Greater Minnesota Housing Fund in St Paul, Minnesota (MN)

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Greater Minnesota Housing Fund
Employer Identification Number (EIN)411836919
Name of OrganizationGreater Minnesota Housing Fund
Address332 Minnesota Street No 1201e, St Paul, MN 55101-1375
ActivitiesOther housing activities, Area development, redevelopment of renewal, Other inner city or community benefit activities
SubsectionCharitable Organization
Ruling Date06/1996
DeductibilityContributions are deductible
FoundationOrganizations operated solely for the benefit of and in conjunction with organizations described in 10 through 16 above
Exempt Organization StatusUnconditional Exemption
Tax Period12/2012
Assets$50,000,000 to greater
Income$10,000,000 to $49,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$69,050,544
Amount of Income$33,678,560
Form 990 Revenue Amount$7,490,641
National Taxonomy of Exempt Entities (NTEE)Housing, Shelter: Housing Development, Construction, Management

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Amount of income in 2012: $33,678,560
Greater Minnesota Housing Fund: 

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Assets in 2012: $69,050,544
This organization: 

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Expenses in 2007: $8,526,128
This organization: 

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Income to expenses ratio in 2007: 1.7
Greater Minnesota Housing Fund: 

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Expenses allocated to program services in 2007: 95.2%
This organization: 

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Number of employees in 2007: 8
This organization: 

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Employees paid over $50,000 in 2007: 112.5%
This organization: 

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Grants share in income in 2007: 87.2%
Greater Minnesota Housing Fund: 

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Financial snapshot ($)

Revenue for 2007

Assets at end of 2007

Expenses for 2007

Functional Expenses for 2007 ($)

Income-Producing Activities for 2007

Revenue, Expenses, and Changes in Net Assets or Fund Balances
Total revenue$28,995,230$4,459,717$2,223,356$14,639,824$5,571,071$10,860,882$2,533,558$14,097,100
Contributions, gifts, grants, and similar amounts received$28,069,513$2,900,903$674,053$13,088,787$4,157,160$9,621,752$1,306,138$12,289,809
Contributions to donor advised funds$0$0
Direct public support$28,069,513$2,900,903$674,053$13,088,787$4,157,160$9,621,752$1,306,138$12,289,809
Indirect public support$0$0$0$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0$0$0$0
Program service revenue including government fees and contracts$0$0$0$0$0$0$0$0
Membership dues and assessments$0$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$0$0$0$0$0$0$0$0
Dividends and interest from securities$1,083,010$1,311,886$1,522,873$1,342,930$1,415,644$1,385,252$1,373,705$1,685,200
Net rental income or (loss)$0$0$0$0$0$0$0$0
Gross rents$0$0$0$0$0$0$0$0
Less: rental expenses$0$0$0$0$0$0$0$0
Other investment income$0$0$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$-157,293$242,723$25,176$207,929$-2,063$-147,058$-214,161$-155,614
Gross amount from sales of assets other than inventory$11,658,246$32,627,652$40,651,780$41,706,839$67,557,792$320,167,133$57,156,577$180,162,413
Less: cost or other basis and sales expenses$11,815,539$32,384,929$40,626,604$41,498,910$67,559,855$320,314,191$57,370,738$180,318,027
Net income or (loss) from special events and activities$0$0$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0$0$0
Other revenue$0$4,205$1,254$178$330$936$67,876$277,705
Total expenses$5,172,991$7,711,391$4,071,262$4,639,623$5,584,327$5,285,866$6,943,535$8,526,128
Program services$4,907,681$7,310,910$3,843,044$4,387,730$5,338,188$5,056,394$6,581,014$8,118,573
Management and general$265,310$400,481$228,218$251,893$246,139$229,472$362,521$407,555
Payments to affiliates$0$0$0$0$0$0$0$0
Net assets or fund balances at end of year$41,795,260$38,462,534$37,385,189$46,280,384$45,898,012$51,022,977$46,656,644$52,450,582
Excess or (deficit) for the year$23,822,239$-3,251,674$-1,847,906$10,000,201$-13,256$5,575,016$-4,409,977$5,570,972
Net assets or fund balances at beginning of year$17,313,343$41,795,260$38,462,534$37,385,189$46,280,384$45,898,012$51,022,977$46,656,644
Other changes in net assets or fund balances$659,678$-81,052$770,561$-1,105,006$-369,116$-450,051$43,644$222,966
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$8,526,128$8,118,573$407,555$0
Grants paid from donor advised funds$0
Other grants and allocations$1,451,990
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$194,759$150,287$44,472$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$608,612$462,487$146,125$0
Pension plan contributions not included above$37,841$28,220$9,621$0
Employee benefits not included above$167,815$127,874$39,941$0
Payroll taxes$57,638$43,920$13,718$0
Professional fundraising fees$0$0$0$0
Accounting fees$36,626$0$36,626$0
Legal fees$146,610$136,045$10,565$0
Postage and shipping$6,156$0$6,156$0
Equipment rental and maintenance$41,397$14,399$26,998$0
Printing and publications$0$0$0$0
Conferences, conventions, and meetings$0$0$0$0
Depreciation, depletion, etc.$30,692$23,387$7,305$0
Other expenses not covered above$5,453,868$5,403,361$50,507$0
Balance Sheets
Total assets$41,964,440$38,572,328$37,460,366$47,912,124$47,860,969$52,839,088$49,804,758$55,761,699
Cash - non-interest-bearing$7,027,308$3,433,306$13,333$123,703$318,435$754,395$1,551,368$281,481
Savings and temporary cash investments$346,376$730,982$1,151,977$670,772$240,861$607,714$1,064$5,348,615
Accounts receivable less allowance for doubtful accounts$0$0$0$0$0$0$0$0
Pledges receivable less allowance for doubtful accounts$13,009,513$9,172,416$3,761,470$11,009,849$9,182,009$11,673,761$5,220,089$12,162,560
Grants receivable$0$0$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$7,309,499$7,146,668$7,842,470$8,390,399$10,003,747$13,246,259$0$0
Inventories for sale or use$0$0$0$0$0$0$0$0
Prepaid expenses and deferred charges$7,812$0$0$0$0$0$3,894$0
Investments - publicly-traded securities$15,712,411$6,761,665
Investments - other securities$14,226,010$18,046,682$24,635,909$13,932,063$12,693,150$18,542,061$0$8,523,198
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0$0$0
Investments - other$0$0$0$13,520,134$15,142,217$7,665,799$9,490,088$3,724,734
Land, buildings, and equipment less accumulated depreciation$31,325$42,002$55,177$47,553$61,929$80,185$74,500$52,785
Other assets, including program-related investments$6,597$272$30$217,651$218,621$268,914$17,751,344$18,906,661
Total liabilities$169,180$109,794$75,177$1,631,740$1,962,957$1,816,111$3,148,114$3,311,117
Accounts payable and accrued expenses$36,680$24,544$35,177$1,531,740$1,587,957$19,523$79,122$103,237
Grants payable$132,500$85,250$40,000$100,000$375,000$305,000$180,330$101,465
Deferred revenue$0$0$0$0$0$0$0$0
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$0$0$0
Mortgages and other notes payable$0$0$0$0$0$1,491,588$2,888,662$3,106,415
Other liabilities$0$0$0$0$0$0$0$0
Total liabilities and net assets/fund balances$41,964,440$38,572,328$37,460,366$47,912,124$47,860,969$52,839,088$49,804,758$55,761,699
Total net assets or fund balances$41,795,260$38,462,534$37,385,189$46,280,384$45,898,012$51,022,977$46,656,644$52,450,582
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
Total revenue$28,995,230$4,459,717$2,223,356$14,639,824$5,571,071$10,860,882$2,533,558$14,097,100
Total revenue, gains, and other support per audited financial statements$29,654,908$4,378,665$2,993,917$14,034,818$5,201,955$10,410,831$2,577,202$14,320,066
Other expenses$659,678$-81,052$770,561$-605,006$-369,116$-450,051$43,644$222,966
Net unrealized gains on investments$659,678$-81,052$770,561$-605,006$-369,116$-450,051$43,644$222,966
Donated services and use of facilities$0$0$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
Total expenses$5,172,991$7,711,391$4,071,262$4,639,623$5,584,327$5,285,866$6,943,535$8,526,128
Total expenses and losses per audited financial statements$5,172,991$7,711,391$4,071,262$4,639,623$5,584,327$5,285,866$6,943,535$8,526,128
Other revenue$0$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0$0
Other expenses$0$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings15
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?Yes
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 20068
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Program service revenue
Program service revenue 1000000$000$0$0
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$000$0$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$1,685,200$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$-155,614$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$0Income from an activity that is not regularly carried on (section 512(a)(1))$277,705$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
Total number of other employees paid over $50,0003
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
Enter the total number of donor advised funds owned at the end of the tax year$0
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isNot controlled by disqualified persons/supports non private foundation
Type of supporting organizationType I
Information about the supported organizations
Employer identification number (EIN)Name of organizationType of organizationIs the supported organization listed in the supporting organization's governing documents?Amount of support
416005826Lake County Minnesota, 2827 Mn Loc Lake County Hwy Dept EYes$10,000
416005841County Of McleodYes$0
Support Schedule
Gifts, grants, and contributions received$0$0$0$0$0$0$0$0
Membership fees received$0$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0$0$0$0$0$0
Net income from unrelated business activities not included above$0$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0$0
Other income$0$0$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2011)
Total revenue$5,685,647
Contributions, Gifts, Grants and Other Similar Amounts$3,728,024
Program Service Revenue$670,172
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$816,809
Income from investment of tax-exempt bond proceeds$0
Net rental income$0
Net gain from sales of assets other than inventory$261,164
Gross amount from sales of assets other than inventory (Securities / Other)$91,189,870 / $0
Less: cost or other basis and sales expenses (Securities / Other)$90,928,706 / $0
Gain or (loss) (Securities / Other)$261,164 / $0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$209,478
Statement of Functional Expenses (for 2011)
Total functional expenses$6,344,752
Compensation of current officers, directors, trustees, and key employees$433,561
Other salaries and wages$607,333
Payroll taxes$73,312
Professional fundraising services$0
Balance Sheet (for 2011)
Total assets$67,738,886
Total liabilities$9,503,759
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$8,988,346
Unsecured notes and loans payable to unrelated third parties$0
Total net assets or fund balances$58,235,127
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2011)
The organization is not a private foundation because it is:An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2)
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Governmental And Educational Assistance Corporation7900 Excelsior Blvd Ste 250, Hopkins, MN 55343-3462MN1998-09$51,894,698
2Greater Minnesota Housing Fund332 Minnesota Street No 1201e, St Paul, MN 55101-1375MN1996-06$33,678,560
3Community Housing Corporation Of America Inc161 St Anthony Ave, St Paul, MN 55103-2382MN1996-07$15,410,618
4Greater Metropolitan Housing Corporation15 S 5th St Ste 710, Minneapolis, MN 55402-1058MN1971-02$12,080,344
5Seward Housing Corporation328 Kellogg Blvd W, Saint Paul, MN 55102-1900MN1990-09$6,165,908
6Family Housing Fund801 Nicollet Mall Suite 1825, Minneapolis, MN 55402-2500MN1980-10$5,160,980
7Seven Corners Community Housing Corporation1808 Riverside Avenue South, Minneapolis, MN 55454-1022MN1985-10$2,715,768
8Womens Community Housing Inc17 E 24 Street, Minneapolis, MN 55404-3267MN1985-09$2,136,571
9Volunteers Of America Inc, Voa National Housing Corporation7530 Market Place Dr, Eden Prairie, MN 55344-3636MN1965-05$1,811,745
10Habitat For Humanity International Inc, Douglas County Mn Hfh1211 N Nokomis Ne, Alexandria, MN 56308-5030MN1987-01$1,194,235
11Gateway Tower Inc231 E Superior St Ste 206, Duluth, MN 55802-2141MN1975-10$639,009
12Nhhi-Macomb Inc1050 Thorndale Avenue, New Brighton, MN 55112-2400MN1995-07$586,834
13Sterling Housing Corp2812 Anthony Ln S Ste 200, St Anthony, MN 55418-3270MN1999-06$520,088
14West Central Mn Housing Partnership26 W Mill St, Pelican Rapids, MN 56572MN1993-10$354,739
15Bear Creek Services Foundation Inc3108 Highway 52 N, Rochester, MN 55901-1916MN1985-05$295,438
16L W Fraser Independent Living Project Inc2400 W 64th St, Minneapolis, MN 55423-1001MN1985-10$257,446
17Housing Of Olivia Inc7133 Washington Ave S, Minneapolis, MN 55439-1517MN1978-01$243,676
18Asi Southern Nevada Inc2550 University Ave W, St Paul, MN 55114-1052MN1995-01$191,525
19Holdingford Housing CorporationPO BOX 2390, Saint Cloud, MN 56302-2390MN1975-04$77,023
20Erskine Community Housing IncPO BOX 154, Erskine, MN 56535-0154MN1972-12$71,228
Number of organizations performing similar types of work
District of Columbia5
North Carolina24
North Dakota1
New Hampshire7
New Jersey14
New Mexico3
New York109
Rhode Island6
South Carolina4
South Dakota2
West Virginia7
Total876 is not associated with, endorsed by, or sponsored by Greater Minnesota Housing Fund and has no official or unofficial affiliation with Greater Minnesota Housing Fund