNER/MEMBER OF HADC CLOQUET, LLC WHO OWNS EVERGREEN KNOLL, A 62-UNIT ASSISTED LIVING FACILITY FOR ELDERLY IN CLOQUET, MINNESOTA. HADC CLOQUET, LLC ALSO OWNS EVERGEEN COTTAGES, 24 COTTAGE STYLE QUAD HOMES IN CLOQUET. EVERGREEN IS A SENIOR LIVING CAMPUS FOR ADULTS WHO WANT TO REMAIN INDEPENDENT WHILE HAVING ACCESS TO SERVICES AND AMENITIES. THEIR GOAL IS TO PROVIDE QUALITY SENIOR HOUSING OPTIONS THAT OFFER COMFORTABLE LIVING ENVIRONMENTS, WITH PROGRAMS AND SERVICES THAT ENCOURAGE CONTINUED INDEPENDENCE AND ACTIVE RETIREMENT COMBINED WITH PREVENTATIVE AND SUPPORTIVE HEALTH CARE.CONTINUED ON SCHEDULE O..THE CORPORATION IS THE SOLE OWNER/MEMBER OF HADC WADENA, LLC WHO OWNS THE MEADOWS OF WADENA SENIOR LIVING, A 37-UNIT ASSISTED LIVING AND 10-UNIT MEMORY CARE FACILITY FOR ELDERLY IN WADENA, MINNESOTA. THE MEADOWS IS AN ASSISTED LIVING FACILITY FOR ADULTS WHO WANT TO REMAIN INDEPENDENT WHILE HAVING ACCESS TO SERVICES AND AMENITIES. THEIR GOAL IS TO PROVIDE QUALITY SENIOR HOUSING OPTIONS THAT OFFER COMFORTABLE LIVING ENVIRONMENTS, WITH PROGRAMS AND SERVICES THAT ENCOURAGE CONTINUED INDEPENDENCE AND ACTIVE RETIREMENT COMBINED WITH PREVENTATIVE AND SUPPORTIVE HEALTH CARE.THE CORPORATION IS THE SOLE OWNER/MEMBER OF HADC SERVICES, LLC. HADC SERVICES, LLC WAS FORMED TO BE A LICENSED HOME HEALTH CARE PROVIDER AND EMPLOYER OF ON-SITE PERSONNEL FOR THE HADC RIDGEWAY AND HADC CLOQUET PROJECTS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Curtis Geissler Chairman | OfficerTrustee | 1.5 | $9,000 |
Brian Weisberg Treasurer | OfficerTrustee | 1.5 | $6,500 |
William Hyers Secretary | OfficerTrustee | 1.5 | $6,500 |
Paul Abzug Ceo/president | Officer | 45 | $275,705 |
Shauna Johnson Administration/hr | 40 | $157,853 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Winkelman Building Corp Construction | 3/30/18 | $3,232,292 |
The Boldt Company Construction | 3/30/18 | $732,648 |
Winkelman Building Company Llc Construction | 3/30/18 | $706,555 |
Dougherty Financial Group Llc Financing Fees | 3/30/18 | $146,500 |
Co-created Designs Design Services | 3/30/18 | $134,597 |
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 | $900 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $900 |
| Total Program Service Revenue | $6,153,188 |
| Investment income | $92,036 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $10,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,256,124 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,145 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $405,868 |
| Compensation of current officers, directors, key employees. | $405,868 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,550,758 |
| Pension plan accruals and contributions | $21,932 |
| Other employee benefits | $198,244 |
| Payroll taxes | $211,115 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $43,114 |
| Fees for services: Accounting | $101,149 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $30,876 |
| Fees for services: Other | $93,583 |
| Advertising and promotion | $77,454 |
| Office expenses | $352,862 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $586,027 |
| Travel | $18,794 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,670 |
| Interest | $609,107 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $528,399 |
| Insurance | $63,452 |
| All other expenses | $35,694 |
| Total functional expenses | $6,469,837 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $683,516 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $390,378 |
| 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 | $35,673 |
| Net Land, buildings, and equipment | $11,186,859 |
| Investments—publicly traded securities | $5,391,711 |
| Investments—other securities | $667,605 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,632,686 |
| Total assets | $19,988,428 |
| Accounts payable and accrued expenses | $805,999 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $14,216,489 |
| Escrow or custodial account liability | $92,900 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,227,459 |
| Total liabilities | $16,342,847 |
| Net assets without donor restrictions | $3,645,581 |
| 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 | $19,988,428 |