Overview
What is Housing Alternatives Development Company?
Housing Alternatives Development Company (HADC) is a nonprofit organization based in Deephaven, Minnesota. Its primary focus is on providing and managing affordable and senior housing options. The company owns and operates two assisted living facilities: Evergreen Knoll in Cloquet, with 62 units, and The Meadows of Wadena Senior Living in Wadena, which offers 37 assisted living units and 10 memory care units. Evergreen and The Meadows aim to provide comfortable living environments that promote independence and active retirement, while also offering preventative and supportive health care services. Additionally, HADC has formed HADC Services, LLC, a licensed home health care provider, to employ on-site personnel for its housing projects. Overall, HADC strives to offer quality housing options that cater to the needs of low to moderate income individuals and seniors.
What are the reviews and ratings of this charity?
Charity Navigator rates Housing Alternatives Development Company with a score of 79%, which translates to a Three-Star out of Four Star rating. This score reflects a strong emphasis on accountability and finance, indicating that the organization adheres to high standards in these areas. The overall evaluation is driven solely by its beacon score in accountability and finance, showcasing a commitment to transparency.
The organization excels in various governance aspects, with a fully independent board and comprehensive policies in place including conflict of interest and whistleblower policies. It also demonstrates sound financial practices, evidenced by an 86.50% program expense ratio, which highlights that a significant portion of its funds is directed toward its programs rather than administrative costs.
However, the nonprofit received a low score in the liabilities to assets ratio, indicating potential concerns regarding its financial health relative to its obligations. This area may warrant further attention to ensure long-term stability. Overall, while Housing Alternatives Development Company shows strengths in governance and program spending, its financial liability status suggests there may be room for improvement.
This AI summary has been generated from information found on Charity Navigator.
Is Housing Alternatives Development Company legitimate?
Housing Alternatives Development Company is a legitimate nonprofit organization registered as a 501(c)(3) entity. Housing Alternatives Development Company 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: $366,966
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,250,735
For more financial information, click here
What is the mission statement of Housing Alternatives Development Company?
The Housing Alternatives Development Company, through its acquisition, construction, rehabilitation, and operation of various rental housing units, strives to provide quality senior housing options. Their goal is to offer comfortable living environments for elderly individuals, promoting continued independence and an active retirement. Additionally, they incorporate preventative and supportive health care services into their offerings. The company, through its subsidiaries, manages both assisted living facilities and memory care units, aiming to ensure senior residents have access to necessary services and amenities.
Who is the CEO of Housing Alternatives Development Company?
Paul Abzug is the Ceo/President of Housing Alternatives Development Company. The CEO's salary of Housing Alternatives Development Company is $308,026 and their total compensation is $347,466.
What is the revenue of Housing Alternatives Development Company?
Housing Alternatives Development Company's revenue in 2022 was $6,818,305.
Who are the executives of Housing Alternatives Development Company and what are their salaries?
The average compensation at Housing Alternatives Development Company during 2022 was $8,499. There are 308 employees and 12 volunteers at Housing Alternatives Development Company.
Here are 7 key members and their salaries (Housing Alternatives Development Company's CEO's salary is $308,026 and their total compensation is $347,466):
- Compensation: $6,500
- Related: $0
- Other: $0
- Compensation: $7,000
- Related: $0
- Other: $0
- Compensation: $6,000
- Related: $0
- Other: $0
- Compensation: $308,026
- Related: $0
- Other: $39,440
- Compensation: $138,131
- Related: $0
- Other: $22,778
- Compensation: $100,404
- Related: $0
- Other: $2,983
- Compensation: $0
- Related: $0
- Other: $386,998
Where can I find the form 990 for Housing Alternatives Development Company?
Housing Alternatives Development Company's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Housing Alternatives Development Company
Housing Alternatives Development Company (HADC) is committed to providing and managing high-quality, low to moderate income housing and senior housing. Their mission, as stated, involves acquiring, constructing, rehabilitating, and operating various rental housing units with the aim of offering comfortable living environments that encourage continued independence and an active retirement. This is complemented by preventative and supportive health care services. Through HADC Cloquet, LLC, the company owns Evergreen Knoll, a 62-unit assisted living facility for the elderly in Cloquet, Minnesota, and Evergreen Cottages, a community of 24 cottage-style quad homes. Similarly, HADC Wadena, LLC manages The Meadows of Wadena Senior Living, a 37-unit assisted living and 10-unit memory care facility for the elderly in Wadena, Minnesota. In addition, HADC Services, LLC, a licensed home health care provider and employer of on-site personnel, ensures the provision of necessary care services at HADC Ridgeway and HADC Cloquet projects. In summary, HADC's mission is to create and manage senior housing options that prioritize comfort, independence, and personalized healthcare services, empowering seniors to live their retirement years to the fullest.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
July, 2024
Housing Alternatives Development Company has a significant impact on the community by owning, managing, and operating low to moderate income housing and senior housing options. Their properties, such as Evergreen Knoll in Cloquet and The Meadows of Wadena in Minnesota, provide comfortable living environments with programs and services that promote independence and active retirement. By offering quality senior housing options and home health care services through their affiliated companies, HADC contributes to the well-being and quality of life for elderly residents in these communities. Their commitment to providing affordable and supportive housing solutions aligns with their mission to empower individuals to live independently while receiving the care they need.
This information is meant to be a general summary of Housing Alternatives Development Company. 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: $630,589
- Program Service Revenue: $5,758,443
- Gross Receipts: $8,103,319
Assets and Liabilities:
- Total Assets: $21,981,547
- Total Liabilities: $16,704,125
- Net Assets: $5,277,422
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Resident Service Rev.
Revenue
$5,562,846
Asset Management Fee Income
Revenue
$80,747
Management Fee Income
Revenue
$66,000
TIF Receipts
Revenue
$41,304
Other Program Income
Revenue
$7,546
Organization Details
Founding Year
1997
Phone
(952) 473-1103Principal Officer
Paul Abzug
Main Address
18336 Minnetonka Blvd Ste C, Deephaven, MN, 55391
NTEE Category
Code: L20 - Housing
If you are a representative of Housing Alternatives Development Company and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.