Gurwin Independent Housing Inc
- Assets
- $136.2m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 29
- Location
- Commack, NY
- Founding
- 04/2017
- Data as of
- 12/2022
- EIN
- 47-2886835
Organization Overview
Gurwin Independent Housing Inc, operating under the name Fountaingate Gardens, is located in Commack, NY. The organization was established in 2017. 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 12/2022, Fountaingate Gardens employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fountaingate Gardens 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, Fountaingate Gardens generated $2.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 25.5% each year .
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
COMMITTED TO PROVIDING EXEMPLARY RESIDENTIAL LIVING WITH THE OPPORTUNITY TO LIVE WITH DIGNITY AND INDEPENDENCE AND PROMOTE HEALTH AND WELLNESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GURWIN INDEPENDENT HOUSING INC. D/B/A FOUNTAINGATE GARDENS, COMMENCED OPERATIONS IN MAY 2022 AND OPERATED A LIFE PLAN COMMUNITY, ALSO KNOWN AS A CONTINUING-CARE RETIREMENT COMMUNITY. THE ENTITY IS LICENSES UNDER ARTICLE 46 OF THE PUBLIC HEALTH LAW AND CONSISTS OF A 129-UNIT INDEPENDENT LIVING COMPLEX, LOCATED IN COMMACK, NEW YORK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ryan Gray Executive Director | Officer | 37.5 | $178,685 |
Cary Wolf Chairman | OfficerTrustee | 0.3 | $0 |
Lee Brodsky Secretary | OfficerTrustee | 0.3 | $0 |
Adam Wolf Treasurer | OfficerTrustee | 0.3 | $0 |
Bert Brodsky Director | Trustee | 4 | $0 |
Carol Eglow Sussman Director | Trustee | 0.3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Love And Company Marketing & Sales | 12/30/18 | $1,078,265 |
Perkins Eastman Architect | 12/30/18 | $834,817 |
Eventus Project Management | 12/30/18 | $167,943 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $2,198,450 |
| Investment income | $485,688 |
| 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 | $2,706,238 |
| 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. | $189,494 |
| Compensation of current officers, directors, key employees. | $189,494 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $751,016 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $194,689 |
| Payroll taxes | $20,741 |
| Fees for services: Management | $91,471 |
| Fees for services: Legal | $54,086 |
| Fees for services: Accounting | $10,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $799,606 |
| Office expenses | $175,470 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $512,964 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,042 |
| Interest | $3,122,346 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,522,055 |
| Insurance | $180,000 |
| All other expenses | $37,397 |
| Total functional expenses | $8,981,893 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,848,964 |
| Savings and temporary cash investments | $703,715 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,132 |
| 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 | $9,208 |
| Net Land, buildings, and equipment | $86,582,454 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $47,032,800 |
| Total assets | $136,188,273 |
| Accounts payable and accrued expenses | $3,240,766 |
| Grants payable | $0 |
| Deferred revenue | $18,339,132 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $703,715 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $90,671,665 |
| Unsecured mortgages and notes payable | $12,046,458 |
| Other liabilities | $19,590,062 |
| Total liabilities | $144,591,798 |
| Net assets without donor restrictions | $0 |
| 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 | -$8,403,525 |
| Total liabilities and net assets/fund balances | $136,188,273 |