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Nonprofiteer
← RIVERWOODS DURHAM

Form 990 for tax year 2024

Filed by RIVERWOODS DURHAM.

Totals

Total revenue
$25,153,052
Total expenses
$24,476,687
Contributions and grants received
$1,178,569
Grants paid
$79,610
Program service revenue
$21,257,057
Investment income
$2,628,229
Other revenue
$89,197
Total assets, end of year
$129,601,259
Total liabilities, end of year
$152,217,162
Net assets or fund balances, end of year
-$22,615,903
Program services expenses (Part IX)
$19,051,772
Management and general expenses
$5,424,915
Fundraising expenses
$0
Program service expenses (Part III)
$19,051,772

Program services were 77.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $990,369

  • 1f · All other contributions, gifts and grants

    $188,200

  • 2a · Program service revenue: RESIDENTAL SERVICE FEES

    total $13,003,888 · related or exempt $13,003,888

  • 2b · Program service revenue: HEALTH CENTER FEES

    total $6,802,895 · related or exempt $6,802,895

  • 2c · Program service revenue: EARNED ENTRANCE FEES

    total $1,450,274 · related or exempt $1,450,274

  • 3 · Investment income

    total $1,310,411 · excluded $1,310,411

  • 6a · Gross rents

    real property $89,197

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $89,197

  • 6d · Net rental income or loss

    total $89,197 · excluded $89,197

  • 7a · Gross sales of assets other than inventory

    securities $2,946,745 · other assets $13,555

  • 7b · Less cost or other basis and sales expenses

    securities $1,637,475 · other assets $5,007

  • 7c · Gain or loss

    securities $1,309,270 · other assets $8,548

  • 7d · Net gain or loss

    total $1,317,818 · excluded $1,317,818

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $79,610 · program services $79,610

  • 5 · Compensation of officers, directors and key employees

    total $184,546 · program services $92,273 · management and general $92,273

  • 7 · Other salaries and wages

    total $9,166,747 · program services $8,259,887 · management and general $906,860

  • 8 · Pension plan contributions

    total $77,434 · program services $63,542 · management and general $13,892

  • 9 · Other employee benefits

    total $1,029,686 · program services $823,749 · management and general $205,937

  • 10 · Payroll taxes

    total $682,555 · program services $546,044 · management and general $136,511

  • 11a · Fees: management

    total $445,468 · management and general $445,468

  • 11b · Fees: legal

    total $19,878 · management and general $19,878

  • 11c · Fees: accounting

    total $36,505 · management and general $36,505

  • 11f · Fees: investment management

    total $123,111 · management and general $123,111

  • 11g · Fees: other

    total $2,739,267 · program services $1,392,652 · management and general $1,346,615

  • 12 · Advertising and promotion

    total $23,755 · program services $14,573 · management and general $9,182

  • 13 · Office expenses

    total $390,510 · program services $340,674 · management and general $49,836

  • 14 · Information technology

    total $424,274 · program services $167,434 · management and general $256,840

  • 16 · Occupancy

    total $1,782,710 · program services $1,479,985 · management and general $302,725

  • 17 · Travel

    total $35,225 · management and general $35,225

  • 20 · Interest

    total $1,444,402 · program services $980,568 · management and general $463,834

  • 22 · Depreciation, depletion and amortization

    total $3,910,469 · program services $3,247,764 · management and general $662,705

  • 23 · Insurance

    total $317,555 · program services $269,987 · management and general $47,568

  • 24a · Other expenses: FOOD & DIETARY SUPPLIES

    total $777,132 · program services $676,105 · management and general $101,027

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $342,849 · program services $298,416 · management and general $44,433

  • 24c · Other expenses: OTHER EMPLOYEE EXPENSES

    total $184,280 · program services $136,146 · management and general $48,134

  • 24d · Other expenses: RESIDENT EXPENSES

    total $176,974 · program services $176,974

  • 24e · All other expenses

    total $81,745 · program services $5,389 · management and general $76,356

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $5,501,028 · end of year $5,798,141

  • 3 · Pledges and grants receivable

    end of year $990,369

  • 4 · Accounts receivable

    beginning of year $178,417 · end of year $92,707

  • 8 · Inventories for sale or use

    beginning of year $65,569 · end of year $49,920

  • 9 · Prepaid expenses and deferred charges

    beginning of year $144,311 · end of year $94,864

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

    $107,824,532

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

    $19,727,761

  • 10c · Land, buildings and equipment, net

    beginning of year $89,796,807 · end of year $88,096,771

  • 11 · Investments: publicly traded securities

    beginning of year $30,104,808 · end of year $33,795,343

  • 15 · Other assets

    beginning of year $819,487 · end of year $683,144

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,309,314 · end of year $2,103,138

  • 19 · Deferred revenue

    beginning of year $10,559,994 · end of year $10,208,330

  • 20 · Tax-exempt bond liabilities

    beginning of year $52,140,294 · end of year $51,594,110

  • 23 · Secured mortgages and notes payable

    beginning of year $1,106,304 · end of year $36,556

  • 25 · Other liabilities

    beginning of year $84,697,803 · end of year $88,275,028

  • 27 · Net assets without donor restrictions

    beginning of year -$24,271,351 · end of year -$22,679,284

  • 28 · Net assets with donor restrictions

    beginning of year $68,069 · end of year $63,381

Mission and programs · 2024

Mission

THE MISSION OF RIVERWOODS DURHAM (RWD) IS TO ESTABLISH, OWN, AND MAINTAIN A CONTINUING CARE RETIREMENT COMMUNITY (CCRC) WHICH PROVIDES HOUSING, HEALTH CARE SERVICES, FOOD SERVICES, SECURITY, AND OTHER ANCILLARY SERVICES TO ELDERLY PERSONS.

Activities or mission (Part I)

TO ESTABLISH, OWN, AND MAINTAIN A CHARITABLE CONTINUING CARE RETIREMENT COMMUNITY FOR THE ELDERLY

  • RIVERWOODS DURHAM (RWD) HAS ONE PRIMARY PROGRAM SERVICE, TO ESTABLISH, MANAGE AND MAINTAIN A CONTINUING CARE RETIREMENT COMMUNITY WHICH PROVIDES HOUSING, HEALTH CARE SERVICES, FOOD SERVICES, SECURITY, AND OTHER ANCILLARY SERVICES TO OLDER ADULTS OVER AGE 62. ON JUNE 30, 2025, THE COMMUNITY HOUSED APPROXIMATELY 200 RESIDENTS IN INDEPENDENT APARTMENTS AND 62 RESIDENTS IN OUR HEALTH CARE CENTER. OVER THE COURSE OF THE YEAR THE HEALTH CARE CENTER SERVED APPROXIMATELY 78 RESIDENTS ON A PERMANENT, TEMPORARY OR PER DIEM BASIS AT A SUBSTANTIALLY DISCOUNTED RATE. THE CONTRACTUAL ALLOWANCE (I.E. WRITE-OFF) RELATED TO THE LEVEL OF CARE PROVIDED FOR LIFECARE CONTRACT RESIDENTS WAS $4,083,486 FOR FY25. CONTINUED ON SCHEDULE O. AS A NOT-FOR-PROFIT CCRC, RWD HAS A BENEVOLENCE FUND TO HELP RESIDENTS WHO HAVE OUTLIVED THEIR ASSETS OR HAVE FOUND THEMSELVES UNABLE TO MAKE THEIR FINANCIAL COMMITMENT, THROUGH NO FAULT OF THEIR OWN. IF NEEDED, A RESIDENT CAN TURN TO THE RIVERWOODS BENEVOLENCE FUND, RATHER THAN PLACING FINANCIAL BURDEN ON SENIOR ASSISTANCE PROGRAMS OUTSIDE THE RIVERWOODS COMMUNITY.WOVEN INTO THE FABRIC OF OUR FOUNDING PRINCIPLES IS A COMMITMENT TO THE LOCAL COMMUNITY: "TO BE A RESPONSIBLE COMMUNITY THAT PARTICIPATES IN THE LIFE OF THE LARGER COMMUNITY AROUND IT." WE CONSIDER OURSELVES NEIGHBORS OF THE LOCAL COMMUNITY, AND WE ARE DEDICATED TO SERVING THE NEW HAMPSHIRE SEACOAST AREA BOTH WITH OUR TIME, KNOWLEDGE, AND THROUGH OUR RESOURCES. IN FY25, BOTH STAFF AND RESIDENTS FOUND MANY WAYS TO GIVE BACK, SERVE OTHERS, AND SUPPORT THE LOCAL COMMUNITY BY VOLUNTEERING THEIR TIME ON LOCAL NOT-FOR-PROFIT BOARDS, VOLUNTEERING HOURS IN THEIR COMMUNITY AND COLLECTING PHYSICAL DONATIONS FOR TOY, FOOD, AND CLOTHING DRIVES. PART OF OUR MISSION IS NOT ONLY TO HELP IMPROVE THE EXPERIENCE OF AGING FOR AS MANY ADULTS AS POSSIBLE, BUT ALSO TO SHARE THAT KNOWLEDGE WITH OTHERS, ESPECIALLY THE YOUNGER GENERATION. EMPLOYEES REGULARLY SHARE THEIR KNOWLEDGE BY INVITING STUDENTS INTO THE RWD COMMUNITY WHO CAN LEARN FROM THE VAST KNOWLEDGE AND EXPERIENCE OF THE STAFF. OVER THE YEARS WE HAVE HOSTED STUDENTS FROM A VARIETY OF SCHOOLS AND PROVIDED INTERNSHIPS IN A VARIETY OF COURSEWORK, FROM MARKETING TO FINANCE TO SOCIAL WORK AND HEALTH CARE. SINCE RIVERWOODS OPENED ITS DOORS, A KEY OBJECTIVE HAS NOT ONLY BEEN TO SHARE OUR EXPERIENCES WITH OTHERS, BUT TO LEARN FROM OTHERS IN THE INDUSTRY AT THE SAME TIME. IN THIS WAY WE CONTINUE TO INNOVATE, TO REMAIN AT THE FOREFRONT OF NEW TRENDS IN OUR INDUSTRY, AND TO RESPOND TO CHANGING CONSUMER PREFERENCES, WHILE ALSO ADVANCING THE SENIOR LIVING INDUSTRY AS A WHOLE. OUR LEADERS REGULARLY ATTEND INDUSTRY SEMINARS, PARTICIPATE IN STUDY GROUPS, AND PRESENT ON NATIONAL AND INTERNALTIONAL PANELS WITHIN OUR INDUSTRY, AS WELL AS DRAFT ARTICLES FOR LEADING PUBLICATIONS. RWD IS A STRONG COMMUNITY PARTNER AND IN ADDITION TO RESIDENT AND STAFF TIME SPENT VOLUNTEERING, RWD HAS HELPED A NUMBER OF COMMUNITY-WIDE EVENTS AND ORGANIZATIONS WITH FINANCIAL SUPPORT. RWD HAS ALSO PROVIDED SMALL HONORARIUMS/DONATIONS TO A NUMBER OF GROUPS WHO HAVE PROVIDED SPEAKERS FOR OUR ON-CAMPUS EDUCATION PROGRAMS.EDUCATION IS A VALUE HIGHLY PRIZED BY RWD RESIDENTS. IN FY22, SCHOLARSHIP FUNDS WERE ESTABLISHED FOR RWD STAFF. IN FY25 $25,500 OF SCHOLARSHIPS WERE DISTIBUTED TO 11 EMPLOYEES.C.A.R.E. STANDS FOR CARING, AIDING, AND RESPONDING TO EMPLOYEE'S FINANCIAL NEEDS. THE C.A.R.E. FUND WAS ESTABLISHED BY EMPLOYEES TO ASSIST EMPLOYEES OF RIVERWOODS WHO DEMONSTRATE A FINANCIAL EMERGENCY BEYOND THEIR CONTROL AND PROVIDE THEM WITH LIMITED ASSISTANCE.

    Expenses $19,051,772 · Grants $79,610 · Revenue $21,257,057

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Justine Vogel

    CEO

    Total calculated
    $548,637
    From this org
    $0
    From related orgs
    $518,164
    Other
    $30,473
    Hours/week
    0.5 + 39.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $433,755 related
    Bonus
    $0 + $52,881 related
    Other
    $0 + $31,528 related
    Deferred
    $0 + $12,801 related
    Nontaxable benefits
    $0 + $17,672 related
    Filer's total
    $0 + $548,637 related
  • Susan Desjardins

    CHAIR

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related
  • Rebecca Smith

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related
  • Michael Hickey

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related
  • Deborah Karmozyn

    CLERK AND RESIDENT TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related
  • Dan Chartrand

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related
  • Kirsten Corazzini

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related
  • Tom Donovan

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related
  • Debby Miller

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related
  • Patrick Parisi

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related
  • Walter Burgin

    RESIDENT TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related
  • Ralph Ragucci

    RESIDENT TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related
  • Bill Stafford

    RESIDENT TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related
  • Gary Richardson

    AT LARGE TRUSTEE (JOINED SEPT. 2024)

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related
  • Maria Mongan

    TRUSTEE (JOINED JUNE 2025)

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related
  • Steve Reno

    TRUSTEE (JOINED JUNE 2025)

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related
  • Heather Whitfield

    TRUSTEE (JOINED JUNE 2025)

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related
  • Kimberly Gaskell

    VP OF OPERATIONS

    Total calculated
    $297,328
    From this org
    $0
    From related orgs
    $287,089
    Other
    $10,239
    Hours/week
    6 + 34 related

    Schedule J breakdown matched by us

    Base
    $0 + $222,945 related
    Bonus
    $0 + $22,972 related
    Other
    $0 + $41,172 related
    Deferred
    $0 + $6,940 related
    Nontaxable benefits
    $0 + $3,299 related
    Filer's total
    $0 + $297,328 related
  • Natalee Belanger

    EXECUTIVE DIRECTOR

    Total calculated
    $190,633
    From this org
    $182,685
    From related orgs
    $0
    Other
    $7,948
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,216
    Bonus
    $19,591
    Other
    $8,878
    Deferred
    $5,137
    Nontaxable benefits
    $2,811
    Filer's total
    $190,633
  • Holly Moon

    NURSE LEADER RN

    Total calculated
    $149,048
    From this org
    $138,553
    From related orgs
    $0
    Other
    $10,495
    Hours/week
    40
  • Patricia McDonough-Doane

    LPN

    Total calculated
    $120,955
    From this org
    $120,772
    From related orgs
    $0
    Other
    $183
    Hours/week
    40
  • Kaitlin Knapp

    NURSE PRACTITIONER

    Total calculated
    $159,438
    From this org
    $151,049
    From related orgs
    $0
    Other
    $8,389
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $129,271
    Bonus
    $13,431
    Other
    $8,347
    Deferred
    $3,593
    Nontaxable benefits
    $4,796
    Filer's total
    $159,438
  • Devlin Lockley

    DIRECTOR OF ENVIRONMENTAL SERVICES

    Total calculated
    $127,457
    From this org
    $123,896
    From related orgs
    $0
    Other
    $3,561
    Hours/week
    40
  • Samantha Lagace

    DIRECTOR OF HEALTH SERVICES

    Total calculated
    $133,282
    From this org
    $128,351
    From related orgs
    $0
    Other
    $4,931
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
ALL RELATED PARTY COMPENSATION DISCLOSED ON SCHEDULE J, PART II IS COMPENSATION PAID BY THE RIVERWOODS GROUP (TRWG), A RELATED IRC SECTION 501(C)(3) SUPPORTING ORGANIZATION. TRWG USES THE FOLLOWING TO EVALUATE COMPENSATION: A COMPENSATION COMMITTEE, AN INDEPENDENT COMPENSATION CONSULTANT, FORM 990S OF OTHER LIKE ORGANIZATIONS, A COMPENSATION SURVEY/STUDY AND APPROVAL BY THE TRWG BOARD/COMPENSATION COMMITTEE. THE INDEPENDENT COMPENSATION CONSULTANT REVIEWS THE CEO COMPENSATION PACKAGE FOR REASONABLENESS UNDER THE INTERMEDIATE SANCTIONS RULE (IRS SECTION 4598).
PART I, LINE 7
ANY BONUS PAYMENT IS UP TO THE DISCRETION OF THE EMPLOYEE'S SENIOR LEADER. ANY BONUSES PAID TO SENIOR LEADERSHIP ARE ALSO SUBJECT TO REVIEW BY THE EXECUTIVE DIRECTOR AND/OR TRWG CEO. THE BONUS DETERMINATION IS BASED ON AN ANALYSIS OF THE EMPLOYEE'S PERFORMANCE DURING THE YEAR AND IS SUBJECT TO THE BUDGETARY CONSTRAINTS OF THE ORGANIZATION. THE BONUS PAID WAS INCLUDED IN 2023 W-2 COMPENSATION, AND AS SUCH IS REPORTED ON FORM 990, PART VII, COLUMNS D AND E, AND SCHEDULE J, PART II, COLUMN B(II) AS FOLLOWS: JUSTINE VOGEL, CEO - $52,881 KIMBERLY GASKELL, VP OF OPERATIONS - $22,972 NATALEE BELANGER, EXECUTIVE DIRECTOR - $19,591 KAITLIN KNAPP - $13,431 HOLLY MOON - $1,149 SAMANTHA LAGACE - $12,046 DEVLIN LOCKLEY - $9,407 PATRICIA MCDONOUGH-DOANE - $5,498

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • THE RIVERWOODS GROUP

    501(C)(3) · FURTHER THE MISSIONS OF THE RIVERWOODS GROUP MEMBERS · NH

  • THE RIVERWOODS COMPANY AT EXETER NEW HAMPSHIRE

    501(C)(3) · ESTABLISH, OWN AND MAINTAIN CONTINUING CARE RETIREMENT COMMUNITIES · NH · controlled entity

    Directly controlled by THE RIVERWOODS GROUP

  • BIRCH HILL TERRACE

    501(C)(3) · ESTABLISH, OWN AND MAINTAIN A CONTINUING CARE RETIREMENT COMMUNITY · NH · controlled entity

    Directly controlled by THE RIVERWOODS GROUP

  • WOMEN'S AID DBA PEARL MANOR

    501(C)(3) · PROVIDE SUPPORT FOR BIRCH HILL TERRACE · NH · controlled entity

    Directly controlled by BIRCH HILL TERRACE

Provenance

Return type
form_990
Tax year
2024
Filed
6 November 2025
IRS schema version
2024v5.2
Source object
202533119349302928

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