Salem Community Corp
- Assets
- $72.1m
- Revenue
- $22.9m
- Investments
- $0.0
- Employees
- 318
- Location
- Worcester, MA
- Founding
- 08/1985
- Data as of
- 12/2022
- EIN
- 04-2696489
Organization Overview
Salem Community Corp is located in Worcester, MA. The organization was established in 1985. 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 12/2022, Salem Community Corp employed 318 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Salem Community Corp 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 12/2022, Salem Community Corp generated $22.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $24.2m during the year ending 12/2022. While expenses have increased by 6.3% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HOUSING AND SUPPORT TO ITS RESIDENTS AND OTHER SENIORS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION'S PROGRAM SERVICES INCLUDE THE OPERATION OF AN 82-BED NURSING HOME, KNOLLWOOD NURSING CENTER AND A 228-UNIT CONTINUING CARE RETIREMENT AND ASSISTED LIVING FACILITY, BRIARWOOD COMMUNITY, IN WORCESTER AND WEST BOYLSTON, MASSACHUSETTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Wetton Director | Trustee | 1 | $0 |
Peter Viles Director | Trustee | 1 | $0 |
Anita Thomas Director | Trustee | 1 | $0 |
Louis Swan Clerk | OfficerTrustee | 1 | $0 |
Emily Starr Director | Trustee | 1 | $0 |
Dr Sarah Mcgee Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rogerson Communities Management Company | 12/30/22 | $815,389 |
Evergreen Solutions Environmental Care | 12/30/22 | $686,042 |
National Facility Services Maintenance | 12/30/22 | $655,603 |
Captial Credit Agency - Nursing Staffing | 12/30/22 | $549,488 |
Intely Care Agency - Nursing Staffing | 12/30/22 | $372,716 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $61,840 |
| Related organizations | $0 |
| Government grants | $699,687 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,344,333 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,105,860 |
| Total Program Service Revenue | $19,976,067 |
| Investment income | $315,318 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$50,638 |
| Net Gain/Loss on Asset Sales | -$18,716 |
| Net Income from Fundraising Events | -$7,027 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $2,022 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,944,953 |
| 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 | $7,283,350 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $682,894 |
| Payroll taxes | $572,630 |
| Fees for services: Management | $827,264 |
| Fees for services: Legal | $27,241 |
| Fees for services: Accounting | $69,658 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $16,581 |
| Fees for services: Other | $1,882,930 |
| Advertising and promotion | $152,242 |
| Office expenses | $701,995 |
| Information technology | $142,172 |
| Royalties | $0 |
| Occupancy | $1,364,718 |
| Travel | $14,123 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $28,663 |
| Interest | $1,890,717 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,013,813 |
| Insurance | $307,056 |
| All other expenses | $887,616 |
| Total functional expenses | $24,201,197 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,208,841 |
| Savings and temporary cash investments | $631,057 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,311,852 |
| 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 | $386,650 |
| Net Land, buildings, and equipment | $48,604,979 |
| Investments—publicly traded securities | $9,602,448 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,372,147 |
| Total assets | $72,117,974 |
| Accounts payable and accrued expenses | $2,699,016 |
| Grants payable | $0 |
| Deferred revenue | $7,408,632 |
| Tax-exempt bond liabilities | $40,564,796 |
| 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 | $32,026,295 |
| Total liabilities | $82,698,739 |
| Net assets without donor restrictions | -$13,112,162 |
| Net assets with donor restrictions | $2,531,397 |
| 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 | $72,117,974 |