Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ASSISTED LIVING REVENU

  total $2,119,586 · related or exempt $2,119,586

• 2b · Program service revenue: OTHER SERVICES

  total $47,362 · related or exempt $47,362

• 2c · Program service revenue: BEAUTY SHOP

  total $24,342 · related or exempt $24,342

• 2d · Program service revenue: FOOD SERVICE

  total $9,964 · related or exempt $9,964

• 2e · Program service revenue: GUEST MEALS

  total $3,084 · excluded $3,084

• 2f · All other program service revenue

  total $1,125 · related or exempt $1,125

• 3 · Investment income

  total $14,098 · excluded $14,098

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

  securities $86,403

• 7c · Gain or loss

  securities -$86,403

• 7d · Net gain or loss

  total -$86,403 · excluded -$86,403

• 11a · Other revenue: INSURANCE PROCEEDS

  total $2,692 · related or exempt $2,692

• 11e · Other revenue, total

  $2,692

Functional expenses

Part IX, the statement of functional expenses.

• 7 · Other salaries and wages

  total $929,853 · program services $644,739 · management and general $285,114

• 9 · Other employee benefits

  total $242,295 · management and general $242,295

• 10 · Payroll taxes

  total $91,721 · program services $69,341 · management and general $22,380

• 11c · Fees: accounting

  total $9,461 · management and general $9,461

• 12 · Advertising and promotion

  total $16,936 · management and general $16,936

• 13 · Office expenses

  total $87,304 · program services $71,783 · management and general $15,521

• 14 · Information technology

  total $22,906 · management and general $22,906

• 16 · Occupancy

  total $196,289 · program services $162,037 · management and general $34,252

• 17 · Travel

  total $7,338 · management and general $7,338

• 19 · Conferences, conventions and meetings

  total $202 · management and general $202

• 20 · Interest

  total $32,381 · program services $30,561 · management and general $1,820

• 22 · Depreciation, depletion and amortization

  total $146,074 · program services $146,074

• 23 · Insurance

  total $53,715 · program services $20,905 · management and general $32,810

• 24a · Other expenses: RAW FOOD

  total $285,755 · program services $285,755

• 24b · Other expenses: MAINTENANCE SERVICES

  total $88,873 · program services $88,873

• 24c · Other expenses: MISCELLANEOUS

  total $18,998 · program services $1,751 · management and general $17,247

• 24d · Other expenses: ADMINISTRATIVE EXPENSE

  total $9,554 · management and general $9,554

• 24e · All other expenses

  total $25,866 · program services $12,709 · management and general $13,157

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $527,261 · end of year $534,503

• 2 · Savings and temporary cash investments

  beginning of year $627,362 · end of year $628,519

• 4 · Accounts receivable

  beginning of year $12,056 · end of year $31,451

• 8 · Inventories for sale or use

  beginning of year $16,715 · end of year $16,715

• 9 · Prepaid expenses and deferred charges

  beginning of year $11,049 · end of year $6,929

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

  $6,670,945

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

  $3,893,286

• 10c · Land, buildings and equipment, net

  beginning of year $2,853,827 · end of year $2,777,659

• 11 · Investments: publicly traded securities

  beginning of year $548,077 · end of year $461,673

• 15 · Other assets

  beginning of year $355,675 · end of year $237,916

• 17 · Accounts payable and accrued expenses

  beginning of year $166,668 · end of year $118,777

• 19 · Deferred revenue

  beginning of year $206,888 · end of year $123,280

• 23 · Secured mortgages and notes payable

  beginning of year $757,302 · end of year $674,529

• 25 · Other liabilities

  beginning of year $120,198 · end of year $50,527

• 27 · Net assets without donor restrictions

  beginning of year $3,700,966 · end of year $3,099,812

• 28 · Net assets with donor restrictions

  end of year $628,440

The filer's explanations (Part III)

PART I, LINE 3

RELATED ORG METHODS USED FOR COMPENSATION EXPLANATION: THE ORGANIZATION DOES NOT COMPENSATE ANY OFFICERS OR EMPLOYEES. ALL COMPENSATION IS PAID BY THE ORGANIZATION'S PARENT, MISSISSIPPI METHODIST SENIOR SERVICES, INC. (MMSS). THE EXECUTIVE COMMITTEE OF MMSS' BOARD OF DIRECTORS SERVES AS A COMPENSATION COMMITTEE. THEY REVIEW COMPENSATION STUDIES AVAILABLE FOR SIMILAR ORGANIZATIONS THROUGH LEADING AGE AND CEMO. THE COMPENSATION COMMITTEE WORKS WITH A CONSULTANT TO UPDATE COMPENSATION INFORMATION AT LEAST ONCE EVERY 3 YEARS. THE COMMITTEE USES THE LEADING AGE AND CEMO COMPENSATION STUDIES ANNUALLY. THE COMPENSATION COMMITTEE WORKS TO MAINTAIN COMPENSATION IN THE 60TH PERCENTILE OF THE MARKET. THIS COMMITTEE APPROVES ANY CHANGE MADE TO THE CEO SALARY PACKAGE BASED ON THIS PHILOSOPHY.

PART I, LINE 4B

THE PLAN WAS PUT IN PLACE MAY OF 2020. AT THAT TIME, WE RECOGNIZED 27 YEARS OF SERVICE AS EXPENSE/LIABILITY FOR THE CEO. IF HE IS EMPLOYED UNTIL MARCH 1, 2025, HE IS ENTITLED TO START RECEIVING THE BENEFITS. IF HE WERE TO BECOME DISABLED AND REMAINED LIVING AS OF APRIL 1, 2025, HE IS ENTITLED TO THE BENEFITS BASED ON NUMBER OF YEARS SERVED. IF DECEASED, HIS BENEFICIARIES WOULD BENEFIT BASED ON THE NUMBER OF YEARS SERVED. IF TERMINATED FOR CAUSE PRIOR TO MARCH 1, 2025, HE IS NOT ENTITLED TO ANY BENEFITS. THE DEFERRED COMPENSATION IS LISTED ON BOTH PART VII AND SCHEDULE J UNDER DEFERRED COMPENSATION.