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Nonprofiteer
← NEW HERITAGE TOWERS

Form 990 for tax year 2024

Filed by NEW HERITAGE TOWERS.

Totals

Total revenue
$20,721,446
Total expenses
$19,171,251
Contributions and grants received
$24,099
Grants paid
$11,488
Program service revenue
$19,011,410
Investment income
$1,312,871
Other revenue
$373,066
Total assets, end of year
$60,601,724
Total liabilities, end of year
$38,733,427
Net assets or fund balances, end of year
$21,868,297
Program services expenses (Part IX)
$14,260,005
Management and general expenses
$4,911,246
Fundraising expenses
$0
Program service expenses (Part III)
$14,260,005

Program services were 74.4% 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.

  • 1d · Related organizations

    $7,000

  • 1e · Government grants (contributions)

    $17,099

  • 2a · Program service revenue: HEALTH CENTER

    total $7,619,309 · related or exempt $7,619,309

  • 2b · Program service revenue: INDEPENDENT LIVING

    total $5,780,433 · related or exempt $5,780,433

  • 2c · Program service revenue: ENTRY FEE AMORTIZATION

    total $3,683,547 · related or exempt $3,683,547

  • 2d · Program service revenue: PERSONAL CARE

    total $1,872,518 · related or exempt $1,872,518

  • 2e · Program service revenue: ASSESSMENT REVENUE

    total $55,603 · related or exempt $55,603

  • 3 · Investment income

    total $383,011 · excluded $383,011

  • 6a · Gross rents

    real property $8,155

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $8,155

  • 6d · Net rental income or loss

    total $8,155 · excluded $8,155

  • 7a · Gross sales of assets other than inventory

    securities $3,244,562

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

    securities $2,314,702

  • 7c · Gain or loss

    securities $929,860

  • 7d · Net gain or loss

    total $929,860 · excluded $929,860

  • 11a · Other revenue: COMPANION REVENUE

    total $162,741 · excluded $162,741

  • 11b · Other revenue: DINING REVENUE

    total $117,621 · excluded $117,621

  • 11c · Other revenue: THERAPIST OUTSOURCING

    total $32,736 · excluded $32,736

  • 11d · All other revenue

    total $51,813 · excluded $51,813

  • 11e · Other revenue, total

    $364,911

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $11,488 · program services $11,488

  • 5 · Compensation of officers, directors and key employees

    total $202,289 · program services $202,289

  • 7 · Other salaries and wages

    total $7,958,779 · program services $7,041,244 · management and general $917,535

  • 8 · Pension plan contributions

    total $242,256 · program services $225,310 · management and general $16,946

  • 9 · Other employee benefits

    total $1,018,415 · program services $934,028 · management and general $84,387

  • 10 · Payroll taxes

    total $710,788 · program services $561,536 · management and general $149,252

  • 11a · Fees: management

    total $2,398,547 · management and general $2,398,547

  • 11b · Fees: legal

    total $108,822 · management and general $108,822

  • 11c · Fees: accounting

    total $40,865 · management and general $40,865

  • 11f · Fees: investment management

    total $16,014 · management and general $16,014

  • 11g · Fees: other

    total $601,987 · program services $372,375 · management and general $229,612

  • 12 · Advertising and promotion

    total $142,597 · management and general $142,597

  • 13 · Office expenses

    total $564,940 · program services $536,713 · management and general $28,227

  • 16 · Occupancy

    total $1,204,303 · program services $1,184,781 · management and general $19,522

  • 17 · Travel

    total $6,618 · program services $528 · management and general $6,090

  • 20 · Interest

    total $1,016,500 · program services $813,200 · management and general $203,300

  • 22 · Depreciation, depletion and amortization

    total $1,616,041 · program services $1,292,833 · management and general $323,208

  • 23 · Insurance

    total $114,511 · management and general $114,511

  • 24a · Other expenses: FOOD

    total $794,029 · program services $794,029

  • 24b · Other expenses: MEDICAL SUPPLIES

    total $255,574 · program services $255,574

  • 24c · Other expenses: BAD DEBT EXPENSE

    total $74,996 · management and general $74,996

  • 24d · Other expenses: EMPLOYEE EXPENSES

    total $27,454 · program services $13,091 · management and general $14,363

  • 24e · All other expenses

    total $43,438 · program services $20,986 · management and general $22,452

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $87,932 · end of year $275,575

  • 4 · Accounts receivable

    beginning of year $125,425 · end of year $575,949

  • 9 · Prepaid expenses and deferred charges

    beginning of year $212,518 · end of year $220,857

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

    $54,246,201

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

    $34,679,498

  • 10c · Land, buildings and equipment, net

    beginning of year $19,516,880 · end of year $19,566,703

  • 11 · Investments: publicly traded securities

    beginning of year $17,236,127 · end of year $17,478,291

  • 15 · Other assets

    beginning of year $19,553,005 · end of year $22,484,349

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,483,516 · end of year $2,229,837

  • 19 · Deferred revenue

    beginning of year $13,726,254 · end of year $16,133,885

  • 20 · Tax-exempt bond liabilities

    beginning of year $19,674,835 · end of year $19,323,254

  • 21 · Escrow or custodial account liability

    beginning of year $228,265 · end of year $419,257

  • 25 · Other liabilities

    beginning of year $783,231 · end of year $627,194

  • 27 · Net assets without donor restrictions

    beginning of year $19,835,786 · end of year $21,868,297

Mission and programs · 2024

Mission

TO MAKE A COMPELLING DIFFERENCE IN THE LIVES OF OUR RESIDENTS THROUGH PROVIDING EXCELLENCE AND INNOVATION IN AGING SERVICES.

Activities or mission (Part I)

THE ORGANIZATION OPERATES A NON-PROFIT CONTINUING CARE RETIREMENT COMMUNITY, INCLUDING INDEPENDENT APARTMENTS, PERSONAL CARE APARTMENTS, AND A SKILLED NURSING FACILITY.

  • THE ORGANIZATION OPERATES A NON-PROFIT CONTINUING CARE RETIREMENT COMMUNITY, WHICH INCLUDES THREE LEVELS OF CARE: INDEPENDENT LIVING, PERSONAL CARE AND A SKILLED NURSING FACILITY CONSISTING OF 210 APARTMENTS, 66 PERSONAL CARE UNITS AND A 60 BED SKILLED NURSING FACILITY. THE COMMUNITY PROVIDES AGING SERVICES TO PROMOTE GENERAL HEALTH, WELFARE AND SECURITY FOR THE SENIOR RESIDENTS, AND TO PLAN AND DEVELOP NEW PROGRAMS AND SERVICES TO MEET THE EVOLVING SOCIAL, HEALTH AND PERSONAL NEEDS OF RESIDENTS. OCCUPANCY FOR THE YEAR WAS 88.67% FOR INDEPENDENT LIVING, 77.31% FOR PERSONAL CARE AND 89.41% FOR NURSING.

    Expenses $14,260,005 · Grants $11,488 · Revenue $19,018,410

As filed on the 2024 return.

Listed in Part VII

  • Jeff Petty

    CHAIR

    Total calculated
    $743,540
    From this org
    $0
    From related orgs
    $717,141
    Other
    $26,399
    Hours/week
    1 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $532,541 related
    Bonus
    $0 + $177,400 related
    Other
    $0 + $7,200 related
    Deferred
    $0 + $13,800 related
    Nontaxable benefits
    $0 + $12,599 related
    Filer's total
    $0 + $743,540 related

  • Shelley Ballet

    SECRETARY/TREASURER

    Total calculated
    $313,236
    From this org
    $0
    From related orgs
    $291,530
    Other
    $21,706
    Hours/week
    1 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $249,280 related
    Bonus
    $0 + $42,250 related
    Other
    $0
    Deferred
    $0 + $10,495 related
    Nontaxable benefits
    $0 + $11,211 related
    Filer's total
    $0 + $313,236 related

  • Lynne Dukert

    EXECUTIVE DIRECTOR

    Total calculated
    $202,289
    From this org
    $202,289
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,289
    Bonus
    $29,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $202,289

  • Sharon Margulies

    DIRECTOR OF RESIDENTIAL SALES

    Total calculated
    $180,873
    From this org
    $165,516
    From related orgs
    $0
    Other
    $15,357
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $116,016
    Bonus
    $49,500
    Other
    $0
    Deferred
    $4,694
    Nontaxable benefits
    $10,663
    Filer's total
    $180,873

  • Thomas Richards

    REGISTERED NURSE

    Total calculated
    $151,697
    From this org
    $136,219
    From related orgs
    $0
    Other
    $15,478
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,719
    Bonus
    $7,500
    Other
    $0
    Deferred
    $4,751
    Nontaxable benefits
    $10,727
    Filer's total
    $151,697

  • Yuehhsia Chen

    REGISTERED NURSE

    Total calculated
    $146,492
    From this org
    $130,705
    From related orgs
    $0
    Other
    $15,787
    Hours/week
    46.41

  • Anthony Pellitta

    DIR FACILITY OPERATIONS

    Total calculated
    $123,582
    From this org
    $108,731
    From related orgs
    $0
    Other
    $14,851
    Hours/week
    40

  • Kathleen Pinzka

    DIR PERSONAL CARE & RESIDENT SVCS

    Total calculated
    $126,527
    From this org
    $111,823
    From related orgs
    $0
    Other
    $14,704
    Hours/week
    40

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

  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
COMPENSATION FOR THE CEO AND HIS DIRECT REPORTS IS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS. COMPENSATION STUDIES ARE DONE PERIODICALLY BY AN OUTSIDE COMPENSATION CONSULTANT TO DETERMINE COMPENSATION, USING COMPARATIVE INDEPENDENT DATA. FOR OTHER EMPLOYEES, COMPENSATION REVIEWS ARE COMPLETED INTERNALLY COMPARING COMPENSATION DATA AVAILABLE THROUGH LEADING AGE, THE HOSPITAL & HEALTHCARE COMPENSATION SERVICE SALARY & BENEFITS REPORT, AND OTHER BENCHMARKS. THIS PROCESS WAS LAST PERFORMED IN DECEMBER 2022 AND WILL BE DONE AGAIN AT THE END OF 2024.
PART I, LINE 7
THE ORGANIZATION PROVIDES BONUSES TO KEY EXECUTIVES ON A DISCRETIONARY BASIS. THE BOARD OF DIRECTORS ESTABLISHES AND APPROVES A BONUS POOL WHICH REPRESENTS THE MOST THE EMPLOYEES MAY RECEIVE BASED UPON A PERCENTAGE OF THEIR BASE PAY AND SETS THE AWARD FOR THE PRESIDENT/CEO. THE PRESIDENT IS THEN TASKED WITH CONFERRING BONUSES ON OTHER ELIGIBLE EMPLOYEES BASED UPON THE MAXIMUM PERCENTAGE THAT HAS ALREADY BEEN DETERMINED BY THE BOARD.

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
2024
Filed
21 April 2025
IRS schema version
2024v5.1
Source object
202521289349301012

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