Ridgecrest At Richfield
- Assets
- $2.2m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 5
- Location
- Salem, VA
- Founding
- 01/2008
- Data as of
- 09/2023
- EIN
- 26-0821403
Organization Overview
Ridgecrest At Richfield is located in Salem, VA. The organization was established in 2008. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. As of 09/2023, Ridgecrest At Richfield employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ridgecrest At Richfield 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, Ridgecrest At Richfield generated $1.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $1.1m during the year ending 09/2023. While expenses have increased by 0.3% 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
TO PROVIDE INDEPENDENT, AFFORDABLE, HIGH-QUALITY HOUSING AND RELATED AMENITIES AND SERVICES FOR SENIOR INDIVIDUALS AND FAMILIES OF THE GREATER ROANOKE VALLEY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF AN AFFORDABLE HOUSING COMPLEX FOR SENIOR AND DISABLED INDIVIDUALS AND FAMILIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kirtesh Patel Board Chair | OfficerTrustee | 2 | $0 |
David Thornhill Vice Chair | OfficerTrustee | 2 | $0 |
Donnovan Young Treasurer | OfficerTrustee | 2 | $0 |
Sydney Nordt Secretary | OfficerTrustee | 2 | $0 |
Dr Warren G Clark Director | Trustee | 2 | $0 |
Dr William Hasty Director | Trustee | 2 | $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 | $1,238,785 |
| Investment income | $505 |
| 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 | $1,239,290 |
| 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 | $158,332 |
| Pension plan accruals and contributions | $53 |
| Other employee benefits | $11,486 |
| Payroll taxes | $18,067 |
| Fees for services: Management | $84,831 |
| Fees for services: Legal | $200 |
| Fees for services: Accounting | $78,440 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $8,775 |
| Information technology | $757 |
| Royalties | $0 |
| Occupancy | $392,016 |
| Travel | $485 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $203,385 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,082,958 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $234,091 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,958 |
| 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 | $23,062 |
| Net Land, buildings, and equipment | $1,429,996 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $540,521 |
| Total assets | $2,232,628 |
| Accounts payable and accrued expenses | $107,886 |
| 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 | $1,939,477 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $206,453 |
| Total liabilities | $2,253,816 |
| Net assets without donor restrictions | -$21,188 |
| 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 | $2,232,628 |