Lincolnhealth Coves Edge
- Assets
- $9.9m
- Revenue
- $12.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Damariscotta, ME
- Founding
- 08/1982
- Data as of
- 09/2020
- EIN
- 01-0382340
Organization Overview
Lincolnhealth Coves Edge is located in Damariscotta, ME. The organization was established in 1982. According to its NTEE Classification (E91) the organization is classified as: Nursing Facilities, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lincolnhealth Coves Edge 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 09/2020, Lincolnhealth Coves Edge generated $12.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (3.0%) each year. All expenses for the organization totaled $12.5m during the year ending 09/2020. As we would expect to see with falling revenues, expenses have declined by (3.8%) per year over the past 6 years. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
LINCOLNHEALTH COVE'S EDGE WILL UPHOLD THE TRUST PLACED IN US BY ASSURING: - THE BEST AND MOST COMPASSIONATE SKILLED NURSING, LONG TERM-CARE, ASSISTED LIVING AND ADULT DAY CARE SERVICES FROM WELL TRAINED PROFESSIONALS.-THAT THE INDEPENDENCE AND DIGNITY OF OUR PATIENTS, RESIDENTS, AND CLIENTS WILL ALWAYS BE RESPECTED, -AND PROMOTING OPEN COMMUNICATION IN ALL CARE DECISIONS -THAT, AS A NOT-FOR-PROFIT ORGANIZATION, WE WILL BE TRUSTWORTHY STEWARDS OF OUR RESOURCES.-OUR ACTIVE PARTICIPATION AND SUPPORT OF THE MAINEHEALTH FAMILY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LONG TERM CARE - LINCOLNHEALTH COVE'S EDGE LONG TERM CARE PROGRAM SERVICES INCLUDE A 76 BED, DUALLY LICENSED FACILITY THAT PROVIDES BOTH SKILLED AND LONG TERM NURSING CARE TO ITS RESIDENTS. FOR THE YEAR ENDING SEPTEMBER 30, 2021, LINCOLNHEALTH COVE'S EDGE HAD 16,577 PATIENT DAYS. OF THOSE DAYS, 8% REPRESENTED MEDICARE PATIENTS, AND 64% MAINECARE PATIENTS.
RESIDENTIAL CARE - LINCOLNHEALTH COVE'S EDGE PROVIDES RESIDENTIAL CARE AT ITS CHASE POINT FACILITY. CHASE POINT CONSISTS OF 24 RESIDENTIAL CARE APARTMENTS AND 18 DEMENTIA CARE BEDS. FOR THE YEAR ENDING SEPTEMBER 30, 2021, CHASE POINT HAD 4,614 RESIDENTIAL CARE PATIENT DAYS, AND 5,614 DEMENTIA CARE PATIENT DAYS. OF THE DEMENTIA CARE DAYS, 44% REPRESENTED MAINECARE PATIENTS.
SCHOONER COVE COOPERATIVE PROVIDES MAINTENANCE AND OTHER SERVICES FOR SCHOONER COVE, A CONGREGATE LIVING FACILITY LOCATED IN DAMARISCOTTA, MAINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cheryl Dobbelsteyn Sen Dir/sen Living | 50 | $117,862 | |
Wanda L Wilcox Exec Dir Hh/hospice | 50 | $103,745 | |
David Lawrence Chairman | OfficerTrustee | 0.4 | $0 |
Bruce P Garren Treasurer | OfficerTrustee | 0.4 | $0 |
Marva Nesbit Secretary | OfficerTrustee | 0.4 | $0 |
Jack T Fulmer MD Vice Chair | OfficerTrustee | 0.4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $597,003 |
| Investment income | $46,464 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $18,913 |
| Net Gain/Loss on Asset Sales | -$48,294 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,022,430 |
| Statement of Expenses | |
|---|---|
| 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. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,154,149 |
| Pension plan accruals and contributions | $158,127 |
| Other employee benefits | $1,241,201 |
| Payroll taxes | $464,269 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $3,235 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $812,119 |
| Advertising and promotion | $253 |
| Office expenses | $474,225 |
| Information technology | $364,323 |
| Royalties | $0 |
| Occupancy | $339,597 |
| Travel | $11,036 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $99,904 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $588,923 |
| Insurance | $26,292 |
| All other expenses | $0 |
| Total functional expenses | $12,491,373 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $445 |
| Savings and temporary cash investments | $194,539 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $852,245 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $61,859 |
| Prepaid expenses and deferred charges | $13,388 |
| Investments—publicly traded securities | $2,502,393 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,116,479 |
| Total assets | $9,929,778 |
| Accounts payable and accrued expenses | $975,738 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $1,586,817 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $13,540,623 |
| Total liabilities | $16,103,178 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | -$6,173,400 |
Endowment Analysis
| Beg. Balance | $2,161,428 |
| Earnings | $59,358 |
| Admin Expense | -$3,324 |
| Net Contributions | $300 |
| Ending Balance | $2,217,763 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cedars Nursing Care Center Inc Portland, ME | $48,978,261 | $12,452,780 |
Saint Josephs Manor Portland, ME | $7,806,852 | $12,186,312 |
Jha Services Inc Portland, ME | $8,579,539 | $14,615,919 |
Salemhaven Inc Salem, NH | $10,755,688 | $12,544,295 |
Quarry Hill Belfast, ME | $16,044,007 | $10,837,530 |
Lincolnhealth Coves Edge Damariscotta, ME | $9,929,778 | $12,022,430 |
Morrison Hospital Association Whitefield, NH | $30,208,947 | $12,290,092 |
St Andre Health Care Facility Biddeford, ME | $6,597,433 | $11,093,505 |
Wentworth Senior Living Portsmouth, NH | $18,229,591 | $8,131,097 |
Island Nursing Home Inc Deer Isle, ME | $4,961,696 | $5,993,790 |
Rumford Community Home Corporation Rumford, ME | $5,203,467 | $5,423,127 |
Bangor Nursing & Rehabilitation Center Bangor, ME | $3,163,906 | $2,901,288 |