Westminster-Canterbury Corporation
- Assets
- $448.3m
- Revenue
- $79.1m
- Investments
- $72.9m
- Employees
- 742
- Location
- Richmond, VA
- Founding
- 02/1972
- Data as of
- 09/2022
- EIN
- 23-7162493
Organization Overview
Westminster-Canterbury Corporation is located in Richmond, VA. The organization was established in 1972. 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, Westminster-Canterbury Corporation employed 742 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westminster-Canterbury 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 09/2022, Westminster-Canterbury Corporation generated $79.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $65.6m during the year ending 09/2022. While expenses have increased by 1.3% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
AS A MINISTRY OF THE EPISCOPAL AND PRESBYTERIAN CHURCHES, WESTMINSTER CANTERBURY PROVIDES AN INSURANCE PRODUCT OFFERING INDEPENDENT LIVING; MEMORY SUPPORT; HOME HEALTH AND HOSPICE; ASSISTED LIVING; AND INTERMEDIATE AND SKILLED NURSING BEDS, ALL FOR PERSONS AGES 62 AND OLDER. FINANCIAL AID IS AVAILABLE TO THOSE WHOSE FINANCIAL RESOURCES ARE NOT SUFFICIENT TO COVER ENTRANCE FEE, MONTHLY FEE OR BOTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS A MINISTRY OF THE EPISCOPAL AND PRESBYTERIAN CHURCHES, WESTMINSTER CANTERBURY PROVIDES 493 RESIDENCES FOR INDEPENDENT LIVING; 72 APARTMENTS FOR THOSE WITH COGNITIVE DECLINE, 80 APARTMENTS FOR ASSISTED LIVING; AND 158 INTERMEDIATE AND SKILLED NURSING BEDS, ALL FOR PERSONS AGED 62 AND OLDER. IN ADDITION, WESTMINSTER CANTERBURY PROVIDES RESIDENTS WITH THE OPPORTUNITIES FOR SOCIALIZATION, INTELLECTUAL STIMULATION, ENTERTAINMENT, RECREATION, PHYSICAL CARE AND SPIRITUAL ENRICHMENT. SPECIFIED SERVICES ARE PROVIDED UNDER THE CONTINUING CARE CONTRACT (RESIDENCE AND CARE AGREEMENT). WESTMINSTER CANTERBURY'S CCRC PRODUCTS ARE REGISTERED WITH THE COMMONWEALTH OF VIRGINIA, BUREAU OF INSURANCE. OTHER SERVICE AND FACILITIES MADE AVAILABLE ARE FOR AN EXTRA CHARGE I.E. MEALS PURCHASED INDIVIDUALLY OR AS PART OF AN OPTION PLAN, DRUGS, BEAUTY SHOP, INTERNET ETC. FINANCIAL AID IS AVAILABLE TO THOSE WHOSE FINANCIAL RESOURCES ARE NOT SUFFICIENT TO COVER ENTRANCE FEE, MONTHLY FEE OR BOTH. ALL FINANCIAL INFORMATION PROVIDED BY THE PROSPECTIVE RESIDENTS IS ANALYZED USING A SOFTWARE PROGRAM CALLED FINAID. THIS PROGRAM USES ACTUARIAL TABLES TO PROJECT HOW MUCH, IF ANY, FINANCIAL ASSISTANCE MAY BE NEEDED BY EACH PROSPECTIVE RESIDENT. ON AVERAGE WESTMINSTER CANTERBURY ASSISTS 110 RESIDENTS WITH FINANCIAL AID DURING THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Angela P Phelon Chair | OfficerTrustee | 1 | $0 |
Peter S Alcorn Trustee | Trustee | 1 | $0 |
Brian K Blount Trustee | Trustee | 1 | $0 |
Thomas L Bowden Jr Trustee | Trustee | 1 | $0 |
Peter H Bowles Trustee | Trustee | 1 | $0 |
Jennifer D Britton Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gilbane-henderson Contractor | 9/29/23 | $26,672,246 |
Sysco Food Service Of Va Food Supplier | 9/29/23 | $2,547,659 |
Emerald Construction Contractor | 9/29/23 | $1,851,131 |
Colonial Webb Contractors Contractor | 9/29/23 | $1,077,266 |
Sfcs Inc Architects | 9/29/23 | $878,183 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $2,709,962 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,109,869 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,819,831 |
| Total Program Service Revenue | $68,182,587 |
| Investment income | $1,514,511 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5,697,832 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $79,143,221 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $4,346,149 |
| 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 | $21,335,056 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $165,341 |
| Payroll taxes | $1,657,865 |
| Fees for services: Management | $13,544,579 |
| Fees for services: Legal | $1,188 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $547,032 |
| Fees for services: Other | $2,512,994 |
| Advertising and promotion | $2,977 |
| Office expenses | $542,681 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,887,456 |
| Travel | $17,916 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $149 |
| Interest | $3,143,828 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,876,185 |
| Insurance | $10,400 |
| All other expenses | $3,047,287 |
| Total functional expenses | $65,639,083 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20,151,661 |
| Savings and temporary cash investments | $41,888 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $265,361 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $88,415 |
| Prepaid expenses and deferred charges | $740,611 |
| Net Land, buildings, and equipment | $145,972,033 |
| Investments—publicly traded securities | $59,159,625 |
| Investments—other securities | $72,874,507 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $149,006,597 |
| Total assets | $448,300,698 |
| Accounts payable and accrued expenses | $12,474,469 |
| Grants payable | $0 |
| Deferred revenue | $120,928,810 |
| Tax-exempt bond liabilities | $190,923,814 |
| 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 | $17,933,590 |
| Total liabilities | $342,260,683 |
| Net assets without donor restrictions | $91,166,139 |
| Net assets with donor restrictions | $14,873,876 |
| 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 | $448,300,698 |