Home For The Aged
- Assets
- $33.2m
- Revenue
- $8.4m
- Investments
- $0.0
- Employees
- 129
- Location
- Portland, ME
- Founding
- 07/1942
- Data as of
- 06/2023
- EIN
- 01-0211512
Organization Overview
Home For The Aged, operating under the name The Park Danforth, is located in Portland, ME. The organization was established in 1942. According to its NTEE Classification (P75) the organization is classified as: Supportive Housing for Older Adults, under the broad grouping of Human Services and related organizations. As of 06/2023, Park Danforth employed 129 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Park Danforth is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Park Danforth generated $8.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $9.1m during the year ending 06/2023. While expenses have increased by 7.0% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HIGH QUALITY HOUSING AND SERVICES TO THOSE 60 YEARS OF AGE AND OLDER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOME FOR THE AGED PROVIDES HIGH QUALITY HOUSING, MEALS, CIVIC, CULTURAL AND RECREATIONAL ACTIVITIES AND EMERGENCY RESPONSE SERVICE TO THE RESIDENTS OF ITS ONE HUNDRED TEN INDEPENDENT LIVING APARTMENTS. SOME OF THE APARTMENTS ARE OFFERED AT RATES THAT ARE BELOW-MARKET RATES, MAKING THEM ACCESSIBLE TO THOSE WHOSE RESOURCES ARE MODEST, YET NOT SUCH THAT THE INDIVIDUALS ARE ELIGIBLE FOR FEDERAL ASSISTANCE. THESE APARTMENTS ARE SPECIALLY DESIGNED TO OPTIMALLY MEET THE NEEDS OF THOSE WHO ARE AGING IN PLACE.
HOME FOR THE AGED PROVIDES HIGH QUALITY HOUSING, MEALS, PERSONAL CARE SERVICES, ASSISTANCE WITH MEDICATIONS AND CIVIC, CULTURAL AND RECREATIONAL ACTIVITIES TO THE RESIDENTS OF ITS THIRTY-SIX STATE-LICENSED ASSISTED LIVING STUDIOS. SOME OF THE APARTMENTS ARE OFFERED TO LOW AND VERY LOW INCOME RESIDENTS, SUBSIDIZED BY THE STATE OF MAINE'S MAINECARE PROGRAM. HOME FOR THE AGED OPERATES THE MAINECARE SUPPORTED STUDIOS AT BELOW-COST, AND OPERATING SUBSIDIES (TO OFFSET LOSSES) ARE PROVIDED BY THE HOME'S ENDOWMENT. ESTIMATED OPERATING SUBSIDIES IN THE CURRENT YEAR WERE $495,471.
HOME FOR THE AGED PROVIDES HIGH QUALITY, DIGNIFIED, SAFE AND AFFORDABLE HOUSING (70 INDEPENDENT LIVING APARTMENTS) TO THOSE WHOSE MEANS ARE DEFINED AS "VERY LOW INCOME OR "EXTREMELY LOW INCOME" IN ACCORDANCE WITH FEDERAL ELIGIBILITY GUIDELINES FOR THE HUD SECTION 8 PROGRAM. IN PROVIDING SECTION 8 HOUSING, HOME FOR THE AGED, IN PARTNERSHIP WITH THE U.S. DEPARTMENT OF HUD, PROVIDES HOUSING TO THOSE WHO WOULD OTHERWISE BE AT FINANCIAL RISK DUE TO THE HIGH COST OF HOUSING AND UTILITIES. THESE APARTMENTS ARE SPECIALLY DESIGNED TO OPTIMALLY MEET THE NEEDS OF THOSE WHO ARE AGING IN PLACE. AS THESE RESIDENTS AGE, BY VIRTUE OF THEIR RESIDENCY, THEY ARE GIVEN PRIORITY FOR TRANSFERS TO THE ASSISTED LIVING PROGRAM AT SUCH TIME AS A HIGHER LEVEL OF CARE IS NEEDED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jason Straetz President | OfficerTrustee | 0.5 | $0 |
Victoria Powers 1st Vice President | OfficerTrustee | 0.5 | $0 |
Roberta Wright 2nd Vice President | OfficerTrustee | 0.5 | $0 |
Janice Mccormick Treasurer | OfficerTrustee | 0.5 | $0 |
Melissa Murphy Secretary | OfficerTrustee | 0.5 | $0 |
Robert Davis Trustee | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pc Construction Company Construction Management | 6/29/17 | $17,035,669 |
Lavallee Brensinger Architects Architectual Services | 6/29/17 | $232,865 |
Perkins Thompson Legal Services | 6/29/17 | $104,771 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,095 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,095 |
| Total Program Service Revenue | $8,305,560 |
| Investment income | $143,940 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$90,897 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,364,698 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $360,306 |
| Compensation of current officers, directors, key employees. | $360,306 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,786,055 |
| Pension plan accruals and contributions | $91,303 |
| Other employee benefits | $333,314 |
| Payroll taxes | $214,054 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,825 |
| Fees for services: Accounting | $86,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $28,230 |
| Fees for services: Other | $46,979 |
| Advertising and promotion | $149,307 |
| Office expenses | $168,758 |
| Information technology | $133,751 |
| Royalties | $0 |
| Occupancy | $915,031 |
| Travel | $1,363 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,016 |
| Interest | $1,113,650 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,582,787 |
| Insurance | $138,430 |
| All other expenses | $0 |
| Total functional expenses | $9,082,391 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $521,206 |
| Savings and temporary cash investments | $1,609,803 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $23,766 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $20,352 |
| Net Land, buildings, and equipment | $25,786,401 |
| Investments—publicly traded securities | $5,204,611 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $33,166,139 |
| Accounts payable and accrued expenses | $568,313 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $26,301,211 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $904,352 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $355,829 |
| Total liabilities | $28,129,705 |
| Net assets without donor restrictions | $2,201,300 |
| Net assets with donor restrictions | $2,835,134 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $33,166,139 |