Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $301,772

• 1e · Government grants (contributions)

  $367,567

• 1f · All other contributions, gifts and grants

  $1,201,390

• 2a · Program service revenue: ROUTINE REVENUE

  total $36,995,123 · related or exempt $36,995,123

• 2b · Program service revenue: ANCILLARY REVENUE

  total $3,627,008 · related or exempt $2,994,168 · unrelated business $632,840

• 3 · Investment income

  total $596,451 · excluded $596,451

• 7a · Gross sales of assets other than inventory

  securities $16,509,808

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

  securities $16,509,808 · other assets $1,821,184

• 7c · Gain or loss

  securities $0 · other assets -$1,821,184

• 7d · Net gain or loss

  total -$1,821,184 · related or exempt -$1,821,184

• 8a · Fundraising events: gross income

  $143,500

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

  $301,772

• 8b · Fundraising events: direct expenses

  $234,726

• 8c · Net income from fundraising events

  total -$91,226 · excluded -$91,226

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,704,872 · management and general $1,704,872

• 7 · Other salaries and wages

  total $18,164,175 · program services $14,086,327 · management and general $3,685,152 · fundraising $392,696

• 8 · Pension plan contributions

  total $305,595 · program services $203,465 · management and general $86,622 · fundraising $15,508

• 9 · Other employee benefits

  total $1,449,158 · program services $1,321,389 · management and general $71,676 · fundraising $56,093

• 10 · Payroll taxes

  total $1,400,528 · program services $1,103,922 · management and general $268,276 · fundraising $28,330

• 11b · Fees: legal

  total $10,590 · management and general $10,590

• 11g · Fees: other

  total $3,388,218 · program services $2,688,848 · management and general $699,370

• 12 · Advertising and promotion

  total $515,412 · program services $515,412

• 13 · Office expenses

  total $704,721 · program services $523,029 · management and general $181,692

• 14 · Information technology

  total $1,146,343 · program services $1,146,343

• 16 · Occupancy

  total $2,239,098 · program services $2,086,109 · management and general $152,989

• 20 · Interest

  total $1,737,291 · program services $1,638,308 · management and general $98,983

• 22 · Depreciation, depletion and amortization

  total $1,964,773 · program services $1,858,220 · management and general $106,553

• 23 · Insurance

  total $1,666,634 · program services $1,280,674 · management and general $385,960

• 24a · Other expenses: NURSING EXPENSE

  total $2,792,243 · program services $2,792,243

• 24b · Other expenses: FOOD & DIETARY EXPENSE

  total $2,098,292 · program services $2,098,292

• 24c · Other expenses: PHARMACY EXPENSE

  total $850,882 · program services $817,187 · management and general $33,695

• 24d · Other expenses: SOCIAL SERVICES & ACTIV

  total $330,181 · program services $330,181

• 24e · All other expenses

  total $4,423,601 · program services $4,084,124 · management and general $339,477

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,038,773 · end of year $472,065

• 2 · Savings and temporary cash investments

  beginning of year $226,837 · end of year $127,528

• 4 · Accounts receivable

  beginning of year $4,694,019 · end of year $2,054,775

• 9 · Prepaid expenses and deferred charges

  beginning of year $578,637 · end of year $691,059

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

  $51,876,430

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

  $23,947,953

• 10c · Land, buildings and equipment, net

  beginning of year $30,964,207 · end of year $27,928,477

• 11 · Investments: publicly traded securities

  beginning of year $12,156,943 · end of year $6,277,743

• 12 · Investments: other securities

  beginning of year $652,869 · end of year $318,932

• 15 · Other assets

  beginning of year $26,454,811 · end of year $19,885,276

• 17 · Accounts payable and accrued expenses

  beginning of year $4,006,671 · end of year $6,186,912

• 19 · Deferred revenue

  beginning of year $577,894 · end of year $627,285

• 23 · Secured mortgages and notes payable

  beginning of year $32,795,687 · end of year $32,086,314

• 25 · Other liabilities

  beginning of year $5,987,203 · end of year $3,120,798

• 27 · Net assets without donor restrictions

  beginning of year $32,973,350 · end of year $15,223,469

• 28 · Net assets with donor restrictions

  beginning of year $426,291 · end of year $511,077

The filer's explanations (Part III)

PART I, LINE 1A

THE ORGANIZATION PROVIDES AN ALLOWANCE FOR UP TO 10 BOARD MEMBERS TO ATTEND THE ANNUAL ASSOCIATION CONVENTION TO PROVIDE MORE IN DEPTH KNOWLEDGE OF THE SENIOR CARE INDUSTRY. THE COST OF TRAVEL FOR SPOUSES IS PERMITTED AS LONG AS THE TOTAL DOES NOT EXCEED THE ESTABLISHED ALLOWANCE AMOUNT. THE BENEFIT OF SPOUSAL TRAVEL IS INCLUDED IN TAXABLE COMPENSATION. DOCUMENTATION OF ATTENDANCE AT THE ANNUAL CONVENTION IS REQUIRED.

PART I, LINE 4B

REST HAVEN HAS ESTABLISHED A NONQUALIFIED DEFERRED COMPENSATION PLAN IN AN EFFORT TO RETAIN SELECTED OFFICERS ON A LONG TERM BASIS. WILLIAM DEYOUNG PARTICIPATES IN THE PLAN. IN 2023, THERE WERE NO DISTRIBUTIONS FROM OR AMOUNTS VESTED IN THE ACCOUNT. THE PLAN WAS ORIGINALLY SET UP IN 2005 BY THE BOARD OF DIRECTORS TO ESTABLISH A RETENTION INITIATIVE FOR CERTAIN OFFICERS. THIS PLAN RECOGNIZES THE HISTORIC CONTRIBUTION OF THE EXECUTIVES AND ESTABLISHES AN INCENTIVE FOR THEM TO CONTINUE THEIR EMPLOYMENT WITH THE ORGANIZATION UNTIL NORMAL RETIREMENT AGE. AMONG VARIOUS CRITERIA, IN ORDER TO QUALIFY FOR THE BENEFIT, THE EXECUTIVE WILL NEED TO BE CONTINUOUSLY EMPLOYED THRU AND UNTIL A FUTURE DATE. THE ORGANIZATION'S PAYMENTS INTO THE PLAN ARE RECORDED ON THE 990 AS DEFERRED COMPENSATION. HOWEVER, THESE MONIES ARE ONLY ELIGIBLE TO BE RECEIVED BASED UPON THE ACHIEVEMENT OR SATISFACTION OF SOME FUTURE EVENTS. THE PLAN CONTRIBUTIONS ARE NOT UNDER THE CONTROL OF THE EXECUTIVE, THEY REMAIN THE ASSET OF THE ORGANIZATION, AND THE ENTIRE PLAN IS SUBJECT TO A FULL RISK OF FORFEITURE BY THE INDIVIDUAL.

PART I, LINE 7

THE EXECUTIVE COMPENSATION PROGRAM HAS TWO MAJOR ELEMENTS, SALARY, OR BASE PAY, AND VARIABLE PAY. THE SALARY REFLECTS THE VALUE OF AN EXECUTIVE'S CAPABILITIES AND EXPERIENCE. THE VARIABLE PAY REFLECTS THE ORGANIZATION'S COMMITMENT TO PAY FOR SPECIFIC PERFORMANCE TOWARDS THE ORGANIZATION'S GOALS. THE VARIABLE PAY IS AWARDED SEMI-ANNUALLY BASED UPON A SPECIFIC REVIEW OF GOALS AND OBJECTIVES (INCLUDING THOSE WHICH RELATE TO MISSION, OPERATIONAL EFFICIENCY, FINANCIAL EFFECTIVENESS, AND STRATEGIC GOALS). THE COMPENSATION COMMITTEE REVIEWS, ASSESSES AND DETERMINES ANY AWARD UNDER THE VARIABLE PAY COMPONENT. EXECUTIVE EMPLOYEES ARE REVIEWED BY THE COMPENSATION COMMITTEE AND OUTSIDE CONSULTANTS TO ENSURE THEY ARE COMPETITIVE AND IN LINE WITH COMMON PRACTICE FOR SIMILAR POSITIONS IN SIMILARLY SIZED AND TYPE ORGANIZATIONS. THE COMMITTEE ROUTINELY RECEIVES AN EXECUTIVE COMPENSATION OPINION NOTING THAT THE ORGANIZATION'S EXECUTIVE COMPENSATION FALLS WITHIN THE RANGE OF COMPARABLE POSITIONS WITHIN THE SAME INDUSTRY AND SCALE OF OPERATIONS. THE REPORT/OPINION ALSO NOTES THAT THE STATED REQUIREMENTS OF ENSURING INDEPENDENCE OF COMPENSATION DELIBERATIONS FOR SENIOR EXECUTIVES ARE MET.

Disregarded entities

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

• PROVIDENCE DEVELOPMENT GROUP

  DEVELOPMENT · IL · income $0 · assets $1,828,934

  Directly controlled by REST HAVEN

• PARK PLACE REALTY GROUP LLC

  REAL ESTATE · IL · income $8,235 · assets $201,027

  Directly controlled by REST HAVEN

• PROVIDENCE OPERATIONS LLC

  OPERATIONS · IL · income $0 · assets -$331,961

  Directly controlled by REST HAVEN

• PROVIDENCE TENANT LLC

  REAL ESTATE · IL · income $0 · assets $0

  Directly controlled by REST HAVEN

• PROVIDENCE DOWNERS GROVE LLC

  REAL ESTATE · IL · income $0 · assets $0

  Directly controlled by PROVIDENCE TENANT LLC

• PROVIDENCE GRAND RAPIDS LLC

  REAL ESTATE · IL · income $0 · assets $0

  Directly controlled by PROVIDENCE TENANT LLC

• ROYAL PARK PLACE II LLC

  OPERATIONS · IL · income $254,156 · assets -$5,279,271

  Directly controlled by REST HAVEN

Related corporations and trusts

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

• PROVIDENCE MGMT & DEVELOPMENT

  C · IT SERVICES · IL · 100% owned · share of income $665,608 · share of assets $883,798 · controlled entity

• PROVIDENCE HOUSING CORPORATION

  C · HOUSING · IL · 100% owned · share of income $94,098 · share of assets $1,432,858 · controlled entity

  Directly controlled by REST HAVEN