Colony Retirement Homes Inc
- Assets
- $15.1m
- Revenue
- $3.0m
- Investments
- $72.9k
- Employees
- 69
- Location
- Worcester, MA
- Founding
- 06/1964
- Data as of
- 12/2023
- EIN
- 04-2323137
Organization Overview
Colony Retirement Homes Inc is located in Worcester, MA. The organization was established in 1964. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Colony Retirement Homes Inc employed 69 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Colony Retirement Homes Inc 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, Colony Retirement Homes Inc generated $3.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $1.9m during the year ending 12/2023. While expenses have increased by 4.6% per year over the past 9 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
DEDICATED TO PROVIDING AFFORDABLE HOUSING FOR SENIORS OF LOW AND MODERATE INCOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOP AND PROVIDE SUBSIDIZED HOUSING FOR LOW AND MODERATE INCOME ELDERLY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Mills President | OfficerTrustee | 0.25 | $0 |
Jane Wangari Vice President | OfficerTrustee | 0.25 | $0 |
Brad Campbell Treasurer | OfficerTrustee | 0.25 | $0 |
Reverend Margaret Gifford Member | Trustee | 0.25 | $0 |
Reverend Jane Willan Member | Trustee | 0.25 | $0 |
Andie Byrd Member | Trustee | 0.25 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Elder Services Of Worcester Health Coordinator | 12/30/23 | $412,603 |
Sysco Boston Llc Food And Supplies | 12/30/23 | $122,972 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $233,822 |
| All other contributions, gifts, grants, and similar amounts not included above | $270,053 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $503,875 |
| Total Program Service Revenue | $2,105,618 |
| Investment income | $336,169 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,983,650 |
| 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. | $117,811 |
| Compensation of current officers, directors, key employees. | $117,811 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $400,419 |
| Pension plan accruals and contributions | $15,825 |
| Other employee benefits | $97,529 |
| Payroll taxes | $48,790 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,082 |
| Fees for services: Accounting | $31,728 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,572 |
| Advertising and promotion | $9,193 |
| Office expenses | $55,632 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $554,659 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $123,973 |
| Insurance | $40,372 |
| All other expenses | $0 |
| Total functional expenses | $1,874,104 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $264,400 |
| Savings and temporary cash investments | $13,394,818 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $362,034 |
| 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 | $149,205 |
| Net Land, buildings, and equipment | $516,028 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $72,922 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $370,422 |
| Total assets | $15,129,829 |
| Accounts payable and accrued expenses | $142,359 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| 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 | $0 |
| Total liabilities | $142,359 |
| Net assets without donor restrictions | $14,987,470 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $15,129,829 |