Craigside Retirement Residence
- Assets
- $59.0m
- Revenue
- $23.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Honolulu, HI
- Founding
- 10/2007
- Data as of
- 12/2022
- EIN
- 35-2272376
Organization Overview
Craigside Retirement Residence is located in Honolulu, HI. The organization was established in 2007. 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. Craigside Retirement Residence 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, Craigside Retirement Residence generated $23.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $25.1m during the year ending 12/2022. While expenses have increased by 2.5% per year over the past 8 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
15 CRAIGSIDE PROVIDES SENIOR LIVING EXCELLENCE IN A GRACIOUS, COMPASSIONATE AND DYNAMIC ENVIRONMENT. THE PRIMARY PURPOSE IS TO FURTHER THE HEALTH AND GENERAL WELFARE OF THE ELDERLY BY PROVIDING HOUSING, HEALTHCARE, AND FINANCIAL SECURITY WITH A SUPERIOR CONTINUUM OF ASSURED LIFETIME CARE TO MEET THE SPIRITUAL, PHYSICAL AND SOCIAL NEEDS OF EVERY RESIDENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MONTHLY SERVICE CHARGE - CRAIGSIDE PROVIDES ROOM, BOARD AND OTHER SERVICES FOR 180 RESIDENTS. THE AVERAGE MONTHLY FEE CHARGED TO EACH RESIDENT IS $4,568 IN 2022. CRAIGSIDE PAYS FOR ALL EXPENSES.ENTRANCE FEE AMORTIZATION - NEW RESIDENTS PAY FOR A LIFETIME INTEREST IN THEIR APARTMENT. REVENUE FOR AMORTIZATION OF ENTRANCE FEE IS RECOGNIZED OVER THE EXPECTED LIFE OF THE RESIDENT.
MEDICAL CENTER - CRAIGSIDE HAS A LICENSED SKILLED NURSING, INTERMEDIATE CARE AND SPECIAL CARE FACILITY WITH 45 NURSING FACILITY BEDS AVAILABLE FOR USE BY RESIDENTS. ALL 45 BEDS ARE MEDICARE CERTIFIED. THE NUMBER OF LICENSED BEDS INCREASED FROM 41 TO 45 EFFECTIVE JUNE 2022. THE AVERAGE CENSUS WAS 39 IN 2022 WITH A PER DIEM RATE OF $419 FOR SEMI-PRIVATE ROOMS FOR LONG-TERM RESIDENTS IN 2022.
ASSISTED LIVING SERVICES - PROGRAM TO PROVIDE HELP TO RESIDENTS WHO ARE NOT CLINICALLY RESTRICTED TO BEDS AND ARE NOT PHYSICALLY OR MENTALLY ABLE TO LIVE INDEPENDENTLY. RESIDENTS ENROLLED CAN HAVE AN INDEPENDENT LIFESTYLE WITH HELP PROVIDED BY CRAIGSIDE. THIS CAN INCLUDE SERVICES FROM MEDICATION MANAGEMENT TO ASSISTANCE WITH MANY OF THE ACTIVITIES OF DAILY LIVING. 64 RESIDENTS WERE ENROLLED IN THE PROGRAM AS OF DECEMBER 31, 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Suzie Schulberg President & CEO | OfficerTrustee | 10 | $0 |
Vivian Lai CFO | OfficerTrustee | 10 | $0 |
Martin Zorn Chairman | OfficerTrustee | 1 | $0 |
Koren Dreher Treasurer | OfficerTrustee | 0.5 | $0 |
Corlis Chang Secretary | OfficerTrustee | 0.5 | $0 |
Andrew Bunn Board Member | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Reliant Pro Rehab Physical Therapy | 12/30/22 | $258,783 |
Diagnostic Laboratories Svc Llc Laboratory Services | 12/30/22 | $106,320 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $333,982 |
| All other contributions, gifts, grants, and similar amounts not included above | $81,459 |
| Noncash contributions included in lines 1a–1f | $51,806 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $415,441 |
| Total Program Service Revenue | $22,080,024 |
| Investment income | $94,577 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$66,151 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $20 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $23,543,885 |
| 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 | $9,369,492 |
| Pension plan accruals and contributions | $654,252 |
| Other employee benefits | $1,274,021 |
| Payroll taxes | $692,524 |
| Fees for services: Management | $933,597 |
| Fees for services: Legal | $85,701 |
| Fees for services: Accounting | $24,710 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $14,644 |
| Fees for services: Other | $585,006 |
| Advertising and promotion | $417,219 |
| Office expenses | $1,254,695 |
| Information technology | $222,486 |
| Royalties | $0 |
| Occupancy | $1,326,894 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,731 |
| Interest | $2,108,501 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,994,304 |
| Insurance | $211,898 |
| All other expenses | $597,522 |
| Total functional expenses | $25,121,344 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,032,875 |
| Savings and temporary cash investments | $51,722 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,767,658 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $146,781 |
| Prepaid expenses and deferred charges | $66,105 |
| Net Land, buildings, and equipment | $48,472,174 |
| Investments—publicly traded securities | $3,818,216 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $660,005 |
| Total assets | $59,015,536 |
| Accounts payable and accrued expenses | $1,303,775 |
| Grants payable | $0 |
| Deferred revenue | $28,354,902 |
| Tax-exempt bond liabilities | $50,609,194 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,919,647 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $25,554,221 |
| Total liabilities | $107,741,739 |
| Net assets without donor restrictions | -$48,726,203 |
| 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 | $59,015,536 |