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Nonprofiteer
← PROSPECT CONGREGATE HOUSING INC

Form 990 for tax year 2022

Filed by PROSPECT CONGREGATE HOUSING INC.

Totals

Total revenue
$4,996,344
Total expenses
$7,035,031
Contributions and grants received
$556,262
Grants paid
$0
Program service revenue
$4,092,349
Investment income
$18
Other revenue
$347,715
Total assets, end of year
$9,462,883
Total liabilities, end of year
$16,641,051
Net assets or fund balances, end of year
-$7,178,168
Program services expenses (Part IX)
$6,061,124
Management and general expenses
$973,907
Fundraising expenses
$0
Program service expenses (Part III)
$6,061,124

Program services were 86.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $556,262

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: Senior Housing

    total $4,092,349 · related or exempt $4,092,349 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $18 · related or exempt $0 · unrelated business $0 · excluded $18

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

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

    $0

  • 11a · Other revenue: Meal Fees

    total $213,380 · related or exempt $213,380 · unrelated business $0 · excluded $0

  • 11b · Other revenue: Housekeeping Services

    total $29,376 · related or exempt $29,376 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $104,959 · related or exempt $104,959 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $347,715

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0 · program services $0

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $1,789,673 · program services $1,402,853 · management and general $386,820 · fundraising $0

  • 8 · Pension plan contributions

    total $31,636 · program services $28,109 · management and general $3,527 · fundraising $0

  • 9 · Other employee benefits

    total $331,985 · program services $331,985 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $131,939 · program services $102,347 · management and general $29,592 · fundraising $0

  • 11a · Fees: management

    total $698,320 · program services $338,061 · management and general $360,259 · fundraising $0

  • 11b · Fees: legal

    total $2,534 · program services $0 · management and general $2,534 · fundraising $0

  • 11c · Fees: accounting

    total $20,238 · program services $0 · management and general $20,238 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $1,699,194 · program services $1,625,508 · management and general $73,686 · fundraising $0

  • 12 · Advertising and promotion

    total $23,842 · program services $0 · management and general $23,842 · fundraising $0

  • 13 · Office expenses

    total $16,270 · program services $1,384 · management and general $14,886 · fundraising $0

  • 14 · Information technology

    total $340 · management and general $340 · fundraising $0

  • 16 · Occupancy

    total $449,684 · program services $449,684 · management and general $0 · fundraising $0

  • 17 · Travel

    total $49,436 · program services $45,148 · management and general $4,288 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $5,306 · program services $1,682 · management and general $3,624 · fundraising $0

  • 20 · Interest

    total $516,821 · program services $516,821 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $871,501 · program services $871,501 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $42,835 · program services $0 · management and general $42,835 · fundraising $0

  • 24a · Other expenses: Raw Food

    total $205,771 · program services $205,771 · management and general $0 · fundraising $0

  • 24b · Other expenses: Supplies (Nursing, Housekeeping, Ect)

    total $63,369 · program services $63,369 · management and general $0 · fundraising $0

  • 24c · Other expenses: Minor Equipment

    total $12,817 · program services $12,817 · management and general $0 · fundraising $0

  • 24d · Other expenses: All Other Expense

    total $71,520 · program services $64,084 · management and general $7,436 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $504,244 · end of year $222,160

  • 4 · Accounts receivable

    beginning of year $155,714 · end of year $209,987

  • 8 · Inventories for sale or use

    beginning of year $48,729 · end of year $130,658

  • 9 · Prepaid expenses and deferred charges

    beginning of year $217,372 · end of year $138,035

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

    $25,408,362

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

    $17,354,874

  • 10c · Land, buildings and equipment, net

    beginning of year $8,139,509 · end of year $8,053,488

  • 13 · Investments: program-related

    beginning of year $678,816 · end of year $708,555

  • 17 · Accounts payable and accrued expenses

    beginning of year $746,160 · end of year $674,515

  • 23 · Secured mortgages and notes payable

    beginning of year $1,800,000 · end of year $1,794,000

  • 25 · Other liabilities

    beginning of year $12,452,157 · end of year $14,172,536

  • 27 · Net assets without donor restrictions

    beginning of year -$5,932,749 · end of year -$7,886,723

  • 28 · Net assets with donor restrictions

    beginning of year $678,816 · end of year $708,555

Mission and programs · 2022

Mission

PROVIDE HOUSING FOR THE ELDERLY WHO REQUIRE ASSISTANCE

Activities or mission (Part I)

SENIOR HOUSING AND SERVICES

  • Ovation Chai Point offers independent and assisted living with outpatient skilled rehabilitation services, as well as a wide range of services and living options to best fit resident needs and offer peace of mind. Ovation chai Point offers studio, one, two, and three-bedroom apartments, with a variety of floor plans. Whichever apartment chosen, whether independent or assisted, residents receive secure living, and personalized programming. Daily lifestyle choices are designed for resident enrichment including social activities, exercise classes, art, religious services, seminars, discussions, live music, and intergenerational programming. Assisted living residents are provided morning and evening wellness visits, access to a dedicated physician, medication management and administration, daily bed making, housekeeping and linen change services, certified nursing assistants on-site 24 hours a day, personal care services including bathing, dressing and grooming, breakfast, lunch and dinner available daily, and social Services. During the year 83 residents were served with 26% of them being on Family Care or Community Care.

    Expenses $5,807,292 · Revenue $4,092,349

  • Other Ancillary Services $347,715 of additional revenue received from meals, and housekeeping services.

    Expenses $253,832 · Revenue $347,715

As filed on the 2022 return.

Listed in Part VII

  • Michael Sattell

    PRESIDENT

    Total calculated
    $651,947
    From this org
    $151,197
    From related orgs
    $453,591
    Other
    $47,159
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $122,536 + $367,608 related
    Bonus
    $9,413 + $28,238 related
    Other
    $19,249 + $57,746 related
    Deferred
    $3,660 + $10,979 related
    Nontaxable benefits
    $8,130 + $24,391 related
    Filer's total
    $162,988 + $488,962 related

  • Patricia Cohn

    EXECUTIVE DIRECTOR

    Total calculated
    $142,508
    From this org
    $122,225
    From related orgs
    $0
    Other
    $20,283
    Hours/week
    40

  • Michael Silverman

    President

    Total calculated
    $140,201
    From this org
    $54,619
    From related orgs
    $54,619
    Other
    $30,963
    Hours/week
    20 + 20 related

  • Alan Borsuk

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Todd Brachman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Suzy Ettinger

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Beverly Gruber

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Betsy Reilly

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Gary Sobel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Peter Klien

    Director

    Total calculated
    $0
    Hours/week
    1

  • Yulia Koltun

    Director

    Total calculated
    $0
    Hours/week
    1

  • Shantel Bacchus

    Director

    Total calculated
    $0
    Hours/week
    1

  • Emmy Ganos

    Director

    Total calculated
    $0
    Hours/week
    1

  • Leigh Tabak

    Director

    Total calculated
    $0
    Hours/week
    1

  • Howard Loeb

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 4
$309,310 - Michael Sattell

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
6 May 2023
IRS schema version
2022v5.0
Source object
202401319349304050

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