Westminster-Canterbury Foundation
- Assets
- $72.2m
- Revenue
- $9.8m
- Investments
- $28.3m
- Employees
- 0
- Location
- Richmond, VA
- Founding
- 09/1980
- Data as of
- 09/2021
- EIN
- 52-1189655
Organization Overview
Westminster-Canterbury Foundation is located in Richmond, VA. The organization was established in 1980. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westminster-Canterbury Foundation 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 09/2021, Westminster-Canterbury Foundation generated $9.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.2% each year . All expenses for the organization totaled $6.3m during the year ending 09/2021. While expenses have increased by 4.6% 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.
Since 2015, Westminster-Canterbury Foundation has awarded 20 individual grants totaling $27,341,251. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
WESTMINSTER CANTERBURY FOUNDATION RAISES FUNDS THROUGH ITS ANNUAL FELLOWSHIP FUNDS AND FELLOWSHIP ENDOWMENT FOR FINANCIAL ASSISTANCE (FELLOWSHIP) SO RESIDENTS CAN ENTER AND LIVE FOR THE REST OF THEIR LIVES AT WESTMINSTER CANTERBURY RICHMOND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WESTMINSTER CANTERBURY FOUNDATION IS COMMITTED TO COMPASSION AND EXCELLENCE FOR ALL RESIDENTS OF WESTMINSTER CANTERBURY RICHMOND REGARDLESS OF HEALTH, COGNITIVE OR FINANCIAL STATUS. THE FOUNDATION NURTURES THE SPIRIT OF GENEROSITY TO ENSURE THE BEST LIFE POSSIBLE FOR OUR SENIOR RESIDENTS, PROVIDES SUPPORT FOR OUR WORKFORCE AND CULTIVATES LEADERSHIP AND INNOVATION IN SENIOR SERVICES. OUR FELLOWSHIP PROGRAM PROVIDES LIFE CARE GUARANTEED ACCESS TO LONG-TERM INDEPENDENT, ASSISTED OR HEALTHCARE AS WELL AS HOUSING, MEALS, MEDICAL CARE, AND ALL THE VITAL LIVING OF WESTMINSTER CANTERBURY RICHMOND FOR MORE THAN ONE HUNDRED SENIORS-IN-NEED WHO RESIDE ON OUR CAMPUS. OUR FELLOWSHIP OUTREACH PROGRAM PROVIDES COLLABORATIVE SERVICES AND SUPPORT TO SENIORS-IN-NEED IN THE GREATER COMMUNITY. WESTMINSTER CANTERBURY FOUNDATION ALSO PROVIDES FUNDING FOR MEMORY SUPPORT THERAPIES, PASTORAL CARE INTERNSHIPS AND PROGRAMMING, WELLNESS AND FITNESS PROGRAMS, CULTURAL ARTS PROGRAMS AND HEALTHCARE EXCELLENCE ENRICHMENT. FELLOWSHIP SUPPORT - WESTMINSTER CANTERBURY FOUNDATION NURTURES GENEROSITY FOR THE NEEDS OF WESTMINSTER CANTERBURY RICHMOND IN CONTINUED RESPONSE TO OUR JOINT FAITH-BASED MISSION OF PROVIDING FINANCIAL SUPPORT FOR SENIORS-IN-NEED THROUGH OUR FELLOWSHIP PROGRAM. APPROXIMATELY 100 PEOPLE RECEIVE THIS NEED-BASED BENEVOLENT CARE PER YEAR, THROUGH A COMBINATION OF FUNDRAISING FOR THE ANNUAL FELLOWSHIP FUND AND DEDICATED ENDOWMENTS HELD BY BOTH WESTMINSTER CANTERBURY FOUNDATION AND THE WESTMINSTER CANTERBURY CORPORATION. FELLOWSHIP PROGRAM SUPPORT IS OFFERED TO NEW RESIDENTS WITH DEMONSTRATED FINANCIAL NEED, ASSISTING WITH ENTRY FEE SUPPORT AND TO RESIDENTS WHO HAVE OUTLIVED THEIR RESOURCES. OUR FELLOWSHIP PROGRAM ASSURES THAT NO RESIDENT WILL EVER BE ASKED TO LEAVE DUE TO AN INABILITY TO PAY THROUGH NO FAULT OF THEIR OWN.
PROGRAM SUPPORT - THE FOUNDATION PROVIDES FUNDING FOR MEMORY SUPPORT THERAPIES, PASTORAL CARE INTERNSHIPS AND PROGRAMMING, WELLNESS AND FITNESS PROGRAMS, A WIDE RANGE OF STUDIO ARTS CLASSES, LIVE PERFORMING ARTS EXPERIENCES, FUNDING FOR LEADERSHIP AND INNOVATION IN SENIOR SERVICES, SUPPLEMENTAL SCHOLARSHIPS FOR EMPLOYEE CHILDREN IN OUR ON-SITE CHILD DEVELOPMENT CENTER, PROGRAMMING SUPPORT FOR THE CHILD DEVELOPMENT CENTER, AND HEALTHCARE IMPROVEMENTS. OUR MISSION IS TO NURTURE AND INSPIRE GENEROSITY SO THAT SENIORS MAY LIVE THE BEST LIFE POSSIBLE AND TO CULTIVATE LEADERSHIP IN SENIOR SERVICES BOTH ON OUR CAMPUS AND BEYOND.
ADVANCED TRAINING - THE FOUNDATION PROVIDES FUNDING FOR ADVANCED TRAINING FOR CLINICAL AND NON-CLINICAL STAFF IN ORDER TO IMPROVE SERVICE, PROVIDE HEALTHCARE FOR ALL WHO ARE SERVED IN OUR SKILLED NURSING HEALTH CENTER, AND SCHOLARSHIPS FOR STAFF WHO WISH TO ADVANCE THEIR CAREERS. THE FOUNDATION PROVIDES MUCH OF THE FUNDING FOR THE ORGANIZATION'S PROFESSIONAL SCHOOL OF LEARNING, WHICH OFFERS CLASSROOM AND ONLINE TRAINING FOR THE ENTIRE WORKFORCE OF APPROXIMATELY 650 STAFF. THE FOUNDATION FUNDS A FULL-TIME CLINICAL EDUCATOR IN OUR MARY MORTON PARSONS HEALTH CENTER AND A COMPREHENSIVE MULTI-WEEK PRECEPTOR PROGRAM FOR EVERY NEW HIRE IN THE HEALTH CENTER. THE FOUNDATION HAS OFFERED INTENSE INNOVATION TRAINING AND A CAREER LATTICE PROGRAM TO STAFF ACROSS ALL DEPARTMENTS. THROUGH THESE TRAINING PROGRAMS, CARE IS ENHANCED FOR EVERY RESIDENT AND STAFF MEMBERS HAVE THE OPPORTUNITY TO CONTINUOUSLY IMPROVE THEIR SKILLS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James F Lipscomb Jr Chair | OfficerTrustee | 1 | $0 |
Mary C Frediani Vice Chair | OfficerTrustee | 1 | $0 |
Ferd Baruch Trustee | Trustee | 1 | $0 |
Wyatt S Beazley Trustee | Trustee | 1 | $0 |
Arthur S Brinkley III Trustee | Trustee | 1 | $0 |
Walter E Bundy III MD Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,024,713 |
| Investment income | $905,591 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,901,794 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,832,098 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $83,257 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $239,995 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $6,280,418 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,565,805 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,301,167 |
| Accounts receivable, net | $35,339 |
| 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 | $0 |
| Investments—publicly traded securities | $40,015,395 |
| Investments—other securities | $28,322,277 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $72,239,983 |
| Accounts payable and accrued expenses | $19,796 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $596,895 |
| Total liabilities | $616,691 |
| Net assets without donor restrictions | $25,830,067 |
| Net assets with donor restrictions | $45,793,225 |
| 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 | $71,623,292 |
Grants Awarded
Over the last fiscal year, Westminster-Canterbury Foundation has awarded $2,835,034 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
WESTMINSTER CANTERBURY CORPORATION PURPOSE: FINANCIAL ASSISTANCE FOR RESIDENTS (NEED-BASED) AND GENERAL SUPPORT | $2,775,027 |
WESTMINSTER CANTERBURY CHILD CARE PURPOSE: FINANCIAL ASSISTANCE FOR PARENTS (NEED-BASED) | $60,007 |