2024-03-25T22:05:26-05:00 2023-12-31 450250958 Eide Bailly LLP 1730 Burnt Boat Loop Ste 100 Bismarck ND 585030886 990 2023-01-01 475214587 Essential Living Inc ESSE 7018523045 400 10th St SE Minot ND 58701 Todd Berning Treasurer 7018523045 2024-03-23 1 Todd Berning 999009999 1 Lisa Chaffee CPA P00193453 7012551091 2024-03-23 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z Bruce Walker 400 10th St SE Minot ND 58701 602906 0 X N/A X 2015 ND To provide affordable housing. 4 4 0 4 0 0 0 0 309980 510295 149 2260 69694 90351 379823 602906 0 0 0 0 0 0 0 0 0 573501 870254 573501 870254 -193678 -267348 10627377 10394210 11478528 11512709 -851151 -1118499 None 0 0 821114 510295 Essential Living, Inc. will provide low-income housing to the citizens of North Dakota who are fifty-five (55) years and older, essential service workers, and/or others who may qualify for affordable housing pursuant to the Department of Housing and Urban Development (HUD) and the North Dakota Housing Finance Agency. The remodel was completed in 2018. There are 41 units and 37 were occupied at the end of 2023.Additionally, the construction of townhomes was completed and units were available to tenants in September 2022. There are 22 units and 21 units were occupied at the end of 2023. 821114 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 X 4 4 1 0 0 0 1 0 1 1 0 0 0 1 1 1 1 0 0 0 0 0 X Todd Berning 7018523045 400 10th St SE Minot ND 58701 X Bruce Walker President 5.00 X X 0 0 0 Steve Gehrtz Vice-President 5.00 X X 0 0 0 Todd Berning Treasurer 5.00 X X 0 0 0 Vicki Campbell Secretary 5.00 X X 0 0 0 0 0 0 0 0 0 0 0 Rental Revenue 532000 508966 508966 1329 1329 510295 2260 2260 Buydown Interest 900099 90351 90351 90351 602906 510295 0 92611 13382 13382 14624 14624 15658 15658 4735 4735 300 300 253347 253347 119001 119001 416593 416593 31445 31445 Bad Debts 728 728 Licenses and Fees 285 285 Miscellaneous Expenses 156 156 870254 821114 49140 0 311394 134257 1306 0 312000 11245076 1376645 10223940 9868431 90737 79522 10627377 10394210 7239 26828 7272799 7287391 4198490 4198490 11478528 11512709 X 0 0 0 0 -851151 -1118499 -851151 -1118499 10627377 10394210 -267348 0 X 0 0 0 X 261988 260116 270635 309980 510295 1613014 261988 260116 270635 309980 510295 1613014 0 57646 57099 62233 51400 139442 367820 57646 57099 62233 51400 139442 367820 1245194 172 181 173 149 2260 2935 172 181 173 149 2260 2935 64039 74951 72285 69994 90351 371620 326199 335248 343093 380123 602906 1987569 0.62650 0.64750 0.00150 0.00050 X Schedule A, Part III, Line 12, Explanation of Other Income: Buydown Interest - 2019 Amount: $ 64,039. 2020 Amount: $ 74,951. 2021 Amount: $ 72,285. 2022 Amount: $ 69,994. 2023 Amount: $ 90,351. 1467718 1467718 9118878 1113860 8005018 394600 106855 287745 263400 155930 107470 480 480 9868431 Form 990, Part VI, Section A, line 2 Todd Berning and Steve Gehrtz have a business relationship. Form 990, Part VI, Section A, line 6 Membership in this organization is open to all who are previously approved and ratified by the Board of Directors. Form 990, Part VI, Section A, line 7b The by-laws may be altered, amended, repealed, or added to by an affirmative vote of not less than sixty-six and sixty-seven hundreths (66.67%) percent of the members. Form 990, Part VI, Section A, line 8b There are no committees which can act on behalf of the governing body. Form 990, Part VI, Section B, line 11b A draft copy of the Form 990 is provided to the governing body before it is filed and it is reviewed at a board meeting. Form 990, Part VI, Section B, line 12c Under the Organization's conflict of interest policy an interested person is any director, principal officer or member of a committee with governing board delegated powers who has a direct or indirect financial interest. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. An interested person may make a presentation at the governing board or committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. The chairperson of the governing board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the governing board or committee shall determine whether the organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the governing board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the Organization's best interest, for its own benefit, and whether it is fair and reasonable. Form 990, Part VI, Section C, line 19 The organization's governing documents, conflict of interest policy and financial statements are available to the public upon request.