Form 990 for tax year 2022

Filed by RIVERWOODS DURHAM.

Totals

Total revenue: $20,212,521
Total expenses: $22,863,067
Contributions and grants received: $138,127
Grants paid: $20,000
Program service revenue: $18,843,533
Investment income: $1,299,111
Other revenue: -$68,250
Total assets, end of year: $125,584,505
Total liabilities, end of year: $149,698,100
Net assets or fund balances, end of year: -$24,113,595
Program services expenses (Part IX): $17,366,194
Management and general expenses: $5,496,873
Fundraising expenses: $0
Program service expenses (Part III): $17,366,194

Program services were 76.0% 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.

1f · All other contributions, gifts and grants

$138,127
2a · Program service revenue: RESIDENTAL SERVICE FEES

total $11,845,212 · related or exempt $11,845,212
2b · Program service revenue: HEALTH CENTER FEES

total $5,771,439 · related or exempt $5,771,439
2c · Program service revenue: EARNED ENTRANCE FEES

total $1,226,882 · related or exempt $1,226,882
3 · Investment income

total $1,163,908 · excluded $1,163,908
6a · Gross rents

real property $12,915
6b · Less rental expenses

real property $0
6c · Rental income or loss

real property $12,915
6d · Net rental income or loss

total $12,915 · excluded $12,915
7a · Gross sales of assets other than inventory

securities $11,695,822
7b · Less cost or other basis and sales expenses

securities $11,560,619
7c · Gain or loss

securities $135,203
7d · Net gain or loss

total $135,203 · excluded $135,203
11a · Other revenue: ANCILLARY RESIDENT SERVICES

total -$81,165 · excluded -$81,165
11e · Other revenue, total

-$81,165

Functional expenses

Part IX, the statement of functional expenses.

2 · Grants to domestic individuals

total $20,000 · program services $20,000
5 · Compensation of officers, directors and key employees

total $140,419 · management and general $140,419
7 · Other salaries and wages

total $8,345,229 · program services $7,379,474 · management and general $965,755
8 · Pension plan contributions

total $63,249 · program services $53,652 · management and general $9,597
9 · Other employee benefits

total $781,972 · program services $634,837 · management and general $147,135
10 · Payroll taxes

total $629,906 · program services $503,925 · management and general $125,981
11a · Fees: management

total $845,968 · management and general $845,968
11b · Fees: legal

total $46,285 · management and general $46,285
11c · Fees: accounting

total $35,326 · management and general $35,326
11f · Fees: investment management

total $109,221 · management and general $109,221
11g · Fees: other

total $1,224,130 · program services $460,828 · management and general $763,302
12 · Advertising and promotion

total $318,541 · program services $181,363 · management and general $137,178
13 · Office expenses

total $1,350,904 · program services $1,120,718 · management and general $230,186
14 · Information technology

total $746,767 · program services $434,835 · management and general $311,932
16 · Occupancy

total $1,588,448 · program services $1,350,181 · management and general $238,267
17 · Travel

total $34,491 · program services $3,704 · management and general $30,787
20 · Interest

total $1,208,852 · program services $1,025,397 · management and general $183,455
22 · Depreciation, depletion and amortization

total $4,105,397 · program services $3,106,719 · management and general $998,678
23 · Insurance

total $264,840 · program services $225,114 · management and general $39,726
24a · Other expenses: REPAIRS AND MAINTENANCE

total $546,811 · program services $466,154 · management and general $80,657
24b · Other expenses: OTHER EMPLOYEE EXPENSES

total $161,449 · program services $122,785 · management and general $38,664
24c · Other expenses: BAD DEBT EXPENSE

total $117,446 · program services $117,446
24d · Other expenses: RESIDENT EXPENSES

total $112,886 · program services $110,104 · management and general $2,782
24e · All other expenses

total $64,530 · program services $48,958 · management and general $15,572

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $1,622,442 · end of year $4,359,693
2 · Savings and temporary cash investments

beginning of year $7,897,361 · end of year $983,756
4 · Accounts receivable

beginning of year $176,053 · end of year $770,836
8 · Inventories for sale or use

beginning of year $50,237 · end of year $64,792
9 · Prepaid expenses and deferred charges

beginning of year $124,434 · end of year $176,185
10a · Land, buildings and equipment: cost or other basis

$103,399,684
10b · Land, buildings and equipment: accumulated depreciation

$12,274,809
10c · Land, buildings and equipment, net

beginning of year $94,246,057 · end of year $91,124,875
11 · Investments: publicly traded securities

beginning of year $21,460,566 · end of year $27,164,648
15 · Other assets

beginning of year $1,048,835 · end of year $939,720
17 · Accounts payable and accrued expenses

beginning of year $1,253,683 · end of year $1,416,084
19 · Deferred revenue

beginning of year $11,226,770 · end of year $11,005,288
20 · Tax-exempt bond liabilities

beginning of year $52,980,000 · end of year $52,980,000
23 · Secured mortgages and notes payable

beginning of year $4,767,000 · end of year $3,004,966
25 · Other liabilities

beginning of year $78,575,392 · end of year $81,291,762
27 · Net assets without donor restrictions

beginning of year -$22,314,257 · end of year -$24,200,473
28 · Net assets with donor restrictions

beginning of year $137,397 · end of year $86,878

Mission and programs · 2022

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, 2023, THE COMMUNITY HOUSED APPROXIMATELY 217 RESIDENTS IN INDEPENDENT APARTMENTS AND 67 RESIDENTS IN OUR HEALTH CARE CENTER. OVER THE COURSE OF THE YEAR THE HEALTH CARE CENTER SERVED APPROXIMATELY 59 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 $3,078,139 FOR FY23. 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 FY23, 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. IN ORDER TO FULFILL OUR MISSION TO HELP ALL OLDER ADULTS, NOT ONLY THOSE IN OUR COMMUNITIES, RIVERWOODS LAUNCHED A PODCAST, SENIOR AUTHORITY, IN APRIL OF 2021. THIS PODCAST, FULLY FUNDED BY RIVERWOODS IS GEARED TOWARD ANSWERING QUESTIONS ON AGING, FEATURING INTERVIEWS WITH LEADING SCIENTISTS, RESEARCHERS, PRACTITIONERS, AND AUTHORS. THE PODCAST COVERS ALL ASPECTS OF AGING, FROM FITNESS TO FINANCE, HEALTH, NUTRITION, SCIENCE, AND MORE. THE PODCAST RECEIVES NO MONETARY SUBSIDIES AND HAS AVERAGED TWO PODCASTS PER MONTH TO DATE. THE PODCAST HAS EXCEEDED 52,000 DOWNLOADS, IN ADDITION TO 37,500 VIEWS ON YOUTUBE, AND HAS MORE THAN 5,000 FOLLOWERS ON SOCIAL MEDIA, ACROSS THE COUNTRY. THE PODCAST CONTINUES TO PROVIDE IMPORTANT CONTENT TO A GROWING AUDIENCE. 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. SINCE THEN, 11 SCHOLARSHIPS WERE DISTRIBUTED WORTH MORE THAN $20,000 TOWARD GOALS OF HIGHER EDUCATION.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 $17,366,194 · Grants $20,000 · Revenue $18,843,533

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

Listed in Part VII

Justine VogelJUSTINE VOGEL

EX-OFFICIO TRUSTEE/TRWG CEO

Total calculated

$507,147

From this org

$0

From related orgs

$467,759

Other

$39,388

Hours/week

0.6 + 39.4 related

Schedule J breakdown matched by us

Base

$0 + $395,828 related

Bonus

$0 + $63,035 related

Other

$0 + $8,896 related

Deferred

$0 + $10,415 related

Nontaxable benefits

$0 + $28,973 related

Filer's total

$0 + $507,147 related
Dave BrownellDAVE BROWNELL

CHAIR

Total calculated

$0

Hours/week

0.6 + 1.4 related
Susan DesjardinsSUSAN DESJARDINS

VICE-CHAIR

Total calculated

$0

Hours/week

0.6 + 1.4 related
Rebecca SmithREBECCA SMITH

CLERK

Total calculated

$0

Hours/week

0.6 + 1.4 related
Mike HickeyMIKE HICKEY

TREASURER

Total calculated

$0

Hours/week

0.6 + 1.4 related
Deborah KarmozynDEBORAH KARMOZYN

RESIDENT TRUSTEE

Total calculated

$0

Hours/week

0.6 + 1.4 related
Ralph RagucciRALPH RAGUCCI

RESIDENT TRUSTEE

Total calculated

$0

Hours/week

0.6 + 1.4 related
Walter BurginWALTER BURGIN

RESIDENT TRUSTEE

Total calculated

$0

Hours/week

0.6 + 1.4 related
Bill StaffordBILL STAFFORD

RESIDENT TRUSTEE

Total calculated

$0

Hours/week

0.6 + 1.4 related
Mike RowanMIKE ROWAN

AT LARGE TRUSTEE

Total calculated

$0

Hours/week

0.6 + 1.4 related
Dan ChartrandDAN CHARTRAND

TRUSTEE

Total calculated

$0

Hours/week

0.6 + 1.4 related
Kirsten CorazziniKIRSTEN CORAZZINI

TRUSTEE

Total calculated

$0

Hours/week

0.6 + 1.4 related
Tom DonovanTOM DONOVAN

TRUSTEE

Total calculated

$0

Hours/week

0.6 + 1.4 related
Patrick ParisiPATRICK PARISI

TRUSTEE

Total calculated

$0

Hours/week

0.6 + 1.4 related
John ProchiloJOHN PROCHILO

TRUSTEE

Total calculated

$0

Hours/week

0.6 + 1.4 related
Tim RileyTIM RILEY

TRUSTEE

Total calculated

$0

Hours/week

0.6 + 1.4 related
Susan WoodsSUSAN WOODS

TRUSTEE

Total calculated

$0

Hours/week

0.6 + 1.4 related
Jason SmithJASON SMITH

TRUSTEE

Total calculated

$0

Hours/week

0.6 + 1.4 related
Linda BrownLINDA BROWN

RESIDENT TRUSTEE - LEFT OCT 2022

Total calculated

$0

Hours/week

0.6 + 1.4 related
Howie UlfelderHOWIE ULFELDER

AT LARGE TRUSTEE - LEFT JUN 2023

Total calculated

$0

Hours/week

0.6 + 1.4 related
Steve McPhersonSTEVE MCPHERSON

TRUSTEE - LEFT JUN 2023

Total calculated

$0

Hours/week

0.6 + 2.9 related
Natalee D'AntoniNATALEE D'ANTONI

EXECUTIVE DIRECTOR

Total calculated

$127,192

From this org

$113,157

From related orgs

$0

Other

$14,035

Hours/week

40
Denise BradyDENISE BRADY

NURSE PRACTITIONER

Total calculated

$127,327

From this org

$105,732

From related orgs

$0

Other

$21,595

Hours/week

40
Kim O'Keefe GaskellKIM O'KEEFE GASKELL

EXECUTIVE DIRECTOR - LEFT JUL 2022

Total calculated

$204,938

From this org

$96,383

From related orgs

$96,091

Other

$12,464

Hours/week

4 + 36 related

Schedule J breakdown matched by us

Base

$88,715 + $83,781 related

Bonus

$0 + $12,310 related

Other

$7,668

Deferred

$2,040

Nontaxable benefits

$5,850 + $4,574 related

Filer's total

$104,273 + $100,665 related
Carolyn Watkins O'DriscollCAROLYN WATKINS O'DRISCOLL

DIRECTOR OF NURSING

Total calculated

$135,486

From this org

$121,333

From related orgs

$0

Other

$14,153

Hours/week

40
Glenn MorashGLENN MORASH

DIRECTOR OF DINING SERVICES

Total calculated

$153,068

From this org

$120,593

From related orgs

$0

Other

$32,475

Hours/week

40

Schedule J breakdown matched by us

Base

$110,332

Bonus

$4,000

Other

$6,261

Deferred

$3,802

Nontaxable benefits

$28,673

Filer's total

$153,068
Kellie FiersKELLIE FIERS

SENIOR LIVING COUNSELOR

Total calculated

$105,113

From this org

$102,155

From related orgs

$0

Other

$2,958

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 2022 W-2 COMPENSATION, AND AS SUCH IS REPORTED ON FORM 990, PART VII, COLUMN D AND SCHEDULE J, PART II, COLUMN B(II) AS FOLLOWS: GLENN MORASH, DIRECTOR OF DINING SERVICES - $4,000 CAROLYN WATKINS-O'DRISCOLL, DIRECTOR OF NURSING - $3,550 KELLIE FIERS, SENIOR LIVING COUNSELOR - $3,048 NATALEE D'ANTONI, EXECUTIVE DIRECTOR - $2,500 DENISE BRADY, NURSE PRACTITIONER - $930

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

Directly controlled by THE RIVERWOODS GROUP
BIRCH HILL TERRACE

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

Directly controlled by THE RIVERWOODS GROUP
WOMEN'S AID DBA PEARL MANOR

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

Directly controlled by BIRCH HILL TERRACE

Provenance

Return type: form_990
Tax year: 2022
Filed: 6 November 2023
IRS schema version: 2022v5.0
Source object: 202323139349305867

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