Colony Retirement Homes Iii Inc
- Assets
- $6.2m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Worcester, MA
- Founding
- 06/1964
- Data as of
- 12/2021
- EIN
- 04-2650115
Organization Overview
Colony Retirement Homes Iii 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. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Colony Retirement Homes Iii 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 12/2021, Colony Retirement Homes Iii Inc generated $2.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $4.6m during the year ending 12/2021. While expenses have increased by 10.8% per year over the past 7 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
2021
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-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 |
Matthew Dufault Treasurer | OfficerTrustee | 0.25 | $0 |
Jared Otte Clerk | OfficerTrustee | 0.25 | $0 |
Hua Xu Controller | Officer | 9.38 | $0 |
Marianne Delorey Executive Director | Officer | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $2,388,971 |
| Investment income | $1,323 |
| 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 | $2,399,317 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,207,114 |
| 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. | $53,862 |
| Compensation of current officers, directors, key employees. | $53,862 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $396,935 |
| Pension plan accruals and contributions | $38,504 |
| Other employee benefits | $177,829 |
| Payroll taxes | $81,432 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,990 |
| Fees for services: Accounting | $14,515 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $12,540 |
| Office expenses | $79,746 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $380,849 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $236,874 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $210,823 |
| Insurance | $64,091 |
| All other expenses | $0 |
| Total functional expenses | $4,568,113 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $29,294 |
| Savings and temporary cash investments | $3,446,884 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $97,325 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,960 |
| Prepaid expenses and deferred charges | $53,499 |
| Net Land, buildings, and equipment | $2,523,752 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,155,714 |
| Accounts payable and accrued expenses | $187,474 |
| 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 | $9,608,706 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $119,395 |
| Total liabilities | $9,915,575 |
| Net assets without donor restrictions | -$3,759,861 |
| 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 | $6,155,714 |
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