FAITH RESIDENCE APARTMENTS INC

EIN: 200423817 501(c)(3) Housing & Shelter

BELLE PLAINE, MN

Total Revenue
$91,636
Total Expenses
$118,661
Total Assets
$601,231
Net Assets
$428,103
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2003
Legal Domicile
MN
Principal Officer
MARK HAYES
Phone
9528736000
Tax Period
2023-10-01 to 2024-09-30

FAITH RESIDENCE APARTMENTS INC, founded in 2003, is a micro nonprofit in the Housing & Shelter sector that reported $92K in total revenue in fiscal year 2023. Revenue grew 20% year-over-year, indicating healthy expansion. Expenses of $119K exceeded revenue, resulting in a 29% operating deficit.

Mission

TO SHARE CHRIST'S LOVE AS WE SERVE THE SPIRITUAL, PHYSICAL, INTELLECTUAL AND EMOTIONAL NEEDS OF PEOPLE ENTRUSTED TO OUR CARE AND OTHERS WHOSE LIVES WE TOUCH.

Program Service Accomplishments

Program 1
Expenses: $75,091 Revenue: $83,531

FAITH RESIDENCE APARTMENTS, INC. OPERATES AN 8-UNIT INDEPENDENT LIVING APARTMENT COMPLEX FOR THE PURPOSE OF PROVIDING AFFORDABLE HOUSING FOR PERSONS WITH DISABILITIES IN BELLE PLAINE, MN. TENANT...

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FAITH RESIDENCE APARTMENTS, INC. OPERATES AN 8-UNIT INDEPENDENT LIVING APARTMENT COMPLEX FOR THE PURPOSE OF PROVIDING AFFORDABLE HOUSING FOR PERSONS WITH DISABILITIES IN BELLE PLAINE, MN. TENANT RENTS CONSIST OF A PORTION FOR WHICH IS BASED ON TENANT INCOME AND A PORTION THAT IS SUBSIDIZED THROUGH A RENTAL ASSISTANCE CONTRACT WITH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. DURING THE CURRENT FISCAL YEAR, 2,805 UNIT DAYS WERE RENTED.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $83,531
Investment Income $188
Other Revenue $7,917
TOTAL REVENUE $91,636

Expense Breakdown

Grants Paid $0
Salaries & Benefits $20,875
Fundraising Expenses $0
Program Expenses $75,091
Other Expenses $97,786
TOTAL EXPENSES $118,661

Year-over-Year Comparison

2023 2022 Change
Revenue $91,636 $76,371 +0.2%
Expenses $118,661 $117,764 +0.0%
Net Income $-27,025 $-41,393 -0.3%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

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Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
8
Independent Members
8
Employees
N/A
Volunteers
N/A

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$140,828
Total Directors
9
$140,828
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MARK HAYES PRESIDENT & 2.00
Officer Director
$0 $21,403 $140,828
REV JOHN BOEDER DIRECTOR 0.30
Director
$0 $0 $0
MR JEFF DAVIS VICE CHAIR 0.30
Director
$0 $0 $0
MR JON MAERTZ DIRECTOR 0.30
Director
$0 $0 $0
REV MICHAEL MUEHLENHARDT DIRECTOR 0.30
Director
$0 $0 $0
MR RANDY NIEMANN DIRECTOR 0.30
Director
$0 $0 $0
REV MATHEW C RAUH CHAIR 0.30
Officer Director
$0 $0 $0
MR TIM SCHUTH TREASURER 0.30
Officer Director
$0 $0 $0
MR LANCE SCHWARTZ SECRETARY 0.30
Officer Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $91,636 $118,661 $601,231 $-27,025
2023 $76,371 $117,764 $632,232 $-41,393
2022 $75,988 $111,455 $673,278 $-35,467
2021 $73,807 $107,897 $709,610 $-34,090
2020 $78,281 $103,975 $733,752 $-25,694
2019 $78,533 $97,877 $764,574 $-19,344
2018 $80,616 $98,945 $778,067 $-18,329
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