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← TOWNSEND ELDERLY RESIDENCES INC

Form 990 for tax year 2022

Filed by TOWNSEND ELDERLY RESIDENCES INC.

Totals

Total revenue
$724,719
Total expenses
$676,350
Contributions and grants received
$470,593
Grants paid
$0
Program service revenue
$250,767
Investment income
$90
Other revenue
$3,269
Total assets, end of year
$1,365,363
Total liabilities, end of year
$2,712,989
Net assets or fund balances, end of year
-$1,347,626
Program services expenses (Part IX)
$615,011
Management and general expenses
$61,339
Fundraising expenses
$0
Program service expenses (Part III)
$615,011

Program services were 90.9% 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.

  • 1e · Government grants (contributions)

    $470,593

  • 2a · Program service revenue: RENTAL INCOME

    total $250,767 · related or exempt $250,767

  • 3 · Investment income

    total $90 · excluded $90

  • 11a · Other revenue: LAUNDRY INCOME

    total $2,929 · related or exempt $2,929

  • 11d · All other revenue

    total $340 · related or exempt $340

  • 11e · Other revenue, total

    $3,269

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $53,223 · program services $4,334 · management and general $48,889

  • 11c · Fees: accounting

    total $12,450 · management and general $12,450

  • 11g · Fees: other

    total $143,429 · program services $143,429

  • 12 · Advertising and promotion

    total $608 · program services $608

  • 13 · Office expenses

    total $20,313 · program services $20,313

  • 16 · Occupancy

    total $312,427 · program services $312,427

  • 19 · Conferences, conventions and meetings

    total $464 · program services $464

  • 22 · Depreciation, depletion and amortization

    total $103,771 · program services $103,771

  • 24a · Other expenses: SERVICE EXPENSE

    total $25,734 · program services $25,734

  • 24b · Other expenses: MISC. TAXES, LICENSES,

    total $2,397 · program services $2,397

  • 24c · Other expenses: BAD DEBT EXPENSE

    total $1,517 · program services $1,517

  • 24d · Other expenses: RESIDUAL RECEIPT EXPENS

    total $17 · program services $17

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $38,904 · end of year $34,801

  • 4 · Accounts receivable

    beginning of year $2,904 · end of year $5,529

  • 9 · Prepaid expenses and deferred charges

    beginning of year $36,221 · end of year $37,266

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

    $4,172,594

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

    $3,078,244

  • 10c · Land, buildings and equipment, net

    beginning of year $1,185,072 · end of year $1,094,350

  • 15 · Other assets

    beginning of year $170,354 · end of year $193,417

  • 17 · Accounts payable and accrued expenses

    beginning of year $40,794 · end of year $39,154

  • 19 · Deferred revenue

    beginning of year $2,626 · end of year $1,344

  • 21 · Escrow or custodial account liability

    beginning of year $20,546 · end of year $21,857

  • 23 · Secured mortgages and notes payable

    beginning of year $2,741,771 · end of year $2,644,362

  • 25 · Other liabilities

    beginning of year $23,713 · end of year $6,272

  • 27 · Net assets without donor restrictions

    beginning of year -$1,395,995 · end of year -$1,347,626

Mission and programs · 2022

Mission

TO PROVIDE AFFORDABLE RESIDENTIAL HOUSING FOR ELDERLY PERSONS IN TOWNSEND, MASSACHUSETTS.

Activities or mission (Part I)

TO PROVIDE AFFORDABLE RESIDENTIAL HOUSING FOR ELDERLY PERSONS IN TOWNSEND, MA.

  • TO ACQUIRE, CONSTRUCT, REHABILITATE AND OPERATE 50 UNITS OF AFFORDABLE RESIDENTIAL HOUSING FOR ELDERLY PERSONS LOCATED IN TOWNSEND, MASSACHUSETTS.

    Expenses $615,011 · Revenue $254,036

As filed on the 2022 return.

Listed in Part VII

  • ANNE STEVENS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 1 related

  • BRIAN SCALES

    PRESIDENT/TREASURER

    Total calculated
    $211,958
    From this org
    $0
    From related orgs
    $199,051
    Other
    $12,907
    Hours/week
    0.1 + 48.4 related

    Schedule J breakdown matched by us

    Base
    $0 + $192,032 related
    Bonus
    $0
    Other
    $0 + $7,019 related
    Deferred
    $0 + $11,756 related
    Nontaxable benefits
    $0 + $1,151 related
    Filer's total
    $0 + $211,958 related

  • DEBORAH FOLEY

    CLERK/RESIDENT AGENT

    Total calculated
    $80,562
    From this org
    $0
    From related orgs
    $75,374
    Other
    $5,188
    Hours/week
    0.1 + 42.4 related

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

None.

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
ANY INDIVIDUALS THAT RECEIVED COMPENSATION ON SCHEDULE J, PART II WERE COMPENSATED BY A RELATED ORGANIZATION DURING CALENDAR YEAR 2022. THE RELATED ORGANIZATION USED THE FOLLOWING METHODS TO ESTABLISH COMPENSATION: -COMPENSATION COMMITTEE -INDEPENDENT COMPENSATION CONSULTANT -FORM 990 OF OTHER ORGANIZATIONS -COMPENSATION SURVEY OR STUDY -APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE

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 partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2022
Filed
13 September 2024
IRS schema version
2022v5.0
Source object
202432599349300108

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