HERITAGE APARTMENTS INC

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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

1998

Legal Domicile

Principal Officer

JEFF HEINECKE

Phone

6516462941

Tax Period

2024-01-01 to 2024-12-31

HERITAGE APARTMENTS INC, founded in 1998, is a community nonprofit in the Human Services sector that reported $2.1M in total revenue in fiscal year 2024. Revenue grew 8% year-over-year, indicating healthy expansion. The organization ran a surplus of $319K, a strong 15% operating margin.

Mission

INFLUENCED BY CHRIST, LYNGBLOMSTEN PROVIDES A MINISTRY OF COMPASSIONATE CARE AND INNOVATIVE SERVICES TO OLDER ADULTS IN ORDER TO PRESERVE AND ENHANCE THEIR QUALITY OF LIFE.

Program Service Accomplishments

Program 1

Expenses: $1,235,919 Revenue: $1,774,823

THE HERITAGE APARTMENTS IS A MARKET-RATE ASSISTED LIVING COMMUNITY FOR ADULTS AGES 55+. EIGHTY-THREE OLDER ADULTS WERE SERVED IN 2024. AS AN ASSISTED LIVING COMMUNITY, THE HERITAGE APARTMENTS...

THE HERITAGE APARTMENTS IS A MARKET-RATE ASSISTED LIVING COMMUNITY FOR ADULTS AGES 55+. EIGHTY-THREE OLDER ADULTS WERE SERVED IN 2024. AS AN ASSISTED LIVING COMMUNITY, THE HERITAGE APARTMENTS PROVIDES RESIDENTS WITH ASSISTANCE WITH ACTIVITIES OF DAILY LIVING (ADLS) AND SKILLED-NURSING SERVICES. (SEE THE HERITAGE APARTMENT'S UDALSA FORM FOR A LISTING OF SERVICES.) RESIDENTS ALSO MAY CONTRACT WITH AN AGENCY OF THEIR CHOICE. A SERVICE COORDINATOR ASSISTS RESIDENTS WITH FINDING APPROPRIATE SERVICES/RESOURCES, COMPLETING PAPERWORK, ETC.BRINGING PEACE OF MIND TO THE RESIDENTS AND THEIR FAMILIES. A VARIETY OF OPPORTUNITIES FOR SOCIAL ACTIVITIES ARE AVAILABLE, WHICH ARE COORDINATED BY APARTMENTS STAFF AND LYNGBLOMSTEN'S LIFELONG LEARNING AND THE ARTS DEPARTMENT. INVOLVED MANAGEMENT AND STAFF PROMOTE THE FEELING OF A CARING FAMILY.AS RESIDENTS HAVE BEEN AGING IN PLACE AND BECOMING LESS MOBILE, WE CONTINUE TO EXPLORE WAYS TO MEET THEIR INCREASED NEEDS FOR ACTIVITIES AND SUPPORT.HERITAGE APARTMENTS, INC., IS AFFILIATED WITH LYNGBLOMSTEN AND THE EVANGELICAL LUTHERAN CHURCH IN AMERICA.

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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 $0

Program Service Revenue $1,774,823

Investment Income $286,377

Other Revenue $200

TOTAL REVENUE $2,061,400

Expense Breakdown

Grants Paid $100,000

Salaries & Benefits $450,423

Fundraising Expenses $0

Program Expenses $1,235,919

Other Expenses $1,192,191

TOTAL EXPENSES $1,742,614

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,061,400	$1,902,678	+0.1%
Expenses	$1,742,614	$1,717,670	+0.0%
Net Income	$318,786	$185,008	+0.7%

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

N/A

Volunteers

124

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

$573,271

Total Directors

$339,198

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JEFF HEINECKE	PRESIDENT & CEO	1.00	Officer Director	$0	$44,584	$339,198
DEBRA GEORGE	CHAIR	1.00	Officer Director	$0	$0	$0
DR MICHAEL LOVETT	VICE CHAIR	1.00	Officer Director	$0	$0	$0
REV IVY HUSTON	VICE CHAIR	1.00	Officer Director	$0	$0	$0
DR MARK KNUDSON	TREASURER	1.00	Officer Director	$0	$0	$0
DIANA ROCKSTAD	SECRETARY	1.00	Officer Director	$0	$0	$0
TODD FLIFLET	CFO	2.00	Officer	$0	$44,992	$234,073

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	$2,061,400	$1,742,614	$4,196,605	$318,786
2023	$1,902,678	$1,717,670	$4,141,474	$185,008
2022	$1,567,609	$1,585,171	$3,986,731	$-17,562
2021	$1,747,845	$1,726,982	$4,701,505	$20,863
2020	$1,580,744	$1,661,001	$4,819,789	$-80,257
2019	$1,617,680	$4,535,447	$4,822,063	$-2,917,767
2018	$1,668,748	$1,523,306	$4,615,633	$145,442