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Nonprofiteer
← BETHESDA FOUNDATION

Form 990 for tax year 2023

Filed by BETHESDA FOUNDATION.

Totals

Total revenue
$57,224,903
Total expenses
$57,408,484
Contributions and grants received
$594,874
Grants paid
$34,284
Program service revenue
$52,496,162
Investment income
$3,950,396
Other revenue
$183,471
Total assets, end of year
$109,156,037
Total liabilities, end of year
$109,801,806
Net assets or fund balances, end of year
-$645,769
Program services expenses (Part IX)
$48,370,422
Management and general expenses
$9,038,062
Fundraising expenses
$0
Program service expenses (Part III)
$48,370,422

Program services were 84.3% 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.

  • 1e · Government grants (contributions)

    $563,456

  • 1f · All other contributions, gifts and grants

    $31,418

  • 2a · Program service revenue: Assisted Living

    total $48,937,441 · related or exempt $48,937,441

  • 2b · Program service revenue: Subsidiary management

    total $2,654,721 · related or exempt $2,654,721

  • 2c · Program service revenue: Community Fees

    total $904,000 · related or exempt $904,000

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $358,865 · excluded $358,865

  • 6a · Gross rents

    real property $32,466 · personal property $1,200

  • 6c · Rental income or loss

    real property $32,466 · personal property $1,200

  • 6d · Net rental income or loss

    total $33,666 · unrelated business $1,200 · excluded $32,466

  • 7a · Gross sales of assets other than inventory

    securities $888,556 · other assets $5,000,000

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

    securities $664,809 · other assets $1,632,216

  • 7c · Gain or loss

    securities $223,747 · other assets $3,367,784

  • 7d · Net gain or loss

    total $3,591,531 · excluded $3,591,531

  • 11d · All other revenue

    total $149,805 · related or exempt $149,805 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $149,805

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $13,565 · program services $13,565

  • 2 · Grants to domestic individuals

    total $20,719 · program services $20,719

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $799,845 · management and general $799,845

  • 7 · Other salaries and wages

    total $24,748,789 · program services $21,857,445 · management and general $2,891,344

  • 8 · Pension plan contributions

    total $309,791 · program services $243,811 · management and general $65,980

  • 9 · Other employee benefits

    total $1,606,920 · program services $1,474,979 · management and general $131,941

  • 10 · Payroll taxes

    total $1,917,069 · program services $1,694,765 · management and general $222,304

  • 11a · Fees: management

    total $612,659 · management and general $612,659

  • 11b · Fees: legal

    total $62,575 · program services $37,476 · management and general $25,099

  • 11c · Fees: accounting

    total $109,058 · program services $46,237 · management and general $62,821

  • 11f · Fees: investment management

    total $11,789 · management and general $11,789

  • 11g · Fees: other

    total $4,144,774 · program services $1,672,277 · management and general $2,472,497 · fundraising $0

  • 12 · Advertising and promotion

    total $1,169,473 · program services $1,126,397 · management and general $43,076

  • 13 · Office expenses

    total $3,884,449 · program services $3,827,785 · management and general $56,664

  • 14 · Information technology

    total $850,268 · program services $161,476 · management and general $688,792

  • 16 · Occupancy

    total $3,922,218 · program services $3,793,491 · management and general $128,727

  • 17 · Travel

    total $631,969 · program services $95,897 · management and general $536,072

  • 19 · Conferences, conventions and meetings

    total $199,816 · program services $71,571 · management and general $128,245

  • 20 · Interest

    total $4,313,494 · program services $4,313,494

  • 22 · Depreciation, depletion and amortization

    total $6,016,105 · program services $5,961,200 · management and general $54,905

  • 23 · Insurance

    total $1,779,856 · program services $1,724,684 · management and general $55,172

  • 24a · Other expenses: Dues, Licenses and Fees

    total $169,055 · program services $156,463 · management and general $12,592

  • 24b · Other expenses: Bad Debt

    total $76,690 · program services $76,690

  • 24c · Other expenses: Bond Admin Fees

    total $37,538 · management and general $37,538

  • 24e · All other expenses

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

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,963,305 · end of year $813,609

  • 2 · Savings and temporary cash investments

    beginning of year $5,711 · end of year $48,188

  • 4 · Accounts receivable

    beginning of year $2,038,000 · end of year $1,401,942

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $3,000,000 · end of year $5,927,612

  • 8 · Inventories for sale or use

    beginning of year $79,787 · end of year $73,337

  • 9 · Prepaid expenses and deferred charges

    beginning of year $955,663 · end of year $622,148

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

    $146,948,247

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

    $60,410,354

  • 10c · Land, buildings and equipment, net

    beginning of year $86,074,554 · end of year $86,537,893

  • 11 · Investments: publicly traded securities

    beginning of year $0

  • 12 · Investments: other securities

    beginning of year $5,578,093 · end of year $5,441,127

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $4,494,000 · end of year $4,494,000

  • 15 · Other assets

    beginning of year $5,364,667 · end of year $3,796,181

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,306,414 · end of year $2,754,191

  • 19 · Deferred revenue

    beginning of year $266,808 · end of year $459,631

  • 20 · Tax-exempt bond liabilities

    beginning of year $23,883,595 · end of year $23,494,907

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $16,401,895 · end of year $21,100,368

  • 25 · Other liabilities

    beginning of year $67,002,461 · end of year $61,992,709

  • 27 · Net assets without donor restrictions

    beginning of year -$1,307,393 · end of year -$645,769

Mission and programs · 2023

Mission

To serve seniors by enriching their physical, emotional, and spiritual health in a nurturing lifestyle at our communities. Our vision: to expand outreach and service to as many communities as God wills through expansion, acquisition, management contracts and programming.

Activities or mission (Part I)

Serving seniors by enriching their physical, emotional and spiritual health.

  • Development and operation of tax exempt assisted living communities, independent living communities, and memory care facilities for seniors in Arizona, Colorado, Missouri, Nebraska, and Texas. Cared for an average of 946 residents during the fiscal year ended 9/30/2024.

    Expenses $48,370,422 · Grants $34,284 · Revenue $52,645,967

As filed on the 2023 return.

Listed in Part VII

  • Dana Rasic

    President, Chair & Director

    Total calculated
    $408,023
    From this org
    $0
    From related orgs
    $364,389
    Other
    $43,634
    Hours/week
    25 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $341,027 related
    Bonus
    $0 + $17,100 related
    Other
    $0 + $6,262 related
    Deferred
    $0 + $9,979 related
    Nontaxable benefits
    $0 + $33,655 related
    Filer's total
    $0 + $408,023 related

  • Daniel Vagle

    Vice Chair & Director

    Total calculated
    $64,609
    From this org
    $0
    From related orgs
    $61,000
    Other
    $3,609
    Hours/week
    2 + 5 related

  • Jenny Kennedy

    Secretary & Director

    Total calculated
    $10,453
    From this org
    $0
    From related orgs
    $10,453
    Other
    $0
    Hours/week
    1.5 + 5 related

  • Nathan Merrill

    CFO, Treasurer & Director

    Total calculated
    $293,674
    From this org
    $0
    From related orgs
    $249,361
    Other
    $44,313
    Hours/week
    25 + 32 related

    Schedule J breakdown matched by us

    Base
    $0 + $237,109 related
    Bonus
    $0
    Other
    $0 + $12,252 related
    Deferred
    $0 + $7,577 related
    Nontaxable benefits
    $0 + $36,736 related
    Filer's total
    $0 + $293,674 related

  • Rick Summers

    Vice President & Director

    Total calculated
    $261,150
    From this org
    $241,509
    From related orgs
    $0
    Other
    $19,641
    Hours/week
    25 + 35 related

    Schedule J breakdown matched by us

    Base
    $235,644
    Bonus
    $0
    Other
    $5,865
    Deferred
    $7,228
    Nontaxable benefits
    $12,413
    Filer's total
    $261,150

  • Christi Miller

    VP of Human Resources & Director

    Total calculated
    $178,383
    From this org
    $0
    From related orgs
    $161,006
    Other
    $17,377
    Hours/week
    20 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $160,648 related
    Bonus
    $0
    Other
    $0 + $358 related
    Deferred
    $0 + $4,964 related
    Nontaxable benefits
    $0 + $12,413 related
    Filer's total
    $0 + $178,383 related

  • Dale Turner

    Director

    Total calculated
    $64,483
    From this org
    $0
    From related orgs
    $61,000
    Other
    $3,483
    Hours/week
    2 + 7 related

  • Don Morgan

    Director

    Total calculated
    $64,385
    From this org
    $61,000
    From related orgs
    $0
    Other
    $3,385
    Hours/week
    2 + 6 related

  • Kristen Jacoby

    Regional Dir of Ops & Director

    Total calculated
    $137,017
    From this org
    $133,698
    From related orgs
    $0
    Other
    $3,319
    Hours/week
    25 + 25 related

  • Larry Smith

    Director

    Total calculated
    $35,216
    From this org
    $30,500
    From related orgs
    $0
    Other
    $4,716
    Hours/week
    3 + 7 related

  • Austin Harbach

    Assistant Secretary

    Total calculated
    $130,175
    From this org
    $0
    From related orgs
    $115,312
    Other
    $14,863
    Hours/week
    25 + 31 related

  • Kimberly Erickson

    Chief Operating Officer

    Total calculated
    $0
    Hours/week
    30 + 25 related

  • Tom Workman

    Assistant Secretary

    Total calculated
    $0
    Hours/week
    1 + 3.5 related

  • Joshua Thomas

    VP of Strategy & Development

    Total calculated
    $191,178
    From this org
    $165,736
    From related orgs
    $0
    Other
    $25,442
    Hours/week
    15 + 40 related

    Schedule J breakdown matched by us

    Base
    $163,610
    Bonus
    $0
    Other
    $2,126
    Deferred
    $5,211
    Nontaxable benefits
    $20,231
    Filer's total
    $191,178

  • Andrew McCormick

    Regional Director of Operations

    Total calculated
    $164,108
    From this org
    $135,254
    From related orgs
    $0
    Other
    $28,854
    Hours/week
    25 + 25 related

    Schedule J breakdown matched by us

    Base
    $133,062
    Bonus
    $0
    Other
    $2,192
    Deferred
    $4,341
    Nontaxable benefits
    $24,513
    Filer's total
    $164,108

  • Brittney Moore

    VP of Health Services

    Total calculated
    $159,469
    From this org
    $152,172
    From related orgs
    $0
    Other
    $7,297
    Hours/week
    24 + 31 related

    Schedule J breakdown matched by us

    Base
    $151,734
    Bonus
    $0
    Other
    $438
    Deferred
    $4,570
    Nontaxable benefits
    $2,727
    Filer's total
    $159,469

  • Earl Saxon Jr

    Regional Director of Operations

    Total calculated
    $164,712
    From this org
    $150,034
    From related orgs
    $0
    Other
    $14,678
    Hours/week
    25 + 25 related

    Schedule J breakdown matched by us

    Base
    $149,667
    Bonus
    $0
    Other
    $367
    Deferred
    $4,565
    Nontaxable benefits
    $10,113
    Filer's total
    $164,712

  • Kris Gillen

    VP of Sales & Marketing

    Total calculated
    $163,483
    From this org
    $157,731
    From related orgs
    $0
    Other
    $5,752
    Hours/week
    30 + 25 related

    Schedule J breakdown matched by us

    Base
    $154,873
    Bonus
    $0
    Other
    $2,858
    Deferred
    $4,658
    Nontaxable benefits
    $1,094
    Filer's total
    $163,483

  • William Schwingen

    Regional Director of Operations

    Total calculated
    $157,341
    From this org
    $130,743
    From related orgs
    $0
    Other
    $26,598
    Hours/week
    15 + 40 related

    Schedule J breakdown matched by us

    Base
    $128,675
    Bonus
    $0
    Other
    $2,068
    Deferred
    $4,227
    Nontaxable benefits
    $22,371
    Filer's total
    $157,341

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

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 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)

Schedule J, Part I, Line 1a Travel for companions
Travel for companions was provided to Rick Summers, Vice President and Director, Joshua Thomas, VP of Strategy & Development, and William Schwingen, Regional Director of Operations. This benefit was included in taxable compensation.
Schedule J, Part I, Line 7 Non-fixed payments
The organization and related entities pay discretionary bonuses to their officers, directors, and key employees from time to time. The frequency and amount of the bonuses are determined by the Administrative Committee, CEO, or other management, and based on factors such as overall job performance, substantial extra projects, etc. The organizations do not have any employment contracts which obligate the payment of bonuses in the future.

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

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • BSLC Thornton LLC

    Senior Living · CO · income $7,081,597 · assets $23,667,097

    Directly controlled by Bethesda Foundation

  • BSLC Loveland LLC

    Senior Living · CO · income $6,314,729 · assets $16,643,018

    Directly controlled by Bethesda Foundation

  • BSLC Monument LLC

    Senior Living · CO · income $3,765,224 · assets $11,313,531

    Directly controlled by Bethesda Foundation

  • BSLC Frisco LLC

    Assisted Living Facility · CO · income $4,669,978 · assets $14,252,312

    Directly controlled by Bethesda Foundation

  • BSLC Springfield Condos LLC

    Independent Living · CO · income $503,304 · assets $1,942,447

    Directly controlled by Bethesda Foundation

  • Bethesda Gardens Broadmoor LLC

    Assisted Living Facility · CO · income $2,752,490 · assets $4,340,880

    Directly controlled by Bethesda Foundation

  • Bethesda Gardens Grand Junction LLC

    Assisted Living Facility · CO · income $5,055,502 · assets $3,625,546

    Directly controlled by Bethesda Foundation

  • BSLC Phoenix Holdings LLC

    Property owner · CO · income $420,000 · assets $5,586,979

    Directly controlled by Bethesda Foundation

Related corporations and trusts

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

  • Bethesda Real Estate Company

    C Corporation · Real Estate Mgmt · CO · 100% owned · share of income $55,346 · share of assets $588,551 · controlled entity

    Directly controlled by Bethesda Associates

Provenance

Return type
form_990
Tax year
2023
Filed
15 August 2025
IRS schema version
2023v6.0
Source object
202532279349302813

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