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Nonprofiteer
← WESLEYAN RETIREMENT CENTER INC

Form 990 for tax year 2022

Filed by WESLEYAN RETIREMENT CENTER INC.

Totals

Total revenue
$16,759,677
Total expenses
$2,194,665
Contributions and grants received
$1,330
Grants paid
$1,250,000
Program service revenue
$3,122,609
Investment income
$13,635,047
Other revenue
$691
Total assets, end of year
$799,029
Total liabilities, end of year
$1,982
Net assets or fund balances, end of year
$797,047
Program services expenses (Part IX)
$2,119,277
Management and general expenses
$75,388
Fundraising expenses
$0
Program service expenses (Part III)
$2,119,277

Program services were 96.6% 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.

  • 1d · Related organizations

    $1,330

  • 2a · Program service revenue: LEASED FACILITIES

    total $3,122,609 · related or exempt $3,122,609

  • 3 · Investment income

    total $118,315 · excluded $118,315

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    other assets $29,338,488

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

    other assets $15,821,756

  • 7c · Gain or loss

    other assets $13,516,732

  • 7d · Net gain or loss

    total $13,516,732 · excluded $13,516,732

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: OTHER INCOME

    total $691 · related or exempt $691

  • 11e · Other revenue, total

    $691

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,250,000 · program services $1,250,000

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $14,316 · management and general $14,316

  • 11c · Fees: accounting

    total $2,500 · management and general $2,500

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $12,822 · management and general $12,822

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $0

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $311,887 · program services $296,293 · management and general $15,594

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $601,927 · program services $571,831 · management and general $30,096

  • 23 · Insurance

    total $0

  • 24a · Other expenses: MANAGMENT FEE TO IWU

    total $1,200 · program services $1,140 · management and general $60

  • 24b · Other expenses: OTHER

    total $13 · program services $13 · management and general $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $1,682,023 · end of year $501,179

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $404 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

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

    $297,850

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $15,620,905 · end of year $297,850

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,966 · end of year $1,982

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $691 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $9,568,640 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $7,719,394 · end of year $784,303

  • 28 · Net assets with donor restrictions

    beginning of year $12,641 · end of year $12,744

Mission and programs · 2022

Mission

PROVIDING A SAFE CHRISTIAN COMMUNITY FOR THE AGED.

  • LEASE INCOME IS GENERATED BY LEASING ALL PROPERTY AND EQUIPMENT AND THE OPERATIONS OF THE COLONIAL OAKS HEALTH CARE CENTER. WESLEYAN RETIREMENT CENTER (WRC) ALSO LEASES THE REAL ESTATE, IMPROVEMENTS AND THE MANAGEMENT OF THE RETIREMENT APARTMENTS. LASTLY, WRC LEASE ALL PROPERTY AND EQUIPMENT AND THE OPERATION OF THE AVON HEALTH CARE AND REHABILITATION CENTER.

    Expenses $2,119,277 · Grants $1,250,000 · Revenue $3,123,314

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • JOHN JONES

    CHAIRPERSON

    Total calculated
    $133,564
    From this org
    $0
    From related orgs
    $102,305
    Other
    $31,259
    Hours/week
    3 + 37 related

  • ELVIN WEINMANN

    SECRETARY/TREASURER

    Total calculated
    $122,803
    From this org
    $0
    From related orgs
    $90,871
    Other
    $31,932
    Hours/week
    3 + 37 related

  • TOM PHILLIPPE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JAN STOREY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOEL GEARHART

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PHILIP CALDWELL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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.

Grants 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.

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

2 distributions to recipients named as people, $50,838,488 in total. Counted where the filer named the recipient as a person, as filed. Who received them, and what, are not published.

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202323189349306032

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