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Schad INC

Not tax-deductible

Owatonna, MN501(c)(4) EIN 23-7221931Revenue $1.0M in FY2025Latest return filed Oct 14, 2025

On file with the IRSOwatonna, MNTax-exempt since Jan 1975

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To provide housing for certain defined classes of persons, including the elderly and handicapped, under section 8 of the national housing act.

Form 990 Part I, line 1, FY2025. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 23-7221931) · Dispute this line
501(c)(4) social-welfare organization; gifts are not tax-deductible as charitable contributions.
82¢ of each $1 spent went to programs.
Run by 2 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
not on the IRS revocation list
Listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
The IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
The latest return is for FY2025, 1 tax year back.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $340K a year · 39% of revenue · last 5 filings
A surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
82%
of spending
82% of spending went to programs.
Pt IX · Ln 25 · col B
Cash reserves
64.6 mo
of spending, in cash
64.6 months of spending in cash.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$72K
2% of total assets
Liabilities are 2% of assets.
Pt X · Ln 26
Independent board members
14
of 14 voting members
14 of 14 voting members are independent.
Pt VI · Ln 1a–1b
In line with peersDifferent from peersFar from peersNo peer rangeNo data yetTap a box for the reason.
Revenue
$1.0M
+11% vs prior year
Spent
$499K
To programs
82%
Net assets
$3.4M
By yearFY2021–FY2025
Revenue
$1.0M
FY2025▲ +11%
Tap a bar for its year
Revenue by fiscal year
FY2021$801K
FY2022$811K
FY2023$857K
FY2024$911K
FY2025$1.0M
Expenses
$499K
FY2025▼ -9%
Tap a bar for its year
Expenses by fiscal year
FY2021$532K
FY2022$554K
FY2023$557K
FY2024$550K
FY2025$499K
Net assets
$3.4M
FY2025▲ +18%
Tap a bar for its year
Net assets by fiscal year
FY2021$2.0M
FY2022$2.3M
FY2023$2.6M
FY2024$2.9M
FY2025$3.4M

From the FY2025 Form 990 (year ending April 2025) · figures checked against the IRS filing · see the original

990 PDF Support Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jan 1975.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

82 cents of each dollar spent went to programs.

Program services 82% · $410K Management & general 18% · $88K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Something off? Claim to add context

Who runs it and what they're paid

14 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Mark Carver
Director
$0Pt VII · Sec A
Pete Dixon
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Ashley Elton
Director
$0Pt VII · Sec A
Carol Harvey
Director
$0Pt VII · Sec A
Dan Kenow
Director
$0Pt VII · Sec A
Linda Sigler
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Schad INC executive salaries →

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides housing for the elderly and handicapped under Section 8.

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1 program · $410K · in their own filed words · FY2024
01

Rental of 76 unit apartment building to elderly and handicapped pursuant to section 8 of the national housing act.

Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 23-7221931) · Dispute this line
$410Kprogram expense

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.0M
Ln 12
Fees for servicesLn 2g$950K
Investment incomeLn 3$61K
Money outPt IX
$499K
Ln 25
Programscol B$410K
Managementcol C$88K
Owns and owesPt X
$3.4M
net assets · Ln 32
Cash and savingsLn 1–2$2.7M
Total assetsLn 16$3.5M
LiabilitiesLn 26$72K
PeoplePt VI, VII
14
listed · VII A
PaidVII A0
Voting boardVI 1a14
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$950K
Investment incomeLn 3$61K
Total revenueLn 12$1.0M
Assets in detailPt X, end of year
CashLn 1$1.1M
SavingsLn 2$1.6M
Cash and savings togetherLn 1–2$2.7M
Accounts receivableLn 4$4K
Prepaid expenses and deferred chargesLn 9$23K
Land, buildings, equipmentLn 10c$802K
Total assetsLn 16$3.5M
LiabilitiesLn 26$72K
Net assetsLn 32$3.4M
OperationsPt I, VI
EmployeesI 50
VolunteersI 62
Fiscal year endsHeaderApril
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$2.2M$2.7M
Land, buildings, equipmentLn 10c$839K$802K
Total assetsLn 16$3.0M$3.5M
LiabilitiesLn 26$79K$72K
Net assetsLn 32$2.9M$3.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$34K$34K
Payroll taxesLn 10$3K$3K
Management feesLn 11a$85K$85K
Accounting feesLn 11c$3K$3K
Advertising and promotionLn 12$4K$4K
Office expensesLn 13$3K$3K
OccupancyLn 16$79K$79K
Depreciation, depletion and amortizationLn 22$60K$60K
InsuranceLn 23$31K$31K
Other expenses (24a–d)Ln 24$154K$154K
All other expensesLn 24e$42K$42K
Total functional expensesLn 25$499K$410K$88K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest ViewingFiled with the IRS Oct 14, 2025 $1.0M$499K$513K$3.4M 990 PDF
FY2024Filed with the IRS Oct 25, 2024 $911K$550K$361K$2.9M 990 PDF
FY2023Filed with the IRS Feb 21, 2024 $857K$557K$300K$2.6M 990 PDF
FY2022Filed with the IRS Sep 22, 2022 $811K$554K$256K$2.3M 990 PDF
FY2021Filed with the IRS Sep 2, 2021 $801K$532K$269K$2.0M 990 PDF

Schedules filed Part IV

A · Public support I · Grants O · Explanations
See the full FY2025 990
Part I · Summary $1,011,511 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $878,952$950,076
I-10 Investment incomePrior year $32,417$61,435
I-11 Other revenue$0
I-12 Total revenuePrior year $911,369$1,011,511
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $47,145$36,897
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $503,038$461,754
I-18 Total expensesPrior year $550,183$498,651
I-19 Revenue less expensesPrior year $361,186$512,860
Part VI · Governance 14 of 14 board members independent, 4 to look at
VI-1a Voting members of the governing body14
VI-1b Independent voting members14
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $1,011,511 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $950,076$950,076
VIII-3 Investment incomeExcluded from tax $61,435$61,435
VIII-12 Total revenueRelated to mission $950,076 · Excluded from tax $61,435$1,011,511
Part IX · Statement of functional expenses $498,651 across 11 lines filed
IX-7 Other salaries and wagesPrograms $34,288$34,288
IX-10 Payroll taxesPrograms $2,609$2,609
IX-11a Management feesManagement $85,243$85,243
IX-11c Accounting feesManagement $3,125$3,125
IX-12 Advertising and promotionPrograms $3,777$3,777
IX-13 Office expensesPrograms $2,989$2,989
IX-16 OccupancyPrograms $78,576$78,576
IX-22 Depreciation, depletion and amortizationPrograms $60,394$60,394
IX-23 InsurancePrograms $31,286$31,286
IX-24 Other expenses (24a–d)Programs $154,470$154,470
IX-24e All other expensesPrograms $41,894$41,894
IX-25 Total functional expensesPrograms $410,283 · Management $88,368 · Fundraising $0$498,651
Part X · Balance sheet $3,512,400 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $584,262$1,054,487
X-2 Savings and temporary cash investmentsStart of year $1,566,914$1,629,593
X-4 Accounts receivableStart of year $2,250$3,546
X-9 Prepaid expenses and deferred chargesStart of year $13,540$22,776
X-10c Land, buildings and equipment, netStart of year $839,409$801,998
X-16 Total assetsStart of year $3,006,375$3,512,400
X-17 Accounts payable and accrued expensesStart of year $44,467$32,430
X-25 Other liabilitiesStart of year $34,253$39,455
X-26 Total liabilitiesStart of year $78,720$71,885
X-27 Net assets without donor restrictionsStart of year $2,927,655$3,440,515
X-32 Total net assets or fund balancesStart of year $2,927,655$3,440,515
X-33 Total liabilities and net assetsStart of year $3,006,375$3,512,400
Part XI · Reconciliation of net assets $3,440,515 net assets at year end
XI-1 Total revenue$1,011,511
XI-2 Total expenses$498,651
XI-3 Revenue less expenses$512,860
XI-4 Net assets at start of year$2,927,655
XI-10 Net assets at end of year$3,440,515

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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