Lynn Home For Elderly Persons
- Assets
- $34.6m
- Revenue
- $1.8m
- Investments
- $32.4m
- Employees
- 0
- Location
- Lynn, MA
- Founding
- 07/1968
- Data as of
- 08/2023
- EIN
- 04-2400070
Organization Overview
Lynn Home For Elderly Persons is located in Lynn, MA. The organization was established in 1968. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lynn Home For Elderly Persons 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 08/2023, Lynn Home For Elderly Persons generated $1.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (15.4%) each year. All expenses for the organization totaled $2.3m during the year ending 08/2023. 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
THE FOUNDATION OPERATES A NURSING HOME FOR CITIZENS OF THE GREATER LYNN AREA OVER THE AGE OF 65. THE HOME HOUSES 27 RESIDENTS AS OF 8/31/23.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Barnes Director | 1 | $0 | |
Donna Hickey Director | 1 | $0 | |
Carrie Baird Administrato | 40 | $120,437 | |
Eileen Mccarthy Director | 1 | $0 | |
Gail Roberts Director | 1 | $0 | |
Kim Wallace Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $402,722 |
| Interest on Savings | $0 |
| Dividends & Interest | $660,219 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$322,985 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $1,080,042 |
| Total Revenue | $1,819,998 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $127,937 |
| Other employee salaries and wages | $1,222,363 |
| Pension plans, employee benefits | $111,255 |
| Interest | $0 |
| Taxes | $119,567 |
| Depreciation | $77,132 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $546,430 |
| Total operating and administrative expenses | $2,349,507 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $2,349,507 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,089,223 |
| Savings and temporary cash investments | $387,578 |
| 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 | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $797,723 |
| Other assets | $0 |
| Total assets | $34,641,769 |
| Accounts payable and accrued expenses | $259 |
| 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 | $0 |
| Total liabilities | $259 |