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Nonprofiteer
← COMMONWEALTH LONG TERM CARE FOUNDATION INC

Form 990 for tax year 2023

Filed by COMMONWEALTH LONG TERM CARE FOUNDATION INC.

Totals

Total revenue
$53,038
Total expenses
$40,261
Contributions and grants received
$100
Grants paid
$36,000
Program service revenue
$0
Investment income
$6,148
Other revenue
$46,790
Total assets, end of year
$325,759
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$325,759
Program services expenses (Part IX)
$37,276
Management and general expenses
$2,985
Fundraising expenses
$0
Program service expenses (Part III)
$37,276

Program services were 92.6% 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

    $100

  • 3 · Investment income

    total $6,148 · excluded $6,148

  • 8a · Fundraising events: gross income

    $58,665

  • 8b · Fundraising events: direct expenses

    $11,875

  • 8c · Net income from fundraising events

    total $46,790 · excluded $46,790

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $36,000 · program services $36,000

  • 11b · Fees: legal

    total $470 · management and general $470

  • 11c · Fees: accounting

    total $2,020 · management and general $2,020

  • 13 · Office expenses

    total $190 · management and general $190

  • 24a · Other expenses: SCHOLARSHIP EXPENSES

    total $1,276 · program services $1,276

  • 24b · Other expenses: FEES

    total $305 · management and general $305

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $40,443 · end of year $41,372

  • 2 · Savings and temporary cash investments

    beginning of year $272,239 · end of year $277,387

  • 4 · Accounts receivable

    beginning of year $300 · end of year $7,000

  • 27 · Net assets without donor restrictions

    beginning of year $312,982 · end of year $325,759

Mission and programs · 2023

Mission

TO SUPPORT EDUCATIONAL OPPORTUNITIES AND PROMOTE QUALITY CARE IN VIRGINIA'S LONG TERM CARE COMMUNITIES

Activities or mission (Part I)

SUPPORT EDUCATIONAL OPPORTUNITIES

  • PROVIDE SCHOLARSHIPS TO INDIVIDUALS EMPLOYED AT MEMBER FACILITIES WHO WANT TO ADVANCE THEIR NURSING CAREERS BY EARNING THEIR LICENSED PRACTICAL NURSE (LPN) OR REGISTERED NURSING (RN) DEGREES.

    Expenses $37,276 · Grants $36,000

As filed on the 2023 return.

Listed in Part VII

  • J Keith Hare

    PRESIDENT

    Total calculated
    $387,358
    From this org
    $0
    From related orgs
    $361,433
    Other
    $25,925
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $299,749 related
    Bonus
    $0 + $54,000 related
    Other
    $0 + $7,684 related
    Deferred
    $0 + $21,000 related
    Nontaxable benefits
    $0 + $4,925 related
    Filer's total
    $0 + $387,358 related

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)

PART I, LINE 3
COMPENSATION FOR THE PRESIDENT IS DETERMINED BY A RELATED ENTITY (VIRGINIA HEALTH CARE ASSOCIATION, INC.) THROUGH THE FOLLOWING METHODS: COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, AND APPROVAL BY THE BOARD/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.

Provenance

Return type
form_990
Tax year
2023
Filed
11 May 2024
IRS schema version
2023v5.0
Source object
202441359349307004

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