Overview
What is Seward Redesign Inc?
Seward Redesign Inc, operating as Redesign Inc, is a Minneapolis-based nonprofit organization located at 2619 East Franklin Avenue, Minnesota 55406. With a mission to foster economic justice, they specialize in real estate development projects that cater to the needs of low-income residents, women, and people of color in the Seward and Greater Longfellow neighborhoods. In 2022, they focused on various development projects, including revitalizing a historic commercial building, redeveloping a retail/office building, acquiring and planning land for People-of-Color-led entities, and renovating an industrial building for neighborhood businesses. They also secured financing for a 32-unit apartment project designed for low-income families and partnered with the City of Minneapolis to train new and emerging developers. With a vision to construct thriving neighborhoods offering living-wage jobs, affordable housing, and quality goods and services, Redesign Inc embodies a commitment to social equality and community development.
Official website here: www.redesigninc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 89%, Three-Star out of Four Star Rating
Seward Redesign Inc has received an 89% rating from Charity Navigator, reflecting strong performance in accountability and finance. The organization has a fully independent board, with 15 members, which enhances its governance and decision-making processes. It has also demonstrated effective financial oversight, having no material diversion of assets and a solid audit structure in place.
The nonprofit excels in its program expense ratio, allocating nearly 87% of its budget to programs, which indicates a strong commitment to its mission. Additionally, it showcases impressive fundraising efficiency, with costs remaining very low at just three cents per dollar raised. This efficiency, combined with a robust working capital ratio, suggests that Seward Redesign Inc is financially stable and well-managed.
However, the organization receives a relatively lower score in the liabilities to assets ratio. This aspect may indicate some reliance on liabilities compared to its assets, which could be a point of concern for potential donors seeking stability. Overall, while Seward Redesign Inc demonstrates many strengths, it also has areas that could benefit from improvement.
This AI summary has been generated from information found on Charity Navigator.
Is Seward Redesign Inc legitimate?
Seward Redesign Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Seward Redesign Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $153,883
Professional Fundraising Fees: $0
Other Salaries and Wages: $308,476
For more financial information, click here
Official website here: www.redesigninc.org
What is the mission statement of Seward Redesign Inc?
Seward Redesign Inc's mission is to promote economic justice and community development by collaborating with local entities. They achieve this through the development and sustainment of affordable housing and commercial real estate, investing in entrepreneurs, and creating living-wage jobs. The organization implements various real estate development projects to serve the needs of low-income residents and people of color, focusing on equitable recovery and property ownership for businesses owned by people of color. In 2022, they focused on several projects, including redeveloping historic commercial buildings, providing land for future housing development, and renovating industrial buildings for neighborhood-based businesses. Seward Redesign Inc also provides training in real estate development to emerging developers, aiming to empower and partner with first-time developers and people of color.
Official website here: www.redesigninc.org
Who is the CEO of Seward Redesign Inc?
Andy Hestness is the Board Member of Seward Redesign Inc.
Official website here: www.redesigninc.org
What is the revenue of Seward Redesign Inc?
Seward Redesign Inc's revenue in 2022 was $5,849,152.
Official website here: www.redesigninc.org
Who are the executives of Seward Redesign Inc and what are their salaries?
The average compensation at Seward Redesign Inc during 2022 was $66,051. There are 7 employees and 19 volunteers at Seward Redesign Inc.
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- Compensation: $9,740
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- Compensation: $130,564
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- Other: $13,005
Official website here: www.redesigninc.org
Where can I find the form 990 for Seward Redesign Inc?
Seward Redesign Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.redesigninc.org
Learn more at the official website: www.redesigninc.org
Mission Statement of Seward Redesign Inc
Seward Redesign Inc, a nonprofit organization, is committed to redefining neighborhoods by fostering living-wage jobs, affordable housing, and providing quality goods and services. Their mission is to advocate for economic justice in collaboration with the community. They achieve this by undertaking residential, commercial, and industrial real estate development projects that cater to the needs of low- and moderate-income residents, particularly women and people of color within the Seward and Greater Longfellow neighborhoods.
In essence, Seward Redesign Inc is dedicated to rebuilding communities by developing and sustaining affordable housing and commercial real estate. They invest in entrepreneurs and create living-wage jobs, thereby contributing to the socio-economic upliftment of the community. Their projects in 2022 include redeveloping a historic commercial building, renovating an industrial building for neighborhood-based businesses, securing financing for a low-income housing project, and providing training in real estate development to new and emerging developers, many of whom are people of color. Through these initiatives, Seward Redesign Inc is not just revitalizing neighborhoods but also empowering local businesses and communities, ensuring equitable recovery and sustainable growth.
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Impact
October, 2024
Seward Redesign Inc has a transformative impact on the Seward and Greater Longfellow neighborhoods by fostering economic justice and revitalizing local communities through strategic real estate development. By focusing on projects that cater to low- and moderate-income residents, particularly women and people of color, Seward Redesign is addressing critical needs for affordable housing, commercial spaces, and employment opportunities.
In 2022, Seward Redesign undertook significant initiatives, including the redevelopment of an 80,000 square foot historic commercial building on Lake Street, which involves collaboration with people-of-color-led organizations to ensure the equitable recovery and growth of the area. This commitment extends to the creation of a 6,800 square foot retail/office building, which will support existing businesses and promote further community engagement.
The organization is also making strides in housing development, exemplified by their work on a 32-unit apartment project tailored for low-income families at Seward Commons, with many units designed to accommodate larger families. This emphasis on affordable living spaces signifies a targeted effort to enhance community diversity and stability.
Additionally, Seward Redesign is dedicated to empowering new and emerging developers through training programs in real estate development, ensuring that these opportunities are accessible to first-time developers, particularly those from underrepresented backgrounds. By doing so, the organization not only boosts individual entrepreneurial endeavors but reinforces a network of local businesses that contribute to the economy.
Through these multifaceted projects and a community-centric approach, Seward Redesign is not just developing property but is fundamentally reshaping the economic landscape, fostering resilience, and promoting long-term sustainability within the neighborhoods it serves.
This information is meant to be a general summary of Seward Redesign Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$155,673
- Program Service Revenue: $1,726,331
- Gross Receipts: $6,964,458
Assets and Liabilities:
- Total Assets: $19,848,693
- Total Liabilities: $11,062,289
- Net Assets: $8,786,404
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL REVENUE
Revenue
$1,385,566
DEVELOPER FEES
Revenue
$155,167
MISCELLANEOUS
Revenue
$120,028
MANAGEMENT FEES
Revenue
$65,570
Organization Details
Founding Year
1969
Phone
(612) 338-8729Principal Officer
Andy Hestness
Main Address
2619 EAST FRANKLIN AVENUE, MINNEAPOLIS, MN, 55406
Website
www.redesigninc.orgNTEE Category
Code: A200 - Arts
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