Essential Living Inc
- Assets
- $10.4m
- Revenue
- $602.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Minot, ND
- Founding
- 06/2016
- Data as of
- 12/2023
- EIN
- 47-5214587
Organization Overview
Essential Living Inc is located in Minot, ND. The organization was established in 2016. 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. Essential Living 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 12/2023, Essential Living Inc generated $602.9k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 44.2% each year . All expenses for the organization totaled $870.3k during the year ending 12/2023. While expenses have increased by 31.0% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AFFORDABLE HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ESSENTIAL LIVING, INC. WILL PROVIDE LOW-INCOME HOUSING TO THE CITIZENS OF NORTH DAKOTA WHO ARE FIFTY-FIVE (55) YEARS AND OLDER, ESSENTIAL SERVICE WORKERS, AND/OR OTHERS WHO MAY QUALIFY FOR AFFORDABLE HOUSING PURSUANT TO THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) AND THE NORTH DAKOTA HOUSING FINANCE AGENCY. THE REMODEL WAS COMPLETED IN 2018. THERE ARE 41 UNITS AND 37 WERE OCCUPIED AT THE END OF 2023.ADDITIONALLY, THE CONSTRUCTION OF TOWNHOMES WAS COMPLETED AND UNITS WERE AVAILABLE TO TENANTS IN SEPTEMBER 2022. THERE ARE 22 UNITS AND 21 UNITS WERE OCCUPIED AT THE END OF 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bruce Walker President | OfficerTrustee | 5 | $0 |
Steve Gehrtz Vice-President | OfficerTrustee | 5 | $0 |
Todd Berning Treasurer | OfficerTrustee | 5 | $0 |
Vicki Campbell Secretary | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gehrtz Construction Construction Management | 12/30/22 | $486,196 |
Minnesota Drywall & Framing Drywall And Framing | 12/30/22 | $394,225 |
Connole & Somerville Plumbing New Construction | 12/30/22 | $294,245 |
Keller Paving & Landscaping Inc Paving New Construction | 12/30/22 | $225,217 |
Component Manufacturing Company Prefab Wall Panels And Trusses | 12/30/22 | $190,493 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $510,295 |
| Investment income | $2,260 |
| 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 | $602,906 |
| 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 | $13,382 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,624 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $15,658 |
| Advertising and promotion | $4,735 |
| Office expenses | $300 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $253,347 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $119,001 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $416,593 |
| Insurance | $31,445 |
| All other expenses | $0 |
| Total functional expenses | $870,254 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $134,257 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $312,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $9,868,431 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $79,522 |
| Other assets | $0 |
| Total assets | $10,394,210 |
| Accounts payable and accrued expenses | $26,828 |
| 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 | $7,287,391 |
| Unsecured mortgages and notes payable | $4,198,490 |
| Other liabilities | $0 |
| Total liabilities | $11,512,709 |
| Net assets without donor restrictions | $0 |
| 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 | -$1,118,499 |
| Total liabilities and net assets/fund balances | $10,394,210 |