Asbury Atlantic Inc
- Assets
- $494.2m
- Revenue
- $182.3m
- Investments
- $0.0
- Employees
- 1,817
- Location
- Frederick, MD
- Founding
- 09/1996
- Data as of
- 12/2020
- EIN
- 52-0607956
Organization Overview
Asbury Atlantic Inc is located in Frederick, MD. The organization was established in 1996. 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. As of 12/2021, Asbury Atlantic Inc employed 1,817 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Asbury Atlantic 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 12/2020, Asbury Atlantic Inc generated $182.3m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $166.6m during the year ending 12/2020. While expenses have increased by 4.0% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
DOING ALL THE GOOD WE CAN BY CREATING EXCEPTIONAL LIFESTYLE OPPORTUNITIES TO THOSE WE SERVE.
Describe the Organization's Program Activity:
SKILLED NURSING FACILITIES: OPERATION OF 4 SKILLED NURSING FACILITIES (SNF'S) FOR THE AGED WITH 454 TOTAL BEDS PROVIDING 136,099 DAYS OF SERVICE IN 2020.$17,440,226 OF CONTRACTUAL ALLOWANCES WERE PROVIDED TO RESIDENTS OF THE SNF IN 2020.
RESIDENTIAL LIVING FACILITIES: OPERATION OF 1,677 RESIDENTIAL LIVING UNITS FOR THE AGED, PROVIDING 557,177 DAYS OF SERVICE IN 2020. $293,315 OF BENEVOLENT CARE AND $94,258 OF CONTRACTUAL ALLOWANCES WERE PROVIDED TO RESIDENTIAL LIVING RESIDENTS DURING 2020. ALSO SUPPLIED WELLNESS.
ASSISTED LIVING FACILITIES: OPERATION OF 4 ASSISTED LIVING FACILITIES FOR THE AGED WITH 292 TOTAL SUITES PROVIDING 97,613 RESIDENT DAYS IN 2020. $3,437,519 OF BENEVOLENT CARE AND $123,218 CONTRACTUAL ALLOWANCES WERE PROVIDED TO THE ASSISTED LIVING RESIDENTS IN 2020.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Potter Michele Exec. Dir. (amv) | Officer | 50 | $225,307 |
Grundusky Brian D Exec. Dir. (bv) | Officer | 50 | $215,607 |
Friedman Kelly S Exec. Dir. (solomons) | Officer | 50 | $203,965 |
Gibson Jane E Exec. Dir. (springhill) | Officer | 50 | $192,065 |
Karish Rachel S Administrator, Amv | 40 | $167,345 | |
Wood Genevieve M Director, Marketing & Sal | 40 | $147,830 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Inc And Affiliates Dining, Maint, Hskpng, Laundry | 12/30/20 | $18,650,081 |
Trademark Design And Build Construction Company | 12/30/20 | $1,886,124 |
Core Bts Inc It Managed Service Provider | 12/30/20 | $1,661,967 |
Wagman Construction Inc Construction Company | 12/30/20 | $3,648,985 |
Flagship Rehabilitation Services Ot, Pt, St Therapies | 12/30/20 | $4,467,511 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $7,424,227 |
| Government grants | $5,577,607 |
| 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 | $13,001,834 |
| Total Program Service Revenue | $164,996,830 |
| Investment income | $3,207,079 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $213,592 |
| Net Gain/Loss on Asset Sales | $851,381 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $182,270,716 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $3,730,834 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $892,214 |
| Compensation of current officers, directors, key employees. | $892,214 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $52,096,514 |
| Pension plan accruals and contributions | $1,928,650 |
| Other employee benefits | $3,295,137 |
| Payroll taxes | $3,992,485 |
| Fees for services: Management | $13,471,130 |
| Fees for services: Legal | $146,202 |
| Fees for services: Accounting | $122,205 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,809,307 |
| Advertising and promotion | $1,341,682 |
| Office expenses | $5,006,041 |
| Information technology | $2,990,477 |
| Royalties | $0 |
| Occupancy | $6,273,486 |
| Travel | $29,669 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $9,770,555 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $26,284,271 |
| Insurance | $1,398,587 |
| All other expenses | $2,463,542 |
| Total functional expenses | $166,563,399 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,512,417 |
| Savings and temporary cash investments | $47,835,724 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,658,259 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,065,987 |
| Inventories for sale or use | $235,640 |
| Prepaid expenses and deferred charges | $3,195,563 |
| Net Land, buildings, and equipment | $282,632,162 |
| Investments—publicly traded securities | $58,845,178 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $92,221,815 |
| Total assets | $494,202,745 |
| Accounts payable and accrued expenses | $7,630,227 |
| Grants payable | $0 |
| Deferred revenue | $164,859,457 |
| Tax-exempt bond liabilities | $224,946,576 |
| Escrow or custodial account liability | $35,411 |
| 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 | $180,525,733 |
| Total liabilities | $577,997,404 |
| Net assets without donor restrictions | -$115,484,944 |
| Net assets with donor restrictions | $31,690,285 |
| 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 | $494,202,745 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Asbury Atlantic Inc has recieved totaling $7,428,582.
| Awarding Organization | Amount |
|---|---|
Asbury Foundation Inc Frederick, MD PURPOSE: TO SUPPORT THE EXEMPT PURPOSE OF THE ORGANIZATION. | $7,316,045 |
Erie Community Foundation Erie, PA PURPOSE: VARIOUS PROJECTS | $112,537 |
Endowment Analysis
| Beg. Balance | $28,225,790 |
| Ending Balance | $28,225,790 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Acts Retirement-Life Communities Inc Fort Washington, PA | $1,794,608,174 | $465,695,033 |
Asbury Atlantic Inc Frederick, MD | $494,202,745 | $182,270,716 |
Riderwood Village Inc Silver Spring, MD | $765,520,343 | $121,407,935 |
Ashby Ponds Inc Ashburn, VA | $1,081,002,554 | $105,782,483 |
Willow Valley Communities Lancaster, PA | $552,338,395 | $126,609,439 |
Greenspring Village Inc Springfield, VA | $635,246,519 | $86,958,670 |
Oak Crest Village Inc Parkville, MD | $495,556,334 | $90,971,954 |
Goodwin House Incorporated Alexandria, VA | $441,770,291 | $109,508,883 |
Spiritrust Lutheran York, PA | $151,346,375 | $71,838,005 |
Humangood Pennsylvania Lafayette Hill, PA | $322,351,436 | $66,729,303 |
Westminster-Canterbury Corporation Richmond, VA | $326,286,753 | $77,739,552 |
Virginia United Methodist Homes Inc Glen Allen, VA | $253,887,875 | $70,234,834 |