Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $2,526,727

• 1e · Government grants (contributions)

  $246,879

• 2a · Program service revenue: HEALTH CARE FEES

  total $26,776,696 · related or exempt $26,776,696

• 2b · Program service revenue: INDEPENDENT LIVING FEES

  total $14,635,649 · related or exempt $14,635,649

• 2c · Program service revenue: ASSISTED LIVING FEES

  total $8,012,563 · related or exempt $8,012,563

• 2d · Program service revenue: DEFERRED ENTRANCE FEE INCOME

  total $5,597,872 · related or exempt $5,597,872

• 2e · Program service revenue: ALL OTHER

  total $141,655 · related or exempt $141,655

• 3 · Investment income

  total $2,471,446 · excluded $2,471,446

• 6a · Gross rents

  real property $52,591

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $52,591

• 6d · Net rental income or loss

  total $52,591 · excluded $52,591

• 7a · Gross sales of assets other than inventory

  securities $8,145,000

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

  securities $7,415,287

• 7c · Gain or loss

  securities $729,713

• 7d · Net gain or loss

  total $729,713 · excluded $729,713

• 10a · Gross sales of inventory

  $308,667

• 10b · Cost of goods sold

  $286,970

• 10c · Net income from sales of inventory

  total $21,697 · excluded $21,697

• 11a · Other revenue: NET PROCEEDS FROM INSURANCE CLAIM

  total $114,367 · excluded $114,367

• 11e · Other revenue, total

  $114,367

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $266,679 · management and general $266,679

• 7 · Other salaries and wages

  total $21,300,837 · program services $20,143,085 · management and general $1,157,752

• 8 · Pension plan contributions

  total $885,720 · program services $852,923 · management and general $32,797

• 9 · Other employee benefits

  total $2,432,084 · program services $2,256,466 · management and general $175,618

• 10 · Payroll taxes

  total $1,553,539 · program services $1,485,222 · management and general $68,317

• 11a · Fees: management

  total $3,927,324 · management and general $3,927,324

• 11b · Fees: legal

  total $152,885 · management and general $152,885

• 11c · Fees: accounting

  total $27,085 · management and general $27,085

• 11f · Fees: investment management

  total $21,464 · management and general $21,464

• 11g · Fees: other

  total $4,829,138 · program services $4,506,668 · management and general $322,470

• 12 · Advertising and promotion

  total $785,780 · management and general $785,780

• 13 · Office expenses

  total $162,338 · program services $140,342 · management and general $21,996

• 14 · Information technology

  total $758,495 · program services $387,695 · management and general $370,800

• 17 · Travel

  total $517 · program services $301 · management and general $216

• 20 · Interest

  total $1,501,955 · program services $1,471,384 · management and general $30,571

• 22 · Depreciation, depletion and amortization

  total $12,199,631 · program services $12,199,631

• 23 · Insurance

  total $783,997 · program services $783,997

• 24a · Other expenses: BUILDING SERVICES & UTI

  total $3,114,617 · program services $3,114,617

• 24b · Other expenses: FOOD COSTS AND DINING S

  total $1,925,639 · program services $1,925,639

• 24c · Other expenses: PHARMACY AND MEDICAL SU

  total $973,904 · program services $955,672 · management and general $18,232

• 24d · Other expenses: RE AND PROVIDER TAX

  total $973,636 · program services $973,636

• 24e · All other expenses

  total $599,969 · program services $453,227 · management and general $146,742

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $6,247,632 · end of year $2,883,025

• 2 · Savings and temporary cash investments

  beginning of year $30,796,120 · end of year $38,129,185

• 4 · Accounts receivable

  beginning of year $1,270,940 · end of year $1,576,045

• 9 · Prepaid expenses and deferred charges

  beginning of year $827,339 · end of year $893,335

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

  $282,303,023

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

  $166,579,746

• 10c · Land, buildings and equipment, net

  beginning of year $116,488,421 · end of year $115,723,277

• 11 · Investments: publicly traded securities

  beginning of year $20,381,317 · end of year $23,910,934

• 15 · Other assets

  beginning of year $7,954,271 · end of year $1,360,218

• 17 · Accounts payable and accrued expenses

  beginning of year $12,920,485 · end of year $9,123,456

• 19 · Deferred revenue

  beginning of year $34,098,136 · end of year $35,846,539

• 20 · Tax-exempt bond liabilities

  beginning of year $46,548,525 · end of year $45,352,829

• 25 · Other liabilities

  beginning of year $48,341,763 · end of year $48,985,197

• 27 · Net assets without donor restrictions

  beginning of year $42,057,131 · end of year $45,167,998

The filer's explanations (Part III)

PART I, LINE 3

THE COMPENSATION COMMITTEE OF PRESBYTERIAN HOMES (SOLE MEMBER OF WESTMINSTER PLACE) IS RESPONSIBLE FOR ALL COMPENSATION AND BENEFIT MATTERS FOR SENIOR MANAGEMENT AND KEY EMPLOYEES. PRESBYTERIAN HOMES ANNUALLY PARTICIPATES IN AN INDUSTRY SPECIFIC EXECUTIVE COMPENSATION SURVEY. THE RESULTS OF THIS SURVEY ARE REVIEWED BY MANAGEMENT AND SHARED WITH THE COMMITTEE AS NECESSARY. IN ADDITION THE COMMITTEE REGULARLY ENGAGES AN EXTERNAL COMPENSATION CONSULTING FIRM TO ASSIST IN ITS REVIEW OF THE LEVEL OF COMPENSATION, INCENTIVES AND BENEFITS FOR SENIOR EXECUTIVES AND KEY EMPLOYEES EVERY THREE YEARS. THE COMPENSATION CONSULTANTS ACCUMULATE AND PRESENT TO THE COMPENSATION COMMITTEE MARKET INFORMATION FOR EACH SENIOR EXECUTIVE POSITION, SUMMARIZE INDIVIDUAL EXECUTIVE COMPENSATION, INCENTIVE AND BENEFITS PACKAGES AND BENCHMARK THAT INFORMATION TO THE INDUSTRY DATA THEY HAVE ACCUMULATED. ANNUALLY, THE ORGANIZATION'S STAFF AND/OR THE BOARD OF DIRECTORS PREPARES PERFORMANCE REVIEWS FOR ALL SENIOR MANAGERS AND KEY EMPLOYEES AND MAKES A RECOMMENDATION TO THE COMPENSATION COMMITTEE REGARDING COMPENSATION, INCENTIVES AND BENEFITS ADJUSTMENTS. THE COMPENSATION COMMITTEE CONSIDERS THE PERFORMANCE RECOMMENDATION, COMPARISONS OF TOTAL COMPENSATION BY EXECUTIVE TO MARKET COMPENSATION PERCENTILE FOR INDUSTRY EXECUTIVES WITH SIMILAR JOB TITLES AND/OR SKILL SETS, AND ORGANIZATIONAL NEEDS IN TERMS OF MEETING THE CHALLENGES OF THE UNIQUE BUSINESS OF PROVIDING SENIOR CARE SERVICES. THE COMPENSATION COMMITTEE MAKES A RECOMMENDATION REGARDING COMPENSATION AND BENEFITS CHANGES FOR SENIOR MANAGEMENT WHICH IS APPROVED ANNUALLY BY THE FULL BOARD OF DIRECTORS WITHIN THE BUDGET PROCESS. THE COMPENSATION COMMITTEE PROCEEDINGS ARE CONTEMPORANEOUSLY DOCUMENTED AND MINUTES ARE MAINTAINED AND ON FILE AT THE CORPORATE OFFICE.

PART I, LINE 4B

PART I, LINE 4B - PRESBYTERIAN HOMES (SOLE MEMBER OF WESTMINSTER PLACE) HAS ESTABLISHED A NON-QUALIFIED SECTION 457(F) DEFERRED COMPENSATION PLAN. THE ORGANIZATION'S ACCRUALS INTO THE PLAN ARE RECORDED ON THE 990 AS DEFERRED COMPENSATION. HOWEVER, THESE MONIES VEST OVER A FIVE-YEAR PERIOD AND ARE ONLY ELIGIBLE TO BE RECEIVED BASED UPON THE ACHIEVEMENT OR SATISFACTION OF SOME FUTURE EVENT. 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. DURING THE YEAR THE FOLLOWING INDIVIDUALS PARTICIPATED IN A NON-QUALIFIED SECTION 457(F) DEFERRED COMPENSATION PLAN: TODD SWORTZEL, NADIM ABI-ANTOUN, MARK HAVRILKA, SHANNON GUTIERREZ, ANDREW WISSEL, RAMONA WILT, ALPANA PATEL, AND WILLIAM CASPER. DURING THE YEAR TODD SWORTZEL RECEIVED PAYMENTS TOTALING $173,622 FROM A NON-QUALIFIED SECTION 457(F) DEFERRED COMPENSATION PLAN. DURING THE YEAR NADIM ABI-ANTOUN RECEIVED PAYMENTS TOTALING $40,500 FROM A NON-QUALIFIED SECTION 457(F) DEFERRED COMPENSATION PLAN. DURING THE YEAR MARK HAVRILKA RECEIVED PAYMENTS TOTALING $39,975 FROM A NON-QUALIFIED SECTION 457(F) DEFERRED COMPENSATION PLAN. DURING THE YEAR ANDREW WISSEL RECEIVED PAYMENTS TOTALING $33,795 FROM A NON-QUALIFIED SECTION 457(F) DEFERRED COMPENSATION PLAN. DURING THE YEAR WILLIAM CASPER RECEIVED PAYMENTS TOTALING $33,933 FROM A NON-QUALIFIED SECTION 457(F) DEFERRED COMPENSATION PLAN. EFFECTIVE APRIL 1, 2021, PRESBYTERIAN HOMES (SOLE MEMBER OF WESTMINSTER PLACE) HAS ESTABLISHED AN EXECUTIVE RETENTION BONUS PROGRAM, A NON-QUALIFIED SECTION 457(F) DEFERRED COMPENSATION AGREEMENT. THE ORGANIZATION'S ACCRUALS INTO THE AGREEMENT ARE RECORDED ON THE 990 AS DEFERRED COMPENSATION. THESE COMPENSATIONS ARE VESTED OVER A THREE-YEAR PERIOD FOR THE CEO AND COO, AND A FOUR-YEAR PERIOD FOR THE CFO, AND ARE SUBJECT TO EXECUTIVE'S SATISFACTION OF THE TERMS AND CONDITIONS OF THE AGREEMENT. THE CONTRIBUTIONS OF THIS AGREEMENT ARE NOT UNDER THE CONTROL OF THE EXECUTIVE, AND THEY REMAIN THE ASSET OF THE ORGANIZATION. THE ENTIRE AGREEMENT IS SUBJECT TO A FULL RISK OF FORFEITURE BY THE INDIVIDUAL. DURING THE YEAR THE FOLLOWING INDIVIDUALS PARTICIPATED IN THIS RETENTION BONUS PROGRAM: TODD SWORTZEL, NADIM ABI-ANTOUN AND MARK HAVRILKA.

PART I, LINE 7

AS INDICATED IN SCHEDULE J, PART II, THE OFFICERS AND KEY EMPLOYEES OF THE ORGANIZATION RECEIVED A BONUS BASED ON PERFORMANCE, CENSUS METRICS AND THE FINANCIAL RESULTS OF THE ORGANIZATION. THIS BONUS WAS APPROVED BY BOARD OF DIRECTORS UPON THE RECOMMENDATION OF THE COMPENSATION COMMITTEE.