Simpson Real Estate Holding Company

Nonprofit profile at a glance

EIN
991434007
IRS 990 coverage
2023–2024
Forms available
Form 990 2024
Location
Minneapolis, MN, USA
Phone
6128748683
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Support N.E.C.

Reported finances

Revenue
$92,802
Expenses
$840,295
Assets
$25,851,916
Liabilities
$26,623,945

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • STEVE HORSFIELD (BOARD CHAIR/PRESIDENT)
  • FRANK FALLON (BOARD VICE PRESIDENT)
  • JOHN NOLAN (VICE PRESIDENT)
  • WENDY WIEGMANN (VICE PRESIDENT)

Highest reported compensation

  • STEVE HORSFIELD (BOARD CHAIR/PRESIDENT): $176,190 total reported compensation
  • WENDY WIEGMANN (VICE PRESIDENT): $145,288 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Simpson real estate holding company was created by simpson housing services to finance the construction of the new shelter. The mission statement for simpson housing services is to house, support, & advocate for people experiencing homelessness. We know that with close, individual advocacy & support individuals & families experiencing homelessness achieve housing stability.

What it reported doing in 2024

The project is a new shelter on the site of simpson's original shelter. Its features will include 72 shelter beds, an on-site health clinic, a commercial kitchen and dining room, access to private green space, and more. Additionally, the project building will be shared with project for pride in living (ppl). Rehc will own and lease the emergency shelter on the first two floors of the building to simpson housing services, and ppl will own and operate 42 supportive housing units on the upper two floors. The project is anticipated to be completed by january 31, 2026.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 67
  • Accountability: 55
  • Sustainability: 31
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 95%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 66.7%; rating input score 67; 22nd percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -805.5%; rating input score 6; 6th percentile among comparable filings
  • Total-asset coverage ratio: 30.77; rating input score 86; 86th percentile among comparable filings
  • Liabilities to assets ratio: 1.03; rating input score 5; 5th percentile among comparable filings
  • Officer compensation ratio: 3.4%; rating input score 19; 19th percentile among comparable filings

Growth

  • Program expense growth: 180.9% per year; rating input score 100; 99th percentile among comparable filings
  • Revenue growth: 127.8% per year; rating input score 100; 99th percentile among comparable filings
  • Asset growth: 1.6% per year; rating input score 100; 50th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 95% of spending went to programs
  • Governance: 2 of 3 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $798K in reported program spending
  • Leadership: top reported pay $176K · 6 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $4.1M reported
  • Consistency: 16 of 16 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Governance controls: 5 of 8 not reported.
  • High — Sustainability: Operating margin scored 6/100.
  • High — Sustainability: Liabilities to assets ratio scored 5/100.
  • High — Sustainability: Officer compensation ratio scored 19/100.