Life Care Residences Inc
- Assets
- $10.7m
- Revenue
- $26.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Escondido, CA
- Founding
- 02/1993
- Data as of
- 09/2020
- EIN
- 33-0289899
Organization Overview
Life Care Residences Inc is located in Escondido, CA. The organization was established in 1993. According to its NTEE Classification (E91) the organization is classified as: Nursing Facilities, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Life Care Residences 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 09/2020, Life Care Residences Inc generated $26.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (51.1%) each year. All expenses for the organization totaled $2.1m during the year ending 09/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE NECESSARY CARE AND LIVING SERVICES TO THE POOR DISABLED AND ELDERLY
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SERVICE IS RESIDENTIAL CARE FOR THE ELDERLY AND PATIENTS. THE BUILDING HAD A 99 PATIENT CAPACITY. EXCESS FOOD ALSO COLLECTED FROM LOCAL FOOD RETAILERS AND WHOLESALES THEN DISTRIBUTED TO LOCAL HOMELESS SHELTERS
THE SERVICE IS RESIDENTIAL CARE FOR THE ELDERLY AND PATIENTS. THE BUILDING HAD A 99 PATIENT CAPACITY. EXCESS FOOD ALSO COLLECTED FROM LOCAL FOOD RETAILERS AND WHOLESALES THEN DISTRIBUTED TO LOCAL HOMELESS SHELTERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John E Gamble President | OfficerTrustee | 0 | $0 |
F Alexandrea Gamble Secrretary | OfficerTrustee | 0 | $0 |
Shannon Massey Director | Trustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Charles Nachand Iii Legal Fees | 9/29/18 | $205,310 |
Fco Construction General Engineering Constuction Engineer | 9/29/18 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $26,518 |
| 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 | $26,518 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| 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 | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $78,396 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,050,054 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,083,902 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $952,645 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,700,986 |
| Accounts payable and accrued expenses | $547 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $3,767,612 |
| Other liabilities | $0 |
| Total liabilities | $3,768,159 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $6,932,827 |
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