Housing Alternatives Development C… - 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

1997

Legal Domicile

Principal Officer

Paul Abzug

Phone

9524731103

Tax Period

2024-04-01 to 2025-03-31

Housing Alternatives Development Company, founded in 1997, is a community nonprofit in the Housing & Shelter sector that reported $9.3M in total revenue in fiscal year 2024. The organization ran a surplus of $1.9M, a strong 20% operating margin.

Mission

Housing Alternatives Development Company (HADC) and its affiliates, through the acquisition, construction, rehabilitation, and operation of a variety of rental housing will strive to:Continued on Schedule O...

Program Service Accomplishments

Program 1

Expenses: $6,441,739 Revenue: $7,392,699

The corporation is the sole owner/member of HADC Cloquet, LLC who owns Evergreen Knoll, a 62-unit assisted living facility for elderly in Cloquet, Minnesota. HADC Cloquet, LLC also owns Evergeen...

The corporation is the sole owner/member of HADC Cloquet, LLC who owns Evergreen Knoll, a 62-unit assisted living facility for elderly in Cloquet, Minnesota. HADC Cloquet, LLC also owns Evergeen Cottages, 24 cottage style quad homes in Cloquet. Evergreen is a Senior Living Campus for adults who want to remain independent while having access to services and amenities. Their goal is to provide quality senior housing options that offer comfortable living environments, with programs and services that encourage continued independence and active retirement combined with preventative and supportive health care.Continued on Schedule O..The corporation is the sole owner/member of HADC Wadena, LLC who owns The Meadows of Wadena Senior Living, a 47-unit assisted living and 10-unit memory care facility that includes 37 apartment-style assisted living units and a 10 memory care suites for elderly in Wadena, Minnesota. The Meadows is an assisted living facility for adults who want to remain independent while having access to services and amenities. Their goal is to provide quality senior housing options that offer comfortable living environments, with programs and services that encourage continued independence and active retirement combined with preventative and supportive health care.The Corporation is the sole owner/member of HADC Services, LLC. HADC Services, LLC was formed to be a licensed home health care provider and employer of on-site personnel for the HADC Ridgeway, HADC Cloquet, and HADC Wadena projects.

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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 (2024)

Revenue Breakdown

Contributions & Grants $450

Program Service Revenue $7,392,699

Investment Income $1,910,229

Other Revenue $0

TOTAL REVENUE $9,303,378

Expense Breakdown

Grants Paid $1,100

Salaries & Benefits $4,067,870

Fundraising Expenses $0

Program Expenses $6,441,739

Other Expenses $3,340,165

TOTAL EXPENSES $7,409,135

Year-over-Year Comparison

	2024	2023	Change
Revenue	$9,303,378	$9,225,828	+0.0%
Expenses	$7,409,135	$7,042,514	+0.1%
Net Income	$1,894,243	$2,183,314	-0.1%

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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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

192

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

$403,149

Total Directors

$36,000

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Curtis Geissler	Chairman	1.50	Officer Director	$12,000	$0	$12,000
Brian Weisberg	Treasurer	1.50	Officer Director	$12,000	$0	$12,000
William Hyers	Secretary	1.50	Officer Director	$12,000	$0	$12,000
Paul Abzug	CEO/President	45.00	Officer	$344,562	$22,587	$367,149
Shauna Johnson	Administration/HR	40.00	Highest	$180,299	$5,802	$186,101
Julie Jones	Clinical Nurse Supervisor	40.00	Highest	$108,256	$13,880	$122,136
Terri Langevin	Assisted Living Director	40.00	Highest	$116,664	$3,462	$120,126

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
2025	$9,303,378	$7,409,135	$22,712,514	$1,894,243
2024	$9,225,828	$7,042,514	$22,508,185	$2,183,314
2023	$6,256,124	$6,469,837	$19,988,428	$-213,713
2022	$6,818,305	$6,525,877	$21,981,547	$292,428
2021	$5,757,686	$6,162,372	$23,200,988	$-404,686
2020	$5,221,993	$5,348,958	$20,723,906	$-126,965
2019	$4,480,116	$4,982,705	$22,139,960	$-502,589
2018	$3,439,313	$4,063,127	$23,054,317	$-623,814

Housing Alternatives Development Company