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Nonprofiteer
← PENACOOK PLACE INC

Form 990 for tax year 2022

Filed by PENACOOK PLACE INC.

Totals

Total revenue
$14,137,827
Total expenses
$18,009,714
Contributions and grants received
$5,989
Grants paid
$0
Program service revenue
$14,131,657
Investment income
$181
Other revenue
$0
Total assets, end of year
$4,917,415
Total liabilities, end of year
$6,809,580
Net assets or fund balances, end of year
-$1,892,165
Program services expenses (Part IX)
$16,532,360
Management and general expenses
$1,477,354
Fundraising expenses
$0
Program service expenses (Part III)
$16,532,360

Program services were 91.8% 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.

  • 1f · All other contributions, gifts and grants

    $5,989

  • 2a · Program service revenue: Patient services

    total $14,131,657 · related or exempt $14,131,657

  • 3 · Investment income

    total $181 · excluded $181

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $158,717 · program services $144,319 · management and general $14,398

  • 7 · Other salaries and wages

    total $7,405,098 · program services $6,736,269 · management and general $668,829

  • 8 · Pension plan contributions

    total $46,569 · program services $40,688 · management and general $5,881

  • 9 · Other employee benefits

    total $810,277 · program services $707,945 · management and general $102,332

  • 10 · Payroll taxes

    total $628,523 · program services $549,145 · management and general $79,378

  • 11a · Fees: management

    total $565,821 · management and general $565,821

  • 11b · Fees: legal

    total $33,365 · management and general $33,365

  • 11c · Fees: accounting

    total $7,350 · management and general $7,350

  • 11g · Fees: other

    total $974,589 · program services $974,589

  • 12 · Advertising and promotion

    total $26,475 · program services $26,475

  • 13 · Office expenses

    total $121,392 · program services $121,392

  • 14 · Information technology

    total $3,188 · program services $3,188

  • 16 · Occupancy

    total $293,246 · program services $293,246

  • 17 · Travel

    total $2,139 · program services $2,139

  • 19 · Conferences, conventions and meetings

    total $1,040 · program services $1,040

  • 20 · Interest

    total $95,798 · program services $95,798

  • 22 · Depreciation, depletion and amortization

    total $258,275 · program services $258,275

  • 23 · Insurance

    total $98,363 · program services $98,363

  • 24a · Other expenses: Medical care/supplies

    total $4,159,967 · program services $4,159,967

  • 24b · Other expenses: Medicaid user fee

    total $933,812 · program services $933,812

  • 24c · Other expenses: Provision for bad debts

    total $699,156 · program services $699,156

  • 24d · Other expenses: Nutrition and dining

    total $497,005 · program services $497,005

  • 24e · All other expenses

    total $189,549 · program services $189,549

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $482,332 · end of year $266,325

  • 2 · Savings and temporary cash investments

    beginning of year $84,562 · end of year $43,453

  • 4 · Accounts receivable

    beginning of year $2,697,807 · end of year $1,945,315

  • 9 · Prepaid expenses and deferred charges

    beginning of year $57,214 · end of year $253,883

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

    $10,207,851

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

    $8,146,580

  • 10c · Land, buildings and equipment, net

    beginning of year $2,242,494 · end of year $2,061,271

  • 14 · Intangible assets

    beginning of year $4,037 · end of year $0

  • 15 · Other assets

    beginning of year $324,850 · end of year $347,168

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,952,885 · end of year $3,816,301

  • 24 · Unsecured notes and loans payable

    beginning of year $2,444,515 · end of year $2,444,514

  • 25 · Other liabilities

    beginning of year $516,174 · end of year $548,765

  • 27 · Net assets without donor restrictions

    beginning of year $895,722 · end of year -$1,935,057

  • 28 · Net assets with donor restrictions

    beginning of year $84,000 · end of year $42,892

Mission and programs · 2022

Mission

To promote the highest possible quality of life for our residents in a clean, safe, and attractive environment. To care for our residents as we would want to be cared for - the Golden Rule of Penacook Place. To meet or exceed the expectations of our residents, as well as others with whom we come in contact. To show hospitality, courtesy, cooperation, and respect to all residents, family members, fellow employees, volunteers, and visitors.

Activities or mission (Part I)

To promote the highest possible quality of life for our residents.

  • Penacook Place is an independent, non-profit, 160 bed nursing home and rehabilitation facility located in Haverhill, MA that strives to offer the finest care and best quality of life for its residents. The facility's team of professionals is specially trained to meet the medical, social, psychological, and therapeutic needs of those they serve. Their dedicated caregivers are highly trained and compassionate, and help make Penacook Place a warm and welcoming facility.

    Expenses $16,532,360 · Revenue $14,131,657

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

Listed in Part VII

  • Janis Cordischi

    Member

    Total calculated
    $0
    Hours/week
    2

  • Rev John Delaney

    Member

    Total calculated
    $0
    Hours/week
    2

  • Caitlin Masys

    Member

    Total calculated
    $0
    Hours/week
    2

  • Frank Novak

    Member (end 9/2022)

    Total calculated
    $0
    Hours/week
    2

  • John Sarro

    Member

    Total calculated
    $0
    Hours/week
    2

  • Gregory Shaw

    Member

    Total calculated
    $0
    Hours/week
    2

  • Thomas L Mortimer

    Chair

    Total calculated
    $0
    Hours/week
    2

  • William Kleuber

    Treasurer

    Total calculated
    $0
    Hours/week
    2

  • Michael Bell

    President

    Total calculated
    $158,717
    From this org
    $156,968
    From related orgs
    $0
    Other
    $1,749
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $144,478
    Bonus
    $10,000
    Other
    $2,490
    Deferred
    $488
    Nontaxable benefits
    $1,261
    Filer's total
    $158,717

  • Judithann Riopelle

    Secretary

    Total calculated
    $0
    Hours/week
    2

  • Dale Spaulding

    Director of Nursing

    Total calculated
    $139,022
    From this org
    $137,378
    From related orgs
    $0
    Other
    $1,644
    Hours/week
    42.23

  • Samantha Oliver

    RN

    Total calculated
    $129,207
    From this org
    $129,207
    From related orgs
    $0
    Other
    $0
    Hours/week
    40.76

  • Kenny Senfuma

    RN

    Total calculated
    $129,504
    From this org
    $125,306
    From related orgs
    $0
    Other
    $4,198
    Hours/week
    41.19

  • BobbiJo Philpot

    Addmissions Professional

    Total calculated
    $126,963
    From this org
    $116,031
    From related orgs
    $0
    Other
    $10,932
    Hours/week
    38.77

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 · 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
Any compensation paid to the trustees, directors, officers or key employees of the Organization is subject to the oversight and decisions of Covenant Health, a related tax-exempt organization. Every two-to-three years the Compensation Committee of the Covenant Health Board of Directors engages an external consultant to provide competitive market data from various survey sources, which is then used to develop recommendations for changes to the compensation program. Since 2003, the Compensation Committee has engaged a human resources consultant to conduct this analysis. Objectives of the analysis are to assess the compositeness of the total cash compensation levels of the senior leadership team, develop market based competitive salary ranges for all executive positions, and ensure that the annual incentive opportunities, if there are any, are competitive and reasonable.
Part I, Line 7
A Compensation Committee recommends the variable pay award that may be issued to qualifying employees and officers. The payment of the award is discretionary and is subject to meeting the pre-determined goals of the Organization.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

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

  • Campus Holding

    C · Holding company · ME

  • Covenant Health Insurance LTD

    C · Self-insurance company · CJ

  • GNM Corporation

    C · Real estate holding company · NH

  • SJ Physicians Services

    C · Physician practice · NH

  • St Joseph Corporate Services Inc

    C · Holding company · NH

  • Strauss Incorporated

    C · Repairs and transcriptions · ME

Provenance

Return type
form_990
Tax year
2022
Filed
26 October 2023
IRS schema version
2022v5.0
Source object
202332999349300423

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