Covenant Retirement Communities West
- Assets
- $414.8m
- Revenue
- $122.3m
- Investments
- $46.7m
- Employees
- 1,470
- Location
- Santa Barbara, CA
- Founding
- 07/1975
- Data as of
- 09/2021
- EIN
- 95-3472345
Organization Overview
Covenant Retirement Communities West is located in Santa Barbara, CA. The organization was established in 1975. 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 09/2021, Covenant Retirement Communities West employed 1,470 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Covenant Retirement Communities West 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 09/2021, Covenant Retirement Communities West generated $122.3m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $127.2m during the year ending 09/2021. While expenses have increased by 4.7% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
CARE FOR SENIOR ADULTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
RESIDENTIAL LIVING:THE NUMBER OF PERSONS WHO BENEFITED FROM THE SERVICES WE PROVIDED FOR THE YEAR ENDED SEPTEMBER 30, 2021 WERE AS FOLLOWS:THERE WERE 1,085 RESIDENTS OCCUPYING 826 APARTMENTS AS OF 9/30/21. THE RESIDENCY FOR THE FISCAL YEAR TOTALED 392,378 RESIDENT DAYS.
ASSISTED LIVING & ASSISTED MEMORY SUPPORT:THE NUMBER OF PERSONS WHO BENEFITED FROM THE SERVICES WE PROVIDED FOR THE YEAR ENDED SEPTEMBER 30, 2021 WERE AS FOLLOWS:THERE WERE A TOTAL OF 195 ASSISTED LIVING RESIDENTS AT 09/30/21. ASSISTED LIVING RESIDENCY FOR THE FISCAL YEAR TOTALED 69,315 RESIDENT DAYS.
SKILLED NURSING:THE NUMBER OF PERSONS WHO BENEFITED FROM THE SERVICES WE PROVIDED FOR THE YEAR ENDED SEPTEMBER 30, 2021 WERE AS FOLLOWS:THERE WERE A TOTAL OF 293 SKILLED CARE RESIDENTS AT 09/30/21. SKILLED CARE RESIDENCY FOR THE FISCAL YEAR TOTALED 104,352 RESIDENT DAYS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Howell Executive Director | Officer | 40 | $233,709 |
Laurie Small Executive Director | Officer | 40 | $232,481 |
Ryan Hust Executive Director | Officer | 40 | $190,936 |
Brian Mcbee Executive Director | Officer | 40 | $189,732 |
Carousel Onia Nursing Supervisor, Rn | 40 | $183,494 | |
Scott Bigler Healthcare Administrator | 40 | $162,340 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Michaelsen Contruction Co Construction | 9/29/21 | $1,128,205 |
Sodexo Inc & Affiliates Dining Services | 9/29/21 | $1,981,181 |
Healthpro Heritage Llc Therapy | 9/29/21 | $1,881,272 |
Touchstone Builders Inc Construction | 9/29/21 | $891,229 |
Midwest Commercial Construction Construction/renovation | 9/29/21 | $427,671 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $592,142 |
| Related organizations | $0 |
| Government grants | $903,320 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,551,056 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,046,518 |
| Total Program Service Revenue | $108,971,198 |
| Investment income | $4,287,592 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $130,880 |
| Net Gain/Loss on Asset Sales | $3,289,299 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $122,340,145 |
| 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. | $991,428 |
| Compensation of current officers, directors, key employees. | $991,428 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $42,552,206 |
| Pension plan accruals and contributions | $1,047,924 |
| Other employee benefits | $5,988,214 |
| Payroll taxes | $3,149,427 |
| Fees for services: Management | $593,946 |
| Fees for services: Legal | $444,486 |
| Fees for services: Accounting | $55,295 |
| Fees for services: Lobbying | $11,016 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $9,337,205 |
| Advertising and promotion | $679,613 |
| Office expenses | $5,176,330 |
| Information technology | $2,121,402 |
| Royalties | $0 |
| Occupancy | $6,079,293 |
| Travel | $35,507 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $166,815 |
| Interest | $3,671,021 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $20,531,672 |
| Insurance | $1,146,607 |
| All other expenses | $3,684,434 |
| Total functional expenses | $127,182,977 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $608,533 |
| Savings and temporary cash investments | $179,567 |
| Pledges and grants receivable | $1,659,977 |
| Accounts receivable, net | $7,211,013 |
| 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 | $238,397 |
| Net Land, buildings, and equipment | $152,201,712 |
| Investments—publicly traded securities | $80,249,775 |
| Investments—other securities | $46,654,478 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $125,841,830 |
| Total assets | $414,845,282 |
| Accounts payable and accrued expenses | $1,556,733 |
| Grants payable | $0 |
| Deferred revenue | $81,630,415 |
| Tax-exempt bond liabilities | $98,259,031 |
| Escrow or custodial account liability | $783,145 |
| 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 | $74,858,632 |
| Total liabilities | $257,087,956 |
| Net assets without donor restrictions | $151,752,257 |
| Net assets with donor restrictions | $6,005,069 |
| 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 | $414,845,282 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Covenant Retirement Communities West has recieved totaling $60,730.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: HUMAN SERVICES | $60,600 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $130 |
Endowment Analysis
| Beg. Balance | $46,222 |
| Earnings | $6,142 |
| Ending Balance | $52,364 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Humangood Norcal Duarte, CA | $678,945,998 | $194,536,667 |
Covia Communities Glendale, CA | $0 | $275,832,129 |
Covenant Retirement Communities West Santa Barbara, CA | $414,845,282 | $122,340,145 |
Humangood Socal Duarte, CA | $306,047,961 | $119,573,837 |
Sequoia Living Inc San Francisco, CA | $412,512,571 | $125,018,618 |
Jewish Home San Francisco, CA | $286,369,109 | $101,598,879 |
Community Eldercare Of San Diego San Diego, CA | $76,291,474 | $103,929,835 |
Center For Elders Independence Oakland, CA | $163,334,060 | $110,881,645 |
Masonic Homes Of California San Francisco, CA | $1,081,181,439 | $41,944,438 |
Motion Picture And Television Fund Woodland Hills, CA | $117,551,107 | $62,254,849 |
Institute On Aging San Francisco, CA | $58,432,886 | $66,846,262 |
Grancell Village Of The Los Angeles Jewish Home For The Aging Reseda, CA | $74,699,459 | $60,276,801 |