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Nonprofiteer
← RIVERWOODS DURHAM

Form 990 for tax year 2023

Filed by RIVERWOODS DURHAM.

Totals

Total revenue
$22,833,344
Total expenses
$24,605,409
Contributions and grants received
$188,042
Grants paid
$21,500
Program service revenue
$20,979,424
Investment income
$1,594,078
Other revenue
$71,800
Total assets, end of year
$126,610,427
Total liabilities, end of year
$150,813,709
Net assets or fund balances, end of year
-$24,203,282
Program services expenses (Part IX)
$19,560,816
Management and general expenses
$5,044,593
Fundraising expenses
$0
Program service expenses (Part III)
$19,560,816

Program services were 79.5% 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

    $188,042

  • 2a · Program service revenue: RESIDENTAL SERVICE FEES

    total $12,699,687 · related or exempt $12,699,687

  • 2b · Program service revenue: HEALTH CENTER FEES

    total $6,957,409 · related or exempt $6,957,409

  • 2c · Program service revenue: EARNED ENTRANCE FEES

    total $1,309,284 · related or exempt $1,309,284

  • 2d · Program service revenue: ANCILLARY RESIDENT SERVICES

    total $13,044 · related or exempt $13,044

  • 3 · Investment income

    total $1,243,650 · excluded $1,243,650

  • 6a · Gross rents

    real property $71,800

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $71,800

  • 6d · Net rental income or loss

    total $71,800 · excluded $71,800

  • 7a · Gross sales of assets other than inventory

    securities $1,402,235 · other assets $29,001

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

    securities $1,056,442 · other assets $24,366

  • 7c · Gain or loss

    securities $345,793 · other assets $4,635

  • 7d · Net gain or loss

    total $350,428 · excluded $350,428

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $21,500 · program services $21,500

  • 5 · Compensation of officers, directors and key employees

    total $189,612 · management and general $189,612

  • 7 · Other salaries and wages

    total $9,497,282 · program services $8,354,469 · management and general $1,142,813

  • 8 · Pension plan contributions

    total $79,271 · program services $67,818 · management and general $11,453

  • 9 · Other employee benefits

    total $953,936 · program services $764,349 · management and general $189,587

  • 10 · Payroll taxes

    total $709,924 · program services $567,939 · management and general $141,985

  • 11a · Fees: management

    total $938,120 · program services $938,120

  • 11b · Fees: legal

    total $6,493 · management and general $6,493

  • 11c · Fees: accounting

    total $39,211 · management and general $39,211

  • 11f · Fees: investment management

    total $105,612 · management and general $105,612

  • 11g · Fees: other

    total $1,860,349 · program services $931,939 · management and general $928,410

  • 12 · Advertising and promotion

    total $105,707 · program services $5,610 · management and general $100,097

  • 13 · Office expenses

    total $198,651 · program services $160,475 · management and general $38,176

  • 14 · Information technology

    total $440,976 · program services $144,517 · management and general $296,459

  • 16 · Occupancy

    total $1,758,432 · program services $1,452,444 · management and general $305,988

  • 17 · Travel

    total $59,459 · program services $8,919 · management and general $50,540

  • 20 · Interest

    total $1,529,110 · program services $1,007,504 · management and general $521,606

  • 22 · Depreciation, depletion and amortization

    total $3,896,394 · program services $3,219,486 · management and general $676,908

  • 23 · Insurance

    total $299,769 · program services $254,867 · management and general $44,902

  • 24a · Other expenses: FOOD & DIETARY SUPPLIES

    total $842,717 · program services $733,164 · management and general $109,553

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $584,710 · program services $496,306 · management and general $88,404

  • 24c · Other expenses: RESIDENT EXPENSES

    total $292,607 · program services $279,160 · management and general $13,447

  • 24d · Other expenses: OTHER EMPLOYEE EXPENSES

    total $195,260 · program services $152,230 · management and general $43,030

  • 24e · All other expenses

    total $307 · management and general $307

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,359,693

  • 2 · Savings and temporary cash investments

    beginning of year $983,756 · end of year $5,501,028

  • 4 · Accounts receivable

    beginning of year $770,836 · end of year $178,417

  • 8 · Inventories for sale or use

    beginning of year $64,792 · end of year $65,569

  • 9 · Prepaid expenses and deferred charges

    beginning of year $176,185 · end of year $144,311

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

    $105,769,863

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

    $15,973,056

  • 10c · Land, buildings and equipment, net

    beginning of year $91,124,875 · end of year $89,796,807

  • 11 · Investments: publicly traded securities

    beginning of year $27,164,648 · end of year $30,104,808

  • 15 · Other assets

    beginning of year $939,720 · end of year $819,487

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,416,084 · end of year $2,309,314

  • 19 · Deferred revenue

    beginning of year $11,005,288 · end of year $10,559,994

  • 20 · Tax-exempt bond liabilities

    beginning of year $52,980,000 · end of year $52,140,294

  • 23 · Secured mortgages and notes payable

    beginning of year $3,004,966 · end of year $1,106,304

  • 25 · Other liabilities

    beginning of year $81,291,762 · end of year $84,697,803

  • 27 · Net assets without donor restrictions

    beginning of year -$24,200,473 · end of year -$24,271,351

  • 28 · Net assets with donor restrictions

    beginning of year $86,878 · end of year $68,069

Mission and programs · 2023

Mission

THE MISSION OF RIVERWOODS DURHAM (RWD) IS TO ESTABLISH, OWN, AND MAINTAIN A CONTINUING CARE RETIREMENT COMMUNITY (CCRC) WHICH PROVIDES HOUSING, HEALTH CARE SERVICES, FOOD SERVICES, SECURITY, AND OTHER ANCILLARY SERVICES TO ELDERLY PERSONS.

Activities or mission (Part I)

TO ESTABLISH, OWN, AND MAINTAIN A CHARITABLE CONTINUING CARE RETIREMENT COMMUNITY FOR THE ELDERLY

  • RIVERWOODS DURHAM (RWD) HAS ONE PRIMARY PROGRAM SERVICE, TO ESTABLISH, MANAGE AND MAINTAIN A CONTINUING CARE RETIREMENT COMMUNITY WHICH PROVIDES HOUSING, HEALTH CARE SERVICES, FOOD SERVICES, SECURITY, AND OTHER ANCILLARY SERVICES TO OLDER ADULTS OVER AGE 62. ON JUNE 30, 2024, THE COMMUNITY HOUSED APPROXIMATELY 208 RESIDENTS IN INDEPENDENT APARTMENTS AND 65 RESIDENTS IN OUR HEALTH CARE CENTER. OVER THE COURSE OF THE YEAR THE HEALTH CARE CENTER SERVED APPROXIMATELY 95 RESIDENTS ON A PERMANENT, TEMPORARY OR PER DIEM BASIS AT A SUBSTANTIALLY DISCOUNTED RATE. THE CONTRACTUAL ALLOWANCE (I.E. WRITE-OFF) RELATED TO THE LEVEL OF CARE PROVIDED FOR LIFECARE CONTRACT RESIDENTS WAS $3,956,421 FOR FY24. CONTINUED ON SCHEDULE O. AS A NOT-FOR-PROFIT CCRC, RWD HAS A BENEVOLENCE FUND TO HELP RESIDENTS WHO HAVE OUTLIVED THEIR ASSETS OR HAVE FOUND THEMSELVES UNABLE TO MAKE THEIR FINANCIAL COMMITMENT, THROUGH NO FAULT OF THEIR OWN. IF NEEDED, A RESIDENT CAN TURN TO THE RIVERWOODS BENEVOLENCE FUND, RATHER THAN PLACING FINANCIAL BURDEN ON SENIOR ASSISTANCE PROGRAMS OUTSIDE THE RIVERWOODS COMMUNITY.WOVEN INTO THE FABRIC OF OUR FOUNDING PRINCIPLES IS A COMMITMENT TO THE LOCAL COMMUNITY: "TO BE A RESPONSIBLE COMMUNITY THAT PARTICIPATES IN THE LIFE OF THE LARGER COMMUNITY AROUND IT." WE CONSIDER OURSELVES NEIGHBORS OF THE LOCAL COMMUNITY, AND WE ARE DEDICATED TO SERVING THE NEW HAMPSHIRE SEACOAST AREA BOTH WITH OUR TIME, KNOWLEDGE, AND THROUGH OUR RESOURCES. IN FY24, BOTH STAFF AND RESIDENTS FOUND MANY WAYS TO GIVE BACK, SERVE OTHERS, AND SUPPORT THE LOCAL COMMUNITY BY VOLUNTEERING THEIR TIME ON LOCAL NOT-FOR-PROFIT BOARDS, VOLUNTEERING HOURS IN THEIR COMMUNITY AND COLLECTING PHYSICAL DONATIONS FOR TOY, FOOD, AND CLOTHING DRIVES. PART OF OUR MISSION IS NOT ONLY TO HELP IMPROVE THE EXPERIENCE OF AGING FOR AS MANY ADULTS AS POSSIBLE, BUT ALSO TO SHARE THAT KNOWLEDGE WITH OTHERS, ESPECIALLY THE YOUNGER GENERATION. EMPLOYEES REGULARLY SHARE THEIR KNOWLEDGE BY INVITING STUDENTS INTO THE RWD COMMUNITY WHO CAN LEARN FROM THE VAST KNOWLEDGE AND EXPERIENCE OF THE STAFF. OVER THE YEARS WE HAVE HOSTED STUDENTS FROM A VARIETY OF SCHOOLS AND PROVIDED INTERNSHIPS IN A VARIETY OF COURSEWORK, FROM MARKETING TO FINANCE TO SOCIAL WORK AND HEALTH CARE. SINCE RIVERWOODS OPENED ITS DOORS, A KEY OBJECTIVE HAS NOT ONLY BEEN TO SHARE OUR EXPERIENCES WITH OTHERS, BUT TO LEARN FROM OTHERS IN THE INDUSTRY AT THE SAME TIME. IN THIS WAY WE CONTINUE TO INNOVATE, TO REMAIN AT THE FOREFRONT OF NEW TRENDS IN OUR INDUSTRY, AND TO RESPOND TO CHANGING CONSUMER PREFERENCES, WHILE ALSO ADVANCING THE SENIOR LIVING INDUSTRY AS A WHOLE. OUR LEADERS REGULARLY ATTEND INDUSTRY SEMINARS, PARTICIPATE IN STUDY GROUPS, AND PRESENT ON NATIONAL AND INTERNALTIONAL PANELS WITHIN OUR INDUSTRY, AS WELL AS DRAFT ARTICLES FOR LEADING PUBLICATIONS. RWD IS A STRONG COMMUNITY PARTNER AND IN ADDITION TO RESIDENT AND STAFF TIME SPENT VOLUNTEERING, RWD HAS HELPED A NUMBER OF COMMUNITY-WIDE EVENTS AND ORGANIZATIONS WITH FINANCIAL SUPPORT. RWD HAS ALSO PROVIDED SMALL HONORARIUMS/DONATIONS TO A NUMBER OF GROUPS WHO HAVE PROVIDED SPEAKERS FOR OUR ON-CAMPUS EDUCATION PROGRAMS.EDUCATION IS A VALUE HIGHLY PRIZED BY RWD RESIDENTS. IN FY22, SCHOLARSHIP FUNDS WERE ESTABLISHED FOR RWD STAFF. IN FY24 $21,500 OF SCHOLARSHIPS WERE DISTIBUTED TO 10 EMPLOYEES.C.A.R.E. STANDS FOR CARING, AIDING, AND RESPONDING TO EMPLOYEE'S FINANCIAL NEEDS. THE C.A.R.E. FUND WAS ESTABLISHED BY EMPLOYEES TO ASSIST EMPLOYEES OF RIVERWOODS WHO DEMONSTRATE A FINANCIAL EMERGENCY BEYOND THEIR CONTROL AND PROVIDE THEM WITH LIMITED ASSISTANCE.

    Expenses $19,560,816 · Grants $21,500 · Revenue $20,979,424

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

Listed in Part VII

  • Justine Vogel

    CEO

    Total calculated
    $545,232
    From this org
    $0
    From related orgs
    $504,915
    Other
    $40,317
    Hours/week
    0.6 + 39.4 related

    Schedule J breakdown matched by us

    Base
    $0 + $420,038 related
    Bonus
    $0 + $71,994 related
    Other
    $0 + $12,883 related
    Deferred
    $0 + $11,644 related
    Nontaxable benefits
    $0 + $28,673 related
    Filer's total
    $0 + $545,232 related

  • Kimberly Gaskell

    VP OF OPERATIONS

    Total calculated
    $276,929
    From this org
    $0
    From related orgs
    $260,341
    Other
    $16,588
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $219,849 related
    Bonus
    $0 + $35,050 related
    Other
    $0 + $5,442 related
    Deferred
    $0 + $6,314 related
    Nontaxable benefits
    $0 + $10,274 related
    Filer's total
    $0 + $276,929 related

  • Natalee Belanger

    EXECUTIVE DIRECTOR

    Total calculated
    $177,708
    From this org
    $171,055
    From related orgs
    $0
    Other
    $6,653
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,625
    Bonus
    $14,565
    Other
    $6,865
    Deferred
    $5,153
    Nontaxable benefits
    $1,500
    Filer's total
    $177,708

  • Patricia McDonough-Doane

    LPN

    Total calculated
    $125,560
    From this org
    $125,560
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Kaitlin Knapp

    NURSE PRACTITIONER

    Total calculated
    $119,524
    From this org
    $118,024
    From related orgs
    $0
    Other
    $1,500
    Hours/week
    40

  • Holly Moon

    NURSE LEADER RN

    Total calculated
    $118,087
    From this org
    $118,087
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Glenn Morash

    DIRECTOR OF DINING SERVICES

    Total calculated
    $119,096
    From this org
    $109,798
    From related orgs
    $0
    Other
    $9,298
    Hours/week
    40

  • Lauren Lennen

    ASST. DIR. OF HEALTH SERVICES

    Total calculated
    $106,399
    From this org
    $105,199
    From related orgs
    $0
    Other
    $1,200
    Hours/week
    40

  • Susan Desjardins

    CHAIR

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Rebecca Smith

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Mike Hickey

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Deborah Karmozyn

    CLERK AND RESIDENT TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Dan Chartrand

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Kirsten Corazzini

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Tom Donovan

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Debby Miller

    TRUSTEE (AS OF JANUARY 2024)

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Patrick Parisi

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Walter Burgin

    RESIDENT TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Ralph Ragucci

    RESIDENT TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Bill Stafford

    RESIDENT TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • David Brownell

    TRUSTEE (LEFT IN JUNE 18, 2024)

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Mike Rowan

    TRUSTEE (LEFT IN APRIL 2024)

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • John Prochilo

    TRUSTEE (LEFT IN JUNE 18, 2024)

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Jason Smith

    TRUSTEE (LEFT IN JUNE 18, 2024)

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Tim Riley

    TRUSTEE (LEFT IN AUGUST 2023)

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Susan Woods

    TRUSTEE (LEFT IN JUNE 18, 2024)

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 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

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 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)

PART I, LINE 3
ALL RELATED PARTY COMPENSATION DISCLOSED ON SCHEDULE J, PART II IS COMPENSATION PAID BY THE RIVERWOODS GROUP (TRWG), A RELATED IRC SECTION 501(C)(3) SUPPORTING ORGANIZATION. TRWG USES THE FOLLOWING TO EVALUATE COMPENSATION: A COMPENSATION COMMITTEE, AN INDEPENDENT COMPENSATION CONSULTANT, FORM 990S OF OTHER LIKE ORGANIZATIONS, A COMPENSATION SURVEY/STUDY AND APPROVAL BY THE TRWG BOARD/COMPENSATION COMMITTEE. THE INDEPENDENT COMPENSATION CONSULTANT REVIEWS THE CEO COMPENSATION PACKAGE FOR REASONABLENESS UNDER THE INTERMEDIATE SANCTIONS RULE (IRS SECTION 4598).
PART I, LINE 7
ANY BONUS PAYMENT IS UP TO THE DISCRETION OF THE EMPLOYEE'S SENIOR LEADER. ANY BONUSES PAID TO SENIOR LEADERSHIP ARE ALSO SUBJECT TO REVIEW BY THE EXECUTIVE DIRECTOR AND/OR TRWG CEO. THE BONUS DETERMINATION IS BASED ON AN ANALYSIS OF THE EMPLOYEE'S PERFORMANCE DURING THE YEAR AND IS SUBJECT TO THE BUDGETARY CONSTRAINTS OF THE ORGANIZATION. THE BONUS PAID WAS INCLUDED IN 2023 W-2 COMPENSATION, AND AS SUCH IS REPORTED ON FORM 990, PART VII, COLUMN D AND SCHEDULE J, PART II, COLUMN B(II) AS FOLLOWS: NATALEE BELANGER, EXECUTIVE DIRECTOR - $14,565 LAUREN LENNEN, ASST. DIR. OF HEALTH SERVICES - $2,844 PATRICIA MCDONOUGH-DOANE, LPN - $2,444 HOLLY MOON, NURSE LEADER RN - $1,944 GLENN MORASH, DIRECTOR OF DINING SERVICES - $1,550 KAITLIN KNAPP, NURSE PRACTITIONER - $1,250

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
8 November 2024
IRS schema version
2023v5.1
Source object
202403169349301840

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