Richfield Senior Housing Inc
- Assets
- $14.2m
- Revenue
- $4.9m
- Investments
- $0.0
- Employees
- 73
- Location
- Richfield, MN
- Founding
- 05/1999
- Data as of
- 09/2021
- EIN
- 31-1626065
Organization Overview
Richfield Senior Housing Inc, operating under the name Mainstreet Village Senior Housing, is located in Richfield, MN. The organization was established in 1999. 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 09/2021, Mainstreet Village Senior Housing employed 73 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mainstreet Village Senior Housing 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 09/2021, Mainstreet Village Senior Housing generated $4.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $4.9m during the year ending 09/2021. While expenses have increased by 1.1% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
CARE FOR THE ELDERLY
Describe the Organization's Program Activity:
Part 3 - Line 4a
RICHFIELD SENIOR HOUSING, INC. PROVIDES HOUSING WITH SERVICES TO PERSONS AGE 55 AND OLDER. FOR THOSE TENANTS REQUIRING GREATER LEVELS OF CARE, ASSISTED LIVING SERVICES ARE AVAILABLE.SERVICES THAT ARE PROVIDED FREE OF CHARGE IN INDEPENDENT LIVING INCLUDE ACTIVITIES PROGRAM, A FITNESS PROGRAM, TRANSPORTATION TO MEDICAL APPOINTMENTS, OUTINGS AND SHOPPING, STAFFING 24/7 AND CHAPLAINCY.SERVICES THAT ARE AVAILABLE IN INDEPENDENT LIVING AT AN ADDITIONAL COST INCLUDE MEALS, HOUSEKEEPING, BEAUTY/BARBER SHOP, AND UNDERGROUND HEATED PARKING. THERE ARE ALSO TWO LAUNDRY ROOMS ON EACH FLOOR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dan Lindh President | OfficerTrustee | 0.5 | $0 |
Mark Meyer Treasurer & CFO | OfficerTrustee | 0.5 | $0 |
John Bergeson Secretary | OfficerTrustee | 0.5 | $0 |
Tamara Tasche Board Chair | OfficerTrustee | 0.5 | $0 |
Norman Wenck Bd Vice Chair | OfficerTrustee | 0.5 | $0 |
Denyse Ethridge Executive Director & COO | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Avinity Services Company Management Services | 9/29/21 | $251,387 |
Zellner Sr Health Consulting Nursing Staffing | 9/29/21 | $232,653 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $665,974 |
| 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 | $665,974 |
| Total Program Service Revenue | $4,243,325 |
| Investment income | $22,093 |
| 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 | $4,931,392 |
| 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 | $1,671,858 |
| Pension plan accruals and contributions | $31,941 |
| Other employee benefits | $234,499 |
| Payroll taxes | $125,021 |
| Fees for services: Management | $251,387 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,639 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $409,248 |
| Advertising and promotion | $40,150 |
| Office expenses | $50,329 |
| Information technology | $45,749 |
| Royalties | $0 |
| Occupancy | $567,938 |
| Travel | $825 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,105 |
| Interest | $932,278 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $470,755 |
| Insurance | $79,185 |
| All other expenses | $0 |
| Total functional expenses | $4,944,064 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $696,120 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $76,734 |
| 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 | $11,288,245 |
| Investments—publicly traded securities | $2,010,502 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $111,341 |
| Total assets | $14,182,942 |
| Accounts payable and accrued expenses | $783,295 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $17,410,659 |
| Escrow or custodial account liability | $157,215 |
| 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 | $59,271 |
| Total liabilities | $18,410,440 |
| Net assets without donor restrictions | -$4,227,498 |
| 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 | $14,182,942 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Minnesota Odd Fellows Home Inc Northfield, MN | $22,867,310 | $19,456,798 |
Oakwood Village Prairie Ridge Homes Inc Madison, WI | $61,014,266 | $15,535,778 |
Volunteers Of America Inc Eden Prairie, MN | $8,598,450 | $19,135,120 |
Friends Of Faith Retirement Homes Inc Waterloo, IA | $88,184,689 | $24,765,907 |
Bethany On 42nd Fargo, ND | $42,982,371 | $19,570,716 |
Phs Cottage Grove Inc Roseville, MN | $59,058,430 | $15,462,606 |
Evans Park Inc Elk River, MN | $42,762,027 | $16,308,522 |
Volunteers Of America Inc Eden Prairie, MN | $2,912,114 | $17,645,281 |
Carondelet Village Inc Roseville, MN | $51,351,409 | $15,659,631 |
Cedar Lake Village Inc Sioux Falls, SD | $38,142,658 | $12,975,916 |
Walker Senior Services Inc Minnetonka, MN | $9,398,482 | $5,933,474 |
Living Community Of St Joseph Minneapolis, MN | $23,852,740 | $12,020,800 |