Trellis Co: Nonprofit Profile, Financials & Form 990 (EIN 41-1699606)

Revenue by fiscal year
FY2020	$33.8M
FY2021	$41.9M
FY2022	$21.9M
FY2023	$37.0M
FY2024	$52.4M
FY2025	$36.8M

Expenses by fiscal year
FY2020	$23.5M
FY2021	$24.6M
FY2022	$22.6M
FY2023	$24.0M
FY2024	$26.4M
FY2025	$25.2M

Net assets by fiscal year
FY2020	$31.5M
FY2021	$47.7M
FY2022	$44.7M
FY2023	$58.9M
FY2024	$85.8M
FY2025	$102.7M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Sep 1991.

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

Where the money goes

95 cents of each dollar spent went to programs.

95%

Program services 95% · $24.0M Management & general 5% · $1.2M

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

11 people listed on the 990; $1.3M paid to officers and key staff.

Part VII, Section A · reportable compensation

Elizabeth Flannery

President and CEO and Chair

$245,000Pt VII · Sec A

Dan Walsh

VP of Housing Development

$216,700Pt VII · Sec A

Lisa Fischer

COO

$211,800Pt VII · Sec A

Megan Netland

CMO

$196,700Pt VII · Sec A

Justin Eilers

VP of Housing Development

$191,700Pt VII · Sec A

Dustin Kwallek

Senior Asset Manager

$132,533Pt VII · Sec A

Elisabeth Michels

Project Manager

$115,000Pt VII · Sec A

Eddie Landenberger

Board Member

$0Pt VII · Sec A

Elizabeth Flannery’s $245K as President and CEO and Chair is at the 62nd 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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Daniel Walsh	—	—	—	$164,000	$386,654	$116,527
Elizabeth Flannery	$245,000	$213,125	$201,188	$206,250	$314,479	$199,500
Chris Maida	—	—	—	$105,187	$225,400	$111,600
Andrew Perry	—	$221,125	$190,000	$103,500	—	—
Dan Walsh	$216,700	$200,833	$165,600	—	—	—
Lisa Fischer	$211,800	$187,425	—	—	—	—
Megan Netland	$196,700	$136,925	$105,517	—	—	—
Justin Eilers	$191,700	$176,125	$149,250	—	—	—

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

Provides quality affordable housing and rental assistance to low- and moderate-income residents by owning and managing multi-unit residential properties across Minnesota.

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Provided by the organization

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1 program · $24.0M · in their own filed words · FY2025

01

Community housing development corporation provides quality affordable housing to persons of low and moderate income. Hud section 8 subsidizes the rent provided certain income guidelines are met.

$24.0Mprogram expense

Funders

Who pays for it.

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

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$36.8M

Ln 12

Fees for servicesLn 2g$27.0M

Investment incomeLn 3$7.5M

Gifts and grantsLn 1h$2.4M

Money outPt IX

$25.2M

Ln 25

Programscol B$24.0M

Managementcol C$1.2M

Owns and owesPt X

$102.7M

net assets · Ln 32

Cash and savingsLn 1–2$32.1M

Total assetsLn 16$242.7M

LiabilitiesLn 26$139.9M

PeoplePt VI, VII

11

listed · VII A

PaidVII A7

Voting boardVI 1a5

IndependentVI 1b4

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$2.4M

Government grantsLn 1e$820K

Noncash giftsLn 1g$835K

Fees for servicesLn 2g$27.0M

Investment incomeLn 3$7.5M

Gains on assetsLn 7$2.5M

Total revenueLn 12$36.8M

Assets in detailPt X, end of year

CashLn 1$1.6M

SavingsLn 2$30.6M

Cash and savings togetherLn 1–2$32.1M

InvestmentsLn 11–13$26.2M

Land, buildings, equipmentLn 10c$81.0M

Other assetsLn 15$7.3M

Total assetsLn 16$242.7M

LiabilitiesLn 26$139.9M

Net assetsLn 32$102.7M

OperationsPt I, VI

EmployeesI 528

VolunteersI 633

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

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$32.0M	$32.1M
InvestmentsLn 11–13	$23.5M	$26.2M
Land, buildings, equipmentLn 10c	$61.6M	$81.0M
Total assetsLn 16	$208.4M	$242.7M
LiabilitiesLn 26	$122.6M	$139.9M
Net assetsLn 32	$85.8M	$102.7M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Pay of current officers, directors and key staffLn 5	$1.2M	$759K	$484K
Other salaries and wagesLn 7	$645K	$367K	$278K
Pension plan contributionsLn 8	$160K	$91K	$69K
Other employee benefitsLn 9	$104K	$52K	$52K
Payroll taxesLn 10	$113K	$66K	$46K
Management feesLn 11a	$1.2M	$1.2M
Legal feesLn 11b	$446K	$311K	$136K
Accounting feesLn 11c	$177K	$123K	$54K
Office expensesLn 13	$136K	$84K	$52K
InterestLn 20	$1.7M	$1.7M
Depreciation, depletion and amortizationLn 22	$4.1M	$4.1M	$4K
InsuranceLn 23	$1.1M	$1.1M	$6K
Other expenses (24a–d)Ln 24	$12.4M	$12.4M
All other expensesLn 24e	$1.6M	$1.6M	$24K
Total functional expensesLn 25	$25.2M	$24.0M	$1.2M	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$36.8M	$25.2M	$11.6M	$102.7M	990 PDF
FY2024	$52.4M	$26.4M	$26.0M	$85.8M	990 PDF
FY2023	$37.0M	$24.0M	$13.0M	$58.9M	990 PDF
FY2022	$21.9M	$22.6M	−$761K	$44.7M	990 PDF
FY2021	$41.9M	$24.6M	$17.3M	$47.7M	990 PDF
FY2020	$33.8M	$23.5M	$10.3M	$31.5M	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support M · Noncash J · Pay O · Explanations

See the full FY2025 990 (6 parts)

Part I · Summary $36,829,884 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $13,379,535$2,386,468

I-9 Program service revenuePrior year $32,743,595$26,972,923

I-10 Investment incomePrior year $4,607,846$7,470,493

I-11 Other revenuePrior year $1,661,054$0

I-12 Total revenuePrior year $52,392,030$36,829,884

I-13 Grants and similar amounts paidPrior year $0$0

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $2,232,175$2,265,839

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $24,155,227$22,927,440

I-18 Total expensesPrior year $26,387,402$25,193,279

I-19 Revenue less expensesPrior year $26,004,628$11,636,605

Part VI · Governance 4 of 5 board members independent, no flags

VI-1a Voting members of the governing body5

VI-1b Independent voting members4

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 $36,829,884 across 8 lines filed

VIII-1e Government grants$820,000

VIII-1f All other contributions, gifts and grants$1,566,468

VIII-1g Noncash contributions (included above)$834,873

VIII-1h Total contributions, gifts and grants$2,386,468

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $26,972,923$26,972,923

VIII-3 Investment incomeExcluded from tax $4,969,450$4,969,450

VIII-7 Net gain or loss on sales of assetsExcluded from tax $2,501,043$2,501,043

VIII-12 Total revenueRelated to mission $26,972,923 · Unrelated business $0 · Excluded from tax $7,470,493$36,829,884

Part IX · Statement of functional expenses $25,193,279 across 14 lines filed

IX-5 Pay of current officers, directors and key staffPrograms $758,783 · Management $484,211$1,242,994

IX-7 Other salaries and wagesPrograms $367,084 · Management $278,249$645,333

IX-8 Pension plan contributionsPrograms $91,181 · Management $69,151$160,332

IX-9 Other employee benefitsPrograms $52,096 · Management $52,272$104,368

IX-10 Payroll taxesPrograms $66,499 · Management $46,313$112,812

IX-11a Management feesPrograms $1,232,465$1,232,465

IX-11b Legal feesPrograms $310,568 · Management $135,713$446,281

IX-11c Accounting feesPrograms $122,935 · Management $53,720$176,655

IX-13 Office expensesPrograms $84,248 · Management $51,507$135,755

IX-20 InterestPrograms $1,695,163$1,695,163

IX-22 Depreciation, depletion and amortizationPrograms $4,130,670 · Management $4,027$4,134,697

IX-23 InsurancePrograms $1,115,045 · Management $5,657$1,120,702

IX-24 Other expenses (24a–d)Programs $12,403,029$12,403,029

IX-24e All other expensesPrograms $1,558,351 · Management $24,342$1,582,693

IX-25 Total functional expensesPrograms $23,988,117 · Management $1,205,162 · Fundraising $0$25,193,279

Part X · Balance sheet $242,685,604 assets, 16 lines filed

Asset lines not itemized here account for $77,614,203; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $1,605,800$1,574,820

X-2 Savings and temporary cash investmentsStart of year $30,357,103$30,553,712

X-4 Accounts receivableStart of year $15,598,716$17,925,024

X-9 Prepaid expenses and deferred chargesStart of year $414,741$532,065

X-10c Land, buildings and equipment, netStart of year $61,619,203$80,973,026

X-13 Program-related investmentsStart of year $23,508,492$26,233,232

X-15 Other assetsStart of year $5,568,512$7,279,522

X-16 Total assetsStart of year $208,391,097$242,685,604

X-17 Accounts payable and accrued expensesStart of year $10,391,046$12,679,707

X-19 Deferred revenueStart of year $42,918,298$45,162,769

X-25 Other liabilitiesStart of year $1,049,844$915,381

X-26 Total liabilitiesStart of year $122,560,479$139,949,561

X-27 Net assets without donor restrictionsStart of year $85,520,618$102,316,043

X-28 Net assets with donor restrictionsStart of year $310,000$420,000

X-32 Total net assets or fund balancesStart of year $85,830,618$102,736,043

X-33 Total liabilities and net assetsStart of year $208,391,097$242,685,604

Part XI · Reconciliation of net assets $102,736,043 net assets at year end

XI-1 Total revenue$36,829,884

XI-2 Total expenses$25,193,279

XI-3 Revenue less expenses$11,636,605

XI-4 Net assets at start of year$85,830,618

XI-5 Net unrealized gains (losses) on investments$1,437,980

XI-7 Investment expenses$160,710

XI-9 Other changes in net assets$3,670,130

XI-10 Net assets at end of year$102,736,043

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

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