Friends Of Faith Retirement Homes Inc
- Assets
- $88.2m
- Revenue
- $24.8m
- Investments
- $0.0
- Employees
- 524
- Location
- Waterloo, IA
- Founding
- 04/1968
- Data as of
- 03/2021
- EIN
- 51-0245745
Organization Overview
Friends Of Faith Retirement Homes Inc is located in Waterloo, IA. The organization was established in 1968. 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 03/2021, Friends Of Faith Retirement Homes Inc employed 524 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friends Of Faith Retirement Homes 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 03/2021, Friends Of Faith Retirement Homes Inc generated $24.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.9% each year. All expenses for the organization totaled $18.5m during the year ending 03/2021. While expenses have increased by 1.0% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
LIFECARE FOR ADULTS 62 AND OVER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE THE DIGNITY OF ADULTS 62 AND OVER BY PROVIDING A CONTINUUM OF CARE INCLUDING INDEPENDENT LIVING, ASSISTED LIVING AND SKILLED NURSING CARE LIVING ACCOMMODATIONS AND SERVICES WHEREBY THESE ADULTS MAY BE ASSISTED IN MAXIMIZING THEIR PHYSICAL AND SPIRITUAL WELL-BEING WHILE MAINTAINING THEIR FINANCIAL INDEPENDENCE IN A CONGENIAL ENVIRONMENT WITH A CHRISTIAN MINISTRY.
TO PROVIDE ADDITIONAL, PRIVATE DUTY (NON-MEDICARE, NON-MEDICAID) HOMECARE SERVICES TO RESIDENTS OF FRIENDSHIP VILLAGE, LANDMARK COMMONS L.L.C., ROSEWOOD ESTATE, AND THE OUTSIDE COMMUNITY.
TO PROVIDE SAFE AND SECURE CHILD CARE AT A REASONABLE COST 24 HOURS A DAY, 7 DAYS A WEEK.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Gates President/ce | Officer | 50 | $228,300 |
Rev Ron Weimer Board Mbr/ch | Trustee | 30 | $37,380 |
George Farber Board Mbr/ch | Trustee | 5 | $3,050 |
Jim Grady Chairman | OfficerTrustee | 1 | $0 |
Brad Morris Vice Chairma | OfficerTrustee | 1 | $0 |
Pastor Chris Rygh Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,679,300 |
| Investment income | $55,588 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$50,195 |
| Net Gain/Loss on Asset Sales | $6,421,506 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,765,907 |
| Statement of Expenses | |
|---|---|
| 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. | $288,668 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,594,806 |
| Pension plan accruals and contributions | $219,568 |
| Other employee benefits | $874,170 |
| Payroll taxes | $658,084 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $47,191 |
| Fees for services: Accounting | $39,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $152,943 |
| Advertising and promotion | $126,587 |
| Office expenses | $150,475 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,222,478 |
| Travel | $30,773 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $30,527 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,067,739 |
| Insurance | $352,133 |
| All other expenses | $0 |
| Total functional expenses | $18,470,387 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,455,920 |
| Savings and temporary cash investments | $1,330,453 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,105,133 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $86,821 |
| Prepaid expenses and deferred charges | $136,283 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $460,487 |
| Other assets | $0 |
| Total assets | $88,184,689 |
| Accounts payable and accrued expenses | $4,627,420 |
| Grants payable | $0 |
| Deferred revenue | $10,187,708 |
| Tax-exempt bond liabilities | $36,366,401 |
| 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 | $32,620,470 |
| Total liabilities | $83,801,999 |
| 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 |
| Total liabilities and net assets/fund balances | $4,382,690 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Friends Of Faith Retirement Homes Inc has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: HUMAN SERVICES | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Immanuel Retirement Communities Omaha, NE | $159,357,540 | $36,993,278 |
Tarrant County Senior Living Center Inc West Des Moines, IA | $161,252,746 | $23,022,366 |
Barton Creek Senior Living Center Inc West Des Moines, IA | $120,925,043 | $23,689,068 |
Presbyterian Homes And Services Roseville, MN | $66,716,638 | $30,662,544 |
Washington & Jane Smith Community- Orland Park Orland Park, IL | $98,659,201 | $23,019,583 |
Good Shepherd Lutheran Home Of Sauk Rapids Minnesota Sauk Rapids, MN | $33,093,333 | $25,176,810 |
Clare Oaks Bartlett, IL | $26,201,984 | $13,279,793 |
Augustana Health Care Center Of Apple Valley Edina, MN | $23,811,041 | $22,017,190 |
Ness Healthcare Nfp Lincolnwood, IL | $31,649,898 | $15,770,291 |
Moosehaven Inc Mooseheart, IL | $55,843,533 | $19,375,610 |
Minnesota Odd Fellows Home Inc Northfield, MN | $22,867,310 | $19,456,798 |
Oakwood Village Prairie Ridge Homes Inc Madison, WI | $61,014,266 | $15,535,778 |