Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $189,108

• 1f · All other contributions, gifts and grants

  $1,706,689

• 2f · All other program service revenue

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

• 3 · Investment income

  total $504,663 · excluded $504,663

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $2,123,422

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

  securities $1,847,388

• 7c · Gain or loss

  securities $276,034 · other assets $0

• 7d · Net gain or loss

  total $276,034 · excluded $276,034

• 8a · Fundraising events: gross income

  $50,147

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

  $189,108

• 8b · Fundraising events: direct expenses

  $60,001

• 8c · Net income from fundraising events

  total -$9,854 · excluded -$9,854

• 11d · All other revenue

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

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $902,190 · program services $902,190

• 7 · Other salaries and wages

  total $136,222 · fundraising $136,222

• 9 · Other employee benefits

  total $18,113 · fundraising $18,113

• 10 · Payroll taxes

  total $7,256 · fundraising $7,256

• 11g · Fees: other

  total $49,275 · program services $0 · management and general $49,275 · fundraising $0

• 13 · Office expenses

  total $26,827 · management and general $26,827

• 14 · Information technology

  total $9,750 · management and general $9,750

• 17 · Travel

  total $1 · management and general $1

• 24a · Other expenses: PROGRAM SERVICES EXPENSES

  total $455,304 · program services $455,304

• 24b · Other expenses: SPECIAL EVENTS

  total $53,059 · fundraising $53,059

• 24c · Other expenses: FUNDRAISING EXPENSES

  total $6,652 · fundraising $6,652

• 24d · Other expenses: BAD DEBT EXPENSE

  total $5,906 · fundraising $5,906

• 24e · All other expenses

  total $15,002 · program services $0 · management and general $15,002 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $471,563 · end of year $672,366

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $189,580

• 4 · Accounts receivable

  beginning of year $344,317 · end of year $12,784

• 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

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

  $0

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

  $0

• 10c · Land, buildings and equipment, net

  beginning of year $0 · end of year $0

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $19,671,204 · end of year $21,599,741

• 15 · Other assets

  beginning of year $0 · end of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $542,943 · end of year $47,471

• 19 · Deferred revenue

  beginning of year $239,310 · end of year $206,791

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $0 · end of year $75,968

• 27 · Net assets without donor restrictions

  beginning of year $4,244,940 · end of year $4,961,017

• 28 · Net assets with donor restrictions

  beginning of year $15,459,891 · end of year $17,183,224

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 3 ARRANGEMENT USED TO ESTABLISH THE TOP MANAGEMENT OFFICIAL'S COMPENSATION

COMPENSATION IS PAID BY WESTMINSTER-CANTERBURY ON CHESAPEAKE BAY, A RELATED ORAGNIZATION. THE POLICY OF THE ORGANIZATION IS TO SET COMPENSATION AT MARKET PAY FOR ALL EMPLOYEES WHO ARE FULLY COMPETENT IN THEIR POSITIONS. MARKET PAY IS DETERMINED BY INDEPENDENT, OUTSIDE EXPERTS. ADDITIONALLY, A SUBSTANTIAL PORTION OF THE PRESIDENT AND CEO'S COMPENSATION IS ATRISK PAY LINKED TO SPECIFIC GOALS AND RESULTS. ADDITIONALLY, THE BOARD PROVIDES A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) FOR THE CEO CONTINGENT IN PART UPON LONGEVITY OF EMPLOYMENT TO ENCOURAGE RETENTION. TO DETERMINE COMPENSATION FOR THE PRESIDENT AND CEO, THE BOARD'S EXECUTIVE COMMITTEE, ACTING AS A PERSONNEL COMMITTEE, ENGAGES AN INDEPENDENT CONSULTANT WHO SPECIALIZES IN EXECUTIVE COMPENSATION. THE INDEPENDENT CONSULTANT PROVIDES THE EXECUTIVE COMMITTEE COMPENSATION DATA REPRESENTING COMPARABLE POSITIONS IN ORGANIZATIONS OF SIMILAR INDUSTRIES WITH SIMILAR REVENUE AND BUDGET SIZE. THE EXECUTIVE COMMITTEE USES THIS INFORMATION AND THE RECOMMENDATIONS OF THE INDEPENDENT CONSULTANT AS THE BASIS FOR SETTING COMPENSATION.

SCHEDULE J, PART I, LINE 4B SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN

INCLUDED IN THE COMPENSATION OF J. BENJAMIN UNKLE, JR. IS $71,152 FROM A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP). FOR DETAILS OF HOW THE ORGANIZATION SETS COMPENSATION, PLEASE SEE THE DESCRIPTION IN THE NOTE FOR PART I, LINE 3.

SCHEDULE J, PART II, COLUMN (B)(II)

IN THE PRIOR YEAR, THE CEO'S COMPENSATION EXCEEDED HISTORICAL AMOUNTS DUE TO THE VESTING OF A RETENTION BONUS. THIS BONUS WAS STRATEGICALLY IMPLEMENTED TO SAFEGUARD THE ORGANIZATION DURING A CRITICAL PHASE OF EXPANSION, WHICH INVOLVED OVER $400 MILLION IN BORROWING AND INVESTMENT. GIVEN THE CEO'S EXTENSIVE EXPERIENCE LEADING LARGE, MULTICAMPUS SENIOR LIVING OPERATIONS AND THE INTEREST EXPRESSED BY OTHER ORGANIZATIONS IN RECRUITING FOR SIMILAR ROLES, RETAINING THIS LEADERSHIP WAS CONSIDERED ESSENTIAL TO ENSURING THE SUCCESS OF THE ORGANIZATION'S GROWTH INITIATIVES. THE RETENTION BONUS DETAILS WERE EVALUATED FOR MARKET COMPETITIVENESS IN ACCORDANCE WITH THE COMPENSATION REVIEW POLICY AND RECEIVED BOARD APPROVAL.