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Benet Place FY2023 filing

Tax-deductible

Shoreview, MN501(c)(3)HousingEIN 41-1765356

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To provide affordable housing to very low income elderly persons.

501(c)(3) charity; gifts are tax-deductible.
72¢ 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)(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
0 of 5
filings with a surplus
Average deficit $79K a year · 23% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
72%
of spending
Fine: 72% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: 0.1 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2.6M
235% of total assets
Concern: liabilities are 235% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$285K
-4% vs prior year
Spent
$360K
To programs
72%
Net assets
−$1.5M
By yearFY2020–FY2024
Revenue
$285K
FY2023▼ -4%
Revenue by fiscal year
FY2020$298K
FY2021$285K
FY2022$298K
FY2023$285K
FY2023$270K
FY2024$509K
Expenses
$360K
FY2023▲ +4%
Expenses by fiscal year
FY2020$322K
FY2021$334K
FY2022$345K
FY2023$360K
FY2023$229K
FY2024$707K
Net assets
−$1.5M
FY2023▼ -5%
Net assets by fiscal year
FY2020−$1.3M
FY2021−$1.4M
FY2022−$1.4M
FY2023−$1.5M
FY2023−$1.5M
FY2024−$1.7M

From the FY2023 Form 990 (year ending June 2023) · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jun 1994.

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

Where the money goes

72 cents of each dollar spent went to programs.

Program services 72% · $258K Management & general 28% · $101K

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

9 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Lori Norheim
Director
$0Pt VII · Sec A
See Benet Place executive salaries →

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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

Offers affordable housing for very low-income elderly individuals.

Provided by the organization

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1 program service account for $258K of program spending, described in the organization's own filed words · FY2022.
01

Senior citizens housing project with 40 rental units that provide quality housing to low-income senior citizens.

$258Kprogram expense

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By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$285K
Ln 12
Fees for servicesLn 2g$276K
Other incomeLn 4–11$9K
Investment incomeLn 3$122
Money outPt IX
$360K
Ln 25
Programscol B$258K
Managementcol C$101K
Owns and owesPt X
−$1.5M
net assets · Ln 32
Cash and savingsLn 1–2$2K
Total assetsLn 16$1.1M
LiabilitiesLn 26$2.6M
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$276K
Investment incomeLn 3$122
Other incomeLn 4–11$9K
Total revenueLn 12$285K
Assets in detailPt X, end of year
CashLn 1$2K
Cash and savings togetherLn 1–2$2K
Land, buildings, equipmentLn 10c$949K
Other assetsLn 15$152K
Total assetsLn 16$1.1M
LiabilitiesLn 26$2.6M
Net assetsLn 32−$1.5M
OperationsPt I, VI
EmployeesI 51
VolunteersI 68
Fiscal year endsHeaderJune
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 FY23End FY23
Cash and savingsLn 1–2$22K$2K
Land, buildings, equipmentLn 10c$1.0M$949K
Total assetsLn 16$1.2M$1.1M
LiabilitiesLn 26$2.6M$2.6M
Net assetsLn 32−$1.4M−$1.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$40K$40K
Other salaries and wagesLn 7$8K$6K$2K
Payroll taxesLn 10$868$868
Management feesLn 11a$33K$33K
Accounting feesLn 11c$17K$17K
Office expensesLn 13$5K$5K
Information technologyLn 14$2K$2K
OccupancyLn 16$156K$156K
InterestLn 20$110$110
Depreciation, depletion and amortizationLn 22$73K$73K
InsuranceLn 23$3K$3K
Other expenses (24a–d)Ln 24$20K$19K$1K
Total functional expensesLn 25$360K$258K$101K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $509K$707K−$198K−$1.7M 990 PDF
FY2023 Viewing $285K$360K−$74K−$1.5M 990 PDF
FY2022 $298K$345K−$47K−$1.4M 990 PDF
FY2021 $285K$334K−$49K−$1.4M 990 PDF
FY2020 $298K$322K−$24K−$1.3M 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 FY2023 990 (4 parts)
Part VIII · Statement of revenue $285,174 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $275,857$275,857
VIII-3 Investment incomeExcluded from tax $122$122
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $9,195$9,195
VIII-12 Total revenueRelated to mission $275,857 · Unrelated business $0 · Excluded from tax $9,317$285,174
Part IX · Statement of functional expenses $359,520 across 12 lines filed
IX-5 Pay of current officers, directors and key staffManagement $39,958$39,958
IX-7 Other salaries and wagesPrograms $6,000 · Management $2,114$8,114
IX-10 Payroll taxesPrograms $868$868
IX-11a Management feesManagement $33,348$33,348
IX-11c Accounting feesManagement $17,092$17,092
IX-13 Office expensesManagement $5,486$5,486
IX-14 Information technologyManagement $2,036$2,036
IX-16 OccupancyPrograms $155,952$155,952
IX-20 InterestPrograms $110$110
IX-22 Depreciation, depletion and amortizationPrograms $73,337$73,337
IX-23 InsurancePrograms $3,377$3,377
IX-24 Other expenses (24a–d)Programs $18,597 · Management $1,245$19,842
IX-25 Total functional expensesPrograms $258,241 · Management $101,279 · Fundraising $0$359,520
Part X · Balance sheet $1,114,856 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $21,654$2,156
X-4 Accounts receivableStart of year $502$6,802
X-9 Prepaid expenses and deferred chargesStart of year $1,636$4,103
X-10c Land, buildings and equipment, netStart of year $1,022,726$949,389
X-15 Other assetsStart of year $123,646$152,406
X-16 Total assetsStart of year $1,170,164$1,114,856
X-17 Accounts payable and accrued expensesStart of year $5,111$24,164
X-26 Total liabilitiesStart of year $2,595,643$2,614,681
X-27 Net assets without donor restrictionsStart of year −$1,425,479−$1,499,825
X-32 Total net assets or fund balancesStart of year −$1,425,479−$1,499,825
X-33 Total liabilities and net assetsStart of year $1,170,164$1,114,856
Part XI · Reconciliation of net assets −$1,499,825 net assets at year end
XI-1 Total revenue$285,174
XI-2 Total expenses$359,520
XI-3 Revenue less expenses−$74,346
XI-4 Net assets at start of year−$1,425,479
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$1,499,825

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

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