AEON

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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

1986

Legal Domicile

Principal Officer

ERIC ANTHONY JOHNSON

Phone

6123413148

Tax Period

2023-01-01 to 2023-12-31

AEON, founded in 1986, is a mid-sized nonprofit in the Housing & Shelter sector that reported $35.9M in total revenue in fiscal year 2023. Expenses of $74.9M exceeded revenue, resulting in a 108% operating deficit.

Mission

TO CREATE AND SUSTAIN QUALITY AFFORDABLE HOMES THAT STRENGTHEN LIVES AND COMMUNITIES. AEON ACQUIRES, IMPROVES, AND PRESERVES DECENT, SAFE AND AFFORDABLE HOUSING FOR VERY LOW, LOW AND MODERATE INCOME PERSONS, REMAINING RESPONSIBLE AND RESPONSIVE TO THE COMMUNITY, NEIGHBORHOOD AND RESIDENTS IT SERVES.

Program Service Accomplishments

Program 1

Expenses: $63,777,620 Revenue: $20,253,865

RENTAL OPERATIONS - AEON OWNS AND OPERATES AFFORDABLE APARTMENT HOMES FOR RESIDENTS WITH LOW OR MODERATE INCOMES. EACH YEAR, AEON SERVES RESIDENTS ACROSS 60 PROPERTIES IN THE TWIN CITIES METRO REGION OF MINNESOTA. RESIDENTS INCLUDE PEOPLE WHO HAVE EXPERIENCED HOMELESSNESS, YOUTH, SENIORS, PEOPLE WITH MENTAL AND CHEMICAL HEALTH ISSUES, AND OTHERS WHO FACE CHALLENGES MAINTAINING HOUSING STABILITY.

Program 2

Expenses: $1,956,383 Revenue: $1,881,101

HOUSING DEVELOPMENT - AEON EXPANDS AFFORDABLE HOUSING THROUGH NEW CONSTRUCTION AND ACQUISITIONS. WE CURRENTLY HAVE ALMOST 6,000 HOMES ACROSS 60 PROPERTIES IN THE TWIN CITIES METRO REGION.

Program 3

Expenses: $4,716,217 Revenue: $3,332,943

PROPERTY MANAGEMENT - AEON MANAGES MOST OF THE PROPERTIES IT OWNS, ENSURING APARTMENT HOMES ARE QUALITY HOMES FOR THE LONG-TERM, WHILE BUILDING POSITIVE RELATIONSHIPS WITH RESIDENTS. AS OF DECEMBER...

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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 $9,461,060

Program Service Revenue $25,467,909

Investment Income $1,052,147

Other Revenue $-40,138

TOTAL REVENUE $35,940,978

Expense Breakdown

Grants Paid $0

Salaries & Benefits $11,000,807

Fundraising Expenses $1,115,741

Program Expenses $71,652,389

Other Expenses $63,856,246

TOTAL EXPENSES $74,887,394

Year-over-Year Comparison

	2023	2022	Change
Revenue	$35,940,978	$34,793,622	+0.0%
Expenses	$74,887,394	$50,323,803	+0.5%
Net Income	$-38,946,416	$-15,530,181	+1.5%

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

349

Volunteers

371

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

$533,927

Total Directors

Key Employees

$395,654

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ERIC JOHNSON	PRESIDENT & CHIEF EXECUTIVE OFFICE	50.00	Officer	$274,501	$27,490	$301,991
CAROLINE HORTON	CHIEF FINANCIAL OFFICER	50.00	Officer	$215,613	$16,323	$231,936
ANGELA EMMRICH	VP OF HUMAN RESOURCES	50.00	Highest	$185,645	$25,709	$211,354
LAURA RUSS	CHIEF REAL ESTATE OFFICER	50.00	Key Emp	$199,338	$1,756	$201,094
SANTIAGO DE ANGULO	EXECUTIVE VP PROPERTY OPERATIONS	50.00	Key Emp	$180,604	$13,956	$194,560
TYLER PARETTE	CHIEF POLICY AND PARTNERSHIPS OFFICER	50.00	Highest	$175,434	$12,052	$187,486
GREGORY STEGEMAN	CONTROLLER	50.00	Highest	$181,390	$1,082	$182,472
KAYLA GIBBONS	DIRECTOR OF OPERATIONS	50.00	Highest	$149,601	$5,874	$155,475
VIRGINIA BROWN	CHIEF TRANSFORMATION OFFICER	50.00	Highest	$137,332	$9,439	$146,771
MELISSA DOWNEY	BOARD CHAIRPERSON	1.00	Officer Director	$0	$0	$0
MARTHA NEVANEN	BOARD VICE CHAIRPERSON	1.00	Officer Director	$0	$0	$0
GREG WERNER	BOARD SECRETARY	1.00	Officer Director	$0	$0	$0
BOB TIMPERLEY	DIRECTOR	1.00	Director	$0	$0	$0
CATHERINE SIMMONS-FAYE JONES	DIRECTOR	1.00	Director	$0	$0	$0
DAN REED	DIRECTOR	1.00	Director	$0	$0	$0
JACKIE FOSTER	DIRECTOR	1.00	Director	$0	$0	$0
JOE ABRAHAM	DIRECTOR	1.00	Director	$0	$0	$0
MARTHA SWANSON	DIRECTOR	1.00	Director	$0	$0	$0
MATT PLEC	DIRECTOR	1.00	Director	$0	$0	$0
OSCAR YANEZ	DIRECTOR	1.00	Director	$0	$0	$0
PRIYA MORIOKA	DIRECTOR	1.00	Director	$0	$0	$0
RICK PURCELL	DIRECTOR	1.00	Director	$0	$0	$0
SARAH MOBERG	DIRECTOR	1.00	Director	$0	$0	$0
SAREOUN EARM	DIRECTOR	1.00	Director	$0	$0	$0
SHAWN POWER	DIRECTOR	1.00	Director	$0	$0	$0
SCOTT ANDERSON	DIRECTOR	1.00	Director	$0	$0	$0
TAMI DIEHM	DIRECTOR	1.00	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	No data	No data	No data	No data
2023	$35,940,978	$74,887,394	$165,814,497	$-38,946,416
2022	$34,793,622	$50,323,803	$203,603,573	$-15,530,181
2022	$34,793,622	$50,323,803	$203,603,573	$-15,530,181
2021	$37,122,785	$44,804,095	$203,568,122	$-7,681,310
2020	$34,369,814	$36,797,264	$205,354,447	$-2,427,450
2019	$15,147,574	$16,476,292	$100,439,941	$-1,328,718
2018	$18,466,866	$20,215,616	$62,053,411	$-1,748,750