Friends Retirement Concepts Inc
- Assets
- $1.9m
- Revenue
- $77.4m
- Investments
- $0.0
- Employees
- 117
- Location
- East Brunswick, NJ
- Founding
- 07/1986
- Data as of
- 12/2018
- EIN
- 23-2377560
Organization Overview
Friends Retirement Concepts Inc, operating under the name Arbor Glen, is located in East Brunswick, NJ. The organization was established in 1986. According to its NTEE Classification (S50) the organization is classified as: Nonprofit Management, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2018, Arbor Glen employed 117 individuals. Arbor Glen 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 12/2018, Arbor Glen generated $77.4m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 41.4% each year . All expenses for the organization totaled $13.7m during the year ending 12/2018. 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
2018
Describe the Organization's Mission:
Part 3 - Line 1
TO OPERATE A CONTINUING CARE RETIREMENT COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION IS INCORPORATED UNDER THE NONPROFIT CORPORATION LAW OF 1972 OF THE COMMONWEALTH OF PENNSYLVANIA, AS AMENDED, FOR THE PURPOSES OF CONDUCTING EXCLUSIVELY CHARITABLE, SCIENTIFIC, OR EDUCATIONAL ACTIVITIES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (OR THE CORRESPONDING PROVISION OF ANY SUCCESSOR UNITED STATES INTERNAL REVENUE LAW) (THE "INTERNAL REVENUE CODE"), INCLUDING BUT NOT LIMITED TO (1) PROVIDING ADMINISTRATIVE, PROPERTY MANAGEMENT, AND OTHER SUPPORT SERVICES FOR NONPROFIT ORGANIZATIONS; (2) OWNING OR OPERATING, INCLUDING DEVELOPING AND MANAGING, OR BOTH, EITHER DIRECTLY OR INDIRECTLY THROUGH ANY OTHER ENTITY OR ORGANIZATION, ANY LIFE CARE FACILITY IN THE NATURE OF CONTINUING CARE RETIREMENT COMMUNITY OR LIFE CARE AT HOME PROGRAM OR OTHERWISE DESIGNED TO BENEFIT ELDERLY PERSONS AND IN GENERAL TO IMPLEMENT PROGRAMS DESIGNED TO MEET THE NEEDS OF ELDERLY PERSONS; AND (3) MAKING DONATIONS AND OTHER TRANSFERS TO CHARITABLE ORGANIZATIONS AND OTHER ORGANIZATIONS AFFILIATED WITH THE CORPORATION AND DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, CONSISTENT WITH AND IN FURTHERANCE OF THESE PURPOSES.THROUGH JULY 12, 2018, FRIENDS RETIREMENT CONCEPTS, INC. D/B/A ARBOR GLEN ("ARBOR GLEN") WAS A NOT-FOR-PROFIT ORGANIZATION THAT OPERATED A CONTINUING-CARE RETIREMENT COMMUNITY. ARBOR GLEN'S COMMUNITY CONSISTS OF 183 INDEPENDENT LIVING APARTMENT UNITS, 19 INDEPENDENT LIVING VILLA UNITS, AND A HEALTH CENTER COMPRISED OF 33 ASSISTED LIVING UNITS/ LICENSED FOR 35 BEDS AND 64 MEDICARE CERTIFIED NURSING BEDS. ARBOR GLEN'S COMMUNITY IS LOCATED ON APPROXIMATELY 24 ACRES IN SOMERSET COUNTY, NEW JERSEY. A MAJORITY OF ARBOR GLEN'S BOARD OF DIRECTORS WERE REQUIRED TO BE MEMBERS OF THE RELIGIOUS SOCIETY OF FRIENDS. EFFECTIVE JULY 13, 2018, ARBOR GLEN SOLD SUBSTANTIALLY ALL ASSETS AND PROPERTIES USED IN OR INCIDENTAL TO THE CONDUCT OF THE BUSINESS TO BRIDGEWATER LIFE CARE PROPERTY, LLC., AND THIS REPORTING ENTITY WILL NO LONGER OPERATE AS A CONTINUING-CARE RETIREMENT COMMUNITY. THE OPERATIONS OF THE CONTINUING-CARE RETIREMENT COMMUNITY, HOWEVER, WILL CONTINUE UNDER THE CONTROL OF BRIDGEWATER LIFE CARE PROPERTY, LLC, WHICH IS UNRELATED TO ARBOR GLEN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Felix Rosenwasser President & CEO | Officer | 40 | $173,132 |
Marina Ferrer Administrator And Assistan | 40 | $142,111 | |
Janine Schmeltz Director Of Nursing | 40 | $112,668 | |
Lisa Coddington Controller & Assistant Tre | Officer | 40 | $111,696 |
Paula Mcclure Chairperson | OfficerTrustee | 1 | $0 |
Chester Brewer Treasurer | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Inc & Affiliates Management Services | 12/30/18 | $1,662,098 |
Tender Touch Rehab Rehab Services | 12/30/18 | $633,577 |
Drinker Biddle And Reath Llp Legal Services | 12/30/18 | $381,597 |
R Koch Carpentry Construction Services | 12/30/18 | $116,510 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $14,400 |
| 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 | $14,400 |
| Total Program Service Revenue | $9,115,095 |
| Investment income | $511,333 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $67,474,910 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $77,429,648 |
| 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. | $579,955 |
| Compensation of current officers, directors, key employees. | $100,597 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,299,848 |
| Pension plan accruals and contributions | $29,964 |
| Other employee benefits | $528,753 |
| Payroll taxes | $283,644 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $468,122 |
| Fees for services: Accounting | $113,489 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,974,571 |
| Advertising and promotion | $116,133 |
| Office expenses | $494,675 |
| Information technology | $12,494 |
| Royalties | $0 |
| Occupancy | $824,406 |
| Travel | $16,301 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $15,416 |
| Interest | $3,001,396 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,373,565 |
| Insurance | $779,658 |
| All other expenses | $19,088 |
| Total functional expenses | $13,708,095 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,853,963 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $55,987 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,909,950 |
| Accounts payable and accrued expenses | $204,360 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $1,705,590 |
| 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 | $0 |
| Total liabilities | $1,909,950 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $0 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Grhs Foundation Inc Rochester, NY | $150,651,211 | $43,275,253 |
Phoebe Services Inc Allentown, PA | $13,209,475 | $32,050,372 |
Hispanic Federation Inc New York, NY | $50,299,555 | $50,097,384 |
Affiliates Risk Management Services Inc New York, NY | $25,877,262 | $29,825,362 |
Nonprofit Finance Fund New York, NY | $319,614,124 | $35,516,704 |
Npower Inc Brooklyn, NY | $16,868,984 | $22,673,461 |
Program Development Services Inc Brooklyn, NY | $16,969,361 | $21,610,144 |
Project Social Care Head Start Brooklyn, NY | $6,318,610 | $20,235,501 |
Race Forward New York, NY | $41,775,681 | $35,206,795 |
Doris Duke Management Foundation New York, NY | $16,535,132 | $14,155,611 |
Friends Retirement Concepts Inc East Brunswick, NJ | $1,909,950 | $77,429,648 |
St Barnabas Health System Inc Gibsonia, PA | $11,393,428 | $11,432,241 |