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Seabury FY2023 filing

Tax-deductible

St Paul, MN501(c)(3)Housing EIN 41-1997880Revenue $505K in FY2023

On file with the IRSehomesmn.org1830 University Avenue West, 55104-3578 · St Paul, MNTax-exempt since Jun 2001Publicly supported charity — 170(b)(1)(A)(vi)

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Provide low-income housing for seniors aged 62 and older.

501(c)(3) charity; gifts are tax-deductible.
80¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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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 $241K a year · 49% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
80%
of spending
Looks good: 80% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
2 mo
of spending, in cash
Fine: 1.7 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$131K
7% of total assets
Looks good: liabilities are 7% of assets; 50% or less.
Pt X · Ln 26
Independent board members
23
of 23 voting members
Looks good: 23 of 23 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$505K
+7% vs prior year
Spent
$743K
To programs
80%
Net assets
$1.7M
By yearFY2020–FY2024
Revenue
$505K
FY2023▲ +7%
Tap a bar for its year
Revenue by fiscal year
FY2020$465K
FY2021$471K
FY2022$470K
FY2023$505K
FY2024$535K
Expenses
$743K
FY2023-0.3%
Tap a bar for its year
Expenses by fiscal year
FY2020$693K
FY2021$729K
FY2022$745K
FY2023$743K
FY2024$743K
Net assets
$1.7M
FY2023▼ -12%
Tap a bar for its year
Net assets by fiscal year
FY2020$2.5M
FY2021$2.2M
FY2022$1.9M
FY2023$1.7M
FY2024$1.5M

From the FY2023 Form 990 · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jun 2001.

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

Where the money goes

80 cents of each dollar spent went to programs.

Program services 80% · $595K Management & general 20% · $148K

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

28 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
Brian Ostenso
Treasurer
$0Pt VII · Sec A
Carol Forbes
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Tom Cook
Director (thru Nov)
$0Pt VII · Sec A
$0Pt VII · Sec A
See Seabury 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 homes for seniors aged 62 and older.

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Provided by the organization

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1 program · $595K · in their own filed words · FY2023
01

Seabury operates a 49-UNIT hud section 202 housing project for rental to low-income individuals age 62 or older.

$595Kprogram expense

By the numbers

The FY2023 990, line by line.

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from philanthropy.org
1The main four
Money inPt VIII
$505K
Ln 12
Fees for servicesLn 2g$495K
Other incomeLn 4–11$10K
Investment incomeLn 3$206
Money outPt IX
$743K
Ln 25
Programscol B$595K
Managementcol C$148K
Owns and owesPt X
$1.7M
net assets · Ln 32
Cash and savingsLn 1–2$106K
Total assetsLn 16$1.8M
LiabilitiesLn 26$131K
PeoplePt VI, VII
28
listed · VII A
PaidVII A0
Voting boardVI 1a23
IndependentVI 1b23
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$495K
Investment incomeLn 3$206
Other incomeLn 4–11$10K
Total revenueLn 12$505K
Assets in detailPt X, end of year
CashLn 1$8K
SavingsLn 2$98K
Cash and savings togetherLn 1–2$106K
Land, buildings, equipmentLn 10c$1.7M
Total assetsLn 16$1.8M
LiabilitiesLn 26$131K
Net assetsLn 32$1.7M
OperationsPt I, VI
EmployeesI 50
VolunteersI 635
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 FY23End FY23
Cash and savingsLn 1–2$115K$106K
Land, buildings, equipmentLn 10c$1.9M$1.7M
Total assetsLn 16$2.0M$1.8M
LiabilitiesLn 26$87K$131K
Net assetsLn 32$1.9M$1.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$141K$85K$56K
Pension plan contributionsLn 8$3K$2K$1K
Other employee benefitsLn 9$17K$10K$7K
Payroll taxesLn 10$13K$8K$5K
Management feesLn 11a$39K$39K
Accounting feesLn 11c$13K$13K
Other fees for servicesLn 11g$32K$29K$2K
Office expensesLn 13$16K$2K$14K
Information technologyLn 14$6K$1K$5K
OccupancyLn 16$166K$166K
Conferences, conventions and meetingsLn 19$742$587$155
InterestLn 20$657$657
Depreciation, depletion and amortizationLn 22$227K$227K
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$66K$63K$3K
Total functional expensesLn 25$743K$595K$148K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $535K$743K−$208K$1.5M 990 PDF
FY2023 Viewing $505K$743K−$238K$1.7M 990 PDF
FY2022 $470K$745K−$274K$1.9M 990 PDF
FY2021 $471K$729K−$257K$2.2M 990 PDF
FY2020 $465K$693K−$228K$2.5M 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 O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $504,856 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $473,318$495,066
I-10 Investment incomePrior year −$13,558$206
I-11 Other revenuePrior year $10,566$9,584
I-12 Total revenuePrior year $470,326$504,856
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 $184,734$174,051
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $559,962$568,659
I-18 Total expensesPrior year $744,696$742,710
I-19 Revenue less expensesPrior year −$274,370−$237,854
Part VI · Governance 23 of 23 board members independent, no flags
VI-1a Voting members of the governing body23
VI-1b Independent voting members23
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 $504,856 across 3 lines filed
Lines not itemized here account for $9,584 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $495,066$495,066
VIII-3 Investment incomeExcluded from tax $206$206
VIII-12 Total revenueRelated to mission $495,066 · Unrelated business $0 · Excluded from tax $9,790$504,856
Part IX · Statement of functional expenses $742,710 across 15 lines filed
IX-7 Other salaries and wagesPrograms $85,198 · Management $55,664$140,862
IX-8 Pension plan contributionsPrograms $1,938 · Management $1,343$3,281
IX-9 Other employee benefitsPrograms $9,958 · Management $6,902$16,860
IX-10 Payroll taxesPrograms $7,707 · Management $5,341$13,048
IX-11a Management feesManagement $39,360$39,360
IX-11c Accounting feesManagement $12,737$12,737
IX-11g Other fees for servicesPrograms $29,472 · Management $2,241$31,713
IX-13 Office expensesPrograms $2,018 · Management $13,628$15,646
IX-14 Information technologyPrograms $1,105 · Management $5,372$6,477
IX-16 OccupancyPrograms $166,104$166,104
IX-19 Conferences, conventions and meetingsPrograms $587 · Management $155$742
IX-20 InterestPrograms $657$657
IX-22 Depreciation, depletion and amortizationPrograms $227,326$227,326
IX-23 InsuranceManagement $1,556$1,556
IX-24 Other expenses (24a–d)Programs $63,025 · Management $3,316$66,341
IX-25 Total functional expensesPrograms $595,095 · Management $147,615 · Fundraising $0$742,710
Part X · Balance sheet $1,831,294 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $1,646$7,604
X-2 Savings and temporary cash investmentsStart of year $113,658$98,111
X-4 Accounts receivableStart of year $1,434$1,728
X-9 Prepaid expenses and deferred chargesStart of year $3,212$2,211
X-10c Land, buildings and equipment, netStart of year $1,904,994$1,721,640
X-16 Total assetsStart of year $2,024,944$1,831,294
X-17 Accounts payable and accrued expensesStart of year $35,565$54,109
X-19 Deferred revenueStart of year $28$500
X-25 Other liabilitiesStart of year $30,407$54,579
X-26 Total liabilitiesStart of year $86,823$131,027
X-27 Net assets without donor restrictionsStart of year −$3,487,999−$3,725,853
X-28 Net assets with donor restrictionsStart of year $5,426,120$5,426,120
X-32 Total net assets or fund balancesStart of year $1,938,121$1,700,267
X-33 Total liabilities and net assetsStart of year $2,024,944$1,831,294
Part XI · Reconciliation of net assets $1,700,267 net assets at year end
XI-1 Total revenue$504,856
XI-2 Total expenses$742,710
XI-3 Revenue less expenses−$237,854
XI-4 Net assets at start of year$1,938,121
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,700,267

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

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