Laurels Incorporated
- Assets
- $798.5k
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 49
- Location
- Harlan, KY
- Founding
- 11/1981
- Data as of
- 12/2023
- EIN
- 61-0605647
Organization Overview
Laurels Incorporated is located in Harlan, KY. The organization was established in 1981. 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 12/2023, Laurels Incorporated employed 49 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Laurels Incorporated 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 12/2023, Laurels Incorporated generated $1.3m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $1.2m during the year ending 12/2023. While expenses have increased by 2.3% per year over the past 4 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
PERSONAL CARE NURSING HOME
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRIOR TO 2002, THE LAURELS WAS A 50 BED PERSONAL CARE HOME. IN 2002 32 NEW BEDS WERE BROUGHT ONLINE. PATIENTS ARE SUPERVISED AND GIVEN THREE MEALS PER DAY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joy Dean Director | OfficerTrustee | 40 | $40,771 |
Joe Creech Board Member | Trustee | 1 | $0 |
Ed Flanagan Board Member | Trustee | 1 | $0 |
Ryan Creech Board Member | Trustee | 1 | $0 |
Benny Dale Coleman Board Member | Trustee | 1 | $0 |
Mark Bushnell Chairman | OfficerTrustee | 2 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,304,894 |
| Investment income | $2 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,309,431 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 | $584,074 |
| 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 | $11,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $658 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $130,198 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $47,190 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $38,995 |
| Insurance | $20,834 |
| All other expenses | $386,244 |
| Total functional expenses | $1,230,880 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,431 |
| Savings and temporary cash investments | $35,928 |
| 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 | $0 |
| Net Land, buildings, and equipment | $760,173 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $798,532 |
| Accounts payable and accrued expenses | $925 |
| 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 | $645,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,770 |
| Total liabilities | $647,695 |
| Net assets without donor restrictions | $0 |
| 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 | $1,533,981 |
| Retained earnings, endowment, accumulated income, or other funds | -$1,383,144 |
| Total liabilities and net assets/fund balances | $798,532 |