Lifecare Inc
- Assets
- $60.3m
- Revenue
- $24.2m
- Investments
- $0.0
- Employees
- 549
- Location
- Kalamazoo, MI
- Founding
- 09/1974
- Data as of
- 09/2021
- EIN
- 38-2067110
Organization Overview
Lifecare Inc, operating under the name Friendship Village, is located in Kalamazoo, MI. The organization was established in 1974. 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. As of 09/2021, Friendship Village employed 549 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friendship Village 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 09/2021, Friendship Village generated $24.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $25.0m during the year ending 09/2021. While expenses have increased by 5.2% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HOUSING, FOOD, NURSING CARE, AND OTHER RELATED SERVICES TO SENIOR CITIZENS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ESTABLISH, OPERATE AND MAINTAIN RETIREMENT FACILITIES FOR THE ELDERLY IN MICHIGAN.THE ORGANIZATION PROVIDES CARE TO RESIDENTS WHO MEET CETRAIN CRITERIA UNDRE ITS HARDSHIP DISCOUNT POLICY WITHOUT CHARGE OR AT AMOUNTS LESS THAN ITS ESTABLISHED RATES. THE ORGANIZATION ESTIMATES THAT IT PROVIDED APPROXIMATELY $399,613 OF CHARITABILITY TO INDIGENT RESIDENTS DURING 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Betsy Bale Executive Director | Officer | 40 | $152,509 |
Kathryn Harmon Administrator | Officer | 40 | $123,768 |
Diana Duncan Marketing Director | 40 | $100,867 | |
Andrew Mcleod President | OfficerTrustee | 2 | $0 |
Tyler Gibb 1st Vice President | OfficerTrustee | 2 | $0 |
Ean Hamilton 2nd Vice President | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Life Care Companies Llc Management Services | 9/29/21 | $1,174,962 |
Select Rehabilitation Inc Therapy Services | 9/29/21 | $620,407 |
Genemarkers Inc Lab Testing | 9/29/21 | $449,315 |
Sentrics Cable Systems | 9/29/21 | $376,107 |
Plante & Moran Pllc Accounting/financial | 9/29/21 | $126,100 |
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 | $788,288 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $788,288 |
| Total Program Service Revenue | $22,828,151 |
| Investment income | $171,239 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $195,408 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,179,280 |
| 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. | $207,208 |
| Compensation of current officers, directors, key employees. | $207,208 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,010,884 |
| Pension plan accruals and contributions | $101,067 |
| Other employee benefits | $2,194,308 |
| Payroll taxes | $763,846 |
| Fees for services: Management | $933,139 |
| Fees for services: Legal | $10,548 |
| Fees for services: Accounting | $82,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $61,402 |
| Fees for services: Other | $912,859 |
| Advertising and promotion | $267,202 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,086,095 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $798,805 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,316,312 |
| Insurance | $0 |
| All other expenses | $450,755 |
| Total functional expenses | $24,966,816 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,252,215 |
| Savings and temporary cash investments | $4,411,749 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $619,167 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $264,653 |
| Prepaid expenses and deferred charges | $418,274 |
| Net Land, buildings, and equipment | $42,122,415 |
| Investments—publicly traded securities | $10,203,857 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $60,292,330 |
| Accounts payable and accrued expenses | $1,763,714 |
| Grants payable | $0 |
| Deferred revenue | $12,997,712 |
| Tax-exempt bond liabilities | $22,357,307 |
| 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 | $21,700,802 |
| Total liabilities | $58,819,535 |
| Net assets without donor restrictions | -$6,581,751 |
| Net assets with donor restrictions | $8,054,546 |
| 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 | $60,292,330 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Lifecare Inc has recieved totaling $115,477.
| Awarding Organization | Amount |
|---|---|
Kalamazoo Community Foundation Kalamazoo, MI PURPOSE: HUMAN SERVICE-MULTIPURPOSE/OTHER | $115,472 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $5 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Maple Knoll Communities Inc Cincinnati, OH | $123,123,326 | $44,611,272 |
United Methodist Retirement Communities Inc Chelsea, MI | $156,901,085 | $36,318,347 |
Michigan Masonic Home Alma, MI | $52,789,973 | $43,622,202 |
Henry Ford Village Inc Dearborn, MI | $17,115,339 | $84,991,852 |
Otterbein Lebanon Lebanon, OH | $186,378,501 | $44,867,411 |
Lindengrove Inc Brookfield, WI | $53,159,981 | $37,652,858 |
Benevolent Corporation Cedar Community West Bend, WI | $115,395,812 | $41,115,280 |
St Augustine Manor Cleveland, OH | $33,180,606 | $40,008,569 |
Lutheran Homes Inc Fort Wayne, IN | $58,928,684 | $39,157,951 |
Greencroft Goshen Inc Goshen, IN | $95,333,983 | $41,677,361 |
Episcopal Retirement Homes Inc Cincinnati, OH | $65,176,773 | $34,850,221 |
Porter Hills Presbyterian Village Inc Grand Rapids, MI | $106,049,937 | $39,306,850 |