The Prospect-Woodward Home
- Assets
- $12.3m
- Revenue
- $88.6k
- Investments
- $12.1m
- Employees
- 0
- Location
- Wyomissing, PA
- Founding
- 03/1944
- Data as of
- 12/2023
- EIN
- 02-0222146
Organization Overview
The Prospect-Woodward Home is located in Wyomissing, PA. 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 12/2023, Prospect-Woodward Home generated $88.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (24.1%) each year. All expenses for the organization totaled $99.3k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (27.5%) per year over the past 7 years. 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
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
ON AUGUST 30, 2021 THE PROSPECT-WOODWARD HOME, A CONTINUING CARE RETIREMENT COMMUNITY, 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 TO COVENANT LIVING SERVICES, AN ILLINOIS NOT-FOR-PROFIT CORPORATION WITH AN ADDRESS OF 5700 OLD ORCHARD ROAD, SKOKIE, IL, 60077. THE PROSPECT-WOOODWARD HOME RECEIVED NET CASH OF $31,137,865 IN 2022 FOR ALL OF ITS LAND, BUILDINGS AND EQUIPMENT AS WELL AS ASSUMPTION OF CERTAIN RESIDENCY AGREEMENT LIABILITIES. PROSPECT-WOODWARD ALSO TRANSFERRED TO COVENANT LIVING SERVICES SUBSTANTIALLY ALL OF ITS DONOR-RESTRICTED FUNDS IN 2022, WITH THE REMAINING DONOR-RESTRICTED FUNDS OF $17,850 TRANSFERRED IN 2023. A PLAN OF LIQUIDATION WAS APPROVED BY THE BANKRUPTCY COURT AND BECAME EFFECTIVE ON MAY 23, 2022. DURING 2023 AS PART OF THE BANKRUPCTY COURT ORDER THE SECURED LINE OF CREDIT WAS SETTLED IN THE AMOUNT OF $375,000.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anne Meddaugh Director | 0.5 | $0 | |
Belinda Oster Vice-Chair | 0.5 | $0 | |
David Doll Director | 0.5 | $0 | |
Gary Shapiro Director | 0.5 | $0 | |
Greg Mcconahey Treasurer | 0.5 | $0 | |
Jane Warner Director | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Perkins Coie | 12/30/22 | $214,697 |
Polsinelli Pc | 12/30/22 | $920,930 |
Onepoint Partners | 12/30/22 | $394,588 |
Silverbloom Consulting Llc | 12/30/22 | $183,799 |
Hinckley Allen & Snyder | 12/30/22 | $317,851 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $88,626 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $88,626 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $1,793 |
| Total operating and administrative expenses | $99,329 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $99,329 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $165,992 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| 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 | $27,035 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $12,082,433 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $12,275,460 |
| Accounts payable and accrued expenses | $7,547,216 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $44,546,187 |
| Total liabilities | $52,093,403 |