Olmsted Residence Corporation
- Assets
- $14.7m
- Revenue
- $8.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Olmsted Township, OH
- Founding
- 02/1988
- Data as of
- 06/2022
- EIN
- 34-1560249
Organization Overview
Olmsted Residence Corporation is located in Olmsted Township, OH. The organization was established in 1988. According to its NTEE Classification (P75) the organization is classified as: Supportive Housing for Older Adults, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Olmsted Residence Corporation 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 06/2022, Olmsted Residence Corporation generated $8.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $3.0m during the year ending 06/2022. 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
OLMSTED RESIDENCE CORP IS AN ELIZA JENNINGS INDEPENDENT LIVING COMMUNITY WITH 176 APARTMENTS AND VILLAS FOR OLDER ADULTS. THIS COMMUNITY OFFERS A MYRIAD OF INCLUSIVE AMENITIES AND SERVICES INCLUDING FINE DINING, MAINTENANCE, AND HOUSEKEEPING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OLMSTED RESIDENCE CORP., DBA THE RENAISSANCE, OPERATES A PREMIER RETIREMENT COMMUNITY WITH 176 APARTMENTS AND VILLAS FOR INDEPENDENT OLDER ADULTS WHILE OFFERING AMENITIES INCLUDING MAINTENANCE-FREE LIVING, A SCENIC 60-PLUS ACRE CAMPUS WITH WALKING PATHS, STATE-OF-THE-ART FITNESS AND AQUATIC CENTER WITH HEATED SALTWATER POOL, WORLD-CLASS DINING SERVICES, AN ON-SITE WELLNESS CLINIC AND HEALTH CENTER, ON-SITE ASSISTED LIVING, AND 24-HOUR EMERGENCY CALL SERVICE. THE RENAISSANCE IS A MEMBER OF ELIZA JENNINGS SENIOR CARE NETWORK, A PROVIDER OF RESIDENTIAL AND COMMUNITY-BASED AGING SERVICES ON CLEVELANDS WESTSIDE.CARE SERVICES WITHIN THE RENAISSANCE CONTINUUM INCLUDE ACCESS TO A PHYSICIAN AND NURSE 24/7; MEDICATION MANAGEMENT PROVIDED BY IN-HOUSE CLINICAL STAFF; TRANSPORTATION TO HOSPITAL AND PHYSICIAN APPOINTMENTS AND COMMUNITY EVENTS; PHYSICAL, OCCUPATIONAL AND SPEECH THERAPY; MEMORY SUPPORT CARE; BEAUTY AND BARBER SERVICES; PHARMACEUTICAL SERVICES; AND HOUSEKEEPING AND LAUNDRY SERVICES. OTHER COMMUNITIES UNDER THE ELIZA JENNINGS SENIOR CARE NETWORK INCLUDE DEVON OAKS, NORTHEAST OHIO HOME CARE, ACACIA PLACE ADULT DAY CENTER, OLMSTED RESIDENCE CORPORATION, OLMSTED HEALTH & SERVICES, OLMSTED ASSISTED LIVING, AND THE FLAGSHIP COMMUNITY ELIZA JENNINGS HOME.ELIZA JENNINGS IS COMMITTED TO OFFERING COMPASSIONATE CARE AND SUPPORT TO INDIVIDUALS AND THEIR FAMILIES WHO ARE FACING ADVANCED ILLNESS AND END-OF-LIFE CARE DECISIONS. THE ELIZA JENNINGS SENIOR CARE NETWORK OFFERS HOSPICE SERVICES THOUGH NORTHEAST OHIO HOSPICE, WHICH IS GEARED TO PROVIDING CHOICES THAT SUSTAIN DIGNITY AND AUTONOMY, WHILE ENHANCING COMFORT AND QUALITY OF LIFE DURING THIS DIFFICULT TIME.AS A NATIONALLY RECOGNIZED INNOVATOR AND EXPERT IN AGING SERVICES, ELIZA JENNINGS OFFERS A FULL SPECTRUM OF MEMORY SUPPORT PROGRAMMING TO OLDER ADULTS WITH ALZHEIMERS DISEASE AND OTHER DEMENTIAS THROUGHOUT ITS RESIDENTIAL COMMUNITIES AND ADULT DAY PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard M Boyson Jr President & CEO | OfficerTrustee | 0 | $0 |
Kathleen M Shields CFO | Officer | 0 | $0 |
Jennifer Griveas VP Of Legal | Officer | 0 | $0 |
Sheryl Sereda Cao | Officer | 0 | $0 |
Michael Gray Cio | Officer | 0 | $0 |
Richard L Fletcher Trustee | Trustee | 0 | $0 |
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 | $8,034,893 |
| Investment income | $0 |
| 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 | $8,037,578 |
| 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 | $723,160 |
| 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 | $114,826 |
| Advertising and promotion | $0 |
| Office expenses | $10,291 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $188,614 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $357,562 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,372,823 |
| Insurance | $0 |
| All other expenses | $24,328 |
| Total functional expenses | $2,958,927 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $300 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $52,656 |
| 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 | $14,572,228 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $22,824 |
| Other assets | $17,000 |
| Total assets | $14,665,008 |
| Accounts payable and accrued expenses | $173,294 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $173,294 |
| Net assets without donor restrictions | $14,491,714 |
| 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 | $14,665,008 |