Bay Village Endowment Fund
- Assets
- $10.6m
- Revenue
- $55.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Sarasota, FL
- Founding
- 06/1991
- Data as of
- 12/2022
- EIN
- 59-1958932
Organization Overview
Bay Village Endowment Fund is located in Sarasota, FL. The organization was established in 1991. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bay Village Endowment Fund 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, Bay Village Endowment Fund generated $55.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (28.6%) each year. All expenses for the organization totaled $7.0m during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ENDOWMENT FUND IS A SUPPORTING ORGANIZATION TO BAY VILLAGE OF SARASOTA, INC. (BAY VILLAGE), A NON-PROFIT, LIFECARE COMMUNITY WHICH CURRENTLY EXISTS AS AN INDEPENDENT LIVING, ASSISTED LIVING AND NURSING FACILITY TO PROVIDE ALL AGING RELATED SERVICES AND SENIOR SERVICES AS MAY NOW EXIST OR DEVELOP IN THE FUTURE, TO INCLUDE MEMORY CARE SERVICES. TO ACCOMPLISH THIS PURPOSE, THE ENDOWMENT FUND PROVIDES FUNDS, WHEN NECESSARY: TO ASSIST FINANCIALLY NEEDY BAY VILLAGE RESIDENTS WHO HAVE BECOME UNABLE TO PAY THROUGH NO FAULT OF THEIR OWN; TO ASSIST IN THE OPERATION, MAINTENANCE, GROWTH AND IMPROVEMENT OF ANY AND ALL OF THE OPERATIONS OF BAY VILLAGE NOW AND IN THE FUTURE; AND ANY ADDITIONAL PURPOSE TO HELP FULFILL BAY VILLAGE'S NON-PROFIT MISSION, MEETING THE REQUIREMENTS OF SECTIONS 501(C)(3) AND 509 (A)(2) OF THE INTERNAL REVENUE SERVICE CODE OF 1986, AS AMENDED.THIS FUND WAS STARTED IN 1980 TO ADDRESS BAY VILLAGE'S COMMITMENT TO THE LIFECARE CONCEPT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ENDOWMENT FUND IS A SUPPORTING ORGANIZATION TO BAY VILLAGE OF SARASOTA, INC. (BAY VILLAGE), A NON-PROFIT, LIFECARE COMMUNITY WHICH CURRENTLY EXISTS AS AN INDEPENDENT LIVING, ASSISTED LIVING AND NURSING FACILITY TO PROVIDE ALL AGING RELATED SERVICES AND SENIOR SERVICES AS MAY NOW EXIST OR DEVELOP IN THE FUTURE, TO INCLUDE MEMORY CARE SERVICES. TO ACCOMPLISH THIS PURPOSE, THE ENDOWMENT FUND PROVIDES FUNDS, WHEN NECESSARY: TO ASSIST FINANCIALLY NEEDY BAY VILLAGE RESIDENTS WHO HAVE BECOME UNABLE TO PAY THROUGH NO FAULT OF THEIR OWN; TO ASSIST IN THE OPERATION, MAINTENANCE, GROWTH AND IMPROVEMENT OF ANY AND ALL OF THE OPERATIONS OF BAY VILLAGE NOW AND IN THE FUTURE; AND ANY ADDITIONAL PURPOSE TO HELP FULFILL BAY VILLAGE'S NON-PROFIT MISSION.DURING 2022, THE ENDOWMENT FUND TRANSFERRED $7,000,000 TO BAY VILLAGE FOR CONSTRUCTION OF THE MEMORY CARE FACILITY DURING THE YEAR ENDED DECEMBER 31, 2022.THE ENDOWMENT FUND IS COMPRISED OF CONTRIBUTIONS MADE FROM LARGE AND SMALL DONATIONS, WILLS AND ESTATES, LEGACIES, AND PROCEEDS FROM THE "BAY VILLAGE GIFT SHOP AND THE "DOWN UNDER (RESALE) SHOP." THE ENDOWMENT FUND'S OBJECTIVE IS TO CONTINUE TO BUILD THE FUND TO HELP PROVIDE LONG-TERM STABILITY AND FINANCIAL SUPPORT FOR BAY VILLAGE TO FULFILL ITS NON-PROFIT MISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Roger Dirksen Trustee | Trustee | 1 | $0 |
Linda Getzen Trustee | Trustee | 1 | $0 |
Gerry Hailey Trustee | Trustee | 1 | $0 |
Robert Sherwood Trustee | Trustee | 1 | $0 |
Tom Taylor Trustee | Trustee | 1 | $0 |
Kevin Hagan Chairman | Trustee | 1 | $0 |
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 | $96,978 |
| Noncash contributions included in lines 1a–1f | $56,500 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $96,978 |
| Total Program Service Revenue | $0 |
| Investment income | $318,035 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$359,848 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $55,165 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,000,000 |
| 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. | $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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,150 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $28,669 |
| 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 | $7,030,819 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $7,590 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $10,553,631 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,561,221 |
| Accounts payable and accrued expenses | $6,589 |
| 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 | $7,590 |
| Total liabilities | $14,179 |
| Net assets without donor restrictions | $10,547,042 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $10,561,221 |