Lathrop Community Inc
- Assets
- $20.3m
- Revenue
- $7.6m
- Investments
- $0.0
- Employees
- 81
- Location
- Easthampton, MA
- Founding
- 11/1990
- Data as of
- 12/2023
- EIN
- 04-2996627
Organization Overview
Lathrop Community Inc is located in Easthampton, MA. The organization was established in 1990. 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 12/2023, Lathrop Community Inc employed 81 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lathrop Community Inc 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, Lathrop Community Inc generated $7.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $7.7m during the year ending 12/2023. While expenses have increased by 3.5% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO RESPOND WITH RESPECT AND COMPASSION TO THE CHANGING NEEDS OF OLDER ADULTS IN OUR COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALES, MAINTENANCE OF RESIDENTIAL UNITS AND COMMON AREAS, RESALE FOR RESIDENTS, RESIDENT ACTIVITIES AND SUPPORT SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anna Lanning Director | Trustee | 1 | $0 |
Bill Hogan Director | Trustee | 1 | $0 |
Carol Neubert Director | Trustee | 1 | $0 |
Charles Johnson Chair | OfficerTrustee | 8 | $0 |
Daniel Lesley Director | Trustee | 1 | $0 |
Elaine Reall Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kendal Corporation | 12/30/23 | $348,833 |
Paragus Strategic It It Consulting | 12/30/23 | $110,706 |
Springvalley Landscape Landscaping And Snow Removal | 12/30/23 | $301,346 |
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 | $157,265 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $157,265 |
| Total Program Service Revenue | $7,435,959 |
| Investment income | $39,426 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $939 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,633,589 |
| 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. | $350,671 |
| Compensation of current officers, directors, key employees. | $350,671 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,384,755 |
| Pension plan accruals and contributions | $47,409 |
| Other employee benefits | $0 |
| Payroll taxes | $222,895 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $116,325 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $60,506 |
| Office expenses | $0 |
| Information technology | $97,032 |
| Royalties | $0 |
| Occupancy | $794,511 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $93,890 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,990,547 |
| Insurance | $410,214 |
| All other expenses | $21,258 |
| Total functional expenses | $7,731,995 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,063,607 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $260,407 |
| 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 | $143,491 |
| Net Land, buildings, and equipment | $15,835,029 |
| Investments—publicly traded securities | $1,470,472 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $477,172 |
| Total assets | $20,250,178 |
| Accounts payable and accrued expenses | $284,443 |
| Grants payable | $0 |
| Deferred revenue | $2,911,301 |
| 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 | $1,145,797 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $41,360,689 |
| Total liabilities | $45,702,230 |
| Net assets without donor restrictions | -$25,689,791 |
| Net assets with donor restrictions | $237,739 |
| 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 | $20,250,178 |