Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: RESIDENT FEES

  total $21,526,369 · related or exempt $21,526,369

• 2b · Program service revenue: NONREFUNDABLE FEES

  total $1,092,368 · related or exempt $1,092,368

• 2c · Program service revenue: MEALS & OTHER SERVICES

  total $190,165 · related or exempt $190,165

• 2d · Program service revenue: COMMUNITY FEE

  total $34,500 · related or exempt $34,500

• 3 · Investment income

  total $486,628 · excluded $486,628

• 6a · Gross rents

  real property $40,611

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $40,611

• 6d · Net rental income or loss

  total $40,611 · excluded $40,611

• 7a · Gross sales of assets other than inventory

  securities $2,779,207 · other assets $20,000

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

  securities $2,777,104 · other assets $88,768

• 7c · Gain or loss

  securities $2,103 · other assets -$68,768

• 7d · Net gain or loss

  total -$66,665 · excluded -$66,665

• 11d · All other revenue

  total $28,958 · excluded $28,958

• 11e · Other revenue, total

  $28,958

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $5,000 · program services $5,000

• 2 · Grants to domestic individuals

  total $17,248 · program services $17,248

• 5 · Compensation of officers, directors and key employees

  total $444,892 · management and general $444,892

• 7 · Other salaries and wages

  total $9,903,541 · program services $8,895,914 · management and general $1,007,627

• 8 · Pension plan contributions

  total $189,384 · program services $174,578 · management and general $14,806

• 9 · Other employee benefits

  total $1,519,059 · program services $1,318,404 · management and general $200,655

• 10 · Payroll taxes

  total $774,170 · program services $660,050 · management and general $114,120

• 11a · Fees: management

  total $201,407 · management and general $201,407

• 11b · Fees: legal

  total $3,050 · management and general $3,050

• 11c · Fees: accounting

  total $74,265 · management and general $74,265

• 11f · Fees: investment management

  total $31,663 · management and general $31,663

• 11g · Fees: other

  total $1,575,718 · program services $1,414,594 · management and general $161,124

• 12 · Advertising and promotion

  total $632,004 · management and general $632,004

• 13 · Office expenses

  total $642,431 · program services $465,679 · management and general $176,752

• 14 · Information technology

  total $236,096 · program services $31,712 · management and general $204,384

• 16 · Occupancy

  total $937,284 · program services $879,900 · management and general $57,384

• 17 · Travel

  total $11,309 · program services $3,476 · management and general $7,833

• 19 · Conferences, conventions and meetings

  total $10,654 · management and general $10,654

• 20 · Interest

  total $482,514 · program services $482,514

• 21 · Payments to affiliates

  total $400,000 · program services $400,000

• 22 · Depreciation, depletion and amortization

  total $3,272,670 · program services $3,272,670

• 23 · Insurance

  total $261,640 · program services $261,640

• 24a · Other expenses: FOOD SERVICES

  total $1,212,412 · program services $1,212,412

• 24b · Other expenses: REPAIRS & MAINTENANCE

  total $562,122 · program services $560,161 · management and general $1,961

• 24c · Other expenses: MEDICAL SUPPLIES

  total $409,532 · program services $409,532

• 24d · Other expenses: RESIDENT EXPENSES

  total $46,032 · program services $9,101 · management and general $36,931

• 24e · All other expenses

  total $67,377 · program services $28,003 · management and general $39,374

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,613,499 · end of year $10,000

• 2 · Savings and temporary cash investments

  beginning of year $0 · end of year $3,936,260

• 4 · Accounts receivable

  beginning of year $963,645 · end of year $474,058

• 8 · Inventories for sale or use

  beginning of year $70,937 · end of year $74,227

• 9 · Prepaid expenses and deferred charges

  beginning of year $57,840 · end of year $124,204

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

  $96,254,805

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

  $45,497,922

• 10c · Land, buildings and equipment, net

  beginning of year $52,131,502 · end of year $50,756,883

• 11 · Investments: publicly traded securities

  beginning of year $8,156,683 · end of year $10,223,093

• 13 · Investments: program-related

  beginning of year $1,991,644 · end of year $2,369,790

• 15 · Other assets

  beginning of year $444,184 · end of year $213,004

• 17 · Accounts payable and accrued expenses

  beginning of year $1,274,972 · end of year $1,625,019

• 19 · Deferred revenue

  beginning of year $0 · end of year $1,333,956

• 20 · Tax-exempt bond liabilities

  beginning of year $23,672,123 · end of year $21,397,993

• 25 · Other liabilities

  beginning of year $75,279,647 · end of year $77,738,189

• 27 · Net assets without donor restrictions

  beginning of year -$33,796,808 · end of year -$33,934,466

• 28 · Net assets with donor restrictions

  beginning of year $0 · end of year $20,828

The filer's explanations (Part III)

PART I, LINE 3

THE CEO'S COMPENSATION IS REVIEWED AND APPROVED ANNUALLY BY THE BOARD OF DIRECTOR'S EXECUTIVE COMMITTEE. THE COMMITTEE EVALUATES THE CEO'S PERFORMANCE AGAINST PRE-ESTABLISHED MISSION-DRIVEN KEY PERFORMANCE INDICATORS, BENCHMARKS COMPENSATION AGAINST COMPARABLE ORGANIZATIONS IN THE SENIOR LIVING AND NONPROFIT SECTOR, AND ENSURES ALIGNMENT WITH ORGANIZATIONAL BUDGET, MISSION AND STRATEGIC GOALS. THE CEO DOES NOT PARTICIPATE IN DISCUSSIONS OR VOTES REGARDING THEIR OWN COMPENSATION. THE CFO'S COMPENSATION IS REVIEWED AND APPROVED ANNUALLY BY THE BOARD OF DIRECTORS. THE CEO EVALUATES THE CFO'S PERFORMANCE AGAINST PRE-ESTABLISHED MISSION-DRIVEN KEY PERFORMANCE INDICATORS, BENCHMARKS COMPENSATION AGAINST COMPARABLE ORGANIZATIONS IN THE SENIOR LIVING AND NONPROFIT SECTOR, AND ENSURES ALIGNMENT WITH ORGANIZATION BUDGET, MISSION AND STRATEGIC GOALS. THE CFO DOES NOT PARTICIPATE IN DISCUSSIONS OR VOTES REGARDING THEIR OWN COMPENSATION.

PART I, LINE 4A

CHESTER SURMACZEWICZ RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $64,841 FOR SERVICES AS PRESIDENT OF THE ORGANIZATION (THROUGH MARCH OF 2024) DURING CALENDAR YEAR 2024.

PART I, LINE 7

GREYSTONE MANAGEMENT REVIEWS THE ANNUAL SALARIES AND BONUSES FOR THE PRESIDENT AND DIRECTOR. FOR THE ANNUAL SALARY REVIEW, EACH INDIVIDUAL COMPLETES A SELF-APPRAISAL, WHICH IS THEN REVIEWED BY GREYSTONE MANAGEMENT OPERATIONS REGIONAL. THE RESULTS ARE THEN REVIEWED WITH THE CHAIR OF THE BOARD OF DIRECTORS FOR FEEDBACK AND DISCUSSION REGARDING PRIOR-YEAR PERFORMANCE AND FUTURE YEARS' GOALS. TO DETERMINE THE REASONABLENESS OF SALARY INCREASES, SALARIES ARE COMPARED FROM TIME TO TIME TO LEADING AGE INDUSTRY STANDARDS. BONUSES ARE DETERMINED BASED ON 60% FINANCIAL MEASUREMENT AND 40% SUBJECTIVE MEASUREMENT. GREYSTONE MANAGEMENT OPERATIONS REGIONAL REVIEWS THE BONUSES. FURTHER, BONUSES ARE DISCUSSED WITH THE CHAIR OF THE BOARD OF DIRECTORS, WHO PROVIDES FEEDBACK REGARDING PRIOR-YEAR PERFORMANCE.