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Schad INC FY2023 filing

Not tax-deductible

Owatonna, MN501(c)(4) EIN 23-7221931Revenue $857K in FY2023Latest 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, FY2023. 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.
86¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · 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
86%
of spending
86% of spending went to programs.
Pt IX · Ln 25 · col B
Cash reserves
37.2 mo
of spending, in cash
37.2 months of spending in cash.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$61K
2% of total assets
Liabilities are 2% of assets.
Pt X · Ln 26
Independent board members
13
of 13 voting members
13 of 13 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
$857K
+6% vs prior year
Spent
$557K
To programs
86%
Net assets
$2.6M
By yearFY2021–FY2025
Revenue
$857K
FY2023▲ +6%
Tap a bar for its year
Revenue by fiscal year
FY2021$801K
FY2022$811K
FY2023$857K
FY2024$911K
FY2025$1.0M
Expenses
$557K
FY2023+0.4%
Tap a bar for its year
Expenses by fiscal year
FY2021$532K
FY2022$554K
FY2023$557K
FY2024$550K
FY2025$499K
Net assets
$2.6M
FY2023▲ +13%
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 FY2023 Form 990 (year ending April 2023) · figures checked against the IRS filing · see the original

990 PDF Follow Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

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

86 cents of each dollar spent went to programs.

Program services 86% · $479K Management & general 14% · $77K

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

13 people listed on the 990.

Part VII, Section A · reportable compensation
Allen Arnold
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Mark Carver
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Carol Harvey
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$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 · $479K · in their own filed words · FY2022
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, FY2022. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 23-7221931) · Dispute this line
$479Kprogram expense

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$857K
Ln 12
Fees for servicesLn 2g$854K
Investment incomeLn 3$3K
Money outPt IX
$557K
Ln 25
Programscol B$479K
Managementcol C$77K
Owns and owesPt X
$2.6M
net assets · Ln 32
Cash and savingsLn 1–2$1.7M
Total assetsLn 16$2.6M
LiabilitiesLn 26$61K
PeoplePt VI, VII
13
listed · VII A
PaidVII A0
Voting boardVI 1a13
IndependentVI 1b13
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$854K
Investment incomeLn 3$3K
Total revenueLn 12$857K
Assets in detailPt X, end of year
CashLn 1$195K
SavingsLn 2$1.5M
Cash and savings togetherLn 1–2$1.7M
Accounts receivableLn 4$3K
Prepaid expenses and deferred chargesLn 9$20K
Land, buildings, equipmentLn 10c$876K
Total assetsLn 16$2.6M
LiabilitiesLn 26$61K
Net assetsLn 32$2.6M
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 FY23End FY23
Cash and savingsLn 1–2$1.5M$1.7M
Land, buildings, equipmentLn 10c$848K$876K
Total assetsLn 16$2.4M$2.6M
LiabilitiesLn 26$104K$61K
Net assetsLn 32$2.3M$2.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$41K$41K
Other employee benefitsLn 9$700$700
Payroll taxesLn 10$4K$4K
Management feesLn 11a$75K$75K
Legal feesLn 11b$1K$1K
Accounting feesLn 11c$3K$3K
Advertising and promotionLn 12$4K$4K
Office expensesLn 13$7K$7K
OccupancyLn 16$67K$67K
Depreciation, depletion and amortizationLn 22$62K$62K
InsuranceLn 23$26K$26K
Other expenses (24a–d)Ln 24$221K$221K
All other expensesLn 24e$46K$46K
Total functional expensesLn 25$557K$479K$77K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled 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
FY2023 ViewingFiled 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 FY2023 990
Part I · Summary $856,913 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $810,432$854,242
I-10 Investment incomePrior year $378$2,671
I-11 Other revenue$0
I-12 Total revenuePrior year $810,810$856,913
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $42,925$45,545
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $511,390$511,160
I-18 Total expensesPrior year $554,315$556,705
I-19 Revenue less expensesPrior year $256,495$300,208
Part VI · Governance 13 of 13 board members independent, 4 to look at
VI-1a Voting members of the governing body13
VI-1b Independent voting members13
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 $856,913 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $854,242$854,242
VIII-3 Investment incomeExcluded from tax $2,671$2,671
VIII-12 Total revenueRelated to mission $854,242 · Excluded from tax $2,671$856,913
Part IX · Statement of functional expenses $556,705 across 13 lines filed
IX-7 Other salaries and wagesPrograms $40,707$40,707
IX-9 Other employee benefitsPrograms $700$700
IX-10 Payroll taxesPrograms $4,138$4,138
IX-11a Management feesManagement $74,700$74,700
IX-11b Legal feesPrograms $1,400$1,400
IX-11c Accounting feesManagement $2,750$2,750
IX-12 Advertising and promotionPrograms $3,518$3,518
IX-13 Office expensesPrograms $6,732$6,732
IX-16 OccupancyPrograms $66,683$66,683
IX-22 Depreciation, depletion and amortizationPrograms $62,219$62,219
IX-23 InsurancePrograms $25,954$25,954
IX-24 Other expenses (24a–d)Programs $221,273$221,273
IX-24e All other expensesPrograms $45,931$45,931
IX-25 Total functional expensesPrograms $479,255 · Management $77,450 · Fundraising $0$556,705
Part X · Balance sheet $2,627,630 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $573,460$194,746
X-2 Savings and temporary cash investmentsStart of year $928,758$1,533,147
X-4 Accounts receivableStart of year $7,773$3,431
X-9 Prepaid expenses and deferred chargesStart of year $11,667$20,008
X-10c Land, buildings and equipment, netStart of year $848,427$876,298
X-16 Total assetsStart of year $2,370,085$2,627,630
X-17 Accounts payable and accrued expensesStart of year $72,481$31,473
X-25 Other liabilitiesStart of year $31,343$29,688
X-26 Total liabilitiesStart of year $103,824$61,161
X-27 Net assets without donor restrictionsStart of year $2,266,261$2,566,469
X-32 Total net assets or fund balancesStart of year $2,266,261$2,566,469
X-33 Total liabilities and net assetsStart of year $2,370,085$2,627,630
Part XI · Reconciliation of net assets $2,566,469 net assets at year end
XI-1 Total revenue$856,913
XI-2 Total expenses$556,705
XI-3 Revenue less expenses$300,208
XI-4 Net assets at start of year$2,266,261
XI-10 Net assets at end of year$2,566,469

Form 990 e-file FY2023 from the IRS (about our sources) · Classification, formation year and address from the IRS Business Master File

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