Hadc Ridgeway
- Assets
- $7.0m
- Revenue
- $4.7m
- Investments
- $328.4k
- Employees
- 0
- Location
- Deephaven, MN
- Founding
- 09/2000
- Data as of
- 03/2023
- EIN
- 41-1897376
Organization Overview
Hadc Ridgeway is located in Deephaven, MN. The organization was established in 2000. 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. Hadc Ridgeway 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, Hadc Ridgeway generated $4.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $5.1m during the year ending 03/2023. While expenses have increased by 4.5% 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
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HADC RIDGEWAY OWNS TWO ASSISTED LIVING FACILITIES FOR ELDERLY IN NEW ULM, MINNESOTA. THE RIDGEWAY ON 23RD FACILITY CONSISTS OF 48 ASSISTED LIVING UNITS AND 13 MEMORY CARE ASSISTED LIVING UNITS. THE RIDGEWAY ON GERMAN FACILITY CONSISTS OF 44 ASSISTED LIVING UNITS AND 11 MEMORY CARE ASSISTED LIVING UNITS. A PORTION OF THE UNITS IN THE COMPLEXES ARE REQUIRED TO BE OCCUPIED BY LOW-INCOME TENANTS.RIDGEWAY ON GERMAN OPENED IN THE NEW ULM COMMUNITY IN NOVEMBER 1998. OVER THE COURSE OF YEARS, RIDGEWAY HAS BEEN ABLE TO PINPOINT GROWING NEEDS AND TRENDS IN THE AREA, HENCE THE EXPANSIONCONTINUED ON SCHEDULE O...INTO RIDGEWAY ON 23RD. DETERMINED TO PROVIDE THE PREMIER ASSISTED LIVING COMMUNITIES IN THE AREA, RIDGEWAY ON GERMAN AND RIDGEWAY ON 23RD EMPHASIZE INDEPENDENCE AND PRIVACY, WITH A MISSION TO GROW WITH THE SENIOR POPULATION WE SERVE BOTH TODAY AND TOMORROW.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Curtis Geissler Chairman | OfficerTrustee | 0.5 | $0 |
Brian Weisberg Treasurer | OfficerTrustee | 0.5 | $0 |
William Hyers Secretary | OfficerTrustee | 0.5 | $0 |
Paul Abzug Ceo/president | Officer | 10 | $0 |
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 | $200 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $200 |
| Total Program Service Revenue | $4,642,880 |
| Investment income | $19,636 |
| 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 | $4,662,716 |
| 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 | $2,371,497 |
| Pension plan accruals and contributions | $28,079 |
| Other employee benefits | $251,804 |
| Payroll taxes | $182,181 |
| Fees for services: Management | $66,000 |
| Fees for services: Legal | $6,658 |
| Fees for services: Accounting | $39,090 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $91,737 |
| Fees for services: Other | $164,544 |
| Advertising and promotion | $31,567 |
| Office expenses | $226,107 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $330,417 |
| Travel | $6,863 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $37,504 |
| Interest | $441,791 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $310,787 |
| Insurance | $79,943 |
| All other expenses | $45,152 |
| Total functional expenses | $5,149,397 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $599,795 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $162,819 |
| 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 | $11,353 |
| Net Land, buildings, and equipment | $5,486,667 |
| Investments—publicly traded securities | $404,979 |
| Investments—other securities | $328,395 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $35,051 |
| Total assets | $7,029,059 |
| Accounts payable and accrued expenses | $425,569 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $8,459,095 |
| Escrow or custodial account liability | $22,400 |
| 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 | $0 |
| Total liabilities | $8,907,064 |
| Net assets without donor restrictions | -$1,878,005 |
| 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 | $7,029,059 |