TWIN CITIES HOUSING DEVELOPMENT CO… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1984

Legal Domicile

Principal Officer

BARBARA MCQUILLAN

Phone

6512920211

Tax Period

2023-01-01 to 2023-12-31

TWIN CITIES HOUSING DEVELOPMENT CORPORATION, founded in 1984, is a community nonprofit in the Housing & Shelter sector that reported $6.0M in total revenue in fiscal year 2023. Revenue surged 22% from the prior year, signaling strong growth momentum. Expenses of $5.8M left a modest 4% surplus.

Mission

TWIN CITIES HOUSING DEVELOPMENT CORPORATION'S (TCHDC) MISSION IS TO PROVIDE QUALITY AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME PERSONS WHICH IS RESPECTFUL OF THE COMMUNITIES IN WHICH THE HOUSING IS LOCATED.

Program Service Accomplishments

Program 1

Expenses: $5,606,304 Revenue: $5,380,880

TCHDC HAS ONE PROGRAM, WHICH IS THE DEVELOPMENT, OPERATION AND OWNERSHIP OF AFFORDABLE RENTAL HOUSING. DURING 2023 TCHDC OVERSAW THE OWNERSHIP OF 21 PROPERTIES WITH A TOTAL OF 1059 UNITS LOCATED IN THE METRO AREA AND IN OWATONNA. IN FEBRUARY 2023 TCHDC REFINANCED BRANDT JENS KLUGE LIMITED PARTNERSHIP (D/B/A 653 ARTIST LOFTS) AND COMPLETED SIGNIFICANT EXTERIOR CAPITAL IMPROVEMENTS. IN APRIL 2023 TCHDC CLOSED ON THE PERMANENT FINANCING AND MHFA HOUSING INFRASTRUCTURE BONDS (HIB) FOR THE SUBSTANTIAL REHABILITATION OF PARKVIEW TOWNHOMES, A PROPERTY ACQUIRED IN 2019. CONSTRUCTION COMMENCED IMMEDIATELY, CONTINUED THROUGHOUT 2023 AND WILL BE COMPLETE IN 2024. OUR WORK ON SELBY WILKINS, LLLP WHICH IS THE SUBSTANTIAL REHABILITATION OF 53 UNITS OF AFFORDABLE HOUSING, INCLUDING THE CREATION OF 8 NEW 2 BEDROOM UNITS, CONTINUED AND IS EXPECTED TO BE COMPLETED IN 2024. IN 2023 TCHDC BOUGHT OUT THE 20% INTEREST OF OUR CO-GENERAL PARTNER AND IS NOW THE SOLE GENERAL PARTNER OF CALIBRE RIDGE LIMITED PARTNERSHIP. DURING 2023 WE COMPLETED THE OCCUPANCY RELATED CONSTRUCTION AND SUBSTANTIAL REHABILITATION OF THE MAPLEWOOD GARDENS DEVELOPMENT WHICH IS A 29 UNIT 100% SECTION 8 PROPERTY AND EXPECT TO CLOSE OUT ON OUR PERMANENT MHFA FINANCING IN 2024.

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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%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $34,406

Program Service Revenue $5,380,880

Investment Income $104,031

Other Revenue $507,529

TOTAL REVENUE $6,026,846

Expense Breakdown

Grants Paid $203

Salaries & Benefits $971,864

Fundraising Expenses $0

Program Expenses $5,606,304

Other Expenses $4,807,981

TOTAL EXPENSES $5,780,048

Year-over-Year Comparison

	2023	2022	Change
Revenue	$6,026,846	$4,942,129	+0.2%
Expenses	$5,780,048	$4,563,140	+0.3%
Net Income	$246,798	$378,989	-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

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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

Governance

Voting Members

Independent Members

Employees

Volunteers

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

$253,554

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
HUGH CAMERON	BOARD MEMBER	1.00	Director	$0	$0	$0
CHARLES GARDNER	BOARD MEMBER	1.00	Director	$0	$0	$0
LAURA HANSEN	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
DENISE BEIGBEDER	BOARD MEMBER	1.00	Director	$0	$0	$0
PATRICIA LILLEDAHL	PRESIDENT	1.00	Officer Director	$0	$0	$0
HARRY MELANDER	BOARD MEMBER	1.00	Director	$0	$0	$0
DAVID LINDSAY	TREASURER/SECRETARY	1.00	Officer Director	$0	$0	$0
STEVEN WILSON	BOARD MEMBER	1.00	Director	$0	$0	$0
BARBARA M MCQUILLAN	EXECUTIVE DIRECTOR	40.00	Officer	$224,242	$29,312	$253,554
KEN ISAACSON	DEVELOPMENT MANAGER	40.00	Highest	$155,788	$27,422	$183,210
DEBRA PALMQUIST	SENIOR ASSET MANAGER	40.00	Highest	$138,666	$26,858	$165,524
MARGARET METZDORF	SENIOR ASSET MANAGER	40.00	Highest	$127,325	$25,152	$152,477

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	No data	No data	No data	No data
2023	$6,026,846	$5,780,048	$43,776,020	$246,798
2022	$4,942,129	$4,563,140	$29,828,086	$378,989
2021	$4,204,913	$3,428,500	$19,581,951	$776,413
2020	$2,799,180	$2,312,789	$17,526,185	$486,391
2019	$2,497,776	$2,279,006	$16,940,606	$218,770
2018	$3,670,897	$2,168,043	$15,777,891	$1,502,854

TWIN CITIES HOUSING DEVELOPMENT CORPORATION