Foundation For Eldercare
- Assets
- $5.5m
- Revenue
- $539.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Newtown Square, PA
- Founding
- 05/2010
- Data as of
- 12/2020
- EIN
- 26-4755439
Organization Overview
Foundation For Eldercare, operating under the name Senior Housing Alternative, is located in Newtown Square, PA. The organization was established in 2010. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Senior Housing Alternative 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 12/2020, Senior Housing Alternative generated $539.4k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 20.5% each year . All expenses for the organization totaled $466.6k during the year ending 12/2020. While expenses have increased by 6.8% 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SAFE, MODERN AFFORDABLE HOUSING TO FACILITATE AGING-IN-PLACE CAPABILITY BY LOW-INCOME, HANDICAPPED AND SENIOR CITIZENS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOUNDATION SCALED DOWN ITS EXISTING HOUSING OPERATIONS IN PENNSYLVANIA THROUGHOUT TY 2020, FINALLY DISPOSING OF ALL INCOME PRODUCING HOUSES BY SEPTEMBER 2020. FOUNDATION WAS ABLE TO TRANSFER ALL OF THE HOUSES WITHOUT FINANCIAL LIABILITY FOR THE TAX LIENS WHICH, WHEN ADDED TO MORTGAGE BALANCES, EXCEEDED THE MARKET VALUE OF THE HOUSES. THE INCOME AND EXPENSE FIGURES INSERTED HERE REFLECT A PRIOR OPERATION IN PENNSYLVANIA WHICH HAS BEEN DISCONTINUED. NEW, LOW INCOME HOUSING IS BEING DEVELOPED IN MD AND DE, VENUES IN WHICH THE REAL ESTATE TAX BURDEN ALLOWS OPERATIONS AT A POSITIVE CASH FLOW FOR FOUNDATION.
THIS SUM REFLECTS CONTINUED ENGINEERING AND LEGAL EXPENSES REQUIRED FOR THE CONTINUED EFFORT TO OBTAIN FINAL SUBDIVSION APPROVAL FOR THE 40-ACRES OF LAND IN CECIL COUNTY MD
NO EXPENSES INCURRED
FOUNDATION SCALED DOWN ITS EXISTING HOUSING OPERATIONS IN PENNSYLVANIA THROUGHOUT TY 2020, FINALLY DISPOSING OF ALL INCOME PRODUCING HOUSES BY SEPTEMBER 2020. FOUNDATION WAS ABLE TO TRANSFER ALL OF THE HOUSES WITHOUT FINANCIAL LIABILITY FOR THE TAX LIENS WHICH, WHEN ADDED TO MORTGAGE BALANCES, EXCEEDED THE MARKET VALUE OF THE HOUSES. THE INCOME AND EXPENSE FIGURES INSERTED HERE REFLECT A PRIOR OPERATION IN PENNSYLVANIA WHICH HAS BEEN DISCONTINUED. NEW, LOW INCOME HOUSING IS BEING DEVELOPED IN MD AND DE, VENUES IN WHICH THE REAL ESTATE TAX BURDEN ALLOWS OPERATIONS AT A POSITIVE CASH FLOW FOR FOUNDATION.
THIS SUM REFLECTS CONTINUED ENGINEERING AND LEGAL EXPENSES REQUIRED FOR THE CONTINUED EFFORT TO OBTAIN FINAL SUBDIVSION APPROVAL FOR THE 40-ACRES OF LAND IN CECIL COUNTY MD
NO EXPENSES INCURRED
FOUNDATION SCALED DOWN ITS EXISTING HOUSING OPERATIONS IN PENNSYLVANIA THROUGHOUT TY 2020, FINALLY DISPOSING OF ALL INCOME PRODUCING HOUSES BY SEPTEMBER 2020. FOUNDATION WAS ABLE TO TRANSFER ALL OF THE HOUSES WITHOUT FINANCIAL LIABILITY FOR THE TAX LIENS WHICH, WHEN ADDED TO MORTGAGE BALANCES, EXCEEDED THE MARKET VALUE OF THE HOUSES. THE INCOME AND EXPENSE FIGURES INSERTED HERE REFLECT A PRIOR OPERATION IN PENNSYLVANIA WHICH HAS BEEN DISCONTINUED. NEW, LOW INCOME HOUSING IS BEING DEVELOPED IN MD AND DE, VENUES IN WHICH THE REAL ESTATE TAX BURDEN ALLOWS OPERATIONS AT A POSITIVE CASH FLOW FOR FOUNDATION.
THIS SUM REFLECTS CONTINUED ENGINEERING AND LEGAL EXPENSES REQUIRED FOR THE CONTINUED EFFORT TO OBTAIN FINAL SUBDIVSION APPROVAL FOR THE 40-ACRES OF LAND IN CECIL COUNTY MD
NO EXPENSES INCURRED
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John G Berg Chairman Trustee | OfficerTrustee | 40 | $100,000 |
Deborah A Wissman VP Admin - Trustee | OfficerTrustee | 10 | $22,063 |
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 | $4,765 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,765 |
| Total Program Service Revenue | $293,214 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $111,137 |
| 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 | $539,428 |
| 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 | $31,669 |
| Compensation of current officers, directors, key employees. | $122,063 |
| Compensation of current officers, directors, key employees. | $100,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $12,427 |
| Fees for services: Legal | $166,489 |
| 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 | $53,196 |
| Advertising and promotion | $9,874 |
| Office expenses | $1,053 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $767 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $56,701 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $12,317 |
| All other expenses | $0 |
| Total functional expenses | $466,556 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $54,927 |
| Savings and temporary cash investments | $26,658 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $5,420,457 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,502,042 |
| Accounts payable and accrued expenses | $291,270 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $985,212 |
| Secured mortgages and notes payable | $873,343 |
| Unsecured mortgages and notes payable | $252,600 |
| Other liabilities | $0 |
| Total liabilities | $2,402,425 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $3,099,617 |
| 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 | $5,502,042 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
United Church Homes Inc Marion, OH | $230,951,491 | $117,776,158 |
Menorah Park Center For Senior Living Beachwood, OH | $96,877,128 | $72,312,185 |
Seabrook Village Inc Tinton Falls, NJ | $317,428,948 | $63,950,386 |
Spiritrust Lutheran York, PA | $151,346,375 | $71,838,005 |
Otterbein Homes Lebanon, OH | $197,247,651 | $73,479,652 |
Humangood Pennsylvania Lafayette Hill, PA | $322,351,436 | $66,729,303 |
Albright Care Services Frederick, MD | $96,340,327 | $64,491,895 |
Menno-Haven Inc Chambersburg, PA | $224,712,119 | $60,604,024 |
Kendal-Crosslands Communities Kennett Square, PA | $254,475,918 | $64,274,930 |
United Church Of Christ Homes Camp Hill, PA | $133,046,183 | $59,846,484 |
Trustees Of The Masonic Hall And Asylum Fund New York, NY | $379,711,052 | $51,080,560 |
Concordia Lutheran Health And Human Care Cabot, PA | $105,474,184 | $66,315,819 |