Grand Forks Homes Inc
- Assets
- $15.5m
- Revenue
- $4.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Grand Forks, ND
- Founding
- 08/1976
- Data as of
- 12/2020
- 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 12/2020, Grand Forks Homes Inc generated $4.5m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 15.3% each year . All expenses for the organization totaled $4.4m during the year ending 12/2020. While expenses have increased by 15.3% per year over the past 6 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
2020
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 |
|---|---|---|---|
Elton Hendrickson President | OfficerTrustee | 1 | $0 |
Jon Kotbra Vice President | OfficerTrustee | 1 | $0 |
Terry Hanson Secretary | OfficerTrustee | 5 | $0 |
Joani Kilber Member | Trustee | 1 | $0 |
Jim Walker Member | Trustee | 1 | $0 |
Penny Milspaugh Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,370,344 |
| All other contributions, gifts, grants, and similar amounts not included above | $9,044 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,379,388 |
| Total Program Service Revenue | $2,051,470 |
| Investment income | $42,496 |
| 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 | $4,473,354 |
| 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 | $276,536 |
| Fees for services: Legal | $57,570 |
| Fees for services: Accounting | $32,578 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $242 |
| Office expenses | $27,267 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,452,209 |
| Travel | $128 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $331,118 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $546,904 |
| Insurance | $141,483 |
| All other expenses | $0 |
| Total functional expenses | $4,424,962 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,494,098 |
| Savings and temporary cash investments | $1,512,265 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $273,190 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,781,314 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $79,497 |
| Net Land, buildings, and equipment | $10,338,292 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $29,346 |
| Total assets | $15,508,002 |
| Accounts payable and accrued expenses | $751,062 |
| 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 | $13,185,036 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $104,879 |
| Total liabilities | $14,054,777 |
| Net assets without donor restrictions | $969,743 |
| Net assets with donor restrictions | $483,482 |
| 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 | $15,508,002 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Grand Forks Homes Inc has recieved totaling $123,788.
| Awarding Organization | Amount |
|---|---|
Otto Bremer Trust St Paul, MN PURPOSE: TO PROVIDE SUPPORTIVE HOUSING SUPPORT FOR INDIVIDUALS EXPERIENCING CHRONIC HOMELESSNESS IN GRAND FORKS, NORTH DAKOTA. | $100,000 |
United Way Of Grand Forks East Grand Forks And Area Inc Grand Forks, ND PURPOSE: HOMELESS WITH CHILDREN ASSISTANCE | $18,000 |
Great Plains Food Bank Fargo, ND PURPOSE: To provide food pantries with food to distribute to individuals | $2,894 |
Great Plains Food Bank Fargo, ND PURPOSE: To provide food pantries with food to distribute to individuals | $2,894 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Neighborhood Housing Services Of The Black Hills Deadwood, SD | $4,416,875 | $1,295,374 |