Rondo Community Land Trust
- Assets
- $14.9m
- Revenue
- $9.9m
- Investments
- $0.0
- Employees
- 9
- Location
- St Paul, MN
- Founding
- 03/1995
- Data as of
- 12/2023
- EIN
- 41-1753148
Organization Overview
Rondo Community Land Trust is located in St Paul, MN. The organization was established in 1995. 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, Rondo Community Land Trust employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rondo Community Land Trust 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 12/2023, Rondo Community Land Trust generated $9.9m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 72.3% each year . All expenses for the organization totaled $2.7m during the year ending 12/2023. While expenses have increased by 33.5% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PERMANENTLY AFFORDABLE AND SUSTAINABLE HOMEOWNERSHIP, RENTALS, AND COMMERCIAL OPPORTUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION, A COMMUNITY LAND TRUST (CLT), ACHIEVES PERMANENT, LONG TERM HOUSING AFFORDABILITY THROUGH THE USE OF GROUND LEASES. CLT HOMEBUYERS PURCHASE ONLY THE HOUSE, AND ENTER INTO A 99 YEAR GROUND LEASE WITH THE ORGANIZATION FOR THE EXCLUSIVE USE OF THE LAND. THE ORGANIZATION'S GROUND LEASE STATES THAT WHEN A HOMEOWNER DECIDES TO SELL THEIR HOME, THE HOUSE IS SOLD TO ANOTHER LOW TO MODERATE INCOME HOUSEHOLD FOR THE ORIGINAL PURCHASE PRICE PLUS 25% OF ANY APPRECIATION IN THE HOME'S VALUE. BY LIMITING MARKET APPRECIATION, PERMANENT AFFORDABILITY IS ENSURED AND INITIAL SUBSIDIES INVESTED IN MAKING THE HOME AFFORDABLE ARE SPREAD ACROSS GENERATIONS OF LOW TO MODERATE INCOME HOMEBUYERS. MOST IMPORTANTLY, THIS AFFORDABLE HOUSING OPTION GIVES HOUSEHOLDS THAT COULD OTHERWISE ONLY AFFFORD TO RENT THE OPPORTUNITY TO TAKE ADVANTAGE OF ALL OF THE BENEFITS OF HOMEOWNERSHIP STABILITY, SECURITY, TAX BENEFITS, AND THE OPPORTUNITY TO EARN EQUITY AND APPRECIATION IN REAL ESTATE THAT IS NOT AVAILABLE THROUGH RENTING.
THE RONDO COMMUNITY LAND TRUST (RONDO CLT) CREATED THE RONDO DEVELOPMENT ON SELBY, LLC. A SUBSIDIARY LIMITED LIABILITY CORPORATION FOR THE SELBY MILTON VICTORIA (SMV) COMMERCIAL LAND TRUST AND SENIOR HOUSING PROJECT ON SELBY AVENUE. RONDO CLT, ALONG WITH ITS PARTNER COMMUNITY HOUSING DEVELOPMENT CORPORATION (CHDC), DEVELOPED TWO MIXED USE COMMERCIAL/RESIDENTIAL BUILDINGS. THESE BUILDINGS PROVIDE LONG-TERM AFFORDABLE COMMERCIAL SPACE FOR SMALL, LOCAL, AND MINORITY OWNED BUSINESSES ALONG WITH AFFORDABLE SENIOR HOUSING. THE BUILDINGS ARE LOCATED AT 852 SELBY AND 940 SELBY IN ST. PAUL. THERE ARE A TOTAL OF 34 UNITS OF LOW INCOME SENIOR HOUSING. THE 34 UNITS OF AFFORDABLE SENIOR HOUSING BUILT ON THE TOP TWO FLOORS OF THESE BUILDINGS AND WERE FINANCED BY A COMBINATION OF DEFERRED LOANS AND LOW INCOME HOUSING TAX CREDITS. THE UNITS ARE AFFORDABLE TO THOSE AT 30% TO 60% OF THE AREA MEDIAN INCOME. THE AFFORDABILITY WILL BE SECURED WITH RESTRICTIVE COVENANTS. THERE IS 9,300 SQUARE FEET OF COMMERCIAL SPACE. THERE ARE FIVE COMMERCIAL SPACES AND TWO LIVE WORK UNITS. THE HOUSING PORTION OF THIS PROJECT IS OWNED BY THE CHDC RONDO LIMITED PARTNERSHIP. RONDO DEVELOPMENT ON SELBY LLC IS A COGENERAL PARTNER IN THIS LIMITED PARTNERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mikeya Griffin Executive Director | Officer | 40 | $102,850 |
Charles Bradley President | OfficerTrustee | 1 | $0 |
Shannon Brunette Vice President | OfficerTrustee | 1 | $0 |
Trish Deanda Treasurer | OfficerTrustee | 1 | $0 |
Paris Servin-Gonzales Secretary | OfficerTrustee | 1 | $0 |
Tameka Jones Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $99,644 |
| Related organizations | $0 |
| Government grants | $2,308,800 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,240,644 |
| Noncash contributions included in lines 1a–1f | $513,100 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,649,088 |
| Total Program Service Revenue | $209,393 |
| Investment income | $52,235 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$82,609 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,886,783 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $215,000 |
| Grants and other assistance to domestic individuals. | $751,466 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $115,585 |
| Compensation of current officers, directors, key employees. | $11,559 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $399,602 |
| Pension plan accruals and contributions | $10,004 |
| Other employee benefits | $20,906 |
| Payroll taxes | $37,676 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $24,688 |
| Fees for services: Accounting | $156,822 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $154,880 |
| Advertising and promotion | $40,262 |
| Office expenses | $42,170 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $158,644 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $17,998 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $169,447 |
| Insurance | $28,859 |
| All other expenses | $55,904 |
| Total functional expenses | $2,724,604 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $523,896 |
| Savings and temporary cash investments | $5,324,110 |
| Pledges and grants receivable | $550,624 |
| Accounts receivable, net | $20,580 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,044 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $18,210 |
| Net Land, buildings, and equipment | $7,156,639 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $267,507 |
| Other assets | $990,425 |
| Total assets | $14,858,035 |
| Accounts payable and accrued expenses | $291,186 |
| Grants payable | $0 |
| Deferred revenue | $680,826 |
| 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 | $285,676 |
| Unsecured mortgages and notes payable | $443,083 |
| Other liabilities | $838,599 |
| Total liabilities | $2,539,370 |
| Net assets without donor restrictions | $9,726,145 |
| Net assets with donor restrictions | $2,592,520 |
| 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 | $14,858,035 |
Grants Awarded
Over the last fiscal year, Rondo Community Land Trust has awarded $210,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
MODEL CITIES OF ST PAUL INC PURPOSE: OPERATIONS | $70,000 |
METROPOLITAN CONSORTIUM OF COMMUNITY DEVELOPERS PURPOSE: OPERATIONS | $70,000 |
WEST SIDE COMMUNITY ORGANIZATION PURPOSE: OPERATIONS | $70,000 |