Waterman Communities Inc
- Assets
- $142.3m
- Revenue
- $42.1m
- Investments
- $7.3m
- Employees
- 599
- Location
- Mount Dora, FL
- Founding
- 12/1989
- Data as of
- 09/2023
- EIN
- 59-2867652
Organization Overview
Waterman Communities Inc, operating under the name Waterman Village Of Mt Dora, is located in Mount Dora, FL. The organization was established in 1989. 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 09/2023, Waterman Village Of Mt Dora employed 599 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Waterman Village Of Mt Dora 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 09/2023, Waterman Village Of Mt Dora generated $42.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $52.5m during the year ending 09/2023. While expenses have increased by 8.0% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HOUSING, HEALTHCARE AND OTHER SERVICES TO THE ELDERLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WATERMAN COMMUNITIES, INC. PROVIDES SENIOR LIVING, INDEPENDENT LIVING, ASSISTED LIVING, AND NURSING CARE TO ITS RESIDENTS. THE FILING ORGANIZATION OPERATES 56 INDEPENDENT LIVING MANOR UNITS, 203 INDEPENDENT LIVING VILLAS, 77 ASSISTED LIVING UNITS, AND A 120-BED SKILLED NURSING FACILITY. IN 2023, UNIT ADDITIONS WERE 159 INDEPENDENT LIVING UNITS, WITH COMMON AMENITY SPACES, AND 24 MEMORY CARE UNITS. ACROSS ALL PROGRAMS, THERE WERE 276,557 RESIDENT DAYS IN THE CURRENT YEAR.SEE SCHEDULE O FOR ADDITIONAL INFORMATION.THE EDGEWATER HEALTH CARE AND REHABILITATION CENTER, A SKILLED NURSING FACILITY, SERVES APPROXIMATELY 120 RESIDENTS IN ITS REHABILITATION THERAPY SUB-ACUTE AND SECURED DEMENTIA UNITS, AND LONG-TERM CARE NURSING FACILITY BEDS. THE INDEPENDENT LIVING UNITS SERVE APPROXIMATELY 418 ELDERLY RESIDENTS BY PROVIDING ONE MEAL PER DAY, TRANSPORTATION TO MEDICAL APPOINTMENTS, SHOPPING, ACTIVITIES, MEAL SERVICES, HOUSEKEEPING, MAINTENANCE, BASIC CABLE TELEVISION AND SOME UTILITIES. THE BRIDGEWATER ASSISTED LIVING FACILITY SERVES APPROXIMATELY 77 ELDERLY RESIDENTS WITH ASSISTANCE IN CERTAIN ACTIVITIES OF DAILY LIVING, INCLUDING A 24-HOUR NURSING STAFF; THREE MEALS DAILY; HOUSEKEEPING AND MAINTENANCE; TRANSPORTATION TO MEDICAL APPOINTMENTS AND SHOPPING ACTIVITIES; BASIC CABLE TELEVISION AND ALL UTILITIES. WATERMAN VILLAGE HOME CARE PROVIDES COMPANION/SITTERS, CNA SERVICES, NURSING SERVICES, AND REHABILITATIVE THERAPY TO INDEPENDENT LIVING AND BRIDGEWATER RESIDENTS AS WELL AS OFF-CAMPUS PEOPLE.LAKESIDE AT WATERMAN VILLAGE ("LAKESIDE") CONSISTS OF 40 INDEPENDENT LIVING GARDEN HOME UNITS, 87 INDEPENDENT LIVING LAKESIDE GARDEN APARTMENTS, AND 32 INDEPENDENT LIVING LAKEHOUSE APARTMENTS. IN NOVEMBER 2022, LAKESIDE ALSO OPENED A 24-BED MEMORY SUPPORT ASSISTED LIVING FACILITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Mcewen Chairman | OfficerTrustee | 2 | $0 |
Kim Stewart Treasurer | OfficerTrustee | 2 | $0 |
Tom Popieski Vice Chairman | OfficerTrustee | 2 | $0 |
Catherine Hoeschst Secretary | OfficerTrustee | 2 | $0 |
Richard Leigh Director | Trustee | 2 | $0 |
Bobby Rowe Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Inc & Affiliates Dining Services | 9/29/23 | $4,787,880 |
Rick Tanner Builders Inc Construction Services | 9/29/23 | $1,531,584 |
Greystone Cd Florida Llc Consulting Services | 9/29/23 | $1,134,200 |
I-tech Support Inc It Services | 9/29/23 | $430,077 |
Omnicare Inc Pharmacy Services | 9/29/23 | $358,580 |
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 | $52 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $52 |
| Total Program Service Revenue | $41,759,855 |
| Investment income | $591,425 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$217,702 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $42,133,630 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $119,176 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $718,647 |
| Compensation of current officers, directors, key employees. | $718,647 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,632,443 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $390,244 |
| Payroll taxes | $1,398,622 |
| Fees for services: Management | $1,465,978 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $142,616 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,864,481 |
| Advertising and promotion | $463,544 |
| Office expenses | $1,399,998 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,694,960 |
| Travel | $93,114 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,974,344 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,592,526 |
| Insurance | $3,366,900 |
| All other expenses | $153,669 |
| Total functional expenses | $52,473,810 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,898,134 |
| Savings and temporary cash investments | $13,816,796 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,179,378 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $113,077 |
| Prepaid expenses and deferred charges | $947,768 |
| Net Land, buildings, and equipment | $106,925,521 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $7,307,856 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,149,114 |
| Total assets | $142,337,644 |
| Accounts payable and accrued expenses | $9,059,806 |
| Grants payable | $0 |
| Deferred revenue | $14,981,097 |
| Tax-exempt bond liabilities | $84,954,970 |
| 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 | $878,951 |
| Other liabilities | $60,095,531 |
| Total liabilities | $169,970,355 |
| Net assets without donor restrictions | -$27,632,711 |
| 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 | $142,337,644 |