New Heritage Towers
- Assets
- $56.7m
- Revenue
- $19.6m
- Investments
- $0.0
- Employees
- 337
- Location
- Warminster, PA
- Founding
- 10/1995
- Data as of
- 12/2023
- EIN
- 23-2366563
Organization Overview
New Heritage Towers, operating under the name Wesley Enhanced Living Doylestown, is located in Warminster, PA. The organization was established in 1995. 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 12/2023, Wesley Enhanced Living Doylestown employed 337 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Wesley Enhanced Living Doylestown 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, Wesley Enhanced Living Doylestown generated $19.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $18.1m during the year ending 12/2023. While expenses have increased by 2.2% per year over the past 9 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
THE ORGANIZATION OPERATES A NON-PROFIT CONTINUING CARE RETIREMENT COMMUNITY, INCLUDING INDEPENDENT APARTMENTS, PERSONAL CARE APARTMENTS, AND A SKILLED NURSING FACILITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION OPERATES A NON-PROFIT CONTINUING CARE RETIREMENT COMMUNITY, WHICH INCLUDES THREE LEVELS OF CARE: INDEPENDENT LIVING, PERSONAL CARE AND A SKILLED NURSING FACILITY CONSISTING OF 210 APARTMENTS, 66 PERSONAL CARE UNITS AND A 60 BED SKILLED NURSING FACILITY. THE COMMUNITY PROVIDES AGING SERVICES TO PROMOTE GENERAL HEALTH, WELFARE AND SECURITY FOR THE SENIOR RESIDENTS, AND TO PLAN AND DEVELOP NEW PROGRAMS AND SERVICES TO MEET THE EVOLVING SOCIAL, HEALTH AND PERSONAL NEEDS OF RESIDENTS. OCCUPANCY FOR THE YEAR WAS 91.31% FOR INDEPENDENT LIVING, 84.22% FOR PERSONAL CARE AND 87.74% FOR NURSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Petty Chair/president And CEO | OfficerTrustee | 1 | $0 |
Shelley Ballet Secretary/treasurer | OfficerTrustee | 1 | $0 |
Lynne Dukert Executive Director | OfficerTrustee | 40 | $190,667 |
Sharon Margulies Director Of Residential Sales | 40 | $192,558 | |
Victoria Gerber Licensed Practical Nurse | 57.5 | $124,600 | |
Yuehhsia Chen Registered Nurse | 40.4 | $142,284 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Industrial Mechanical Contractors Inc Construction | 12/30/23 | $363,972 |
Kearns Carpet Service Llc Carpet Installation | 12/30/23 | $134,017 |
Sharp's Landscaping Landscaping & Snow Removal | 12/30/23 | $136,778 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $7,000 |
| Government grants | $44,519 |
| 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 | $51,519 |
| Total Program Service Revenue | $18,616,866 |
| Investment income | $352,181 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,806 |
| Net Gain/Loss on Asset Sales | $216,256 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,639,456 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $39,355 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $202,514 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,384,467 |
| Pension plan accruals and contributions | $311,490 |
| Other employee benefits | $874,621 |
| Payroll taxes | $635,186 |
| Fees for services: Management | $2,064,472 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,175 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $14,588 |
| Fees for services: Other | $721,829 |
| Advertising and promotion | $203,621 |
| Office expenses | $542,567 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,115,386 |
| Travel | $7,331 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,037,470 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,547,858 |
| Insurance | $93,967 |
| All other expenses | $44,464 |
| Total functional expenses | $18,103,393 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $87,932 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $125,425 |
| 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 | $212,518 |
| Net Land, buildings, and equipment | $19,516,880 |
| Investments—publicly traded securities | $17,236,127 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $19,553,005 |
| Total assets | $56,731,887 |
| Accounts payable and accrued expenses | $2,483,516 |
| Grants payable | $0 |
| Deferred revenue | $13,726,254 |
| Tax-exempt bond liabilities | $19,674,835 |
| Escrow or custodial account liability | $228,265 |
| 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 | $783,231 |
| Total liabilities | $36,896,101 |
| Net assets without donor restrictions | $19,835,786 |
| 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 | $56,731,887 |