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Faith Residence Apartments Inc

Organization summary

Type of Nonprofit

Designated as a Organizations for any of the following purposes: religious, educational, charitable, scientific, literary, testing for public safety, fostering national or international amateur sports competition (as long as it doesn't provide athletic facilities or equipment), or the prevention of cruelty to children or animals.

Category: Housing, Shelter / Senior Citizens' Housing/Retirement Communities (NTEE)

Donations to this organization are tax deductible.

Details

An independent audit commissioned by this organization for the fiscal year ending Sept. 2023 identified:

Going concern flag
Audit identified substantial doubt about this organization’s ability to meet its financial obligations and continue operating for the foreseeable future.
Significant deficiency in internal controls
Audit identified a deficiency in internal financial or governance controls that could limit the organization's ability to track and report financial data reliably. The deficiency is less severe than a material weakness but warrants attention from management.

Summary charts: organization finances over time

Revenue
$76.4k (2023)

Expenses
$118k (2023)

Total Assets
$632k (2023)

Total Liabilities
$177k (2023)

Source: Form 990 tax filings from 2011 to 2023

Tax Filings and Audits by Year

Form 990 is an information return that most organizations claiming federal tax-exempt status must file yearly with the IRS. Nonprofit Explorer has IRS digitized Form 990 data for filings processed in 2012 and later. If this organization filed an amended return, it may not be reflected below. Duplicate download links may indicate a resubmission or amendment to this organization's original return. Form 990 data is from the IRS.

Audits are required to be submitted by nonprofit organizations that spend $750,000 or more in federal grant money in a fiscal year. "Single audits" look at the entire organization's finances and compliance, while other audits are program specific. Nonprofit Explorer has PDFs of audits for some nonprofits for fiscal year 2015 and later. Audit data is from the Federal Audit Clearinghouse.

Fiscal Year Ending Sept.
2023

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$76,371
Expenses
$117,764
Net Income
-$41,393
Net Assets
$455,128
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $75,009
98.2%
Investment Income $82
0.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $1,280
1.7%
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $18,370
15.6%
Assets/Debt
Total Assets $632,232
Total Liabilities $177,104
Net Assets $455,128
Compensation
Key Employees and Officers Compensation Related Other
Mark Hayes (President &) $0 $119,774 $20,170
Chris Meyer (Former Presi) $0 $123,824 $0
Rev John Boeder (Director) $0 $0 $0
Mr Jeff Davis (Vice Chair) $0 $0 $0
Mr Jon Maertz (Director) $0 $0 $0
Rev Michael Muehlenhardt (Director) $0 $0 $0
Mr Randy Niemann (Director) $0 $0 $0
Rev Mathew C Rauh (Chair) $0 $0 $0
Mr Tim Schuth (Treasurer) $0 $0 $0
Mr Lance Schwartz (Secretary) $0 $0 $0

Document Links

Fiscal Year Ending Sept.
2022

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$75,988
Expenses
$111,455
Net Income
-$35,467
Net Assets
$496,521
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $73,256
96.4%
Investment Income $21
0.0%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $2,711
3.6%
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $17,871
16.0%
Assets/Debt
Total Assets $673,278
Total Liabilities $176,757
Net Assets $496,521
Compensation
Key Employees and Officers Compensation Related Other
Chris Meyer (Former Presi) $0 $205,606 $4,116
Rev Dr Bruce Becker (Director) $0 $0 $0
Rev John Boeder (Director) $0 $0 $0
Mr Jeff Davis (Director) $0 $0 $0
Mark Hayes (President &) $0 $0 $0
Mr Jon Maertz (Director) $0 $0 $0
Rev Michael Muehlenhardt (Director) $0 $0 $0
Mr Randy Niemann (Director) $0 $0 $0
Rev Mathew C Rauh (Vice Chair) $0 $0 $0
Mr Tim Schuth (Treasurer) $0 $0 $0
Mr Lance Schwartz (Secretary) $0 $0 $0

Document Links

Fiscal Year Ending Sept.
2021

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$73,807
Expenses
$107,897
Net Income
-$34,090
Net Assets
$531,988
Notable Sources of Revenue Percent of Total Revenue
Contributions $1,000
1.4%
Program Services $72,112
97.7%
Investment Income $22
0.0%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $673
0.9%
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $16,532
15.3%
Assets/Debt
Total Assets $709,610
Total Liabilities $177,622
Net Assets $531,988
Compensation
Key Employees and Officers Compensation Related Other
Chris Meyer (Former Presi) $0 $198,213 $3,958
Rev Dr Bruce Becker (Director) $0 $0 $0
Rev John Boeder (Director) $0 $0 $0
Mr Jeff Davis (Director) $0 $0 $0
Mr Lowell Hoffman (Chariman) $0 $0 $0
Mark Hayes (President &) $0 $0 $0
Mr Wayne Larson (Director) $0 $0 $0
Mr Jon Maertz (Director) $0 $0 $0
Rev Michael Muehlenhardt (Director) $0 $0 $0
Mr Randy Niemann (Director) $0 $0 $0
Rev Mathew C Rauh (Vice Chair) $0 $0 $0
Mr Tim Schuth (Treasurer) $0 $0 $0
Mr Lance Schwartz (Secretary) $0 $0 $0

Document Links

Fiscal Year Ending Sept.
2020

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$78,281
Expenses
$103,975
Net Income
-$25,694
Net Assets
$566,078
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $78,039
99.7%
Investment Income $30
0.0%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $212
0.3%
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $16,992
16.3%
Assets/Debt
Total Assets $733,752
Total Liabilities $167,674
Net Assets $566,078
Compensation
Key Employees and Officers Compensation Related Other
Michael Klatt (Former Presi) $0 $275,306 $17,420
Rev Dr Bruce Becker (Director) $0 $0 $0
Mr Jeff Davis (Director) $0 $0 $0
Mr Lowell Hoffman (Chariman) $0 $0 $0
Mr Wayne Larson (Director) $0 $0 $0
Mr Jon Maertz (Director) $0 $0 $0
Rev Michael Muehlenhardt (Director) $0 $0 $0
Chris Meyer (President &) $0 $0 $0
Mr Randy Nieman (Director) $0 $0 $0
Mr David Oldenburg (Director) $0 $0 $0
Rev Mathew C Rauh (Vice Chair) $0 $0 $0
Mr Jeff Schmidt (Director) $0 $0 $0
Mr Tim Schuth (Treasurer) $0 $0 $0
Mr Lance Schwartz (Secretary) $0 $0 $0

Document Links

Fiscal Year Ending Sept.
2019

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$78,533
Expenses
$97,877
Net Income
-$19,344
Net Assets
$591,772
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $77,935
99.2%
Investment Income $40
0.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $558
0.7%
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $14,784
15.1%
Assets/Debt
Total Assets $764,574
Total Liabilities $172,802
Net Assets $591,772
Compensation
Key Employees and Officers Compensation Related Other
Michael R Klatt (Former Presi) $0 $271,408 $13,143
Rev Dr Bruce Becker (Director) $0 $0 $0
Mr Matthew Burow (Director) $0 $0 $0
Rev Elroy V Conradt (Director) $0 $0 $0
Mr Jeff Davis (Director) $0 $0 $0
Mr Lowell Hoffman (Chariman) $0 $0 $0
Mr Wayne Larson (Director) $0 $0 $0
Mr David Oldenburg (Director) $0 $0 $0
Mr Tim Schuth (Treasurer) $0 $0 $0
Mr Mark Schwan (Director) $0 $0 $0
Mr Lance Schwartz (Secretary) $0 $0 $0
Rev Mathew C Rauh (Vice Chair) $0 $0 $0
Rev Michael Muehlenhardt (Director) $0 $0 $0
Mr Jon Maertz (Director) $0 $0 $0
Chris Meyer (President &) $0 $0 $0
Ms Debra Willbright (Administrato) $0 $91,005 $0

Document Links

Fiscal Year Ending Sept.
2018

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$80,616
Expenses
$98,945
Net Income
-$18,329
Net Assets
$611,116
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $74,904
92.9%
Investment Income $39
0.0%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $5,673
7.0%
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $13,006
13.1%
Assets/Debt
Total Assets $778,067
Total Liabilities $166,951
Net Assets $611,116
Compensation
Key Employees and Officers Compensation Related Other
Rev Dr Bruce Becker (Director) $0 $0 $0
Mr Matthew Burow (Director) $0 $0 $0
Rev Elroy V Conradt (Director) $0 $0 $0
Mr Jeff Davis (Director) $0 $0 $0
Mr Lowell Hoffman (Chariman) $0 $0 $0
Mr Wayne Larson (Director) $0 $0 $0
Mr David Oldenburg (Director) $0 $0 $0
Mr Tim Schuth (Treasurer) $0 $0 $0
Mr Mark Schwan (Director) $0 $0 $0
Mr Lance Schwartz (Secretary) $0 $0 $0
Rev Mathew C Rauh (Vice Chair) $0 $0 $0
Rev Michael Muehlenhardt (Director) $0 $0 $0
Mr Jon Maertz (Director) $0 $0 $0
Michael R Klatt (President &) $0 $255,000 $12,024
Ms Debra Willbright (Administrato) $0 $89,288 $0

Document Links

Fiscal Year Ending Sept.
2017

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$58,118
Expenses
$101,528
Net Income
-$43,410
Net Assets
$629,445
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $59,084
> 100%
Investment Income $48
0.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets -$1,742
Net Inventory Sales $0
Other Revenue $728
1.3%
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $13,675
13.5%
Assets/Debt
Total Assets $830,999
Total Liabilities $201,554
Net Assets $629,445
Compensation
Key Employees and Officers Compensation Related Other
Rev Dr Bruce Becker (Director) $0 $0 $0
Mr Matthew Burow (Director) $0 $0 $0
Rev Elroy V Conradt (Director) $0 $0 $0
Mr Jeff Davis (Director) $0 $0 $0
Mr Lowell Hoffman (Director) $0 $0 $0
Mr Wayne Larson (Director) $0 $0 $0
Mr David Oldenburg (Director) $0 $0 $0
Mr Mark Schwan (Director) $0 $0 $0
Mr Arvid W Schwartz (Chairman) $0 $0 $0
Rev Mathew C Rauh (Secretary) $0 $0 $0
Rev Michael Muehlenhardt (Treasurer) $0 $0 $0
Michael R Klatt (President &) $0 $255,000 $49,531
Ms Debra Willbright (Administrato) $0 $89,288 $0
Mr Tim Schuth (Treasurer) $0 $0 $0

Document Links

Fiscal Year Ending Sept.
2016

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$59,597
Expenses
$84,808
Net Income
-$25,211
Net Assets
$672,855
Notable Sources of Revenue Percent of Total Revenue
Contributions $100
0.2%
Program Services $58,752
98.6%
Investment Income $76
0.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $669
1.1%
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $13,007
15.3%
Assets/Debt
Total Assets $884,262
Total Liabilities $211,407
Net Assets $672,855
Compensation
Key Employees and Officers Compensation Related Other
Rev Michael Berg (Director) $0 $0 $0
Mr Matthew Burow (Director) $0 $0 $0
Rev Elroy V Conradt (Director) $0 $0 $0
Mr Jeff Davis (Director) $0 $0 $0
Rev Henry T Koch (Director) $0 $0 $0
Mr Wayne Larson (Director) $0 $0 $0
Mr Bill Meier (Director) $0 $0 $0
Mr Joel Meyer (Director) $0 $0 $0
Mr David Oldenburg (Director) $0 $0 $0
Mr Tim Schuth (Director) $0 $0 $0
Mr Mark Schwan (Director) $0 $0 $0
Mr Elton Stroh (Director (Thru January)) $0 $0 $0
Mr Paul Yancy (D Irector) $0 $0 $0
Mr Arvid W Schwartz (Chairman) $0 $0 $0
Rev Mat Thew C Rauh (Secretary) $0 $0 $0
Mr Lowell Hoffman (Treasurer) $0 $0 $0
Mr Michael R Klatt (President & Ceo) $0 $198,612 $39,624
Ms Mary Sue Meger (Cfo (Beg June 2016)) $0 $0 $0
Mr Max Scheuer (Cfo (Thru July)) $0 $96,076 $8,278
Ms Debra Willbright (Administrator) $0 $80,929 $1,515

Document Links

Fiscal Year Ending Sept.
2015

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$60,866
Expenses
$82,365
Net Income
-$21,499
Net Assets
$698,066
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $58,170
95.6%
Investment Income $71
0.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $2,625
4.3%
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $12,537
15.2%
Assets/Debt
Total Assets $887,515
Total Liabilities $189,449
Net Assets $698,066
Compensation
Key Employees and Officers Compensation Related Other
Rev Michael Berg (Director) $0 $0 $0
Mr Matthew Burow (Director) $0 $0 $0
Rev Elroy V Conradt (Director) $0 $0 $0
Mr Jeff Davis (Director) $0 $0 $0
Rev Henry T Koch (Director) $0 $0 $0
Mr Wayne Larson (Director) $0 $0 $0
Mr Bill Meier (Director) $0 $0 $0
Mr Joel Meyer (Director) $0 $0 $0
Mr David Oldenburg (Director) $0 $0 $0
Mr Tim Schuth (Director) $0 $0 $0
Mr Mark Schwan (Director) $0 $0 $0
Mr Elton Stroh (Director) $0 $0 $0
Mr Paul Yancy (Director) $0 $0 $0
Mr Arvid W Schwartz (Chairman) $0 $0 $0
Rev Matthew C Rauh (Secretary) $0 $0 $0
Mr Lowell Hoffman (Treasurer) $0 $0 $0
Mr Michael R Klatt (President & Ceo) $0 $198,310 $14,297
Mr David Brenne (Cfo) $0 $115,744 $711

Document Links

Fiscal Year Ending Sept.
2014

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$54,659
Expenses
$85,861
Net Income
-$31,202
Net Assets
$719,565
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $53,742
98.3%
Investment Income $49
0.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $868
1.6%
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $12,732
14.8%
Assets/Debt
Total Assets $897,306
Total Liabilities $177,741
Net Assets $719,565
Compensation
Key Employees and Officers Compensation Related Other
Rev Michael Berg (Director) $0 $0 $0
Mr Matthew Burow (Director) $0 $0 $0
Rev Elroy V Conradt (Director) $0 $0 $0
Rev Henry T Koch (Director) $0 $0 $0
Mr Bill Meier (Director) $0 $0 $0
Mr Joel Meyer (Director) $0 $0 $0
Mr Mark Schwan (Director) $0 $0 $0
Mr Paul Yancy (Director) $0 $0 $0
Mr Arvid W Schwartz (Chairman) $0 $0 $0
Mr Terry A Neubarth (Vice Chairman) $0 $0 $0
Rev Matthew C Rauh (Secretary) $0 $0 $0
Mr Lowell Hoffman (Treasurer) $0 $0 $0
Mr Michael R Klatt (President & Ceo) $0 $194,701 $22,001
Mr David Brenne (Cfo) $0 $100,445 $581

Document Links

Fiscal Year Ending Sept.
2013

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$56,318
Expenses
$71,723
Net Income
-$15,405
Net Assets
$750,767
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $54,336
96.5%
Investment Income $47
0.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $1,935
3.4%
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $7,944
11.1%
Assets/Debt
Total Assets $905,319
Total Liabilities $154,552
Net Assets $750,767

Document Links

Fiscal Year Ending Sept.
2012

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$54,404
Expenses
$75,205
Net Income
-$20,801
Net Assets
$766,172
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $54,336
99.9%
Investment Income $68
0.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $10,413
13.8%
Assets/Debt
Total Assets $930,814
Total Liabilities $164,642
Net Assets $766,172

Document Links

Fiscal Year Ending Sept.
2011

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$52,112
Expenses
$78,952
Net Income
-$26,840
Net Assets
$786,973
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $52,050
99.9%
Investment Income $62
0.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $13,595
17.2%
Assets/Debt
Total Assets $947,735
Total Liabilities $160,762
Net Assets $786,973

Document Links

Fiscal Year Ending Sept.
2010

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Sept.
2009

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Sept.
2008

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Sept.
2007

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Sept.
2006

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Sept.
2005

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

About This Data

Nonprofit Explorer includes summary data for nonprofit tax returns and full Form 990 documents, in both PDF and digital formats.

The summary data contains information processed by the IRS during the 2012-2019 calendar years; this generally consists of filings for the 2011-2018 fiscal years, but may include older records. This data release includes only a subset of what can be found in the full Form 990s.

In addition to the raw summary data, we link to PDFs and digital copies of full Form 990 documents wherever possible. This consists of separate releases by the IRS of Form 990 documents processed by the agency, which we update regularly.

We also link to copies of audits nonprofit organizations that spent $750,000 or more in Federal grant money in a single fiscal year since 2016. These audits are copied from the Federal Audit Clearinghouse.

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Every organization that has been recognized as tax exempt by the IRS has to file Form 990 every year, unless they make less than $200,000 in revenue and have less than $500,000 in assets, in which case they have to file form 990-EZ. Organizations making less than $50,000 don’t have to file either form but do have to let the IRS they’re still in business via a Form 990N "e-Postcard."

Nonprofit Explorer has organizations claiming tax exemption in each of the 27 subsections of the 501(c) section of the tax code, and which have filed a Form 990, Form 990EZ or Form 990PF. Taxable trusts and private foundations that are required to file a form 990PF are also included. Small organizations filing a Form 990N "e-Postcard" are not included in this data.

Types of Nonprofits

There are 27 nonprofit designations based on the numbered subsections of section 501(c) of the tax code. See the list »

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