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Nonprofiteer
← PRESBYTERIAN RETIREMENT COMMUNITIES INC

Form 990 for tax year 2023

Filed by PRESBYTERIAN RETIREMENT COMMUNITIES INC.

Totals

Total revenue
$163,879,779
Total expenses
$168,489,464
Contributions and grants received
$2,932,327
Grants paid
$0
Program service revenue
$155,023,484
Investment income
$5,923,968
Other revenue
$0
Total assets, end of year
$561,978,548
Total liabilities, end of year
$437,539,105
Net assets or fund balances, end of year
$124,439,443
Program services expenses (Part IX)
$135,870,123
Management and general expenses
$31,923,875
Fundraising expenses
$695,466
Program service expenses (Part III)
$135,870,123

Program services were 80.6% 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.

  • 1f · All other contributions, gifts and grants

    $2,932,327

  • 2a · Program service revenue: MONTHLY FEES

    total $97,908,394 · related or exempt $97,908,394

  • 2b · Program service revenue: MEDICARE/MEDICAID PAYMENT

    total $31,182,084 · related or exempt $31,182,084

  • 2c · Program service revenue: EARNED ENTRANCE FEES

    total $23,921,557 · related or exempt $23,921,557

  • 2d · Program service revenue: OTHER

    total $1,754,776 · related or exempt $1,754,776

  • 2e · Program service revenue: RENTS

    total $256,673 · related or exempt $256,673

  • 3 · Investment income

    total $5,666,478 · excluded $5,666,478

  • 7a · Gross sales of assets other than inventory

    securities $8,734,899

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

    securities $8,451,545 · other assets $25,864

  • 7c · Gain or loss

    securities $283,354 · other assets -$25,864

  • 7d · Net gain or loss

    total $257,490 · related or exempt -$25,864 · excluded $283,354

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $58,241,024 · program services $52,126,711 · management and general $6,114,313

  • 8 · Pension plan contributions

    total $1,401,417 · program services $1,178,985 · management and general $222,432

  • 9 · Other employee benefits

    total $5,462,820 · program services $4,874,678 · management and general $588,142

  • 10 · Payroll taxes

    total $4,150,328 · program services $3,678,564 · management and general $471,764

  • 11a · Fees: management

    total $8,693,327 · program services $2,086,398 · management and general $5,911,463 · fundraising $695,466

  • 11b · Fees: legal

    total $494,290 · management and general $494,290

  • 11c · Fees: accounting

    total $527,980 · management and general $527,980

  • 12 · Advertising and promotion

    total $1,917,876 · management and general $1,917,876

  • 13 · Office expenses

    total $439,022 · management and general $439,022

  • 16 · Occupancy

    total $6,434,023 · program services $6,434,023

  • 17 · Travel

    total $52,386 · management and general $52,386

  • 19 · Conferences, conventions and meetings

    total $47,862 · program services $27,567 · management and general $20,295

  • 20 · Interest

    total $9,448,090 · program services $9,448,090

  • 22 · Depreciation, depletion and amortization

    total $24,835,999 · program services $24,835,999

  • 23 · Insurance

    total $6,777,363 · management and general $6,777,363

  • 24a · Other expenses: OUTSIDE SERVICE CONTRACTS

    total $6,726,842 · program services $6,601,832 · management and general $125,010

  • 24b · Other expenses: MEDICAL SUPPLIES

    total $6,639,071 · program services $6,639,071

  • 24c · Other expenses: FOOD

    total $6,037,825 · program services $6,037,825

  • 24d · Other expenses: TAXES & LICENSES - MGMT &

    total $4,659,985 · management and general $4,659,985

  • 24e · All other expenses

    total $15,501,934 · program services $11,900,380 · management and general $3,601,554

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,900 · end of year $2,900

  • 2 · Savings and temporary cash investments

    beginning of year $11,981,845 · end of year $4,713,317

  • 4 · Accounts receivable

    beginning of year $8,745,232 · end of year $9,315,816

  • 7 · Other notes and loans receivable

    beginning of year $16,440,589 · end of year $19,730,290

  • 8 · Inventories for sale or use

    beginning of year $390,040 · end of year $503,046

  • 9 · Prepaid expenses and deferred charges

    beginning of year $692,945 · end of year $1,041,537

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

    $668,393,779

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

    $343,760,106

  • 10c · Land, buildings and equipment, net

    beginning of year $325,781,956 · end of year $324,633,673

  • 12 · Investments: other securities

    beginning of year $5,637,179 · end of year $5,652,908

  • 15 · Other assets

    beginning of year $185,524,582 · end of year $196,385,061

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,111,571 · end of year $19,657,795

  • 20 · Tax-exempt bond liabilities

    beginning of year $207,448,105 · end of year $193,511,482

  • 25 · Other liabilities

    beginning of year $220,156,565 · end of year $224,369,828

  • 27 · Net assets without donor restrictions

    beginning of year $60,298,828 · end of year $68,139,248

  • 28 · Net assets with donor restrictions

    beginning of year $52,183,199 · end of year $56,300,195

Mission and programs · 2023

Mission

PRESBYTERIAN RETIREMENT COMMUNITIES, INC. IS A CHURCH RELATED, NON-PROFIT COMMUNITY SERVICE ORGANIZATION DEDICATED AND COMMITTED TO PROVIDING SERVICES FOR OLDER ADULTS AND PERSONS WITH SPECIAL NEEDS BY CREATING AND PRESERVING EXCELLENT RESIDENTIAL AND HEALTH CARE COMMUNITIES PROMOTING WELLNESS AND ENCOURAGING ACTIVE AND HEALTHY LIFESTYLE CHOICES. PRESBYTERIAN RETIREMENT COMMUNITIES, INC. BELIEVES IN AND IS COMMITTED TO HONORING EACH PERSON'S DIGNITY, RIGHTS, SELF-RESPECT AND INDEPENDENCE. PRESBYTERIAN RETIREMENT COMMUNITIES, INC. IS COMMITTED TO A PROGRAM OF STEWARDSHIP THAT RECOGNIZES ITS RESPONSIBILITY TO USE ITS RESOURCES WELL.

  • HOMES FOR THE AGED THAT PROVIDE HOUSING, DINING, HEALTH CARE AND OTHER SERVICES FOR OLDER ADULTS AND PERSONS WITH SPECIAL NEEDS. OVER 2,000 CLIENTS WERE SERVED.

    Expenses $135,870,123 · Revenue $155,023,484

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • John Hillenmeyer

    CHAIRMAN

    Total calculated
    $0

  • Terence Rogers

    CEO/PRESIDEN

    Total calculated
    $836,263
    From this org
    $0
    From related orgs
    $791,826
    Other
    $44,437

    Schedule J breakdown matched by us

    Base
    not reported + $594,300 related
    Bonus
    not reported + $177,474 related
    Other
    not reported + $20,052 related
    Deferred
    not reported + $31,787 related
    Nontaxable benefits
    not reported + $12,650 related
    Filer's total
    not reported + $836,263 related

  • Henry T Keith

    CFO/TREASUR/

    Total calculated
    $643,198
    From this org
    $0
    From related orgs
    $613,220
    Other
    $29,978

    Schedule J breakdown matched by us

    Base
    not reported + $483,066 related
    Bonus
    not reported + $107,719 related
    Other
    not reported + $22,435 related
    Deferred
    not reported + $18,681 related
    Nontaxable benefits
    not reported + $11,297 related
    Filer's total
    not reported + $643,198 related

  • Garry Hennis

    COO/EXECUTIV

    Total calculated
    $592,367
    From this org
    $0
    From related orgs
    $564,179
    Other
    $28,188

    Schedule J breakdown matched by us

    Base
    not reported + $439,908 related
    Bonus
    not reported + $100,317 related
    Other
    not reported + $23,954 related
    Deferred
    not reported + $16,891 related
    Nontaxable benefits
    not reported + $11,297 related
    Filer's total
    not reported + $592,367 related

  • Megan Faubel

    SECRETARY

    Total calculated
    $0

  • Stephen Dye

    DIRECTOR

    Total calculated
    $0

  • Greg Bustle

    DIRECTOR

    Total calculated
    $0

  • William Bell

    DIRECTOR

    Total calculated
    $0

  • Donald Doddridge

    DIRECTOR

    Total calculated
    $0

  • Jeffrey S Mock

    DIRECTOR

    Total calculated
    $0

  • Linda Shelley

    DIRECTOR

    Total calculated
    $0

  • John Mark Ramsey

    DIRECTOR

    Total calculated
    $0

  • John Debevoise

    DIRECTOR

    Total calculated
    $0

  • David Carlen Maddux

    DIRECTOR

    Total calculated
    $0

  • Clifford William Hull

    DIRECTOR

    Total calculated
    $0

  • Kristin Kutac

    DIRECTOR

    Total calculated
    $0

  • Leslie Mura

    SALES COUNSE

    Total calculated
    $159,284
    From this org
    $144,421
    From related orgs
    $0
    Other
    $14,863
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $75,397
    Bonus
    $23,800
    Other
    $45,224
    Deferred
    $6,425
    Nontaxable benefits
    $8,438
    Filer's total
    $159,284

  • Jane Claire Hoblock

    RN DIRECT CA

    Total calculated
    $150,805
    From this org
    $142,464
    From related orgs
    $0
    Other
    $8,341
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $69,845
    Bonus
    $500
    Other
    $72,119
    Deferred
    not reported
    Nontaxable benefits
    $8,341
    Filer's total
    $150,805

  • Cheryl Whigham

    DIRECTOR OF

    Total calculated
    $170,774
    From this org
    $159,874
    From related orgs
    $0
    Other
    $10,900
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $103,810
    Bonus
    $13,800
    Other
    $42,264
    Deferred
    $3,800
    Nontaxable benefits
    $7,100
    Filer's total
    $170,774

  • Freddie Holmes

    THERAPY PROG

    Total calculated
    $140,426
    From this org
    $132,492
    From related orgs
    $0
    Other
    $7,934
    Hours/week
    40

  • Pamela Roby

    DIRECTOR OF

    Total calculated
    $158,786
    From this org
    $143,316
    From related orgs
    $0
    Other
    $15,470
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $90,301
    Bonus
    $27,000
    Other
    $26,015
    Deferred
    $6,606
    Nontaxable benefits
    $8,864
    Filer's total
    $158,786

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

None.

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 3
THE ORGANIZATION RELIED ON A RELATED ORGANIZATION (WESTMINSTER SERVICES, INC. 59-3614812) FOR THE COMPENSATION COMMITTEE, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

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.

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.

  • WESTMINSTER COMMUNITIES OF BRADENTO N

    HOME AGED · FL · income $41,703,867 · assets $67,058,559

    Directly controlled by PRESBYTERI AN RETIREMENT COMMUNITIES INC

  • WESTMINSTER WINTER PARK

    HOME AGED · FL · income $47,224,420 · assets $182,826,988

    Directly controlled by PRESBYTERI AN RETIREMENT COMMUNITIES INC

  • WESTMINSTER TOWERS ORLANDO

    HOME AGED · FL · income $25,254,950 · assets $57,592,809

    Directly controlled by PRESBYTERI AN RETIREMENT COMMUNITIES INC

  • WESTMINSTER OAKS

    HOME AGED · FL · income $47,455,853 · assets $145,978,177

    Directly controlled by PRESBYTERI AN RETIREMENT COMMUNITIES INC

Provenance

Return type
form_990
Tax year
2023
Filed
2 March 2025
IRS schema version
2023v6.0
Source object
202510729349301141

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