Glacial Ridge Hospital Foundation Inc
- Assets
- $8.5m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Glenwood, MN
- Founding
- 06/1989
- Data as of
- 09/2023
- EIN
- 41-1553655
Organization Overview
Glacial Ridge Hospital Foundation Inc is located in Glenwood, MN. The organization was established in 1989. 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. Glacial Ridge Hospital Foundation Inc 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 09/2023, Glacial Ridge Hospital Foundation Inc generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.9% each year . All expenses for the organization totaled $1.1m during the year ending 09/2023. While expenses have increased by 14.5% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE SUPPORT FOR GLACIAL RIDGE HOSPITAL DISTRICT AND OPERATE RIDGEWOOD VILLA.
Describe the Organization's Program Activity:
THE MAIN PROGRAM OF THE FOUNDATION IS OPERATIONS OF THE RIDGEWOOD VILLA INDEPENDENT LIVING CENTER "THE VILLA". RIDGEWOOD VILLA IS A 59+ BED INDEPENDENT LIVING CAMPUS IN GLENWOOD, MN THAT OFFERS RESIDENTS THE FREEDOM TO LIVE INDEPENDENTLY WHILE PROVIDING MANY OF THE COMFORTS OF HOME AND OPPORTUNITIES TO GATHER WITH FRIENDS. IT IS CONVENIENTLY LOCATED ACROSS THE STREET FROM THE GLACIAL RIDGE HEALTH SYSTEM AND OPERATES AN URGENT CALL SYSTEM MONITORED BY GLACIAL RIDGE HOSPITAL 24 HOURS A DAY. THE FACILITY IS EQUIPPED WITH STATE OF THE ART FIRE PROTECTION AND SECURED ENTRANCES. FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 RIDGEWOOD VILLA HAD 48 UNITS OCCUPIED AND OPERATED AT 81% CAPACITY. MONTHLY RENT INCLUDES HOMEMADE MEALS SERVED EACH DAY AT NOON, 365 DAYS A YEAR AND BREAKFAST 5 DAYS A WEEK, FULL USE OF THE FIRESIDE LOUNGE, ACTIVITY LOUNGE, LIBRARY, CHAPEL AND GAME ROOM. VARIOUS ACTIVITIES ARE PROVIDED FOR RESIDENTS 2-3 TIMES PER WEEK. THE GAME ROOM IS USED FOR BINGO, CARDS, PUZZLES AND OTHER SOCIAL GATHERINGS. THE CHAPEL IS OPEN FOR RESIDENTS TO USE TO FULFILL THEIR SPIRITUAL NEEDS. RESIDENTS HAVE THE OPTION TO PURCHASE ADDITIONAL SERVICES, SUCH AS HOME HEALTH CARE, LAUNDRY, GROCERY DELIVERY, ADDITIONAL HOUSEKEEPING OR MEAL SERVICES AND PERSONAL ALARM MEDALLIONS ARE ALSO AVAILABLE TO RESIDENTS.STANDARD AND DELUXE 1 AND 2 BEDROOM APARTMENTS ARE AVAILABLE. THE VILLA HAS 59 UNITS FOR RENTAL TO THOSE AGE 55 PLUS. ADDITIONAL AMENITIES INCLUDE GLACIAL RIDGE WELLNESS CENTER WITH AN EXERCISE POOL AND A PHARMACY AND GIFT SHOP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kirk Stensrud CEO | OfficerTrustee | 1 | $0 |
Dennis Martinson Chair | OfficerTrustee | 1 | $0 |
Bruce Harvey Vice Chair | OfficerTrustee | 1 | $0 |
Ann Engen Secretary/treasurer | OfficerTrustee | 1 | $0 |
Duaine Essig Director | Trustee | 1 | $0 |
Mary Johnson Director | Trustee | 1 | $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 | $26,810 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $26,810 |
| Total Program Service Revenue | $1,287,502 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$8,047 |
| 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 | $1,306,265 |
| 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 | $124,535 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $8,880 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,994 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $171,194 |
| Advertising and promotion | $3,500 |
| Office expenses | $19,644 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $219,017 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $169,513 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $312,241 |
| Insurance | $21,013 |
| All other expenses | $0 |
| Total functional expenses | $1,109,047 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $987,258 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $5,182 |
| Net Land, buildings, and equipment | $7,456,504 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $43,602 |
| Total assets | $8,492,546 |
| Accounts payable and accrued expenses | $95,046 |
| 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 | $5,612,500 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $25,001 |
| Total liabilities | $5,732,547 |
| Net assets without donor restrictions | $2,759,999 |
| 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 | $8,492,546 |