Lutheran Retirement Home Inc
- Assets
- $7.8m
- Revenue
- $4.9m
- Investments
- $1.1m
- Employees
- 91
- Location
- Northwood, IA
- Founding
- 11/1961
- Data as of
- 12/2023
- EIN
- 42-0807185
Organization Overview
Lutheran Retirement Home Inc is located in Northwood, IA. The organization was established in 1961. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Lutheran Retirement Home Inc employed 91 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Lutheran Retirement Home 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 12/2023, Lutheran Retirement Home Inc generated $4.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $5.4m during the year ending 12/2023. While expenses have increased by 2.4% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
LUTHERAN RETIREMENT HOME IS A CHRISTIAN BASED CONTINUUM OF SERVICE ENRICHING LIVES BY PROVIDING CARE AND COMPASSION TO OUR RESIDENTS AND OUR COMMUNITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
LUTHERAN RETIREMENT HOME PROVIDES SKILLED, INTERMEDIATE LEVELS OF CARE, AND ASSISTED LIVING FOR THE ELDERLY AND DISABLED PEOPLE IN THE NURSING HOME AND LEASE APARTMENTS TO THE ELDERLY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Kessler Administrati | Officer | 40 | $20,075 |
Jerry Brunsvold Board Presid | OfficerTrustee | 1.5 | $0 |
Ron Christianson Vice Preside | OfficerTrustee | 1.5 | $0 |
Lynn Davis Treasurer | OfficerTrustee | 1.5 | $0 |
Peter Julseth Director | Trustee | 1.5 | $0 |
Mari Ann Kroneman Director | Trustee | 1.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Legacy Roofing Of Iowa Roofing | 12/30/23 | $382,640 |
Shiftkey Llc Staffing | 12/30/23 | $257,781 |
Grapetree Medical Staffing Temp Nursing | 12/30/23 | $112,050 |
Northern Iowa Therapy Therapy | 12/30/23 | $165,168 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $18,234 |
| All other contributions, gifts, grants, and similar amounts not included above | $13,696 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $31,930 |
| Total Program Service Revenue | $4,667,381 |
| Investment income | $64,058 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $80,954 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,874,775 |
| 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. | $20,075 |
| Compensation of current officers, directors, key employees. | $20,075 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,544,511 |
| Pension plan accruals and contributions | $28,948 |
| Other employee benefits | $478,458 |
| Payroll taxes | $187,265 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $39,541 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $242,753 |
| Insurance | $0 |
| All other expenses | $50,444 |
| Total functional expenses | $5,393,697 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $72,479 |
| Savings and temporary cash investments | $46,378 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $545,438 |
| 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 | $1,692 |
| Net Land, buildings, and equipment | $4,217,918 |
| Investments—publicly traded securities | $1,774,904 |
| Investments—other securities | $1,086,051 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $28,241 |
| Total assets | $7,773,101 |
| Accounts payable and accrued expenses | $154,003 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $880,211 |
| 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 | $332,202 |
| Total liabilities | $1,366,416 |
| Net assets without donor restrictions | $6,406,685 |
| 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 | $7,773,101 |