Preswick Glen Inc
- Assets
- $16.5m
- Revenue
- $5.0m
- Investments
- $0.0
- Employees
- 80
- Location
- New Hartford, NY
- Founding
- 07/2007
- Data as of
- 12/2022
- EIN
- 31-1727817
Organization Overview
Preswick Glen Inc is located in New Hartford, NY. The organization was established in 2007. 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, Preswick Glen Inc employed 80 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Preswick Glen 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, Preswick Glen Inc generated $5.0m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $4.9m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (2.5%) per year over the past 8 years. 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
THE ORGANIZATION'S MISSION IS TO OFFER A RETIREMENT COMMUNITY WITH COMMITTMENT TO PROVIDE SECURITY, PEACE OF MIND AND INDEPENDENCE FOR SENIOR ADULTS BY PROMOTING OPPORTUNITIES FOR PERSONAL GROWTH IN AN ATTRACTIVE AND COMFORTABLE ATMOSPHERE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INDEPENDENT LIVING WHICH PROVIDES HOUSING, ACCESS TO HEALTH CARE, AND A NO-EVICTION POLICY TO RESIDENTS 60 YEARS OF AGE OR OLDER. FACILITY CONSISTS OF 84 INDEPENDENT LIVING APARTMENTS AND 40 INDEPENDENT LIVING COTTAGES THAT ARE LEASED AND RENEWED ON A YEARLY BASIS. 119 UNITS IN TOTAL WERE LEASED AND FULLY OCCUPIED AT THE END OF THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Linda Voce Vice-Chairperson | OfficerTrustee | 0.2 | $0 |
Jay Williams Chairperson | OfficerTrustee | 0.2 | $0 |
Jerry Burke Treasurer | OfficerTrustee | 0.2 | $0 |
Julianne Breen Secretary | OfficerTrustee | 0.2 | $0 |
Marie Abraham Director | Trustee | 0.2 | $0 |
Russell Clark Director | Trustee | 0.2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Inc & Affiliates Food Management | 12/30/16 | $432,413 |
Romanelli Communications Advertising | 12/30/16 | $208,257 |
National Grid Electric Utility Company | 12/30/16 | $116,216 |
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 | $4,954,387 |
| Investment income | $443 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$3,315 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,007,253 |
| 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 | $1,125,051 |
| Pension plan accruals and contributions | $7,509 |
| Other employee benefits | $146,075 |
| Payroll taxes | $82,867 |
| Fees for services: Management | $235,829 |
| Fees for services: Legal | $4,308 |
| Fees for services: Accounting | $12,815 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $708,919 |
| Advertising and promotion | $251,968 |
| Office expenses | $97,181 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $942,823 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $331,457 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $551,530 |
| Insurance | $100,803 |
| All other expenses | $0 |
| Total functional expenses | $4,866,276 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,072,568 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,898 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,778 |
| Prepaid expenses and deferred charges | $225,030 |
| Net Land, buildings, and equipment | $7,368,717 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,809,789 |
| Total assets | $16,500,780 |
| Accounts payable and accrued expenses | $361,889 |
| 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 | $8,528,548 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $12,957,645 |
| Total liabilities | $21,848,082 |
| Net assets without donor restrictions | -$5,353,736 |
| Net assets with donor restrictions | $6,434 |
| 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 | $16,500,780 |