Lake Forest Senior Living Community Inc is located in Plattsburgh, NY. The organization was established in 1998. 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, Lake Forest Senior Living Community Inc employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Forest Senior Living Community 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, Lake Forest Senior Living Community Inc generated $2.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.2% each year. All expenses for the organization totaled $2.1m during the year ending 12/2023. While expenses have increased by 4.5% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
LAKE FOREST IS A NON-PROFIT RETIREMENT COMMUNITY SOLELY DEDICATED TO SERVING SENIORS AGED 68 YEARS AND OLDER. EMPHASIS IS PLACED ON HIGH QUALITY INDEPENDENT LIVING, COMBINED WITH EXCEPTIONAL SERVICES THAT FOCUS ON THE INDIVIDUALIZED NEEDS OF RESIDENTS. EMPHASIS IS DIRECTED TOWARD HEALTHY AGING AND OPPORTUNITIES TO ENGAGE IN MEANINGFUL ACTIVITIES AND RELATIONSHIPS. THERE IS A COMMITMENT TO PROMOTING A TRUSTING, RESPECTFUL, AND DIGNIFIED ENVIRONMENT. THESE QUALITIES ARE EMBEDDED IN THE MILIEU OF AN ESTABLISHED COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LAKE FOREST IS PERCHED ON A 24-ACRE PARCEL ENCOMPASSING A 44-UNIT APARTMENT-STYLE SECURED BUILDING AND 28 TOWN-STYLE DUPLEXES OVERLOOKING BEAUTIFUL LAKE CHAMPLAIN. LAKE FOREST IS NESTLED IN THE ADIRONDACK MOUNTAINS, JUST ACROSS THE LAKE FROM BURLINGTON, VERMONT, AND ABOUT ONE HOUR NORTH OF THE OLYMPIC VILLAGE OF LAKE PLACID. HIKING, BOATING, SKIING, GOLFING, FISHING, AND SWIMMING ARE JUST A FEW OF THE OUTDOOR ACTIVITIES THAT CAN BE ENJOYED IN THIS AREA. THE CONGREGATE BUILDING IS MADE UP OF APARTMENTS WITH EITHER SINGLE OR DOUBLE BEDROOMS. ALL APARTMENTS HAVE A FULL KITCHEN AND AN ACCESSIBLE BATHROOM, AND AMPLE CABINET SPACE. SHARED WASHERS AND DRYERS ARE AVAILABLE FOR RESIDENT USE AND ADDITIONALLY, EACH APARTMENT HAS SCHEDULED CLEANING AND LINEN SERVICE PROVIDED. ALL DUPLEXES HAVE TWO BEDROOMS AND TWO BATHROOMS AND ARE BRIGHT AND AIRY. DUPLEX UNITS DIFFER IN LAYOUTS. APPLIANCES, INCLUDING A WASHER AND DRYER, ARE INCLUDED AND EACH UNIT HAS ITS OWN GARAGE. THE DUPLEXES PROVIDE A MORE PRIVATE LIVING SPACE WHILE REMAINING A VALUED PART OF THE LAKE FOREST COMMUNITY. ALL RESIDENTS OF THE LAKE FOREST COMMUNITY BENEFIT FROM A WIDE VARIETY OF SERVICES, SUCH AS DINING, TRANSPORTATION TO APPOINTMENTS AND SHOPPING, SOCIAL ACTIVITIES AND EVENTS, AND MAINTENANCE-FREE LIVING. RESIDENTS ARE FULLY AUTONOMOUS IN THEIR LIFESTYLE, OPTING TO ENGAGE IN ACTIVITIES OF THEIR CHOOSING. SIGNIFICANT RESOURCES ARE ALLOCATED TO BUILDING IMPROVEMENTS, RENOVATIONS, AND LANDSCAPING TO MAINTAIN A MODERN-LIKE FEEL TO THE PROPERTY. RESIDENTS ENJOY THE FINE DINING, RECOGNIZING THAT MEALS ARE FRESHLY PREPARED AND INCLUDE A WIDE VARIETY OF SPECIALTY BAKED GOODS, AND THEMED DINNERS. RESIDENTS TAKE PLEASURE IN THE QUALITY AND DIVERSITY OF MUSICAL PERFORMANCES OCCURRING ON-SITE. THERE IS ALSO AN EQUALLY WIDE ASSORTMENT OF CULTURAL EVENTS, SPANNING FROM HISTORICAL PRESENTATIONS AND MILITARY/VETERAN CELEBRATIONS TO RESIDENT-LED OFFERINGS IN THE AREAS OF FINE ARTS, GARDENING, EXERCISE, AND LEISURE READING. CARD GAMES AND INTERACTIVE EVENTS WITH STAFF AND RESIDENTS ARE AMONG OTHER ACTIVITIES THAT ARE ENJOYED AT LAKE FOREST. IN ADDITION, OFF-SITE ACTIVITIES INCLUDE MUSICAL SHOWS, MUSEUMS, DAYTRIPS, AND LUNCH OUTINGS. IN 2023, LAKE FOREST SERVED 100 INDIVIDUALS. MOST RESIDENTS HAVE HAD PRIOR KNOWLEDGE OR EXPERIENCE OF LAKE FOREST PRIOR TO JOINING THE WAITLIST. RESIDENTS COME FROM VARIOUS LOCATIONS ACROSS THE UNITED STATES AND CANADA. PEOPLE TYPICALLY SEEK OPPORTUNITIES TO RESIDE AT LAKE FOREST TO BE CLOSER TO FAMILY AND FRIENDS. WHEREAS, OTHERS FIND SOLACE LIVING IN THE ADIRONDACK REGION OF UPSTATE NEW YORK, ONE OF THE MOST BEAUTIFUL REGIONS IN NEW YORK.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Brian Minchoff Executive Di | Officer | 40 | $94,316 |
Maria Alexander Director | Trustee | 1 | $0 |
John Beauvais Director | Trustee | 1 | $0 |
Jared Burns Director | Trustee | 2 | $0 |
Dave Collin Director | Trustee | 1 | $0 |
Jared Croy Director | Trustee | 1 | $0 |
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 | $7,500 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $7,500 |
Total Program Service Revenue | $2,321,577 |
Investment income | $134,338 |
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 | $2,486,881 |
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. | $113,222 |
Compensation of current officers, directors, key employees. | $113,222 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $477,452 |
Pension plan accruals and contributions | $6,080 |
Other employee benefits | $19,616 |
Payroll taxes | $44,642 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $61,664 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $4,698 |
Fees for services: Other | $0 |
Advertising and promotion | $7,197 |
Office expenses | $18,630 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $676,721 |
Travel | $2,644 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $125,990 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $324,372 |
Insurance | $68,268 |
All other expenses | $0 |
Total functional expenses | $2,052,117 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $501,825 |
Savings and temporary cash investments | $3,391,496 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $1,839 |
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 | $102,732 |
Net Land, buildings, and equipment | $7,041,538 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $165,503 |
Total assets | $11,204,933 |
Accounts payable and accrued expenses | $77,749 |
Grants payable | $0 |
Deferred revenue | $3,928,125 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $78,799 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $3,224,596 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $794,236 |
Total liabilities | $8,103,505 |
Net assets without donor restrictions | $2,935,925 |
Net assets with donor restrictions | $165,503 |
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 | $11,204,933 |