Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $250,000

• 1e · Government grants (contributions)

  $652,524

• 1f · All other contributions, gifts and grants

  $658,759

• 2a · Program service revenue: RESIDENT SERVICE FEES

  total $14,578,000 · related or exempt $14,578,000

• 2b · Program service revenue: HEALTHCARE SERVICE

  total $7,598,242 · related or exempt $7,598,242

• 2c · Program service revenue: AMORTIZATION OF ENTRANCE FEES

  total $6,258,910 · related or exempt $6,258,910

• 2d · Program service revenue: HOSPICE LEASE REVENUE

  total $601,133 · related or exempt $601,133

• 3 · Investment income

  total $613,153 · excluded $613,153

• 6a · Gross rents

  real property $14,125

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $14,125

• 6d · Net rental income or loss

  total $14,125 · excluded $14,125

• 7a · Gross sales of assets other than inventory

  securities $16,380,045

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

  securities $15,965,521

• 7c · Gain or loss

  securities $414,524

• 7d · Net gain or loss

  total $414,524 · excluded $414,524

• 10a · Gross sales of inventory

  $310,746

• 10b · Cost of goods sold

  $456,419

• 10c · Net income from sales of inventory

  total -$145,673 · unrelated business -$145,673

• 11a · Other revenue: RESIDENT SERVICES

  total $240,012 · related or exempt $240,012

• 11b · Other revenue: OTHER CAMPUS SERVICES

  total $38,442 · related or exempt $38,442

• 11e · Other revenue, total

  $278,454

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $5,882 · program services $5,882

• 2 · Grants to domestic individuals

  total $17,857 · program services $17,857

• 5 · Compensation of officers, directors and key employees

  total $572,164 · program services $286,082 · management and general $286,082

• 7 · Other salaries and wages

  total $10,323,747 · program services $8,893,673 · management and general $1,430,074

• 8 · Pension plan contributions

  total $100,429 · management and general $100,429

• 9 · Other employee benefits

  total $1,287,253 · program services $1,155,541 · management and general $131,712

• 10 · Payroll taxes

  total $778,566 · program services $664,582 · management and general $113,984

• 11b · Fees: legal

  total $18,727 · management and general $18,727

• 11c · Fees: accounting

  total $107,066 · program services $7,870 · management and general $99,196

• 11f · Fees: investment management

  total $232,125 · management and general $232,125

• 11g · Fees: other

  total $2,465,879 · program services $1,641,961 · management and general $823,918

• 12 · Advertising and promotion

  total $213,226 · management and general $213,226

• 13 · Office expenses

  total $100,219 · program services $58,640 · management and general $41,579

• 14 · Information technology

  total $196,231 · program services $123,831 · management and general $72,400

• 16 · Occupancy

  total $2,372,925 · program services $2,367,838 · management and general $5,087

• 17 · Travel

  total $35,260 · program services $7,632 · management and general $27,628

• 20 · Interest

  total $4,521,992 · program services $4,521,992

• 22 · Depreciation, depletion and amortization

  total $5,235,766 · program services $5,189,985 · management and general $45,781

• 23 · Insurance

  total $1,159,308 · program services $1,109,282 · management and general $50,026

• 24a · Other expenses: FOOD SERVICES

  total $1,339,280 · program services $1,339,280

• 24b · Other expenses: MEDICAL SUPPLIES

  total $520,247 · program services $520,247

• 24c · Other expenses: ANCILLARY SERVICES

  total $348,623 · program services $325,047 · management and general $23,576

• 24d · Other expenses: RESIDENT ENTERTAINMENT

  total $53,962 · program services $53,962

• 24e · All other expenses

  total $25,392 · management and general $25,392

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,885,771 · end of year $1,971,689

• 2 · Savings and temporary cash investments

  beginning of year $27,169 · end of year $5,013

• 4 · Accounts receivable

  beginning of year $1,848,444 · end of year $1,479,173

• 8 · Inventories for sale or use

  beginning of year $113,484 · end of year $47,206

• 9 · Prepaid expenses and deferred charges

  beginning of year $661,320 · end of year $681,528

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

  $165,118,704

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

  $44,813,376

• 10c · Land, buildings and equipment, net

  beginning of year $119,523,304 · end of year $120,305,328

• 11 · Investments: publicly traded securities

  beginning of year $42,395,350 · end of year $37,784,146

• 12 · Investments: other securities

  beginning of year $378,495 · end of year $0

• 15 · Other assets

  beginning of year $510,594 · end of year $538,243

• 17 · Accounts payable and accrued expenses

  beginning of year $4,076,513 · end of year $4,776,135

• 19 · Deferred revenue

  beginning of year $44,336,243 · end of year $46,743,515

• 20 · Tax-exempt bond liabilities

  beginning of year $109,068,093 · end of year $106,741,329

• 25 · Other liabilities

  beginning of year $226,730 · end of year $366,737

• 27 · Net assets without donor restrictions

  beginning of year $9,439,388 · end of year $4,037,010

• 28 · Net assets with donor restrictions

  beginning of year $196,964 · end of year $147,600

The filer's explanations (Part III)

PART I, LINE 4

DOUGLAS FELLER AND SOUTHWEST FLORIDA RETIREMENT CENTER, INC. (THROUGH THE BOARD OF TRUSTEES) ENTERED INTO AN EXECUTIVE EMPLOYMENT AGREEMENT. THIS AGREEMENT IDENTIFIES THE PROVISION OF SERVICES AS WELL AS COMPENSATION AND BENEFITS. COMPENSATION MAY BE ADJUSTED FROM TIME TO TIME. THE EXECUTIVE COMMITTEE (5 MEMBERS), WHICH IS INDEPENDENT WITH RESPECT TO ALL COMPENSATION DECISIONS, EVALUATES THE PERFORMANCE OF THE CHIEF EXECUTIVE OFFICER. AFTER EACH CALENDAR YEAR, AFTER A SATISFACTION OF PERFORMANCE OF CRITERIA AND GOALS IS EVALUATED, THE BOARD OF TRUSTEES IN ITS DISCRETION MAY APPROVE A BONUS BASED ON PERFORMANCE CRITERIA AND GOALS.

PART I, LINE 3

THE SENIOR EXECUTIVE TEAM MEMBERS DO NOT HAVE SEPARATE EMPLOYMENT CONTRACTS, BUT THE ORGANIZATION DOES HAVE A SENIOR EXECUTIVE COMPENSATION PLAN WITH CERTAIN GOALS AND CRITERIA THAT MUST BE MET TO DETERMINE ANNUAL BONUSES. THE CEO GATHERS THE INFORMATION AND PROVIDES RECOMMENDATIONS TO THE BOARD FOR FINAL APPROVAL.