Velva Rental Housing Inc
- Assets
- $718.2k
- Revenue
- $157.4k
- Investments
- $0.0
- Employees
- 3
- Location
- Velva, ND
- Founding
- 07/1976
- Data as of
- 12/2021
- EIN
- 45-0333793
Organization Overview
Velva Rental Housing Inc is located in Velva, 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. As of 12/2021, Velva Rental Housing Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Velva Rental Housing Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Velva Rental Housing Inc generated $157.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.9%) each year. All expenses for the organization totaled $205.5k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.1%) per year over the past 7 years. 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
TO PROMOTE THE GENERAL SOCIAL WELFARE OF THE COMMUNITY, AND FOR THAT PURPOSE ACQUIRE CONSTRUCT, PROVIDE, AND OPERATE RENTAL HOUSING AND RELATED FACILITIES SUITED TO THE SPECIAL NEEDS AND LIVING REQUIREMENTS OF ELDERLY RURAL RESIDENTS OF LOW OR MODERATE INCOME OR OTHER RURAL RESIDENTS OF LOW INCOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE THE GENERAL SOCIAL WELFARE OF THE COMMUNITY AND FOR THAT PURPOSE TO ACQUIRE, CONSTRUCT, PROVIDE, AND OPERATE RENTAL HOUSING AND RELATED FACILITIES SUITED TO THE SPECIAL NEEDS AND LIVING REQUIREMENTS OF ELDERLY RURAL RESIDENTS OF LOW OR MODERATE INCOME OR OTHER RURAL RESIDENTS OF LOW INCOME.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Virginia Odden Director/manager | OfficerTrustee | 20 | $12,000 |
Gene Jenson Director | Trustee | 1 | $8,970 |
Pam Jemtrud Director | Trustee | 1 | $6,000 |
Linda Beall President | OfficerTrustee | 1 | $0 |
Lance Selzler Treasurer/secretary | OfficerTrustee | 1 | $0 |
Mel Heisler Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $40,803 |
| 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 | $40,803 |
| Total Program Service Revenue | $113,485 |
| Investment income | $144 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $300 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $157,445 |
| 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. | $18,000 |
| Compensation of current officers, directors, key employees. | $6,000 |
| Compensation to disqualified persons | $12,511 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $556 |
| Fees for services: Management | $2,600 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,092 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $437 |
| Office expenses | $241 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $34,331 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $34,816 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $47,511 |
| Insurance | $13,246 |
| All other expenses | $0 |
| Total functional expenses | $205,499 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,260 |
| Savings and temporary cash investments | $14,617 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $677,170 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,132 |
| Total assets | $718,179 |
| Accounts payable and accrued expenses | $0 |
| 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 | $530,914 |
| Unsecured mortgages and notes payable | $5,968 |
| Other liabilities | $9,427 |
| Total liabilities | $546,309 |
| Net assets without donor restrictions | $171,870 |
| 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 | $718,179 |
Peer Organizations
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|---|---|---|
Commonbond Communities St Paul, MN | $162,416,723 | $28,132,790 |
Southwest Minnesota Housing Partnership Slayton, MN | $59,310,088 | $10,657,099 |
Ppl Properties Minneapolis, MN | $55,862,410 | $5,681,463 |
Homeword Inc Missoula, MT | $58,657,401 | $14,897,886 |
Grand Forks Homes Inc Grand Forks, ND | $15,508,002 | $4,473,354 |
Community Action Region Vi Jamestown, ND | $1,501,649 | $3,945,545 |
Ponderosa Apartments Inc Spearfish, SD | $17,012,312 | $3,089,734 |
Beyond Shelter Inc Fargo, ND | $39,993,501 | $6,508,362 |
Sherwood Inn Apartments Inc Bozeman, MT | $1,230,670 | $3,391,183 |
Nicollet Meadows Housing Group Slayton, MN | $8,272,022 | $1,018,863 |
Prairie Tower Inc Billings, MT | $2,859,098 | $1,251,308 |
Albert Lea Trades & Labor Assembly Senior Housing Inc Albert Lea, MN | $2,039,488 | $1,180,337 |