The Prospect-Woodward Home
- Assets
- $98.5m
- Revenue
- $10.3m
- Investments
- $1.4m
- Employees
- 0
- Location
- Keene, NH
- Founding
- 03/1944
- Data as of
- 12/2021
- EIN
- 02-0222146
Organization Overview
The Prospect-Woodward Home is located in Keene, NH. The organization was established in 1944. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Prospect-Woodward Home 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 12/2021, Prospect-Woodward Home generated $10.3m in total revenue. All expenses for the organization totaled $18.8m during the year ending 12/2021. While expenses have increased by 82.1% per year over the past 5 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATE AND MAINTAIN A CONTINUING CARE RETIREMENT COMMUNITY FOR INDEPENDENT LIVING, INCLUDING 116 INDEPENDENT LIVING APARTMENTS AND 24 INDEPENDENT LIVING VILLAS.OPERATE AND MAINTAIN A HOME PROVIDING ASSISTED LIVING AND LONG TERM CARE. THIS CONSISTS OF 43 ASSISTED LIVING UNITS, 20 LONG TERM CARE UNITS AND 18 MEMORY CARE UNITS.ON AUGUST 30, 2021, THE PROSPECT-WOODWARD HOME FILED FOR CHAPTER 11 BANKRUPTCY PROTECTION FOLLOWING A PERIOD OF FINANCIAL HARDSHIP. THROUGH THE PROCESS, SUBSTANTIALLY ALL OF THE ASSETS WERE SOLD ON FEBRUARY 15, 2022. A PLAN OF LIQUIDATION WAS APPROVED BY THE BANKRUPTCY COURT AND BECAME EFFECTIVE ON MAY 23, 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jolynn Whitten Executive Director (thru 9/30/21) | 40 | $173,371 | |
Amanda Clark Director Of Nursing | 40 | $111,989 | |
Rob Fallon Executive Director (eff 10/1/21) | 40 | $105,000 | |
Aaron Pouliot Director Of Food & B | 40 | $85,122 | |
Tracey Borden Director Of Sales & | 40 | $83,670 | |
Gregg Burdett Director Of Human Re | 40 | $76,834 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Polsinelli Pc | 12/30/21 | $1,222,334 |
Onepoint Partners | 12/30/21 | $902,618 |
Life Care Services | 12/30/21 | $611,925 |
Hinckley Allen & Snyder | 12/30/21 | $789,101 |
Silverbloom Consulting Llc | 12/30/21 | $320,964 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $61,821 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $69,033 |
| Capital Gain Net Income | $69,033 |
| Net ST Capital Gain | $1,617 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $10,194,611 |
| Total Revenue | $10,325,465 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $354,953 |
| Other employee salaries and wages | $3,654,076 |
| Pension plans, employee benefits | $382,931 |
| Interest | $4,380,103 |
| Taxes | $1,014,321 |
| Depreciation | $2,564,073 |
| Occupancy | $49,124 |
| Travel, conferences, and meetings | $36,866 |
| Printing and publications | $0 |
| Other expenses | $2,908,630 |
| Total operating and administrative expenses | $18,818,813 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $18,818,813 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,496,297 |
| Savings and temporary cash investments | $8,247,186 |
| Net Accounts receivable | $24,855 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $190,429 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $82,502,313 |
| Other assets | $3,624,282 |
| Total assets | $98,470,957 |
| Accounts payable and accrued expenses | $14,306,232 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $60,445,000 |
| Other liabilities | $44,878,862 |
| Total liabilities | $119,630,094 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Homes For Our Troops Inc Taunton, MA | $32,216,870 | $35,704,270 |
Taylor Home Laconia, NH | $85,135,801 | $21,418,139 |
The Prospect-Woodward Home Keene, NH | $98,470,957 | $10,325,465 |
The Housing Partnership Network Inc Boston, MA | $38,640,476 | $16,875,187 |
Group Main Stream Inc Westbrook, ME | $5,117,490 | $12,271,030 |
Living Independently Forever Inc Hyannis, MA | $12,273,693 | $10,857,981 |
The Converse Home Inc Burlington, VT | $9,403,525 | $5,936,204 |
Scott-Farrar Home Peterborough, NH | $20,723,129 | $5,884,459 |
Cambridge Homes Cambridge, MA | $39,547,737 | $6,429,168 |
Citizens Housing & Planning Association Inc Boston, MA | $5,716,703 | $4,277,599 |
Colony Retirement Homes Of Holden Inc Holden, MA | $2,543,556 | $1,301,702 |
Om Fisher Home Inc Montpelier, VT | $9,964,562 | $3,685,992 |