Fairhaven Corporation
- Assets
- $33.8m
- Revenue
- $10.4m
- Investments
- $0.0
- Employees
- 173
- Location
- Whitewater, WI
- Founding
- 08/1964
- Data as of
- 12/2023
- EIN
- 39-0979908
Organization Overview
Fairhaven Corporation is located in Whitewater, WI. The organization was established in 1964. 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 12/2023, Fairhaven Corporation employed 173 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fairhaven 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 12/2023, Fairhaven Corporation generated $10.4m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.9%) each year. All expenses for the organization totaled $9.0m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (3.4%) per year over the past 8 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HOUSING AND SERVICES, INCLUDING SKILLED NURSING AND REHAB TO SENIOR ADULTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SERVING RESIDENTS SINCE 1962, FAIRHAVEN CORPORATION (FAIRHAVEN OR THE CORPORATION) IS A NONPROFIT LIFE PLAN COMMUNITY RELATED TO THE WISCONSIN CONFERENCE OF THE UNITED CHURCH OF CHRIST, LOCATED IN WHITEWATER, WISCONSIN. FAIRHAVEN'S MAIN CAMPUS INCLUDES INDEPENDENT APARTMENTS, ASSISTED LIVING, SUPPORTIVE LIVING, MEMORY CARE, AND THE HEALTH AND REHABILITATION CENTER OFFERING SKILLED NURSING CARE. THE CORPORATION OFFERS LIFE LEASE ENTRANCE FEE AND MONTHLY FEE AGREEMENTS. THE CORPORATION HOLDS A COMMUNITY BASED RESIDENTIAL FACILITY (CBRF) LICENSE FOR 150 BEDS AVAILABLE IN 105 APARTMENTS AND 23 ASSISTED LIVING UNITS. IT ALSO HOLDS LICENSES FOR AN 82-BED SKILLED NURSING FACILITY AND A 24-BED CBRF MEMORY CARE RESIDENCE CALLED HEARTHSTONE. PRAIRIE VILLAGE IS AN INDEPENDENT PATIO HOME COMMUNITY FOR THOSE 55 AND OLDER LOCATED ONE MILE FROM THE MAIN CAMPUS. FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022, 65 DUPLEX UNITS WERE IN USE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Caldwell Chairman Of Board | OfficerTrustee | 1 | $0 |
Dr Fred Wileman Vice President | OfficerTrustee | 1 | $0 |
Gary Kincaid Secretary/treasurer | OfficerTrustee | 1 | $0 |
Ann Herdendorf Director | Trustee | 1 | $0 |
Dr Richard Haney Director | Trustee | 1 | $0 |
Marleen Lippert Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Prime Time Healthcare Llc Healthcare Worker Agency | 12/30/23 | $263,869 |
Cliftonlarsonallen Auditing/financial Planning & Advising | 12/30/23 | $210,589 |
Bk Property Management Llc Property Management | 12/30/23 | $189,380 |
Eua Architectural/construction Administratio | 12/30/23 | $141,420 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,172,685 |
| 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 | $2,172,685 |
| Total Program Service Revenue | $6,964,102 |
| Investment income | $353 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $11,215 |
| Net Gain/Loss on Asset Sales | $401,168 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,371,764 |
| 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. | $137,711 |
| Compensation of current officers, directors, key employees. | $20,657 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,865,310 |
| Pension plan accruals and contributions | $153,911 |
| Other employee benefits | $250,283 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,012 |
| Fees for services: Accounting | $207,592 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $490,857 |
| Advertising and promotion | $130,588 |
| Office expenses | $536,130 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $806,120 |
| Travel | $84,799 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,567 |
| Interest | $133,006 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,481,388 |
| Insurance | $146,474 |
| All other expenses | $0 |
| Total functional expenses | $8,959,350 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,339,775 |
| Savings and temporary cash investments | $895,600 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $251,082 |
| 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 | $45,418 |
| Net Land, buildings, and equipment | $27,450,118 |
| Investments—publicly traded securities | $1,987,683 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,833,109 |
| Total assets | $33,802,785 |
| Accounts payable and accrued expenses | $1,356,128 |
| Grants payable | $0 |
| Deferred revenue | $15,079,147 |
| 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 | $704,769 |
| Unsecured mortgages and notes payable | $100,000 |
| Other liabilities | $2,195,095 |
| Total liabilities | $19,435,139 |
| Net assets without donor restrictions | $14,367,646 |
| 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 | $33,802,785 |