Overview
What is Seward Towers Corporation?
Seward Towers Corporation, established in 1990, is a nonprofit organization dedicated to preserving two significant affordable housing buildings in Minneapolis, Minnesota. This unique organization engages residents and management, as well as community representatives, in its governance. By 2015, the buildings required major renovations. The corporation, along with its partners, restructured ownership to extend rental support for low-income residents and secure the necessary capital for renovations. The renovated buildings were then sold to a new entity, with Seward Towers Corporation retaining the right to repurchase the property in 2031 to maintain affordability and the collaborative governance structure. The corporation's revenue from the sale is utilized to ensure the property's affordability and continues to serve its central mission.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 1 Star (54%)
Seward Towers Corporation received a One-Star out of Four Star rating from Charity Navigator, indicating significant concerns regarding its financial health and operational efficiency. The organization scored well in governance aspects, such as having a majority of independent board members and maintaining policies on conflicts of interest and whistleblowing. However, its overall accountability and finance score is low, primarily due to a concerning liabilities to assets ratio of 75.09% and a program expense ratio of 0.00%.
The lack of program expenditures raises questions about the effectiveness and impact of the organization’s initiatives. Although the governance indicators are strong, the financial metrics suggest a potential inability to meet its obligations or effectively utilize resources for its intended charitable purposes. This dichotomy between governance and financial health underscores the importance for stakeholders to closely monitor the organization's financial practices.
Overall, while Seward Towers Corporation demonstrates strong governance policies, its financial challenges limit its effectiveness as a nonprofit. Interested supporters and potential donors should carefully consider these factors when evaluating the organization's viability and impact in the community.
This AI summary has been generated from information found on Charity Navigator.
Is Seward Towers Corporation legitimate?
Seward Towers Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Seward Towers Corporation 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Seward Towers Corporation?
Seward Towers Corporation was established with the primary objective of preserving 640 units of affordable housing. Its mission extends beyond this, aiming to promote the long-term viability of Seward Towers by ensuring the quality of these affordable housing units and tailoring services to meet the needs of the residents. The corporation also aims to foster the integration of these residents into the larger community.
To achieve this, Seward Towers Corporation collaborates with various entities, including resident and community groups, who appoint a governing board of directors. This unique partnership ensures the involvement of management, residents, and the community in the governance of the buildings.
In 2016, the corporation sold the buildings to a new entity, retaining a right-of-first-refusal and option to repurchase them in 2031. The proceeds from this sale will be used to repurchase the property and maintain its affordability, thus continuing the corporation's central mission. Payments received on the note are considered program service revenue, used either for this purpose or for other critical objectives aligned with the corporation's mission.
Who is the CEO of Seward Towers Corporation?
Diann Anders is the President of Seward Towers Corporation.
What is the revenue of Seward Towers Corporation?
Seward Towers Corporation's revenue in 2022 was $93,055.
Who are the executives of Seward Towers Corporation and what are their salaries?
There 11 volunteers at Seward Towers Corporation.
Here are 11 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Seward Towers Corporation?
Seward Towers Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Seward Towers Corporation
Seward Towers Corporation, a nonprofit organization, was established with the primary goal of preserving 640 units of affordable housing. Their mission is multifaceted, aiming to promote the long-term viability of Seward Towers by maintaining high-quality, affordable housing tailored to the needs of its residents. Furthermore, Seward Towers Corporation strives to foster the integration of its residents into the larger Seward community.
Uniquely, Seward Towers Corporation has a collaborative ownership structure, involving residents and management, as well as organizations representing the wider community. This structure, including entities like CommonBond Communities, Seward Neighborhood Group, and Seward Redesign, all contribute to the governing board of directors. Residents of the two buildings also hold seats on the board, ensuring a strong sense of community involvement.
As the buildings aged, Seward Towers Corporation recognized the need for major capital replacements. The organization then worked with its partners to restructure ownership and extend Section 8 contracts, ensuring continued rental support for very-low-income residents. Following the renovations, Seward Towers Corporation sold the buildings to a new entity, retaining a right-of-first-refusal and option to repurchase the property in 2031. This strategy ensures the property's affordability and preserves the unique governance structure, which brings management, residents, and the community together.
In summary, Seward Towers Corporation's mission is centered around preserving affordable housing and fostering community integration. By collaborating with various stakeholders and utilizing innovative ownership structures, the organization ensures the long-term viability of Seward Towers and provides an affordable living environment for its residents.
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
October, 2024
Seward Towers Corporation plays a crucial role in preserving affordable housing in Minneapolis through a unique and engaged governance structure. Established in 1990, the organization focuses on maintaining 640 affordable housing units, which are among the largest projects of their kind in Minnesota. This initiative not only ensures that low-income residents have access to quality housing but also fosters a sense of community and integration within the larger Seward neighborhood.
The Corporation exemplifies effective collaboration by involving residents, management, and community organizations, such as the Seward Neighborhood Group and Seward Redesign, in decision-making processes. This inclusive approach enhances the living experience for residents and strengthens community ties.
In response to the aging of the buildings, Seward Towers Corporation underwent significant restructuring to secure long-term affordability. By renewing Section 8 contracts and accessing vital funding through low-income housing tax credits, they completed extensive renovations that modernized the buildings while safeguarding their commitment to affordable living.
Looking to the future, the Corporation has retained rights that will allow it to repurchase the property, ensuring ongoing affordability and the preservation of its governance model. Through these efforts, Seward Towers Corporation not only maintains essential housing options but also enriches the lives of its residents and the broader community, reflecting its mission to promote the long-term viability of these homes.
This information is meant to be a general summary of Seward Towers Corporation. 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: $100
- Program Service Revenue: $92,955
- Gross Receipts: $93,055
Assets and Liabilities:
- Total Assets: $28,656,103
- Total Liabilities: $21,519,417
- Net Assets: $7,136,686
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.
INT INCOME ON NOTE REC
Revenue
$92,955
Organization Details
Founding Year
1990
Phone
(612) 435-0275Principal Officer
Diann Anders
Main Address
2619 EAST FRANKLIN AVE, MINNEAPOLIS, MN, 55406
NTEE Category
Code: L200 - Housing
If you are a representative of Seward Towers Corporation 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.