Lynnfield Initiatives For Elders Inc
- Assets
- $20.7m
- Revenue
- $1.6m
- Investments
- $1.3m
- Employees
- 4
- Location
- Lynnfield, MA
- Founding
- 09/1983
- Data as of
- 06/2022
- EIN
- 04-2775961
Organization Overview
Lynnfield Initiatives For Elders Inc is located in Lynnfield, MA. The organization was established in 1983. 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 06/2022, Lynnfield Initiatives For Elders Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lynnfield Initiatives For Elders 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 06/2022, Lynnfield Initiatives For Elders Inc generated $1.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.4% each year. All expenses for the organization totaled $2.7m during the year ending 06/2022. While expenses have increased by 3.1% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION WAS INCORPORATED ON 12/17/1982 AS A NOT-FOR-PROFIT ORGANIZATION UNDER MASSACHUSETTS LAW TO PROVIDE HOUSING WITHIN THE TOWN OF LYNNFIELD FOR ELDERLY, AGED OR HANDICAPPED PERSONS. THE ORGANIZATION PROVIDES ADEQUATE HOUSING FACILITIES ON A NOT-FOR-PROFIT BASIS FOR THE USE AND OCCUPANCY OF ELDERLY, AGED OR HANDICAPPED PERSONS AND OTHER SERVICES SPECIALLY DESIGNED TO MEET THE PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS OF THE ELDERLY, AGED AND HANDICAPPED AND TO PROMOTE THEIR HEALTH, SECURITY, AND HAPPINESS IN LONGER LIVING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AFFORDABLE ACCESS TO HOUSING OF 174 RESIDENTIAL UNITS LOCATED IN LYNNFIELD, MASSACHUSETTS TO ELDERLY, AGED OR HANDICAPPED RESIDENTS OR FORMER RESIDENTS (AS WELL AS PARENTS AND SIBLINGS) OF LYNNFIELD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dave Myerson Executive Di | Officer | 30 | $60,822 |
H Joseph Maney Until 63022 Fmr Vice Pre | OfficerTrustee | 3 | $0 |
Jack Adelson Until 63022 Former Treas | OfficerTrustee | 3 | $0 |
Frank Santangelo Begin 93022 Vice Preside | OfficerTrustee | 3 | $0 |
George Paris Clerk | OfficerTrustee | 3 | $0 |
Bruce Siegel Treasurer | OfficerTrustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mackin Landscaping Snow Removal | 6/29/21 | $149,594 |
Comak Brothers Landscaping Landscaping | 6/29/21 | $104,468 |
Grava Painting Painting And Carpenty | 6/29/21 | $128,883 |
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 | $1,387,892 |
| Investment income | $71,082 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $125,180 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,584,154 |
| 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. | $61,428 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $108,509 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $17,327 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $60,359 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $25,057 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $5,463 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $82,893 |
| 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 | $724,570 |
| Insurance | $86,849 |
| All other expenses | $0 |
| Total functional expenses | $2,667,145 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $271,659 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $9,703 |
| Net Land, buildings, and equipment | $17,397,835 |
| Investments—publicly traded securities | $1,671,084 |
| Investments—other securities | $1,338,713 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $20,688,994 |
| Accounts payable and accrued expenses | $93,714 |
| 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 | $7,261 |
| Total liabilities | $100,975 |
| Net assets without donor restrictions | $20,588,019 |
| 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 | $20,688,994 |
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