Assumption Home INC

Tax-deductible

Cold Spring, MN501(c)(3)Since 1963Human ServicesEIN 41-0873335Revenue $15.0M in FY2024

On file with the IRSbenedictineliving.org715 1st St N, 56320-1401 · Cold Spring, MNTax-exempt since Mar 1946Publicly supported — 509(a)(2)

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We are a catholic, faith-based organization entrusted with advancing the life-enhancing senior care ministry of the benedictine sisters of duluth, minnesota. We witness to god's love by creating inclusive communities, supporting those we serve to live well and with purpose, with special concern for the underserved.

501(c)(3) charity; gifts are tax-deductible.
84¢ of each $1 spent went to programs.
Run by 45 volunteers and 279 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $835K a year · 7% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
84%
of spending
Looks good: 84% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$241K
to officers and key staff · 2% of spending
Top officer’s pay lower than 89% of similar orgs
Looks good: pay to officers and key staff is 2% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
3 mo
of spending, in cash
Looks good: 3.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $7K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$19.7M
63% of total assets
Fine: liabilities are 63% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
5
of 8 voting members
Looks good: 5 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$15.0M
+11% vs prior year
Spent
$14.5M
To programs
84%
Net assets
$11.7M
By yearFY2020–FY2024
Revenue
$15.0M
FY2024▲ +11%
Tap a bar for its year
Revenue by fiscal year
FY2020$9.7M
FY2021$11.1M
FY2022$13.1M
FY2023$13.6M
FY2024$15.0M
Expenses
$14.5M
FY2024▲ +13%
Tap a bar for its year
Expenses by fiscal year
FY2020$10.0M
FY2021$9.8M
FY2022$11.3M
FY2023$12.9M
FY2024$14.5M
Net assets
$11.7M
FY2024▲ +44%
Tap a bar for its year
Net assets by fiscal year
FY2020$4.3M
FY2021$5.8M
FY2022$7.1M
FY2023$8.1M
FY2024$11.7M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 1946.

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

Where the money goes

84 cents of each dollar spent went to programs.

Program services 84% · $12.2M Management & general 16% · $2.3M

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

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Who runs it and what they're paid

12 people listed on the 990; $241K paid to officers and key staff.

Part VII, Section A · reportable compensation
Clinical Manager
$131,681Pt VII · Sec A
$108,914Pt VII · Sec A
COO of Bhs/Board Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
CEO of Bhs
$0Pt VII · Sec A
Director
$0Pt VII · Sec A

Kedra Staten’s $132K as Clinical Manager is at the 11th percentile of top reported officer pay among 3122 $10–100M human services nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 7 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Mary Boyde—$212,141———
Brenda Weller—$133,454$84,901$77,988$89,647
Kedra Staten$131,681————
Chelynne Nadeau$108,914————
Jan Luthens——$22,422$105,000$104,424
Mary Boydeinterim——$38,077——
Paul Gaebe——$31,886——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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 15aYes

Programs and updates

Advance Catholic senior care, creating inclusive communities and supporting purposeful living for all.

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Provided by the organization

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3 programs · $12.2M · in their own filed words · FY2024
01

Benedictine assumption home is a 76-BED skilled nursing facility in cold spring, MN which provides care to residents on a daily basis. The community is renowned for being a christian health care facility that strives to provide long term and rehabilitative care for older adults.

$9.0Mprogram expense
02

Benedictine assumption court is a 59-UNIT assisted living facility that provides congregate housing setting and provides personal care services to its tenants.

$1.6Mprogram expense
03

Benedictine asher haus is a 28-UNIT assisted living facility that specializes and serving individuals with memory care issues.

$1.6Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2022
Total grants receivedfrom 1 funder$7K
Grants paid · 8 grants · $140K · 2020–2024
Unitemized GrantFY2024$37,923
Unitemized GrantFY2023$13,331
Unitemized GrantFY2022$15,389
Unitemized GrantFY2022$15,389
Unitemized GrantFY2021$8,323
Unitemized GrantFY2021$8,323
Unitemized GrantFY2020$17,499

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$15.0M
Ln 12
Fees for servicesLn 2g$14.3M
Other incomeLn 4–11$431K
Investment incomeLn 3$301K
Money outPt IX
$14.5M
Ln 25
Programscol B$12.2M
Managementcol C$2.3M
Owns and owesPt X
$11.7M
net assets · Ln 32
Cash and savingsLn 1–2$3.9M
Total assetsLn 16$31.3M
LiabilitiesLn 26$19.7M
PeoplePt VI, VII
12
listed · VII A
PaidVII A2
Voting boardVI 1a8
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$29K
Fees for servicesLn 2g$14.3M
Investment incomeLn 3$301K
Other incomeLn 4–11$431K
Total revenueLn 12$15.0M
Assets in detailPt X, end of year
SavingsLn 2$3.9M
Cash and savings togetherLn 1–2$3.9M
InvestmentsLn 11–13$3.4M
Land, buildings, equipmentLn 10c$19.5M
Other assetsLn 15$2.0M
Total assetsLn 16$31.3M
LiabilitiesLn 26$19.7M
Net assetsLn 32$11.7M
OperationsPt I, VI
EmployeesI 5279
VolunteersI 645
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$4.3M$3.9M
InvestmentsLn 11–13$1.9M$3.4M
Land, buildings, equipmentLn 10c$20.0M$19.5M
Total assetsLn 16$31.2M$31.3M
LiabilitiesLn 26$20.3M$19.7M
Net assetsLn 32$10.8M$11.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$23K$23K
Grants to domestic individualsLn 2$38K$38K
Other salaries and wagesLn 7$7.2M$6.5M$673K
Pension plan contributionsLn 8$65K$65K
Other employee benefitsLn 9$697K$697K
Payroll taxesLn 10$595K$595K
Management feesLn 11a$839K$839K
Legal feesLn 11b$9K$9K
Accounting feesLn 11c$91K$91K
Other fees for servicesLn 11g$1.0M$910K$121K
Advertising and promotionLn 12$43K$43K
Office expensesLn 13$106K$38K$68K
OccupancyLn 16$738K$654K$84K
TravelLn 17$18K$6K$12K
InterestLn 20$635K$634K$953
Depreciation, depletion and amortizationLn 22$779K$779K
InsuranceLn 23$197K$197K
Other expenses (24a–d)Ln 24$1.4M$1.2M$170K
All other expensesLn 24e$52K$50K$2K
Total functional expensesLn 25$14.5M$12.2M$2.3M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $15.0M$14.5M$512K$11.7M 990 PDF
FY2023 $13.6M$12.9M$745K$8.1M 990 PDF
FY2022 $13.1M$11.3M$1.8M$7.1M 990 PDF
FY2021 $11.1M$9.8M$1.4M$5.8M 990 PDF
FY2020 $9.7M$10.0M−$296K$4.3M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $15,034,255 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $11,795$28,834
I-9 Program service revenuePrior year $7,274,577$14,272,987
I-10 Investment incomePrior year $74,394$300,950
I-11 Other revenuePrior year $2,434,698$431,484
I-12 Total revenuePrior year $9,795,464$15,034,255
I-13 Grants and similar amounts paidPrior year $3,192$61,251
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $3,992,097$8,520,141
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,132,026$5,940,406
I-18 Total expensesPrior year $7,127,315$14,521,798
I-19 Revenue less expensesPrior year $2,668,149$512,457
Part VI · Governance 5 of 8 board members independent, no flags
VI-1a Voting members of the governing body8
VI-1b Independent voting members5
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $15,034,255 across 7 lines filed
VIII-1d Related organizations$17,847
VIII-1f All other contributions, gifts and grants$10,987
VIII-1h Total contributions, gifts and grants$28,834
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $14,272,987$14,272,987
VIII-3 Investment incomeExcluded from tax $300,950$300,950
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $431,484$431,484
VIII-12 Total revenueRelated to mission $14,272,987 · Unrelated business $0 · Excluded from tax $732,434$15,034,255
Part IX · Statement of functional expenses $14,521,798 across 19 lines filed
IX-1 Grants to domestic organizationsPrograms $23,328$23,328
IX-2 Grants to domestic individualsPrograms $37,923$37,923
IX-7 Other salaries and wagesPrograms $6,489,287 · Management $673,426$7,162,713
IX-8 Pension plan contributionsPrograms $64,925$64,925
IX-9 Other employee benefitsPrograms $697,484$697,484
IX-10 Payroll taxesPrograms $595,019$595,019
IX-11a Management feesManagement $838,859$838,859
IX-11b Legal feesManagement $9,346$9,346
IX-11c Accounting feesManagement $90,710$90,710
IX-11g Other fees for servicesPrograms $910,222 · Management $121,375$1,031,597
IX-12 Advertising and promotionManagement $42,706$42,706
IX-13 Office expensesPrograms $37,784 · Management $68,306$106,090
IX-16 OccupancyPrograms $654,263 · Management $83,708$737,971
IX-17 TravelPrograms $5,804 · Management $11,787$17,591
IX-20 InterestPrograms $634,151 · Management $953$635,104
IX-22 Depreciation, depletion and amortizationPrograms $779,168$779,168
IX-23 InsuranceManagement $197,019$197,019
IX-24 Other expenses (24a–d)Programs $1,231,685 · Management $170,138$1,401,823
IX-24e All other expensesPrograms $50,082 · Management $2,340$52,422
IX-25 Total functional expensesPrograms $12,211,125 · Management $2,310,673 · Fundraising $0$14,521,798
Part X · Balance sheet $31,328,761 assets, 16 lines filed
X-2 Savings and temporary cash investmentsStart of year $4,334,526$3,935,271
X-4 Accounts receivableStart of year $2,800,679$2,517,484
X-9 Prepaid expenses and deferred chargesStart of year $77,461$25,928
X-10c Land, buildings and equipment, netStart of year $19,959,779$19,473,367
X-11 Publicly traded securitiesStart of year $1,853,091$3,410,564
X-15 Other assetsStart of year $2,150,874$1,966,147
X-16 Total assetsStart of year $31,176,410$31,328,761
X-17 Accounts payable and accrued expensesStart of year $1,196,762$1,240,558
X-19 Deferred revenueStart of year $169,473$22,436
X-20 Tax-exempt bond liabilitiesStart of year $13,497,234$13,019,248
X-25 Other liabilitiesStart of year $353,490$297,615
X-26 Total liabilitiesStart of year $20,332,121$19,660,870
X-27 Net assets without donor restrictionsStart of year $10,844,289$11,650,044
X-28 Net assets with donor restrictions$17,847
X-32 Total net assets or fund balancesStart of year $10,844,289$11,667,891
X-33 Total liabilities and net assetsStart of year $31,176,410$31,328,761
Part XI · Reconciliation of net assets $11,667,891 net assets at year end
XI-1 Total revenue$15,034,255
XI-2 Total expenses$14,521,798
XI-3 Revenue less expenses$512,457
XI-4 Net assets at start of year$10,844,289
XI-5 Net unrealized gains (losses) on investments$311,145
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$11,667,891

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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