Laurel Lake Retirement Community
- Assets
- $95.9m
- Revenue
- $29.9m
- Investments
- $539.3k
- Employees
- 274
- Location
- Hudson, OH
- Founding
- 11/2014
- Data as of
- 12/2023
- 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 12/2023, Laurel Lake Retirement Community employed 274 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 12/2023, Laurel Lake Retirement Community generated $29.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $26.2m during the year ending 12/2023. While expenses have increased by 2.9% 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
2023
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. TOTAL OF 128,419 RESIDENT DAYS AND AN AVERAGE OF 352 RESIDENTS PER DAY.
PROVIDE SKILLED NURSING LONG-TERM CARE FOR RESIDENTS TO INCLUDE HOUSING, MEALS, ENVIRONMENTAL SERVICES, AND ACTIVITIES. TOTAL OF 22,519 RESIDENT DAYS AND AN AVERGAGE OF 62 RESIDENTS PER DAY.
PROVIDE ASSISTED LIVING LONG-TERM CARE, INCLUDING MEMORY CARE SERVICES, FOR RESIDENTS TO INCLUDE: HOUSING, MEALS, ENVIRONMENTAL SERVICES, AND ACTIVITIES. TOTAL OF 12,287 RESIDENT DAYS AND AN AVERAGE OF 34 RESIDENTS PER DAY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Young Chairman | OfficerTrustee | 1 | $0 |
Pat Blake Treasurer | OfficerTrustee | 2 | $0 |
Stephanie Fallcreek Secretary | OfficerTrustee | 1 | $0 |
Clinton Simmons Trustee | Trustee | 1 | $0 |
Dale Leppo Resident Trustee | Trustee | 2 | $0 |
Phyllis Dillman Resident Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
All Shiftsall American Staffing Services-nursing | 12/30/23 | $376,877 |
Ted Knight & Sons Construction Construction | 12/30/23 | $838,115 |
Think Llp Tax Consulting Services | 12/30/23 | $275,031 |
Timothy L Ambler Painting | 12/30/23 | $140,178 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $166,986 |
| Government grants | $1,558,510 |
| 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 | $1,725,496 |
| Total Program Service Revenue | $25,015,095 |
| Investment income | $728,026 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,614,572 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $29,916,271 |
| 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. | $539,182 |
| Compensation of current officers, directors, key employees. | $73,465 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,245,277 |
| Pension plan accruals and contributions | $137,965 |
| Other employee benefits | $1,505,867 |
| Payroll taxes | $671,933 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $142,806 |
| Fees for services: Accounting | $61,969 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $131,037 |
| Fees for services: Other | $3,196,268 |
| Advertising and promotion | $75,181 |
| Office expenses | $54,271 |
| Information technology | $379,008 |
| Royalties | $0 |
| Occupancy | $3,561,246 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,239,772 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,032,659 |
| Insurance | $469,306 |
| All other expenses | $553,327 |
| Total functional expenses | $26,185,795 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,413,281 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $678,257 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $18,708 |
| Prepaid expenses and deferred charges | $159,983 |
| Net Land, buildings, and equipment | $63,489,732 |
| Investments—publicly traded securities | $25,339,472 |
| Investments—other securities | $539,308 |
| Investments—program-related | $0 |
| Intangible assets | $1,500,000 |
| Other assets | $802,661 |
| Total assets | $95,941,402 |
| Accounts payable and accrued expenses | $2,100,468 |
| Grants payable | $0 |
| Deferred revenue | $37,002,246 |
| Tax-exempt bond liabilities | $6,533,875 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $21,165,417 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,945,356 |
| Total liabilities | $71,747,362 |
| Net assets without donor restrictions | $24,194,040 |
| 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 | $95,941,402 |