Myers Senior Residence Inc
- Assets
- $8.9m
- Revenue
- $458.3k
- Investments
- $0.0
- Employees
- 3
- Location
- Newark, NJ
- Founding
- 03/1946
- Data as of
- 12/2022
- EIN
- 27-3230057
Organization Overview
Myers Senior Residence Inc is located in Newark, NJ. The organization was established in 1946. 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 12/2022, Myers Senior Residence Inc employed 3 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Myers Senior Residence 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 12/2022, Myers Senior Residence Inc generated $458.3k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.2% each year. All expenses for the organization totaled $722.6k during the year ending 12/2022. While expenses have increased by 1.3% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE LOW INCOME HOUSING FOR LOW INCOME ELDERLY TENANTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES 50 UNITS OF RESIDENTIAL HOUSING FOR THE ELDERLY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Westervelt President And Treasurer | OfficerTrustee | 1 | $0 |
Henry Amoroso Vice Chairperson | OfficerTrustee | 1 | $0 |
Richard Malagiere Trustee | Trustee | 1 | $0 |
Reverend Monsignor Ronald Rozniak Chairperson | OfficerTrustee | 1 | $0 |
J Kenneth Pagano Trustee | Trustee | 1 | $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 | $457,512 |
| Investment income | $770 |
| 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 | $458,331 |
| 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 | $84,460 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $12,206 |
| Payroll taxes | $7,341 |
| Fees for services: Management | $33,048 |
| Fees for services: Legal | $145 |
| Fees for services: Accounting | $22,760 |
| 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 | $10,610 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $93,227 |
| Travel | $0 |
| 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 | $267,169 |
| Insurance | $66,204 |
| All other expenses | $8,967 |
| Total functional expenses | $722,587 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $54,262 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,731 |
| 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 | $8,440,567 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $398,950 |
| Total assets | $8,923,510 |
| Accounts payable and accrued expenses | $256,494 |
| Grants payable | $0 |
| Deferred revenue | $1,309 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $17,826 |
| 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 | $4,862 |
| Total liabilities | $280,491 |
| Net assets without donor restrictions | $8,643,019 |
| 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 | $8,923,510 |