Housing Alternatives Development Company
Nonprofit profile at a glance
- EIN
- 411670818
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Deephaven, MN, USA
- Phone
- 9524731103
- Rating
- 82
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Housing Development, Construction, Management
Reported finances
- Revenue
- $9,303,378
- Expenses
- $7,409,135
- Assets
- $22,712,514
- Liabilities
- $15,676,790
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
7 people listed
Executive titles in this filing
- Paul Abzug (CEO/President)
Highest reported compensation
- Paul Abzug (CEO/President): $367,149 total reported compensation
- Shauna Johnson (Administration/HR): $186,101 total reported compensation
- Julie Jones (Clinical Nurse Supervisor): $122,136 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Housing Alternatives Development Company (HADC) and its affiliates, through the acquisition, construction, rehabilitation, and operation of a variety of rental housing will strive to: Continued on Schedule O...
What it reported doing in 2024
The corporation is the sole owner/member of HADC Cloquet, LLC who owns Evergreen Knoll, a 62-unit assisted living facility for elderly in Cloquet, Minnesota. HADC Cloquet, LLC also owns Evergeen Cottages, 24 cottage style quad homes in Cloquet. Evergreen is a Senior Living Campus for adults who want to remain independent while having access to services and amenities. Their goal is to provide quality senior housing options that offer comfortable living environments, with programs and services that encourage continued independence and active retirement combined with preventative and supportive health care.Continued on Schedule O..The corporation is the sole owner/member of HADC Wadena, LLC who owns The Meadows of Wadena Senior Living, a 47-unit assisted living and 10-unit memory care facility that includes 37 apartment-style assisted living units and a 10 memory care suites for elderly in Wadena, Minnesota. The Meadows is an assisted living facility for adults who want to remain independent while having access to services and amenities. Their goal is to provide quality senior housing options that offer comfortable living environments, with programs and services that encourage continued independence and active retirement combined with preventative and supportive health care.The Corporation is the sole owner/member of HADC Services, LLC. HADC Services, LLC was formed to be a licensed home health care provider and employer of on-site personnel for the HADC Ridgeway, HADC Cloquet, and HADC Wadena projects.
Operating model
- Revenue model
- Earned-program. 97% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and some filed totals do not add up.
Rating breakdown
- Financial Efficiency: 75
- Transparency & Controls: 84
- Accountability: 95
- Sustainability: 63
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 82.7%; rating input score 83
- Program expense ratio: 86.9%; rating input score 87
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 93.3%; rating input score 93; 17th percentile among comparable filings
- Pay-setting controls: 4 of 6 controls in place; rating input score 67
- Compensation committee: Missing
- Independent consultant: Pass
- Other Form 990s reviewed: Pass
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 8 of 9 controls in place; rating input score 89
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 20.4%; rating input score 77; 77th percentile among comparable filings
- Total-asset coverage ratio: 3.07; rating input score 74; 74th percentile among comparable filings
- Liabilities to assets ratio: 0.69; rating input score 13; 13th percentile among comparable filings
- Officer compensation ratio: 11.2%; rating input score 26; 26th percentile among comparable filings
Growth
- Program expense growth: 10.6% per year; rating input score 100; 66th percentile among comparable filings
- Revenue growth: 9.7% per year; rating input score 100; 67th percentile among comparable filings
- Asset growth: 2.6% per year; rating input score 100; 22nd percentile among comparable filings
Details
- Where the money goes: 82.7% of revenue deployed · 86.9% of spending went to programs
- Governance: 3 of 3 board members independent · 8 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $6.4M in reported program spending
- Leadership: top reported pay $367K · 7 people listed · 4 of 6 pay-setting controls reported
- Consistency: 35 of 36 current checks pass · 1 finding to review
- Schedules: 6 filed schedules · includes executive pay
- Filing history: 15 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 7 filed money-flow records
- Related organizations: 4 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Review — Accountability: Governance controls: Other executive compensation review process not reported.
- Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
- High — Sustainability: Liabilities to assets ratio scored 13/100.
- High — Sustainability: Officer compensation ratio scored 26/100.