Orchard Cove Inc
- Assets
- $60.1m
- Revenue
- $25.0m
- Investments
- $0.0
- Employees
- 303
- Location
- Canton, MA
- Founding
- 05/1991
- Data as of
- 09/2023
- EIN
- 22-3080006
Organization Overview
Orchard Cove Inc is located in Canton, MA. The organization was established in 1991. 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 09/2023, Orchard Cove Inc employed 303 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Orchard Cove 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 09/2023, Orchard Cove Inc generated $25.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $25.9m during the year ending 09/2023. While expenses have increased by 1.9% 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
SEE SCHEDULE O.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SITUATED ON A SERENE 38-ACRE PONDSIDE CAMPUS IN CANTON, MASSACHUSETTS, ORCHARD COVE, INC. IS A WARM, INCLUSIVE, AND AWARD-WINNING SENIOR LIVING COMMUNITY. HOME TO A DYNAMIC, RESIDENT-DRIVEN CULTURE, SENIORS ENJOY ACTIVE LIFESTYLES AND THE PEACE OF MIND THAT COMES WITH OUR ALL-INCLUSIVE PRICING MODEL AND LIVING OPTIONS THAT SPAN THE FULL CONTINUUM OF CARE. LIVING AT ORCHARD COVE ALLOWS RESIDENTS FREEDOM FROM HOME OWNERSHIP WITH THE CONVENIENCE OF SERVICES AND AMENITIES AND THE FLEXIBILITY TO ENJOY OUR MANY ACTIVITIES. PERHAPS THE BIGGEST BENEFIT IS THE PEACE OF MIND THAT COMES WITH A FULL CONTINUUM OF SENIOR HEALTH CARE SERVICES RIGHT ON CAMPUS.ORCHARD COVE, INC. OFFERS THE BEST CARE IN THE BEST PLACE SO THAT SENIORS CAN LIVE THE BEST LIFE POSSIBLE. ORCHARD COVE HAS 227 INDEPENDENT LIVING UNITS AND 28 ASSISTANCE IN LIVING UNITS WITH THE INTENT TO PROVIDE CONDITIONS THAT FOSTER INDEPENDENCE, HEALTH AND SECURITY FOR PERSONS AGED 62 AND OLDER.
ORCHARD COVE HAS A 45 BED SKILLED NURSING UNIT WITH THE INTENT TO PROVIDE CONDITIONS THAT FOSTER INDEPENDENCE, HEALTH AND SECURITY FOR PERSONS REQUIRING A SKILLED NURSING SETTING.
OTHER PROGRAM SERVICES ARE THOSE REVENUES AND EXPENSES ASSOCIATED WITH PROGRAM SERVICES BUT NOT DIRECTLY RELATED TO ONE OF THE TWO MAJOR CATEGORIES OF INDEPENDENT ASSISTANCE IN LIVING OR HEALTHCARE CENTER. THIS MAY INCLUDE SERVICES AND/OR COSTS RELATED TO THE ON-SITE WELLNESS CENTER OR THOSE SO CLOSELY INTERMINGLED THEY CANNOT BE ACCURATELY ALLOCATED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Secretary & Chief Fin. Officer | OfficerTrustee | 2 | $0 |
Name Not Listed President And CEO (end 07/2023) | OfficerTrustee | 2 | $0 |
Name Not Listed Treasurer | OfficerTrustee | 0.1 | $0 |
Name Not Listed Board Chair | OfficerTrustee | 0.1 | $0 |
Name Not Listed President And CEO (start 07/2023) | OfficerTrustee | 2 | $0 |
Name Not Listed Executive Director | Officer | 50 | $240,225 |
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 | $181,845 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $181,845 |
| Total Program Service Revenue | $23,949,153 |
| Investment income | $571,160 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $26,673 |
| Net Gain/Loss on Asset Sales | $2,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $82,178 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $25,002,883 |
| 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. | $240,225 |
| Compensation of current officers, directors, key employees. | $36,034 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,270,367 |
| Pension plan accruals and contributions | $127,267 |
| Other employee benefits | $1,535,842 |
| Payroll taxes | $947,633 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19 |
| Fees for services: Accounting | $66,592 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $149,967 |
| Advertising and promotion | $30,052 |
| Office expenses | $850,778 |
| Information technology | $142,479 |
| Royalties | $0 |
| Occupancy | $1,754,055 |
| Travel | $2,036 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $20,521 |
| Interest | $847,908 |
| Payments to affiliates | $1,599,921 |
| Depreciation, depletion, and amortization | $3,867,407 |
| Insurance | $286,916 |
| All other expenses | $310,929 |
| Total functional expenses | $25,939,219 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,926,308 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,495,266 |
| 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 | $127,556 |
| Net Land, buildings, and equipment | $11,738,750 |
| Investments—publicly traded securities | $21,040,970 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $18,779,894 |
| Total assets | $60,108,744 |
| Accounts payable and accrued expenses | $1,758,453 |
| Grants payable | $0 |
| Deferred revenue | $13,295,327 |
| Tax-exempt bond liabilities | $19,338,646 |
| Escrow or custodial account liability | $810,170 |
| 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 | $112,727,667 |
| Total liabilities | $147,930,263 |
| Net assets without donor restrictions | -$88,290,083 |
| Net assets with donor restrictions | $468,564 |
| 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 | $60,108,744 |