Laurel Lake Retirement Community
- Assets
- $95.0m
- Revenue
- $26.9m
- Investments
- $344.3k
- Employees
- 305
- Location
- Hudson, OH
- Founding
- 11/2014
- Data as of
- 12/2021
- EIN
- 34-1481142
Organization Overview
Laurel Lake Retirement Community is located in Hudson, OH. The organization was established in 2014. According to its NTEE Classification (A6B) the organization is classified as: Singing & Choral Groups, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Laurel Lake Retirement Community employed 305 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Laurel Lake Retirement Community 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 12/2021, Laurel Lake Retirement Community generated $26.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $25.1m during the year ending 12/2021. While expenses have increased by 2.3% per year over the past 7 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
A RETIREMENT COMMUNITY OF CHOICE FOR ADULTS WHO ASPIRE TO LEAD LIVES FILLED WITH MEANING, PURPOSE, AND LIFELONG OPPORTUNITIES FOR GROWTH AND SERVICE.
Describe the Organization's Program Activity:
LIFE PLAN COMMUNITY THAT PROVIDES AN ACTIVE RETIREMENT LIFESTYLE. THE COMMUNITY PROVIDES HOUSEKEEPING, ENVIRONMENTAL SERVICES, EDUCATIONAL AND ENTERTAINMENT ACTIVITIES.
PROVIDE SKILLED NURSING LONG-TERM CARE FOR RESIDENTS TO INCLUDE HOUSING, MEALS, ENVIRONMENTAL SERVICES, AND ACTIVITIES.
PROVIDE ASSISTED LIVING LONG-TERM CARE FOR RESIDENTS TO INCLUDE: HOUSING, MEALS, ENVIROMENTIAL SERVICES, AND ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Oster President & CEO | Officer | 45 | $375,000 |
Loretta Stevens Chief Financial Officer | Officer | 45 | $151,636 |
Stephanie Fallcreek Secretary | OfficerTrustee | 2 | $0 |
Kathleen Hoover Treasurer | OfficerTrustee | 4 | $0 |
Liz Murphy Vice Chair | OfficerTrustee | 2 | $0 |
John Mulligan Chair | OfficerTrustee | 10 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Select Rehabilitation Therapy Services | 12/30/21 | $705,851 |
Mid-ohio Asphalt Concrete Inc Construction | 12/30/21 | $720,690 |
American Medical Personnel Nursing Staff | 12/30/21 | $479,833 |
Northern Haserot Food Services | 12/30/21 | $544,697 |
Ted Knight Sons Construction Construction | 12/30/21 | $396,082 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $110,936 |
| Government grants | $1,842,800 |
| All other contributions, gifts, grants, and similar amounts not included above | $613,573 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,567,309 |
| Total Program Service Revenue | $22,909,225 |
| Investment income | $581,074 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $848,955 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $26,906,563 |
| 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. | $526,636 |
| Compensation of current officers, directors, key employees. | $68,463 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,603,538 |
| Pension plan accruals and contributions | $108,282 |
| Other employee benefits | $1,673,270 |
| Payroll taxes | $541,646 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,256 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $140,618 |
| Fees for services: Other | $3,212,870 |
| Advertising and promotion | $187,688 |
| Office expenses | $270,481 |
| Information technology | $437,106 |
| Royalties | $0 |
| Occupancy | $3,428,897 |
| Travel | $22,996 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,528 |
| Interest | $1,385,697 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,085,479 |
| Insurance | $395,139 |
| All other expenses | $0 |
| Total functional expenses | $25,091,330 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,732,447 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $773,792 |
| 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 | $602,869 |
| Net Land, buildings, and equipment | $66,595,402 |
| Investments—publicly traded securities | $22,463,706 |
| Investments—other securities | $344,308 |
| Investments—program-related | $0 |
| Intangible assets | $1,500,000 |
| Other assets | $0 |
| Total assets | $95,012,524 |
| Accounts payable and accrued expenses | $2,242,972 |
| Grants payable | $0 |
| Deferred revenue | $34,792,572 |
| Tax-exempt bond liabilities | $7,505,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $23,191,664 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,551,989 |
| Total liabilities | $73,284,197 |
| Net assets without donor restrictions | $21,728,327 |
| 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 | $95,012,524 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Laurel Lake Retirement Community has recieved totaling $63.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $63 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Laurel Lake Retirement Community Hudson, OH | $95,012,524 | $26,906,563 |
Black Lily Inc Philadelphia, PA | $3,931,726 | $4,267,503 |
Bach Choir Of Bethlehem Bethlehem, PA | $8,668,443 | $1,522,038 |
Indianapolis Childrens Choir Incorporated Indianapolis, IN | $2,588,853 | $1,634,208 |
Harmony Project Productions Inc Columbus, OH | $652,776 | $1,372,652 |
Cincinnati Musical Festival Assoc Cincinnati, OH | $31,925,363 | $2,570,982 |
Teutonia Maennerchor Of Allegheny City Pittsburgh, PA | $434,873 | $973,808 |
Philadelphia Boys And Girls Choirs Philadelphia, PA | $1,941,949 | $771,480 |
Rock To The Future Philadelphia, PA | $549,869 | $840,748 |
Heartland Sings Inc Fort Wayne, IN | $1,012,821 | $806,590 |
Vox Ama Deus Gladwyne, PA | $472,059 | $630,138 |
Re-Creation Usa Inc Port Trevorton, PA | $104,805 | $546,383 |