Aeon

Minneapolis, MN · EIN 41-1558711 · 501(c)(3) · Publicly supported organization (170(b)(1)(A)(vi))
Latest filing: Form 990 for calendar year 2024 (tax year 2024) · View the filing · Correct or respond

Aeon reported $44.4 million in revenue and $60.8 million in expenses for calendar year 2024. Of every $100 it spent, $95.27 went to program services, $3.26 to management and general costs and $1.47 to fundraising. Its largest source of revenue was program service revenue such as fees, sales and contracts: 61.4% of the total. Government grants made up 28.5%. The highest compensation it reported for one person was $308,162 (PRESIDENT & CHIEF EXECUTIVE OFFICER). 18 people received more than $100,000 in reportable compensation. Revenue rose 193% between 2019 and 2024. Source: Form 990, 2024.

Where $100 of spending went

Calendar year 2024 · Form 990, Part IX, line 25 · total expenses $61M

Program services$95.27 $58M
Management & general$3.26 $2.0M
Fundraising$1.47 $890K

For context, the median across 933 covered housing & shelter charities: $89.27 programs, $10.73 management, $0.00 fundraising (medians computed separately, so they may not sum to $100).

Where $100 of revenue came from

Calendar year 2024 · Form 990, Part VIII · total revenue $44M

Contributions & grants (non-government)$7.38 $3.3M
Government grants$28.51 $13M
Program service revenue$61.41 $27M
Investment income$2.70 $1.2M

Other revenue was negative: −$27,953. The bar shows the positive sources only.

The 990 scorecard · same measures for every charity, no grades

2024 filing. Median across 933 covered charities in this category, from their latest filings.
Measure	2024	Median
Program services Part IX 25(B) ÷ 25(A)	95.3%	87.5%
Management & general Part IX 25(C) ÷ 25(A)	3.3%	10.5%
Fundraising Part IX 25(D) ÷ 25(A)	1.5%	0.0%
Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h	$0.06	$0.01
Contributions & grants share of revenue Part VIII 1h ÷ 12	35.9%	17.0%
Government grants share of revenue Part VIII 1e ÷ 12	28.5%	1.0%
Program service revenue share Part VIII 2g ÷ 12	61.4%	66.2%
Highest reported compensation Part VII-A, columns D–F	$308,162	$300,863
Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A)	0.51%	1.57%
People paid over $100,000 Part VII, line 2	18	5
Net assets, in months of expenses Part X 33(B) ÷ monthly expenses	-13.0	10.0
Independent voting board members Part VI 1a–1b	13 of 13	100.0%

A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.

What the money paid for, in its own words

2024 · Form 990, Part III · the three largest programs by expense

$49M expenses · 84.1% of program spending · revenue $23M

Rental operations - aeon owns and operates affordable apartment homes for residents with low or moderate incomes. Each year, aeon serves residents across 60 properties in the twin cities metro region of minnesota. Residents include people who have experienced homelessness, youth, seniors, people with mental and chemical health issues, and others who face challenges maintaining housing stability

$3.1M expenses · 5.3% of program spending · revenue $1.3M

Housing development - aeon expands affordable housing through new construction and acquisitions. We currently have almost 6,000 homes across 60 properties in the twin cities metro region

$4.9M expenses · 8.5% of program spending · revenue $3.4M

Property management - aeon manages most of the properties it owns, ensuring apartment homes are quality homes for the long-term, while building positive relationships with residents. As of december 31, 2024, aeon manages 50 properties across the twin cities metro region

$1.2M all other programs (line 4d)

Highest reported compensation

2024 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here

Role	From this org	From related orgs	Other	Total
PRESIDENT & CHIEF EXECUTIVE OFFICER Officer, 50.00 hrs/week	$285,548	$0	$22,614	$308,162
CHIEF REAL ESTATE OFFICER Key employee, 50.00 hrs/week	$247,169	$0	$2,516	$249,685
CHIEF FINANCIAL OFFICER Officer, 50.00 hrs/week	$215,762	$0	$10,563	$226,325
VICE PRESIDENT OF HUMAN RESOURCES Highest compensated employee, 50.00 hrs/week	$171,665	$0	$22,216	$193,881
CHIEF POLICY & PARTNERSHIPS OFFICER Highest compensated employee, 50.00 hrs/week	$179,576	$0	$10,375	$189,951
EXECUTIVE VP OF OPERATIONS Key employee, 50.00 hrs/week	$186,150	$0	$1,764	$187,914
CONTROLLER Highest compensated employee, 50.00 hrs/week	$180,288	$0	$1,262	$181,550
VICE PRESIDENT OF ADVANCEMENT Highest compensated employee, 50.00 hrs/week	$160,043	$0	$10,988	$171,031

18 people received more than $100,000 in reportable compensation from Aeon (Part VII, line 2). Compensation of current officers, directors and key employees totaled $969K (Part IX, line 5).

6 years of filings

Form 990, Parts I, VII, IX and X · each row is that year's own filing, linked

RevenueExpenses

Filing	Revenue	Expenses	Programs	Net assets	Top pay
2024 ⓘ	$44M	$61M	95.3%	−$66M	$308,162
2023 ⓘ	$36M	$75M	95.7%	−$50M	$301,991
2022 (amended) ⓘ	$35M	$50M	93.6%	−$11M	$271,111
2021 ⓘ	$37M	$45M	93.6%	$2.7M	$266,124
2020 ⓘ	$34M	$37M	92.8%	$10M	$219,541
2019 ⓘ	$15M	$16M	85.0%	$11M	$218,267

Governance answers, as filed

2024 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means

Voting board members, and how many are independent Part VI, lines 1a–1b13 · 13 independent
Audited financial statements Part XII 2bYes
Conflict-of-interest policy Part VI 12aYes
Whistleblower policy Part VI 13Yes
Document retention policy Part VI 14Yes
Independent process for top executive pay Part VI 15aYes
Board given the 990 before filing Part VI 11aYes
Family or business ties among insiders Part VI 2No
Aware of a significant diversion of assets Part VI 5No
Excess benefit transaction with an insider Part IV 25aNo
Loans to or from insiders outstanding Part IV 26No
Lobbying, or a 501(h) election in effect Part IV 4Yes
Over $15,000 of professional fundraising services Part IV 18Yes
Over $10,000 of activity outside the U.S. Part IV 14bNo
Employees Part I, line 5318
Volunteers Part I, line 631

Largest outside contractors

2024 · Form 990, Part VII, Section B · businesses only

KINGFISHER CONSTRUCTION Building contractor	$1,181,910
ROZIN SECURITY CONSULTING LLC Security services	$1,138,462
NAVARRE CONSTRUCTION LLC General maintenance	$865,329
REPUBLIC SERVICES Trash removal	$563,883
UNITED PROTECTIVE AGENCY Security services	$445,666

Individuals listed as contractors are left out. 38 contractors were paid more than $100,000 in all.

Private foundation grants it received

25 private foundations reported grants to Aeon totaling $1.1M on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.

Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.

Correct a figure or respond

Every number above is copied from Aeon's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Aeon, you can publish a response that is linked from this page.

Report a correction Respond as Aeon How this works

Similar-sized charities in this cause

Habitat for Humanity of Omaha
Omaha, NE · revenue $44M · programs 90.4% · 2025
Ohio Capital Corporation for Housing
Columbus, OH · revenue $45M · programs 81.7% · 2024
Good Samaritan Shelter
Santa Maria, CA · revenue $43M · programs 89.6% · FY2025
Central Massachusetts Housing Alliance
Worcester, MA · revenue $45M · programs 94.9% · FY2025
Kendal at Hanover I
Hanover, NH · revenue $43M · programs 84.1% · 2025

All housing & shelter charities · Largest charities in Minnesota

Questions people ask

How much of Aeon's spending goes to programs?

In calendar year 2024, Aeon reported that 95.3% of its $60.8 million in expenses went to program services, 3.3% to management and general and 1.5% to fundraising (Form 990, Part IX).

How much does Aeon pay its top executive?

The largest total compensation Aeon reported for one person in calendar year 2024 was $308,162, for the role of PRESIDENT & CHIEF EXECUTIVE OFFICER (Form 990, Part VII, including compensation from related organizations and other compensation).

Where does Aeon get its money?

Of $44.4 million in revenue in calendar year 2024, 35.9% came from contributions and grants (including 28.5% from government grants) and 61.4% from program service revenue (Form 990, Part VIII).

Is Aeon a registered charity?

The IRS lists EIN 41-1558711 as a 501(c)(3) organization (publicly supported organization (170(b)(1)(a)(vi))), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.

Sources

2024: Form 990 for calendar year 2024, object 202532889349301113 · read the filing · XML
2023: Form 990 for calendar year 2023, object 202423049349302047 · read the filing
2022: Form 990 for calendar year 2022 (amended), object 202343119349300439 · read the filing
2021: Form 990 for calendar year 2021, object 202222589349302007 · read the filing
2020: Form 990 for calendar year 2020, object 202113199349307271 · read the filing
2019: Form 990 for calendar year 2019, object 202002869349301590 · read the filing

All filings for EIN 41-1558711: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.