Valley Residential Services Inc
- Assets
- $9.4m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 63
- Location
- Herkimer, NY
- Founding
- 07/2014
- Data as of
- 12/2022
- EIN
- 46-3703838
Organization Overview
Valley Residential Services Inc is located in Herkimer, NY. The organization was established in 2014. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Valley Residential Services Inc employed 63 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Valley Residential Services 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 12/2022, Valley Residential Services Inc generated $2.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $3.4m during the year ending 12/2022. While expenses have increased by 9.1% 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
TO ESTABLISH A LICENSED ENRICHED HOUSING FACILITY CONTAINING AN ASSISTED LIVING PROGRAM AND A LICENSED HOME HEALTHCARE SERVICES AGENCY TO SERVE THE REGION'S FRAIL ELDERS AND DISABLED INDIVIDUALS OF LIMITED FINANCIAL MEANS WHO REQUIRE SOME ASSISTANCE WITH ACTIVITIES OF DAILY LIVING IN ORDER TO RETAIN THEIR INDEPENDENCE. COMMUNITY-BASED AND LOCAL PUBLIC HEALTHCARE PROVIDERS AND A LICENSED HOME CARE SERVICES AGENCY WILL ASSIST IN THE CARE OF THE ENRICHED HOUSING RESIDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VALLEY RESIDENTIAL SERVICES, INC. (THE FACILITY) IS A 76-BED NOT-FOR-PROFIT ENRICHED HOUSING FACILITY LOCATED IN HERKIMER, NEW YORK. THE FACILITY OFFER RESIDENTS THE INDEPENDENCE OF APARTMENT LIVING, WITH THE CONVENIENCE OF ASSISTED LIVING. RESIDENTS HAVE ACCESS TO SKILLED STAFF MEMBERS AND NURSES THAT PROVIDE MEDICATION MANAGEMENT, ASSISTANCE IN THE HEALTH CENTER, AND READILY AVAILABLE CARE AND TRANSPORTATION IN THE INSTANCE OF AN EMERGENCY. RESIDENTS OF LIMITED MEANS WHO QUALIFY FOR MEDICAID HAVE ACCESS TO THE FACILITY'S ASSISTED LIVING SERVICES THROUGH ITS NYS ASSISTED LIVING PROGRAM (ALP). THE FACILITY WAS INCORPORATED IN SEPTEMBER 2013 AND OPENED TO THE PUBLIC IN THE SPRING OF 2015 WITH 48 BEDS. THE FACILITY COMPLETED CONSTRUCTION ON A 12,107-SQUARE FOOT EXPANSION WHICH INCLUDED 12 ONE BEDROOM APARTMENTS, 2 ONE BEDROOM APARTMENTS WITH A DEN AND 1.5 BATHS, ALONG WITH A NEW WELLNESS AND FITNESS CENTER IN DECEMBER 2018.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Connie Jastremski Board Chair | OfficerTrustee | 1 | $0 |
John Militello Board Vice Chair | OfficerTrustee | 1 | $0 |
Harry J Enea Jr Treasurer | OfficerTrustee | 1 | $0 |
Anna Lyga Secretary | OfficerTrustee | 1 | $0 |
Jeffrey Woeppel Member | Trustee | 1 | $0 |
Mary Little Smith Member (resigned Dec. 2022) | 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 | $25,307 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,307 |
| Total Program Service Revenue | $2,027,257 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $2,112,027 |
| 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. | $109,193 |
| Compensation of current officers, directors, key employees. | $109,193 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,629,142 |
| Pension plan accruals and contributions | $32,768 |
| Other employee benefits | $107,694 |
| Payroll taxes | $131,106 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $213,045 |
| Advertising and promotion | $0 |
| Office expenses | $191,629 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $74,187 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,878 |
| Interest | $229,105 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $574,178 |
| Insurance | $41,517 |
| All other expenses | $12,853 |
| Total functional expenses | $3,358,295 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $85,997 |
| Savings and temporary cash investments | $503 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $108,108 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $17,876 |
| Prepaid expenses and deferred charges | $11,783 |
| Net Land, buildings, and equipment | $8,940,761 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $238,723 |
| Total assets | $9,403,751 |
| Accounts payable and accrued expenses | $511,438 |
| 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 | $4,124,580 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,582,508 |
| Total liabilities | $6,218,526 |
| Net assets without donor restrictions | $3,185,225 |
| 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 | $9,403,751 |