Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $690,810

• 1f · All other contributions, gifts and grants

  $20,512

• 2a · Program service revenue: RESIDENT SERVICES

  total $10,623,649 · related or exempt $10,623,649

• 2b · Program service revenue: DIETARY INCOME

  total $2,350,028 · related or exempt $2,350,028

• 3 · Investment income

  total $119,264 · excluded $119,264

• 6a · Gross rents

  real property $24,000

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $24,000

• 6d · Net rental income or loss

  total $24,000 · excluded $24,000

• 11a · Other revenue: CAFETERIA & GUEST MEALS

  total $1,035 · excluded $1,035

• 11b · Other revenue: MISC INCOME

  total $375 · excluded $375

• 11c · Other revenue: BEAUTY SHOP REIMBURSEMENT

  total $36 · excluded $36

• 11e · Other revenue, total

  $1,446

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $11,821 · program services $11,821

• 7 · Other salaries and wages

  total $6,585,854 · program services $6,489,617 · management and general $96,237

• 8 · Pension plan contributions

  total $65,257 · program services $59,926 · management and general $5,331

• 9 · Other employee benefits

  total $693,494 · program services $636,043 · management and general $57,451

• 10 · Payroll taxes

  total $490,792 · program services $450,701 · management and general $40,091

• 11b · Fees: legal

  total $7,888 · management and general $7,888

• 11c · Fees: accounting

  total $44,136 · management and general $44,136

• 11g · Fees: other

  total $1,062,348 · program services $987,547 · management and general $74,801

• 12 · Advertising and promotion

  total $1,931 · management and general $1,931

• 13 · Office expenses

  total $26,231 · management and general $26,231

• 14 · Information technology

  total $80,666 · management and general $80,666

• 16 · Occupancy

  total $184,517 · program services $184,517

• 20 · Interest

  total $35,899 · program services $35,899

• 22 · Depreciation, depletion and amortization

  total $565,776 · program services $565,776

• 23 · Insurance

  total $159,860 · program services $159,860

• 24a · Other expenses: FOOD

  total $1,391,834 · program services $1,391,834

• 24b · Other expenses: PROGRAM SUPPLIES

  total $370,193 · program services $370,193

• 24c · Other expenses: MISCELLANEOUS

  total $138,911 · management and general $138,911

• 24d · Other expenses: LICENSES

  total $45,798 · program services $45,798

• 24e · All other expenses

  total $24,204 · program services $9,997 · management and general $14,207

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,545,717 · end of year $4,131,284

• 4 · Accounts receivable

  beginning of year $4,345,501 · end of year $4,628,922

• 9 · Prepaid expenses and deferred charges

  beginning of year $44,513 · end of year $66,616

• 10a · Land, buildings and equipment: cost or other basis

  $14,265,419

• 10b · Land, buildings and equipment: accumulated depreciation

  $8,114,994

• 10c · Land, buildings and equipment, net

  beginning of year $6,043,918 · end of year $6,150,425

• 11 · Investments: publicly traded securities

  beginning of year $1,982,434 · end of year $2,226,361

• 13 · Investments: program-related

  end of year $40,000

• 15 · Other assets

  beginning of year $133,926 · end of year $121,016

• 17 · Accounts payable and accrued expenses

  beginning of year $436,976 · end of year $447,685

• 19 · Deferred revenue

  beginning of year $471,996 · end of year $83,401

• 20 · Tax-exempt bond liabilities

  beginning of year $1,049,234 · end of year $621,278

• 21 · Escrow or custodial account liability

  beginning of year $54,221 · end of year $29,359

• 25 · Other liabilities

  beginning of year $5,753 · end of year $6,420

• 27 · Net assets without donor restrictions

  beginning of year $14,033,102 · end of year $16,176,481

• 28 · Net assets with donor restrictions

  beginning of year $44,727 · end of year $0

The filer's explanations (Part III)

PART I, LINE 3

ADMINISTRATOR AND CONTROLLER COMPENSATION IS REVIEWED AND APPROVED BY THE PRESIDENT AND VICE PRESIDENT OF THE BOARD. THE COMPENSATION OF THESE INDIVIDUALS WAS LAST COMPARED TO THE 2023 ELCA SALARY SURVEY.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• MOUNT OLIVET HOME FOUNDATION LLC

  FOUNDATION · MN · income $49,331 · assets $2,226,361

  Directly controlled by MOUNT OLIVET HOME