Maine Life Care Retirement Community Inc
- Assets
- $140.5m
- Revenue
- $23.5m
- Investments
- $0.0
- Employees
- 326
- Location
- Scarborough, ME
- Founding
- 03/1996
- Data as of
- 12/2021
- EIN
- 01-0496258
Organization Overview
Maine Life Care Retirement Community Inc, operating under the name Piper Shores, is located in Scarborough, ME. The organization was established in 1996. 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. As of 12/2021, Piper Shores employed 326 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Piper Shores 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 12/2021, Piper Shores generated $23.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $23.2m during the year ending 12/2021. While expenses have increased by 4.8% per year over the past 7 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
CONTINUING CARE RETIREMENT COMMUNITY
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINE LIFE CARE PROVIDES RESIDENTS WITH A SAFE AND SECURE HOME COMMUNITY, PROVIDING FOR INDEPENDENT LIVING NEEDS AND CONTINUED HEALTH CARE SERVICES FOR THE REMAINDER OF THEIR LIVES. IT CONSISTS OF 160 INDEPENDENT LIVING UNITS, 40 INDEPENDENT LIVING COTTAGES, 50 ASSISTED LIVING UNITS, 40 SKILLED NURSING BEDS, AND COMMON AREAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Adamowicz CEO | Officer | 40 | $392,101 |
Andrea Killiard Marketing Director | 40 | $219,608 | |
Leanne Fiet COO | 40 | $210,769 | |
Richard Ashley Finance Director | 40 | $207,650 | |
Daisy Wilson Hr Director | 40 | $129,967 | |
Michelle Mcgarrity Food And Beverage Director | 40 | $116,874 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Select Rehabilitation Physical Therapy | 12/30/21 | $406,671 |
Cardinal Exteriors Construction Services | 12/30/21 | $295,262 |
Ganem Builders Construction Services | 12/30/21 | $428,001 |
Aaa Energy Services Hvac Services | 12/30/21 | $329,079 |
Systems Engineering It Services | 12/30/21 | $248,912 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $192,852 |
| All other contributions, gifts, grants, and similar amounts not included above | $156,001 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $348,853 |
| Total Program Service Revenue | $20,924,362 |
| Investment income | $515,560 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,742,503 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $23,531,278 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $77,310 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $420,547 |
| Compensation of current officers, directors, key employees. | $420,547 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,614,375 |
| Pension plan accruals and contributions | $179,589 |
| Other employee benefits | $1,250,944 |
| Payroll taxes | $679,440 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $39,233 |
| Fees for services: Accounting | $46,675 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $429,674 |
| Advertising and promotion | $296,341 |
| Office expenses | $736,720 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,405,068 |
| Travel | $41,731 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $22,244 |
| Interest | $725,398 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,789,460 |
| Insurance | $149,100 |
| All other expenses | $13,525 |
| Total functional expenses | $23,218,187 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,187,628 |
| Savings and temporary cash investments | $18,156,083 |
| Pledges and grants receivable | $304,472 |
| Accounts receivable, net | $381,380 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $38,319 |
| Prepaid expenses and deferred charges | $137,757 |
| Net Land, buildings, and equipment | $85,182,512 |
| Investments—publicly traded securities | $34,640,303 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $455,789 |
| Total assets | $140,484,243 |
| Accounts payable and accrued expenses | $4,730,334 |
| Grants payable | $0 |
| Deferred revenue | $90,447,467 |
| Tax-exempt bond liabilities | $44,221,822 |
| 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 | $13,257,872 |
| Total liabilities | $152,657,495 |
| Net assets without donor restrictions | -$13,712,819 |
| Net assets with donor restrictions | $1,539,567 |
| 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 | $140,484,243 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Maine Life Care Retirement Community Inc has recieved totaling $100,000.
| Awarding Organization | Amount |
|---|---|
Fidelity Investments Charitable Gift Fund Boston, MA PURPOSE: For grant recipient's exempt purposes | $100,000 |
Endowment Analysis
| Beg. Balance | $1,299,122 |
| Earnings | $94,759 |
| Net Contributions | $156,001 |
| Ending Balance | $1,549,882 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Kendal At Hanover I Hanover, NH | $202,821,277 | $31,489,711 |
Maine Life Care Retirement Community Inc Scarborough, ME | $140,484,243 | $23,531,278 |
Riverwoods Durham Durham, NH | $126,625,985 | $17,724,252 |
Metro Health Foundation Of New Hampshire Inc Meredith, NH | $23,007,411 | $13,396,555 |
Huntington At Nashua Nashua, NH | $69,976,352 | $16,206,015 |
Seventy-Five State Street Portland, ME | $13,728,048 | $7,315,171 |
Jha Assisted Living Inc Portland, ME | $14,866,848 | $7,038,080 |
Baldwin Senoir Living Londonderry, NH | $22,001,012 | $0 |
Franklin Home For The Aged Association Franklin, NH | $22,009,472 | $3,298,443 |
Bangor Housing Development Corporation Bangor, ME | $11,349,927 | $2,567,289 |
Phillips-Strickland House Corporation Bangor, ME | $8,449,494 | $2,117,015 |
Maple Grove Elderly Housing Corporation Portland, ME | $8,726,293 | $2,128,968 |