Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Nov 1986.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
95 cents of each dollar spent went to programs.
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
25 people listed on the 990; $1.8M paid to officers and key staff.
Eric Johnson’s $286K as President & Chief Executive Officer is at the 75th percentile of top reported officer pay among 676 $10–100M housing 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 · 8 named individuals · Part VII
| Name | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Eric Johnson | $285,548 | $274,501 | $255,414 | — | — |
| Laura Russ | $247,169 | $199,338 | — | — | — |
| Santiago De Angulo | — | $180,604 | $245,409 | $219,030 | $198,473 |
| Sarah Harris | — | — | $241,377 | $243,343 | $194,644 |
| Caroline Horton | $215,762 | $215,613 | $215,000 | $200,374 | $173,657 |
| Alan Arthur | — | — | $157,600 | $195,613 | $200,329 |
| David Keinert | $186,150 | — | — | — | — |
| Angela Emmrich | $171,665 | $185,645 | $154,679 | $129,938 | $119,431 |
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
Develops and manages quality affordable apartment homes to strengthen lives and communities across the Twin Cities metro region.
Questions for Aeon
Your first name shows with your question. Aeon answers here, for everyone.
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Rental Operations
Aeon owns and operates affordable apartment homes for residents with low or moderate incomes. Each year, aeon serves residents across 60 properties in the twin cities metro region of minnesota.
Property Management
Aeon manages most of the properties it owns, ensuring apartment homes are quality homes for the long-term, while building positive relationships with residents. As of december 31, 2024, aeon manages 50 properties across the twin cities metro region.
Housing Development
Aeon expands affordable housing through new construction and acquisitions. We currently have almost 6,000 homes across 60 properties in the twin cities metro region.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2024 990, line by line.
Download 990
| Line | Start FY24 | End FY24 |
|---|---|---|
| Cash and savingsLn 1–2 | $18.7M | $23.6M |
| InvestmentsLn 11–13 | $2.5M | $2.5M |
| Land, buildings, equipmentLn 10c | $130.8M | $125.8M |
| Total assetsLn 16 | $165.8M | $168.6M |
| LiabilitiesLn 26 | $215.5M | $234.5M |
| Net assetsLn 32 | −$49.7M | −$65.9M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of current officers, directors and key staffLn 5 | $969K | $480K | $489K | |
| Other salaries and wagesLn 7 | $8.4M | $7.3M | $543K | $579K |
| Pension plan contributionsLn 8 | $193K | $156K | $20K | $17K |
| Other employee benefitsLn 9 | $684K | $577K | $43K | $64K |
| Payroll taxesLn 10 | $484K | $360K | $81K | $43K |
| Management feesLn 11a | $440K | $440K | ||
| Legal feesLn 11b | $106K | $46K | $60K | |
| Accounting feesLn 11c | $99K | $99K | ||
| Lobbying feesLn 11d | $33K | $33K | ||
| Professional fundraising feesLn 11e | $54K | $54K | ||
| Other fees for servicesLn 11g | $2.6M | $2.3M | $284K | $23K |
| Office expensesLn 13 | $1.1M | $943K | $81K | $104K |
| OccupancyLn 16 | $2.2M | $2.2M | ||
| InterestLn 20 | $9.1M | $9.1M | ||
| Depreciation, depletion and amortizationLn 22 | $5.8M | $5.8M | $2K | $3K |
| InsuranceLn 23 | $2.2M | $2.1M | $145K | |
| Other expenses (24a–d)Ln 24 | $25.1M | $25.1M | ||
| All other expensesLn 24e | $1.3M | $1.2M | $102K | $5K |
| Total functional expensesLn 25 | $60.8M | $57.9M | $2.0M | $890K |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 Latest Viewing | $44.4M | $60.8M | −$16.3M | −$65.9M | 990 PDF |
| FY2023 | $35.9M | $74.9M | −$38.9M | −$49.7M | 990 PDF |
| FY2022 | $34.8M | $50.3M | −$15.5M | −$10.7M | 990 PDF |
| FY2021 | $37.1M | $44.8M | −$7.7M | $2.7M | 990 PDF |
| FY2020 | $34.4M | $36.8M | −$2.4M | $10.4M | 990 PDF |
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Schedules filed Part IV
See the full FY2024 990 (6 parts)
Part I · Summary $44,429,925 revenue, 12 lines filed
Part VI · Governance 13 of 13 board members independent, no flags
Part VIII · Statement of revenue $44,429,925 across 10 lines filed
Part IX · Statement of functional expenses $60,775,809 across 18 lines filed
Part X · Balance sheet $168,575,474 assets, 18 lines filed
Part XI · Reconciliation of net assets −$65,886,178 net assets at year end
Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File
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