Loretta Rest Realty Corporation
- Assets
- $30.0m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 1,479
- Location
- Syracuse, NY
- Founding
- 11/1971
- Data as of
- 12/2021
- EIN
- 16-1019465
Organization Overview
Loretta Rest Realty Corporation is located in Syracuse, NY. The organization was established in 1971. 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 12/2021, Loretta Rest Realty Corporation employed 1,479 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Loretta Rest Realty Corporation 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, Loretta Rest Realty Corporation generated $1.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (9.2%) each year. All expenses for the organization totaled $1.0m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (9.2%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
HEALTHCARE & RENTAL OF SPACE TO HEALTHCARE COMPANIES
Describe the Organization's Program Activity:
THE ORGANIZATION OWNS REAL PROPERTY AND LEASES IT TO LORETTO HEALTH & REHABILITATION CENTER, A 583 BED SKILLED NURSING FACILITY.
PROVIDING DENTAL, VISION, AND PODIATRY SERVICES THROUGH IT'S CLINIC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Vicki O'neill Board Member, Chair | OfficerTrustee | 1 | $0 |
John Mccabe Board Member, Vice Chair | OfficerTrustee | 1 | $0 |
John R Brennan Board Member, Secretary | OfficerTrustee | 1 | $0 |
Kimberly Townsend President | Officer | 1 | $0 |
Brandon Claps Cio | Officer | 1 | $0 |
David Heisig Medical Director | Officer | 1 | $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 | $1,049,705 |
| Investment income | $0 |
| 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 | $1,049,705 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $17,616 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,002 |
| Payroll taxes | $807 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $80,839 |
| Advertising and promotion | $0 |
| Office expenses | $3,307 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $120,399 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $664 |
| Interest | $602,355 |
| Payments to affiliates | $314 |
| Depreciation, depletion, and amortization | $727 |
| Insurance | $152,893 |
| All other expenses | $0 |
| Total functional expenses | $1,033,479 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50 |
| 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 | $0 |
| Net Land, buildings, and equipment | $2,089 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $30,022,227 |
| Total assets | $30,024,366 |
| Accounts payable and accrued expenses | $232,704 |
| 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 | $13,305,536 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,113,222 |
| Total liabilities | $14,651,462 |
| Net assets without donor restrictions | $15,372,904 |
| 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 | $30,024,366 |
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