Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $51,497

• 1f · All other contributions, gifts and grants

  $185,190

• 1g · Noncash contributions included above

  $180,000

• 2a · Program service revenue: RENTAL INCOME

  total $3,409,307 · related or exempt $3,409,307

• 2b · Program service revenue: PROPERTY MANAGEMENT

  total $770,854 · related or exempt $770,854

• 11a · Other revenue: OTHER REVENUE

  total $3,676 · excluded $3,676

• 11e · Other revenue, total

  $3,676

Functional expenses

Part IX, the statement of functional expenses.

• 7 · Other salaries and wages

  total $162,019 · program services $162,019

• 9 · Other employee benefits

  total $30,556 · program services $30,556

• 10 · Payroll taxes

  total $12,750 · program services $12,750

• 11a · Fees: management

  total $735,719 · management and general $735,719

• 11b · Fees: legal

  total $4,357 · program services $4,357

• 11c · Fees: accounting

  total $5,290 · program services $5,290

• 11g · Fees: other

  total $18,253 · program services $18,253

• 14 · Information technology

  total $11,121 · program services $11,121

• 16 · Occupancy

  total $1,404,958 · program services $1,404,958

• 17 · Travel

  total $1,874 · program services $1,874

• 20 · Interest

  total $187,183 · program services $187,183

• 22 · Depreciation, depletion and amortization

  total $751,234 · program services $751,234

• 23 · Insurance

  total $381,788 · program services $381,788

• 24a · Other expenses: BAD DEBT

  total $161,484 · program services $161,484

• 24b · Other expenses: REPAIRS & MAINTENANCE

  total $45,498 · program services $45,498

• 24c · Other expenses: BANK FEES

  total $20,644 · program services $20,644

• 24e · All other expenses

  total $2,316 · program services $685 · management and general $1,631

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $7,330,286 · end of year $280,423

• 2 · Savings and temporary cash investments

  beginning of year $258,355 · end of year $254,917

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $4,694

• 4 · Accounts receivable

  beginning of year $4,991,602 · end of year $468,521

• 8 · Inventories for sale or use

  beginning of year $63,791 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $702,727 · end of year $99,148

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

  $14,859,577

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

  $747,468

• 10c · Land, buildings and equipment, net

  beginning of year $15,756,122 · end of year $14,112,109

• 11 · Investments: publicly traded securities

  beginning of year $10,122,964 · end of year $0

• 15 · Other assets

  beginning of year $3,406,220 · end of year $870,980

• 17 · Accounts payable and accrued expenses

  beginning of year $3,223,293 · end of year $265,160

• 19 · Deferred revenue

  beginning of year $2,866,276 · end of year $174,935

• 23 · Secured mortgages and notes payable

  beginning of year $10,240,683 · end of year $3,341,654

• 25 · Other liabilities

  beginning of year $4,115,090 · end of year $97,105

• 27 · Net assets without donor restrictions

  beginning of year $22,021,931 · end of year $12,099,352

• 28 · Net assets with donor restrictions

  beginning of year $164,794 · end of year $112,586

The filer's explanations (Part III)

PART I, LINE 3

DURING CALENDAR YEAR 2024, LIFEWELL FOLLOWED A COMPENSATION REVIEW PROCESS UNDER WHICH THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS SERVED AS THE COMPENSATION COMMITTEE. THE COMPENSATION COMMITTEE ANNUALLY REVIEWED AND MADE RECOMMENDATIONS REGARDING THE PRESIDENT/CEO'S COMPENSATION. IN CONDUCTING ITS REVIEW, THE COMMITTEE CONSIDERED THE FOLLOWING WHEN SETTING COMPENSATION: PERFORMANCE, SKILLS AND COMPETENCIES, DEVELOPMENT AND GROWTH, AND EFFECTIVE VISIBLE COMMITMENT TO THE ORGANIZATION. COMPENSATION ADJUSTMENTS WERE BASED ON JOB PERFORMANCE AND CHANGES IN THE NONPROFIT MARKETPLACE, SUBJECT TO THE ORGANIZATION'S FINANCIAL RESOURCES. THE PROCESS INCLUDED STRUCTURED PERFORMANCE EVALUATIONS WITH MEASURABLE INDIVIDUAL GOALS AND BENCHMARKS FOR SUCCESS, AS WELL AS CONSIDERATION OF EXTERNAL MARKET DATA, COMPENSATION STUDIES, AND, WHEN APPROPRIATE, THE ADVICE OF AN INDEPENDENT COMPENSATION CONSULTANT TO ASSESS THE REASONABLENESS OF COMPENSATION. FOLLOWING THE ACQUISITION, OFFICERS AND KEY EMPLOYEES PROVIDING SERVICES TO LIFEWELL BECAME EMPLOYEES OF TERROS HEALTH EFFECTIVE JANUARY 1, 2025, AND ARE COMPENSATED THROUGH TERROS HEALTH'S PAYROLL AND COMPENSATION PRACTICES. THE PRESIDENT/CEO'S COMPENSATION IS REVIEWED AND APPROVED ANNUALLY BY THE TERROS HEALTH BOARD OF DIRECTORS, WITH SUCH APPROVAL DOCUMENTED IN THE EXECUTIVE COMMITTEE MEETING MINUTES. IN DETERMINING EXECUTIVE COMPENSATION, TERROS HEALTH OBTAINS AN ANNUAL EXECUTIVE COMPENSATION STUDY THAT INCLUDES REGIONAL MARKET DATA AND COMPARATIVE COMPENSATION INFORMATION TO SUPPORT THE REASONABLENESS OF COMPENSATION.

PART I, LINE 4A

RAMIRO GUILLEN RECEIVED $27,478 IN SEVERANCE COMPENSATION.

PART I, LINE 7

NONFIXED BONUS PAYMENTS ARE PROVIDED TO EMPLOYEES BASED ON MANAGEMENT'S RECOMMENDATION AND BOARD OF DIRECTORS APPROVAL.