Heritage Acres I Inc
- Assets
- $6.1m
- Revenue
- $804.7k
- Investments
- $1.4m
- Employees
- 0
- Location
- Sturgis, SD
- Founding
- 06/1986
- Data as of
- 12/2021
- EIN
- 46-0386021
Organization Overview
Heritage Acres I Inc is located in Sturgis, SD. The organization was established in 1986. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., 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. Heritage Acres I 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 12/2021, Heritage Acres I Inc generated $804.7k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.1%) each year. All expenses for the organization totaled $867.7k during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE PROVISION OF LOW INCOME HOUSING FOR ELDERLY AND HANDICAPPED INDIVIDUALS WITH THE RENT BASED ON TENANT INCOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HERITAGE ACRES, INC. PROVIDED 106 UNITS OF LOW INCOME HOUSING FOR ELDERLY AND HANDICAPPED INDIVIDUALS WITH THE RENT BASED ON TENANT INCOME.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Janine Short President | OfficerTrustee | 2 | $0 |
Jeremy Vleim Vice President | OfficerTrustee | 2 | $0 |
Rachel Hale Secretary-Treasurer | OfficerTrustee | 2 | $0 |
Mark Schulte Member | Trustee | 1 | $0 |
Audrey Schroeder Member | Trustee | 1 | $0 |
Scott Reiman Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dakota Custom Exteriors Building Repairs | 12/30/20 | $172,391 |
Metroplains Management Management Fees And Payroll Reimbursemen | 12/30/20 | $220,320 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $37,495 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $37,495 |
| Total Program Service Revenue | $767,104 |
| Investment income | $65 |
| 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 | $804,664 |
| 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 | $156,639 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,905 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,449 |
| Office expenses | $3,087 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $242,184 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,570 |
| Interest | $98,106 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $96,112 |
| Insurance | $120,865 |
| All other expenses | $0 |
| Total functional expenses | $867,673 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $86,887 |
| Savings and temporary cash investments | $601,701 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,773 |
| 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 | $44,571 |
| Net Land, buildings, and equipment | $3,928,063 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,392,841 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,084,836 |
| Accounts payable and accrued expenses | $228,256 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $5,728,821 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $105,846 |
| Total liabilities | $6,062,923 |
| Net assets without donor restrictions | $21,913 |
| 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 | $6,084,836 |
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