Penney Retirement Community Inc
- Assets
- $67.1m
- Revenue
- $20.1m
- Investments
- $11.0m
- Employees
- 332
- Location
- Penney Farms, FL
- Founding
- 04/1957
- Data as of
- 06/2024
- EIN
- 59-0624420
Organization Overview
Penney Retirement Community Inc is located in Penney Farms, FL. The organization was established in 1957. 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 06/2024, Penney Retirement Community Inc employed 332 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Penney Retirement Community 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 06/2024, Penney Retirement Community Inc generated $20.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $20.3m during the year ending 06/2024. While expenses have increased by 5.8% per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO SERVE SENIORS WHO WISH TO RETIRE IN AN INCLUSIVE CHRISTIAN COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES HOUSING HEALTH CARE AND OTHER RELATED SERVICES THROUGH THE OPERATION OF A RETIREMENT COMMUNITY. THE COMMUNITY INCLUDES 310 APARTMENTS, COTTAGES AND HOMES, A 10-BED MEMORY CARE CENTER, 55 INDEPENDENT LIVING UNITS OFFERING ASSISTIVE SERVICES AND A LICENSED SKILLED NURSING CENTER WITH A CAPACITY OF 50 RESIDENTS. THE COMMUNITY ALSO INCLUDES RECREATIONAL AMENITIES, INCLUDING A NINE-HOLE GOLF COURSE, INDOOR SWIMMING POOL, FITNESS CENTER, ART STUDIO, CRAFTS FACILITIES, LIBRARIES AND DINING FACILITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Teresa D Scott President/ CEO | Officer | 40 | $204,251 |
Beth Ann Allen Controller (thru 4.2024) | Officer | 40 | $127,721 |
Jamie Standley Nursing Home Administrator | 40 | $102,442 | |
Tony Vernon Coo/cno | Officer | 40 | $101,234 |
James Jb Renniger Chairman | OfficerTrustee | 2 | $0 |
Ron Coleman First Vice Chair | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Stevenson Construction Co Inc Construction Services | 6/29/24 | $898,490 |
James Dean Masonry Inc Construction Services | 6/29/24 | $356,171 |
Functional Pathways Patient Therapy Services | 6/29/24 | $824,108 |
Carlton Construction Inc Construction Services | 6/29/24 | $2,919,780 |
Chaney's Home Improvement Construction Services | 6/29/24 | $316,075 |
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 | $618,526 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $618,526 |
| Total Program Service Revenue | $19,202,223 |
| Investment income | $279,363 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,259 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,107,371 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $600 |
| 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. | $469,581 |
| Compensation of current officers, directors, key employees. | $469,581 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,355,516 |
| Pension plan accruals and contributions | $273,888 |
| Other employee benefits | $953,370 |
| Payroll taxes | $587,764 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,299 |
| 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 | $1,284,077 |
| Advertising and promotion | $21,052 |
| Office expenses | $75,935 |
| Information technology | $127,542 |
| Royalties | $0 |
| Occupancy | $2,902,880 |
| Travel | $10,075 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $452,491 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,361,050 |
| Insurance | $1,182,914 |
| All other expenses | $471,665 |
| Total functional expenses | $20,321,950 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,733,349 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $949 |
| Accounts receivable, net | $1,146,865 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $175,625 |
| Prepaid expenses and deferred charges | $177,288 |
| Net Land, buildings, and equipment | $52,305,378 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,988,342 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $599,737 |
| Total assets | $67,127,533 |
| Accounts payable and accrued expenses | $1,330,033 |
| Grants payable | $0 |
| Deferred revenue | $33,152,723 |
| Tax-exempt bond liabilities | $11,492,272 |
| 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 | $1,674,529 |
| Total liabilities | $47,649,557 |
| Net assets without donor restrictions | $18,577,026 |
| Net assets with donor restrictions | $900,950 |
| 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 | $67,127,533 |
Grants Awarded
Over the last fiscal year, Penney Retirement Community Inc has awarded $146,511 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
PENNEY MEMORIAL CHURCH PURPOSE: SUPPORT FOR FULL-TIME MINISTER | $24,000 |
TOWN OF PENNEY FARMS PURPOSE: PICKLEBALL COURT CONSTRUCTION | $122,511 |