Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $163,369

• 1f · All other contributions, gifts and grants

  $9,000

• 2a · Program service revenue: RESIDENTIAL REVENUE

  total $21,575,895 · related or exempt $21,575,895

• 2b · Program service revenue: AMORTIZATION OF DEFERRED REV

  total $10,874,163 · related or exempt $10,874,163

• 2c · Program service revenue: HEALTH CENTER FEES

  total $7,913,427 · related or exempt $7,913,427

• 3 · Investment income

  total $2,540,901 · excluded $2,540,901

• 6a · Gross rents

  real property $258,336

• 6b · Less rental expenses

  real property $630

• 6c · Rental income or loss

  real property $257,706

• 6d · Net rental income or loss

  total $257,706 · excluded $257,706

• 7a · Gross sales of assets other than inventory

  securities $296,731

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

  securities $171,154

• 7c · Gain or loss

  securities $125,577

• 7d · Net gain or loss

  total $125,577 · excluded $125,577

• 11a · Other revenue: ASSESSMENT REFUND

  total $448,114 · excluded $448,114

• 11b · Other revenue: TELEPHONE CHARGES

  total $214,978 · excluded $214,978

• 11c · Other revenue: CAFETERIA/CATERING

  total $171,558 · excluded $171,558

• 11d · All other revenue

  total $148,312 · excluded $148,312

• 11e · Other revenue, total

  $982,962

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $45,889 · program services $45,889

• 5 · Compensation of officers, directors and key employees

  total $1,042,048 · program services $885,741 · management and general $156,307

• 7 · Other salaries and wages

  total $11,031,801 · program services $9,377,031 · management and general $1,654,770

• 8 · Pension plan contributions

  total $511,786 · program services $435,018 · management and general $76,768

• 9 · Other employee benefits

  total $1,538,986 · program services $1,308,138 · management and general $230,848

• 10 · Payroll taxes

  total $969,709 · program services $824,253 · management and general $145,456

• 11b · Fees: legal

  total $186,135 · management and general $186,135

• 11c · Fees: accounting

  total $89,889 · management and general $89,889

• 11d · Fees: lobbying

  total $2,006 · management and general $2,006

• 11f · Fees: investment management

  total $137,042 · management and general $137,042

• 11g · Fees: other

  total $4,538,344 · program services $3,481,354 · management and general $1,056,990

• 12 · Advertising and promotion

  total $116,646 · management and general $116,646

• 13 · Office expenses

  total $1,159,140 · program services $579,570 · management and general $579,570

• 14 · Information technology

  total $12,828 · program services $6,414 · management and general $6,414

• 16 · Occupancy

  total $4,490,419 · program services $4,490,419

• 17 · Travel

  total $6,254 · program services $1,876 · management and general $4,378

• 19 · Conferences, conventions and meetings

  total $96,510 · program services $28,953 · management and general $67,557

• 20 · Interest

  total $2,337,461 · program services $2,290,712 · management and general $46,749

• 22 · Depreciation, depletion and amortization

  total $6,587,015 · program services $6,455,275 · management and general $131,740

• 23 · Insurance

  total $730,278 · program services $250 · management and general $730,028

• 24a · Other expenses: FOOD SERVICES

  total $1,130,772 · program services $1,128,987 · management and general $1,785

• 24b · Other expenses: GENERAL & ADMIN

  total $285,692 · program services $201,566 · management and general $84,126

• 24c · Other expenses: MEDICAL SUPPLIES

  total $160,820 · program services $160,820

• 24d · Other expenses: BAD DEBT EXPENSE

  total $46,914 · program services $46,914

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,879,106 · end of year $1,359,752

• 2 · Savings and temporary cash investments

  beginning of year $11,600,797 · end of year $14,419,564

• 4 · Accounts receivable

  beginning of year $788,038 · end of year $867,320

• 7 · Other notes and loans receivable

  beginning of year $141,498 · end of year $163,369

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,478,124 · end of year $2,312,822

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

  $196,994,097

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

  $92,571,424

• 10c · Land, buildings and equipment, net

  beginning of year $104,399,431 · end of year $104,422,673

• 11 · Investments: publicly traded securities

  beginning of year $70,550,156 · end of year $80,684,043

• 15 · Other assets

  beginning of year $7,009,552 · end of year $7,007,523

• 17 · Accounts payable and accrued expenses

  beginning of year $4,313,882 · end of year $5,205,727

• 19 · Deferred revenue

  beginning of year $76,483,502 · end of year $81,979,753

• 20 · Tax-exempt bond liabilities

  beginning of year $52,406,185 · end of year $51,236,933

• 21 · Escrow or custodial account liability

  beginning of year $921,644 · end of year $887,953

• 25 · Other liabilities

  beginning of year $69,239,974 · end of year $66,857,274

• 27 · Net assets without donor restrictions

  beginning of year -$3,518,485 · end of year $5,069,426

The filer's explanations (Part III)

PART I, LINE 7

DIRECTORS RECEIVE A BONUS THAT IS CALCULATED BASED ON THE DISCRETIONARY BONUS PROVIDED TO STAFF BY THE RESIDENT'S ASSOCIATION. THE MARKETING DIRECTOR RECEIVES COMMISSIONS. THE DIRECTOR OF FINANCE RECEIVED A DISCRETIONARY BONUS IN 2024 BASED ON MERIT.