Methodist Retirement Communities
- Assets
- $96.9m
- Revenue
- $320.2k
- Investments
- $0.0
- Employees
- 0
- Location
- The Woodlands, TX
- Founding
- 11/2016
- Data as of
- 12/2015
- EIN
- 74-6078737
Organization Overview
Methodist Retirement Communities is located in The Woodlands, TX. The organization was established in 2016. 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 a subordinate organization within an affiliated group for tax-exemption purposes. Methodist Retirement Communities is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2015
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION IS COMMITTED TO QUALITY LIVING FOR SENIOR ADULTS IN A FAITH-BASED ENVIRONMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS CURRENTLY IN THE PROCESS OF CONSTRUCTING A CONTINUING CARE RETIREMENT COMMUNITY ON 18.9 ACRES PURCHASED IN LEAGUE CITY. THE COMMUNITY IS PLANNED TO CONSIST OF 100 INDEPENDENT LIVING UNITS, 34 ASSISTED LIVING UNITS, 24 MEMORY SUPPORT UNITS, 48 SKILLED NURSING FACILITY BEDS, AND REHABILITATION SPACE ALONG WITH ASSOCIATED COMMON AREAS. THE FIRST PHASES OF CONSTRUCTION WERE COMPLETED IN AUGUST 2015, AND THE REMAINING CONSTRUCTION PROJECT IS EXPECTED TO BE COMPLETED AND PLACED INTO SERVICE IN SPRING 2016.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr Thomas R Wussow Chair | OfficerTrustee | 1 | $0 |
Mr John C Hicks Vice Chair | OfficerTrustee | 1 | $0 |
Mr Ronald E Jennette President | OfficerTrustee | 3 | $0 |
Mrs Kimberly K Denney Director | Trustee | 1 | $0 |
Mr Donald N Morris Director | Trustee | 1 | $0 |
Rev Jack Womack Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $7,000 |
| 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 | $7,000 |
| Total Program Service Revenue | $296,487 |
| Investment income | $0 |
| 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 | $320,154 |
| 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 | $411,487 |
| Pension plan accruals and contributions | $1,488 |
| Other employee benefits | $27,596 |
| Payroll taxes | $37,064 |
| Fees for services: Management | $17,168 |
| Fees for services: Legal | $53,423 |
| Fees for services: Accounting | $13,872 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $305,114 |
| Advertising and promotion | $27,247 |
| Office expenses | $7,220 |
| Information technology | $25,999 |
| Royalties | $0 |
| Occupancy | $107,376 |
| Travel | $7,409 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $144 |
| Interest | $899,742 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $743,330 |
| Insurance | $38,525 |
| All other expenses | $2,922 |
| Total functional expenses | $2,862,475 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $277,939 |
| Savings and temporary cash investments | $31,758,593 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $78,194 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $926,029 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $85,855 |
| Net Land, buildings, and equipment | $47,616,703 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,112,043 |
| Total assets | $96,855,356 |
| Accounts payable and accrued expenses | $880,633 |
| Grants payable | $0 |
| Deferred revenue | $1,893,947 |
| Tax-exempt bond liabilities | $73,622,245 |
| 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 | $652,000 |
| Other liabilities | $22,378,169 |
| Total liabilities | $99,426,994 |
| Unrestricted restricted net Assets | -$2,571,638 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | -$2,571,638 |