Grand Forks Homes Inc
- Assets
- $14.4m
- Revenue
- $4.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Grand Forks, ND
- Founding
- 08/1976
- Data as of
- 12/2022
- EIN
- 45-6035977
Organization Overview
Grand Forks Homes Inc is located in Grand Forks, ND. The organization was established in 1976. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, 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. Grand Forks Homes Inc 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, Grand Forks Homes Inc generated $4.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.7% each year . All expenses for the organization totaled $4.9m during the year ending 12/2022. While expenses have increased by 10.6% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE LOW INCOME HOUSING TO ELIGIBLE PERSONS IN GRAND FORKS, ND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LOW INCOME HOUSING TO ELIGIBLE PERSONS IN GRAND FORKS, ND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Harold Randall Member | Trustee | 1 | $0 |
Jon Kotrba Member | Trustee | 1 | $0 |
Joani Kilber Member | Trustee | 1 | $0 |
James Walker President | OfficerTrustee | 1 | $0 |
Ilene Sherlock Vice President | OfficerTrustee | 1 | $0 |
Pastor Peter Coen Tuff Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,578,692 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,910 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,584,602 |
| Total Program Service Revenue | $1,630,831 |
| Investment income | $50,263 |
| 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 | $4,265,696 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $253,394 |
| Fees for services: Legal | $33,452 |
| Fees for services: Accounting | $44,960 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $41 |
| Office expenses | $32,772 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,824,733 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $257,932 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $561,844 |
| Insurance | $188,138 |
| All other expenses | $0 |
| Total functional expenses | $4,910,846 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $677,095 |
| Savings and temporary cash investments | $1,557,351 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $517,118 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,780,837 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $109,452 |
| Net Land, buildings, and equipment | $9,686,641 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $29,346 |
| Total assets | $14,357,840 |
| Accounts payable and accrued expenses | $829,552 |
| Grants payable | $0 |
| Deferred revenue | $13,800 |
| 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 | $12,876,708 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $140,908 |
| Total liabilities | $13,860,968 |
| Net assets without donor restrictions | $962,114 |
| Net assets with donor restrictions | -$465,242 |
| 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 | $14,357,840 |