Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $353,109

• 1e · Government grants (contributions)

  $8,023,732

• 1f · All other contributions, gifts and grants

  $2,680,541

• 2a · Program service revenue: NET PROGRAM SERVICE REVENUE

  total $216,232,477 · related or exempt $216,232,477

• 2b · Program service revenue: MANAGEMENT REVENUE

  total $1,008,888 · related or exempt $1,008,888

• 2c · Program service revenue: FIN. SERVICES & CHARGEBACK REV.

  total $98,347 · related or exempt $98,347

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $4,396,610 · excluded $4,396,610

• 6a · Gross rents

  real property $664,523

• 6b · Less rental expenses

  real property $197,815

• 6c · Rental income or loss

  real property $466,708 · personal property $0

• 6d · Net rental income or loss

  total $466,708 · excluded $466,708

• 7a · Gross sales of assets other than inventory

  securities $34,114,564 · other assets $300

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

  securities $32,365,328 · other assets $15,703

• 7c · Gain or loss

  securities $1,749,236 · other assets -$15,403

• 7d · Net gain or loss

  total $1,733,833 · excluded $1,733,833

• 8a · Fundraising events: gross income

  $58,791

• 8a · Fundraising events: contributions included on line 1c

  $353,109

• 8b · Fundraising events: direct expenses

  $133,573

• 8c · Net income from fundraising events

  total -$74,782 · excluded -$74,782

• 11a · Other revenue: DEBT FORGIVENESS

  total $2,000,000 · excluded $2,000,000

• 11b · Other revenue: SOLAR RENEWABLE ENERGY CREDIT

  total $226,329 · excluded $226,329

• 11c · Other revenue: utility charges

  total $36,235 · excluded $36,235

• 11d · All other revenue

  total $92,228 · related or exempt $0 · unrelated business $0 · excluded $92,228

• 11e · Other revenue, total

  $2,354,792

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $15,602 · program services $15,602

• 2 · Grants to domestic individuals

  total $268,082 · program services $268,082

• 5 · Compensation of officers, directors and key employees

  total $321,834 · fundraising $321,834

• 7 · Other salaries and wages

  total $76,114,018 · program services $67,468,986 · management and general $8,137,385 · fundraising $507,647

• 8 · Pension plan contributions

  total $1,035,291 · program services $889,064 · management and general $137,722 · fundraising $8,505

• 9 · Other employee benefits

  total $9,466,504 · program services $8,461,557 · management and general $989,654 · fundraising $15,293

• 10 · Payroll taxes

  total $5,459,026 · program services $4,830,997 · management and general $580,777 · fundraising $47,252

• 11b · Fees: legal

  total $1,207,577 · management and general $1,193,160 · fundraising $14,417

• 11c · Fees: accounting

  total $801,245 · management and general $801,245

• 11d · Fees: lobbying

  total $126,077 · management and general $126,077

• 11f · Fees: investment management

  total $42,090 · management and general $42,090

• 11g · Fees: other

  total $36,687,915 · program services $29,291,272 · management and general $7,212,517 · fundraising $184,126

• 12 · Advertising and promotion

  total $5,162,477 · program services $5,130,161 · fundraising $32,316

• 13 · Office expenses

  total $4,498,412 · program services $3,655,649 · management and general $795,466 · fundraising $47,297

• 16 · Occupancy

  total $19,585,804 · program services $19,583,688 · management and general $2,116

• 17 · Travel

  total $246,836 · program services $179,184 · management and general $42,701 · fundraising $24,951

• 19 · Conferences, conventions and meetings

  total $277,557 · program services $138,894 · management and general $138,663

• 20 · Interest

  total $12,125,341 · program services $12,125,341

• 22 · Depreciation, depletion and amortization

  total $39,498,822 · program services $39,498,822

• 23 · Insurance

  total $4,512,479 · program services $4,505,142 · management and general $7,337

• 24a · Other expenses: SHARED SERVICES

  total $12,745,648 · program services $3,250,754 · management and general $9,494,894

• 24b · Other expenses: FOOD EXPENSE

  total $8,629,673 · program services $8,629,673

• 24c · Other expenses: OTHER EXPENSES

  total $8,421,762 · program services $5,967,357 · management and general $2,415,050 · fundraising $39,355

• 24d · Other expenses: REPAIRS & MAINTENANCE

  total $4,214,995 · program services $4,202,329 · management and general $12,666

• 24e · All other expenses

  total $3,108,190 · program services $2,853,229 · management and general $213,042 · fundraising $41,919

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $18,220 · end of year $19,770

• 2 · Savings and temporary cash investments

  beginning of year $30,470,432 · end of year $46,139,419

• 4 · Accounts receivable

  beginning of year $18,338,962 · end of year $18,621,738

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 7 · Other notes and loans receivable

  beginning of year $5,507,883 · end of year $5,581,313

• 9 · Prepaid expenses and deferred charges

  beginning of year $7,381,765 · end of year $4,424,470

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

  $905,159,427

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

  $446,963,757

• 10c · Land, buildings and equipment, net

  beginning of year $461,767,412 · end of year $458,195,670

• 11 · Investments: publicly traded securities

  beginning of year $162,730,844 · end of year $173,923,816

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $0

• 14 · Intangible assets

  beginning of year $66,810,312 · end of year $67,000,812

• 15 · Other assets

  beginning of year $12,258,620 · end of year $12,342,635

• 17 · Accounts payable and accrued expenses

  beginning of year $17,796,405 · end of year $18,427,774

• 19 · Deferred revenue

  beginning of year $131,961,429 · end of year $145,320,923

• 20 · Tax-exempt bond liabilities

  beginning of year $172,424,488 · end of year $167,471,697

• 21 · Escrow or custodial account liability

  beginning of year $31,720 · end of year $36,596

• 22 · Loans and payables to officers and key people

  end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $125,972,355 · end of year $141,039,962

• 25 · Other liabilities

  beginning of year $443,470,698 · end of year $440,108,709

• 27 · Net assets without donor restrictions

  beginning of year -$138,049,881 · end of year -$139,980,968

• 28 · Net assets with donor restrictions

  beginning of year $11,677,236 · end of year $13,824,950

The filer's explanations (Part III)

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation

The parent company of Springpoint Senior living, Inc. uses the following methods for establishing compensation: a compensation committee, an independent compensation consultant, a compensation survey and approval by the board or compensation committee.

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

The deferred compensation amount in Column C includes unvested benefits in a supplemental executive retirement plan which are subject to a substantial risk of complete forfeiture for the following individuals: - Garrett T. Midgett III, $54,996, Anthony Argondizza, $304,200, Maureen E. Cafferty, ESQ., $54,534, and David Woodward, $54,740. Accordingly, the individuals may never actually receive these unvested benefit amounts. The amounts outlined herein were not included in the following individuals' 2023 Forms W-2, Box 5 as taxable Medicare wages. Certain formerly nontaxable deferred payments vested and became taxable during 2023. these amounts are represented in Column F.

Schedule J, Part I, Line 7 Non-fixed payments

Certain individuals included in Schedule J, Part II received a bonus during calendar year 2023. These amounts were included in Column B(II) herein and in each individual's 2023 Form W-2, Box 5, as taxable Medicare wages. Please refer to this section of the Form 990, Schedule J for this information by person by amount. Bonus amounts for Senior Management are determined based on performance measured against certain operating and financial metrics which are reviewed and approved annually by the Compensation Committee of the Springpoint Senior Living Board of Trustees.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• WALL SENIOR CITIZENS HOUSING LLC

  INACTIVE · NJ · income $0 · assets $0

  Directly controlled by SPRINGPOINT AT TINTON FALLS INC

• HOWELL SENIOR CITIZENS HOUSING LLC

  low-income housing communities · NJ · income $1,680,581 · assets $9,521,098

  Directly controlled by SPRINGPOINT AT TINTON FALLS INC

• BUTLER SENIOR CITIZENS HOUSING LLC

  low-income housing communities · NJ · income $1,618,108 · assets $8,442,835

  Directly controlled by SPRINGPOINT AT TINTON FALLS INC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• AFFORDABLE HOUSING SOLUTIONS

  C Corporation · SEE PART VII - SUPPLEMENTAL INFORMATION · NJ · 100% owned · share of income $3,836 · share of assets $2,139,709 · controlled entity

  Directly controlled by PH AT WALL

• PLAINFIELD TOWER SOLUTIONS INC

  C Corporation · GENERAL PARTNER OF PLAINFIELD SENIOR CITIZENS HOUSING LP · NJ · 100% owned · share of income $0 · share of assets $575,404 · controlled entity

  Directly controlled by PH AT PLAINFIELD

• MANCHESTER HOUSING SOLUTIONS INC

  C Corporation · GENERAL PARTNER OF MANCHESTER SENIOR HOUSING LP · NJ · 100% owned · share of income $0 · share of assets -$2,002,451 · controlled entity

  Directly controlled by PH AT WALL

• Charitable Remainder Trusts (10)

  Trust · investments · NJ

  Directly controlled by na

• Charitable Remainder Trusts (3)

  Trust · Investments · NY

  Directly controlled by na