Civic Intelligence

Riverton Community Housing

990 • Fiscal year 2022 • EIN 23-7259966

Oct 01, 2021 to Sep 30, 2022 • Filed on Aug 15, 2022

Organization ProfileWWW.RIVERTON.ORG
425 13th Ave SEMinneapolis, MN 55414-2065

(612) 331-3911

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

90th percentile

0.92x

Higher debt load relative to assets than 90% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Liabilities / Revenue

96th percentile

7.57x

Higher debt load relative to revenue than 96% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Net Margin

47th percentile

5.3%

Higher net margin than 47% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Top Officer Pay

16th percentile

$171,258

Higher top officer pay than 16% of similar nonprofits.

Top officer pay equals 2.8% of source-year revenue.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Asset Growth

41st percentile

-3.3%

Faster asset growth than 41% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Revenue Growth

31st percentile

-5.4%

Faster revenue growth than 31% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets90th percentile

Assets

Down

$51,048,944

Down $1,722,942 (-3.3%) from 2021

Net Assets

Up

$4,332,546

Up $406,195 (+10%) from 2021

Liabilities

Down

$46,716,398

Down $2,129,137 (-4.4%) from 2021

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin47th percentile

Revenue

Down

$6,168,719

Down $352,486 (-5.4%) from 2021

Expenses

Up

$5,840,454

Up $394,724 (+7.2%) from 2021

Net Income

Down

$328,265

Down $747,210 (-69%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth41st percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60M$40M$20M$0-$20MAssets 2010: $31,425,896Liabilities 2010: $31,705,946Net Assets 2010: -$280,0502010Assets 2011: $20,316,551Liabilities 2011: $20,402,417Net Assets 2011: -$85,8662011Assets 2012: $20,278,784Liabilities 2012: $20,204,974Net Assets 2012: $73,8102012Assets 2013: $20,136,824Liabilities 2013: $19,862,195Net Assets 2013: $274,6292013Assets 2015: $31,540,142Liabilities 2015: $31,509,341Net Assets 2015: $30,8012015Assets 2016: $31,527,601Liabilities 2016: $31,027,931Net Assets 2016: $499,6702016Assets 2017: $32,288,194Liabilities 2017: $30,621,930Net Assets 2017: $1,666,2642017Assets 2018: $51,838,736Liabilities 2018: $49,600,423Net Assets 2018: $2,238,3132018Assets 2019: $52,315,009Liabilities 2019: $49,988,201Net Assets 2019: $2,326,8082019Assets 2020: $52,152,152Liabilities 2020: $49,270,505Net Assets 2020: $2,881,6472020Assets 2021: $52,771,886Liabilities 2021: $48,845,535Net Assets 2021: $3,926,3512021Assets 2022: $51,048,944Liabilities 2022: $46,716,398Net Assets 2022: $4,332,5462022Assets 2023: $50,682,600Liabilities 2023: $46,368,411Net Assets 2023: $4,314,1892023Assets 2024: $48,131,968Liabilities 2024: $43,929,906Net Assets 2024: $4,202,0622024

Highlighted filing

2022

Assets$51,048,944
Liabilities$46,716,398
Net Assets$4,332,546
Open 2022 Filing

Operations Trend

Revenue Growth31st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $2,913,3672010Expenses 2011: $2,131,2262011Expenses 2012: $2,053,5312012Expenses 2013: $2,010,7922013Revenue 2015: $3,114,933Expenses 2015: $3,678,686Net Income 2015: -$563,7532015Revenue 2016: $4,086,374Expenses 2016: $3,613,416Net Income 2016: $472,9582016Revenue 2017: $4,981,466Expenses 2017: $3,795,669Net Income 2017: $1,185,7972017Revenue 2018: $4,591,879Expenses 2018: $3,959,476Net Income 2018: $632,4032018Revenue 2019: $5,045,570Expenses 2019: $5,022,775Net Income 2019: $22,7952019Revenue 2020: $6,167,785Expenses 2020: $5,657,547Net Income 2020: $510,2382020Revenue 2021: $6,521,205Expenses 2021: $5,445,730Net Income 2021: $1,075,4752021Revenue 2022: $6,168,719Expenses 2022: $5,840,454Net Income 2022: $328,2652022Revenue 2023: $6,444,149Expenses 2023: $6,504,938Net Income 2023: -$60,7892023Revenue 2024: $6,506,785Expenses 2024: $6,169,266Net Income 2024: $337,5192024

Highlighted filing

2022

Revenue$6,168,719
Expenses$5,840,454
Net Income$328,265
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2021 to Sep 30, 2022
Signed
Aug 15, 2022
Return Version
2021v4.0
Gross Receipts
$6,168,719
Mission and Program Overview

Mission

To develop and maintain quality, student-oriented housing communities operating on a non-profit, democratic basis.

Create and foster a quality living experience with a dedication to operating cooperative housing through a nonprofit and democratic model.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$38,796,723$38,131,267▼ $665,456
Savings and Temporary Cash Investments-$3,552,973-
Accounts Receivable$1,467,090$2,484,016▲ $1,016,926
Intangible Assets$1,061,020$1,010,778▼ $50,242
Cash and Non-Interest-Bearing Accounts$4,773,583$552,806▼ $4,220,777
Prepaid Expenses and Deferred Charges$122,125$112,070▼ $10,055
Total Assets$51,630,870$51,048,944▼ $581,926
Other Assets Total$5,410,329$5,205,034▼ $205,295
Liabilities
Tax Exempt Bond Liabilities$46,470,000$45,675,000▼ $795,000
Accounts Payable and Accrued Expenses$488,192$515,554▲ $27,362
Mortgage Notes Payable Secured by Investment Property$398,511$363,627▼ $34,884
Other Liabilities$5,498$162,217▲ $156,719
Total Liabilities$47,362,201$46,716,398▼ $645,803
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,268,669$4,332,546▲ $63,877
Total Net Assets Fund Balance$4,268,669$4,332,546▲ $63,877
Total Liabilities and Net Assets / Fund Balance$51,630,870$51,048,944▼ $581,926

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$34,982,538$18,211,633$53,194,171
Land$3,148,729-$3,148,729
Equipment-$91,959$91,959
Other Assets Org$357,465--
Compensation and Service Providers
Top Officer Pay16th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mary NovakExecutive DiFT$150,429$20,829$171,258
Mary NovakExecutive Director-$150,429$20,829$171,258

Board Members and Trustees

NameTitle
Jason KenleyPresident
Alyssa BraatenBoard Member
Andrew WolleBoard Member
Courtney OverbyBoard Member
Jaren JohnsonBoard Member
Kit FordhamBoard Member
Michael CopaBoard Member
Molly RutzickBoard Member
Neil KolatkarBoard Member
Rachel RiceBoard Member
Ryan NestingenBoard Member
Tom PiersonBoard Member
Brian DusbiberSecretary
Ryan HamptonTreasurer
Michael ShepardVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$5,764,669
Investment Income
$99,788
Other Revenue
$304,262
Change in Net Assets
$328,265

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,168,719
Revenue Not Reported on Form 990
$-264,388
Total Revenue per Audited Statements
$5,904,331
Total Revenue per Form 990
$6,168,719
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,311,524
Salaries, Compensation, and Employee Benefits$1,528,930
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$2,110,578$20,809-$2,131,387
Depreciation Depletion$1,493,579$11,015-$1,504,594
Other Salaries and Wages$870,288$241,107-$1,111,395
Current Officers, Directors, Trustees, and Key Employees$142,803$38,821-$181,624
Fees for Services Other$109,797$37,873-$147,670
Other Employee Benefits$83,796$18,856-$102,652
Payroll Taxes$69,113$15,552-$84,665
Occupancy$27,020$40,168-$67,188
Pension Plan Contributions$39,668$8,926-$48,594
All Other Expenses$3,749$18,302-$22,051
Advertising$5,565$15,118-$20,683
Office Expenses$5,179$14,068-$19,247
Other Expenses$2,563$6,962-$9,525
Conferences and Meetings$507$1,378-$1,885
Total Functional Expenses$5,333,233$507,221$0$5,840,454

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,840,454
Total Expenses per Audited Statements$5,840,454
Total Expenses per Form 990$5,840,454
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Cooperatives$156,719
Security Deposits$5,498

Bond Issues

BondIssuerIssuedIssue PricePurpose
BCity of Minneapolis Series 20142014-08-21$24,435,000-
CCity of Minneapolis Series 20182018-06-11$19,450,000-
ACity of Minneapolis2003-10-28$7,200,000-

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A----
B----
C----

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The board reviews and signs off on form 990 before filing with the irs”

Form 990, Page 6, Part VI, Line 12C

“Quarterly updates are provided to the board”

Form 990, Page 6, Part VI, Line 15A

“The board reviews annually with an outside consultant.”

Form 990, Page 6, Part VI, Line 19

“Our financial statements are sent to emma for bond investors. We also provide an annual report that may be found on our website.”

Filing and Contact Details

Filer

Filer Name
Riverton Community Housing
EIN
23-7259966
Phone
6123313911
Address
425 13TH AVE SE, MINNEAPOLIS, MN 55414-2065

Signing Officer

Name
Mary Novak
Title
Executive Director
Phone
6123313911
Signed
2022-08-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mary Novak
Formed
1972
Legal Domicile
Mn
Voting Board Members
15
Independent Board Members
15
Employees
31
Volunteers
15

Preparer

Firm
Boyum & Barenscheer Pllp
Address
3050 METRO DR STE 200, MINNEAPOLIS, MN 55425-1547
Preparer
Anna Lovegren
Phone
9528544244
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“The organization has not been audited by a tax authority, and accordingly the informational tax returns for the past three years are open to examination. Management has evaluated its tax positions and has concluded that they do not result in anything that would require either recording or disclosure in the financial statements based on the criteria set forth in asc 740, income taxes.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt2BOARD MEMBER
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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$51,048,944
Liabilities
$46,716,398
Net assets
$4,332,546
Revenue
$6,168,719
Expenses
$5,840,454
Net income
$328,265
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$48.1$43.9$4.20$6.51$6.17$0.34
2023Detailed filing. Detailed filing data is available for this year.$50.7$46.4$4.31$6.44$6.50$0.06
2022Detailed filing. Detailed filing data is available for this year.$51.0$46.7$4.33$6.17$5.84$0.33
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$52.8$48.8$3.93$6.52$5.45$1.08
2020Detailed filing. Detailed filing data is available for this year.$52.2$49.3$2.88$6.17$5.66$0.51
2019Detailed filing. Detailed filing data is available for this year.$52.3$50.0$2.33$5.05$5.02$0.02
2018Detailed filing. Detailed filing data is available for this year.$51.8$49.6$2.24$4.59$3.96$0.63
2017Detailed filing. Detailed filing data is available for this year.$32.3$30.6$1.67$4.98$3.80$1.19
2016Detailed filing. Detailed filing data is available for this year.$31.5$31.0$0.50$4.09$3.61$0.47
2015Detailed filing. Detailed filing data is available for this year.$31.5$31.5$0.03$3.11$3.68$0.56
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.1$19.9$0.27$2.01
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.3$20.2$0.07$2.05
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.3$20.4$0.09$2.13
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$31.4$31.7$0.28$2.91