North Hill Needham Inc
- Assets
- $250.8m
- Revenue
- $47.5m
- Investments
- $2.6m
- Employees
- 484
- Location
- Needham, MA
- Founding
- 02/1983
- Data as of
- 03/2023
- EIN
- 04-2716090
Organization Overview
North Hill Needham Inc is located in Needham, MA. The organization was established in 1983. According to its NTEE Classification (P75) the organization is classified as: Supportive Housing for Older Adults, under the broad grouping of Human Services and related organizations. As of 03/2023, North Hill Needham Inc employed 484 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Hill Needham 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 03/2023, North Hill Needham Inc generated $47.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.9% each year. All expenses for the organization totaled $50.4m during the year ending 03/2023. While expenses have increased by 3.9% per year over the past 8 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
TO PROVIDE HOUSING & HEALTHCARE SERVICES TO RESIDENTS FOR LIFE REGARDLESS OF THEIR ABILITY TO PAY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NORTH HILL NEEDHAM, INC. IS A 501(C)(3) TAX-EXEMPT CONTINUING CARE RETIREMENT COMMUNITY GOVERNED BY A BOARD OF TRUSTEES COMPRISED OF CITIZENS FROM SURROUNDING LOCAL COMMUNITIES. NORTH HILL NEEDHAM, INC. BEGAN ITS TRADITION OF LEADERSHIP IN 1984 OFFERING NEW SENIOR LIVING OPPORTUNITIES AND INTRODUCING LIFECARE TO MASSACHUSETTS. NORTH HILL NEEDHAM, INC. OPERATES A LIFECARE RETIREMENT COMMUNITY WHICH INCLUDES 320 APARTMENTS, 44 ENHANCED INDEPENDENT LIVING APARTMENTS, AND A 72-BED SKILLED NURSING FACILITY. OVER THE YEARS, NORTH HILL NEEDHAM, INC. HAS INNOVATED WAYS TO ENHANCE THE LIVES OF PEOPLE 65 AND OLDER. "PURPOSEFUL LIVING" IS THE HEART OF THE TRUE NORTH SPIRIT. IT IS BOTH A PHILOSOPHY AND APPROACH TO LIFE, DESIGNED TO ENRICH THE WELL-BEING OF EACH PERSON WHO LIVES AND WORKS AT NORTH HILL NEEDHAM, INC. NORTH HILL NEEDHAM, INC. CONNECTS ITS RESIDENTS WITH AN ABUNDANCE OF OPPORTUNITIES ON AND AROUND ITS CAMPUS. RESIDENTS CAN TAKE CLASSES AT A NEARBY UNIVERSITY OR TAKE IN THE EXTRAORDINARY CULTURAL OFFERINGS OF BOSTON. THEY CAN STRENGTHEN THEIR MINDS THROUGH BOOK CLUBS, ART CLASSES AND LECTURES AND STRENGTHEN THEIR BODIES IN THE INDOOR POOL OR BY JOINING THE OUTDOOR WALKING CLUB. NORTH HILL NEEDHAM, INC. PROVIDES THE PEACE OF MIND OF LIFECARE AND A 90% REFUNDABLE ENTRANCE FEE - TWO FIRSTS FOR THE STATE OF MASSACHUSETTS. THE 90% REFUNDABLE ENTRANCE FEE KEEPS NORTH HILL NEEDHAM, INC.'S LIFESTYLE AND SERVICES AFFORDABLE FOR THOSE IN THE WELLESLEY/NEEDHAM COMMUNITY AND KEEPS PRICING STABLE FOR THE LEVEL OF CARE PROVIDED. SINCE 2010, NORTH HILL NEEDHAM, INC. HAS OFFERED THREE TYPES OF CONTRACTS: THE FLAGSHIP 90% REFUNDABLE WITH LIFECARE, DECLINING BALANCE WITH LIFECARE AND 90% REFUNDABLE WITHOUT LIFECARE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin T Grimes Chair | OfficerTrustee | 1 | $0 |
Susan Mellace Vice Chair | OfficerTrustee | 1 | $0 |
Tina Vasconcelles Trustee | Trustee | 1 | $0 |
Walter Armstrong Trustee | Trustee | 1 | $0 |
Gig Babson Trustee | Trustee | 1 | $0 |
Sava Berhane Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
4m Building Solutions Inc Dba Heritage Housekeeping Services | 3/30/23 | $1,527,813 |
Bueno's Plastering & Painting Construction | 3/30/23 | $341,555 |
Pc Healthcare Nursing Consulting Services | 3/30/23 | $407,094 |
Select Rehabilitation Llc Rehab Services | 3/30/23 | $329,869 |
De La Cruz Construction Corp Construction | 3/30/23 | $650,164 |
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 | $143,003 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $143,003 |
| Total Program Service Revenue | $45,242,505 |
| Investment income | $1,222,704 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $109,408 |
| Net Gain/Loss on Asset Sales | $378,600 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $15,150 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $47,522,022 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,550 |
| 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. | $439,431 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $17,281,678 |
| Pension plan accruals and contributions | $387,517 |
| Other employee benefits | $2,027,204 |
| Payroll taxes | $1,627,021 |
| Fees for services: Management | $1,282,796 |
| Fees for services: Legal | $84,208 |
| Fees for services: Accounting | $36,060 |
| Fees for services: Lobbying | $1,079 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $120,522 |
| Fees for services: Other | $3,482,141 |
| Advertising and promotion | $127,668 |
| Office expenses | $3,164,504 |
| Information technology | $406,870 |
| Royalties | $0 |
| Occupancy | $3,083,447 |
| Travel | $64,136 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $27,536 |
| Interest | $1,671,296 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,279,313 |
| Insurance | $471,469 |
| All other expenses | $1,580,976 |
| Total functional expenses | $50,375,968 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $500 |
| Savings and temporary cash investments | $15,319,630 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,208,659 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $422,883 |
| Prepaid expenses and deferred charges | $755,105 |
| Net Land, buildings, and equipment | $128,230,878 |
| Investments—publicly traded securities | $66,809,414 |
| Investments—other securities | $2,556,661 |
| Investments—program-related | $0 |
| Intangible assets | $33,219,461 |
| Other assets | $2,326,579 |
| Total assets | $250,849,770 |
| Accounts payable and accrued expenses | $3,735,106 |
| Grants payable | $0 |
| Deferred revenue | $44,093,791 |
| Tax-exempt bond liabilities | $48,260,478 |
| Escrow or custodial account liability | $2,055,060 |
| 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 | $203,061,697 |
| Total liabilities | $301,206,132 |
| Net assets without donor restrictions | -$50,356,362 |
| 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 | $250,849,770 |