Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $167,894

• 2a · Program service revenue: ROUTINE REVENUE

  total $21,599,653 · related or exempt $21,599,653

• 2b · Program service revenue: ANCILLARY REVENUE

  total $287,899 · related or exempt $287,899

• 3 · Investment income

  total $544,218 · excluded $544,218

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

  securities $84,412

• 7c · Gain or loss

  securities -$84,412

• 7d · Net gain or loss

  total -$84,412 · related or exempt -$84,412

Functional expenses

Part IX, the statement of functional expenses.

• 7 · Other salaries and wages

  total $7,925,398 · program services $7,925,398

• 8 · Pension plan contributions

  total $147,829 · program services $147,829

• 9 · Other employee benefits

  total $810,161 · program services $810,161

• 10 · Payroll taxes

  total $580,647 · program services $580,647

• 11a · Fees: management

  total $866,038 · management and general $866,038

• 11b · Fees: legal

  total $14,387 · program services $14,387

• 11c · Fees: accounting

  total $105,300 · program services $105,300

• 11g · Fees: other

  total $37,550 · program services $37,550

• 12 · Advertising and promotion

  total $167,119 · program services $167,119

• 13 · Office expenses

  total $52,903 · program services $52,903

• 14 · Information technology

  total $598,947 · management and general $598,947

• 16 · Occupancy

  total $968,957 · program services $968,957

• 20 · Interest

  total $4,597,997 · program services $4,597,997

• 22 · Depreciation, depletion and amortization

  total $3,578,960 · program services $3,578,960

• 23 · Insurance

  total $801,398 · program services $801,398

• 24a · Other expenses: CONTRACT SERVICES

  total $1,192,700 · program services $1,192,700

• 24b · Other expenses: DIETARY SERVICES

  total $960,242 · program services $960,242

• 24c · Other expenses: MAINTENANCE & REPAIR

  total $727,153 · program services $727,153

• 24d · Other expenses: THERAPY

  total $494,056 · program services $494,056

• 24e · All other expenses

  total $1,691,161 · program services $1,691,161

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,858,876 · end of year $1,593,277

• 4 · Accounts receivable

  beginning of year $1,212,962 · end of year $962,880

• 9 · Prepaid expenses and deferred charges

  beginning of year $236,855 · end of year $90,988

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

  $142,366,904

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

  $39,901,754

• 10c · Land, buildings and equipment, net

  beginning of year $104,612,467 · end of year $102,465,150

• 15 · Other assets

  beginning of year $16,256,379 · end of year $18,545,738

• 17 · Accounts payable and accrued expenses

  beginning of year $2,493,764 · end of year $2,099,271

• 19 · Deferred revenue

  beginning of year $83,874,578 · end of year $86,971,312

• 20 · Tax-exempt bond liabilities

  beginning of year $107,269,103 · end of year $107,269,103

• 25 · Other liabilities

  beginning of year $34,022,345 · end of year $34,255,333

• 27 · Net assets without donor restrictions

  beginning of year -$103,482,251 · end of year -$106,936,986

The filer's explanations (Part III)

SCHEDULE J, PART III

PART I,LINE 1A: THE ORGANIZATION PROVIDES AN ALLOWANCE FOR UP TO 10 BOARD MEMBERS TO ATTEND THE ANNUAL ASSOCIATION CONVENTION TO PROVIDE MORE IN DEPTH KNOWLEDGE OF THE SENIOR CARE INDUSTRY. THE COST OF TRAVEL FOR SPOUSES IS PERMITTED AS LONG AS THE TOTAL DOES NOT EXCEED THE ESTABLISHED ALLOWANCE AMOUNT. THE BENEFIT OF SPOUSAL TRAVEL IS INCLUDED IN TAXABLE COMPENSATION. DOCUMENTATION OF ATTENDANCE AT THE ANNUAL CONVENTION IS REQUIRED. PART I, LINE 4B: REST HAVEN HAS ESTABLISHED A NONQUALIFIED DEFERRED COMPENSATION PLAN IN AN EFFORT TO RETAIN SELECTED OFFICERS ON A LONG TERM BASIS. WILLIAM DEYOUNG PARTICIPATES IN THE PLAN. IN 2023, THERE WERE NO DISTRIBUTIONS FROM OR AMOUNTS VESTED IN THE ACCOUNT. IN 2005, THE PLAN WAS SET UP BY THE BOARD OF DIRECTORS TO ESTABLISH A RETENTION INCENTIVE PLAN FOR CERTAIN OFFICERS. THIS PLAN RECOGNIZES THE HISTORIC CONTRIBUTION OF THE EXECUTIVES AND ESTABLISHES AN INCENTIVE FOR THEM TO CONTINUE THEIR EMPLOYMENT WITH THE ORGANIZATION UNTIL NORMAL RETIREMENT AGE. AMONG VARIOUS CRITERIA, IN ORDER TO QUALIFY FOR THE BENEFIT, THE EXECUTIVE WILL NEED TO BE CONTINOUSLY EMPLOYED THRU AND UNTIL A FUTURE DATE. THE ORGANIZATION'S PAYMENTS INTO THE PLAN ARE RECORDED ON THE 990 AS DEFERRED COMPENSATION. HOWEVER, THESE MONIES ARE ONLY ELIGIBLE TO BE RECEIVED BASED UPON ACHIEVEMENT OR SATISFACTION OF SOME FUTURE EVENTS. THE PLAN CONTRIBUTIONS ARE NOT UNDER THE CONTROL OF THE EXECUTIVES, THEY REMAIN THE ASSET OF THE ORGANIZATION, AND THE ENTIRE PLAN IS SUBJECT TO A FULL RISK FORFEITURE BY THE INDIVIDUAL. PART I, LINE 7: THE EXECUTIVE COMPENSATION PROGRAM HAS TWO MAJOR ELEMENTS; SALARY, OR BASE PAY, AND VARIABLE PAY. THE SALARY REFLECTS THE VALUE OF AN EXECUTIVE'S CAPABALITIES AND EXPERIENCE. THE VARIABLE PAY REFLECTS THE ORGANIZATION'S COMMITMENT TO PAY FOR SPECIFIC PERFORMANCE TOWARDS THE ORGANIZATION'S GOALS. THE VARIABLE PAY IS AWARDED SEMI-ANNUALLY BASED UPON A SPECIFIC REVIEW OF GOALS AND OBJECTIVES (INCLUDING THOSE WHICH RELATE TO MISSION, OPERATIONAL EFFICIENCY, FINANCIAL EFFECTIVENESS, AND STRATEGIC GOALS). THE COMPENSATION COMMITTEE REVIEWS, ASSESSES AND DETERMINES ANY AWARD UNDER THE VARIABLE PAY COMPONENT. EXECUTIVE EMPLOYEES ARE REVIEWED BY THE COMPENSATION COMMITTEE AND OUTSIDE CONSULTANTS TO INSURE THEY ARE COMPETITIVE AND IN LINE WITH COMMON PRACTICE FOR SIMILAR POSITIONS IN SIMILARLY SIZED AND TYPE ORGANIZATIONS. THE COMMITTEE ROUTNINELY RECIEVES AN EXECUTIVE COMPENSATION OPINION NOTING THAT THE ORGANIZATION'S EXECUTIVE COMPENSATION FALLS WITHIN THE RANGE OF COMPARABLE POSITIONS WITHIN THE SAME INDUSTRY, AND SCOPE OF OPERATIONS. THE REPORT/OPINION ALSO NOTES THAT THE STATED REQUIREMENTS OF ENSURING INDEPENDENCE OF COMPENSATION DELIBERATIONS FOR SENIOR EXECUTIVES ARE MET.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• PROVIDENCE MANAGEMENT & DEVELOPMENT PROVIDENCE MANAGEMENT & DEVELOPMENT

  IT SERVICE · IL