Lakewood Senior Citizens Inc
- Assets
- $15.7m
- Revenue
- $488.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Lakewood, OH
- Founding
- 12/2005
- Data as of
- 12/2021
- EIN
- 34-0893419
Organization Overview
Lakewood Senior Citizens Inc is located in Lakewood, OH. The organization was established in 2005. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lakewood Senior Citizens 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 12/2021, Lakewood Senior Citizens Inc generated $488.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (13.9%) each year. All expenses for the organization totaled $12.3k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (46.5%) per year over the past 7 years. 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
LAKEWOOD SENIOR CITIZENS, INC. SOLD ALL THREE SENIOR APARTMENT BUILDINGS TO TAXABLE ENTITIES TO OPERATE AS QUALIFIED LOW-INCOME HOUSING PROJECTS WITHIN THE MEANING OF SECTION 42 OF THE INTERNAL REVENUE CODE AND HAVE BEEN RENOVATED AS HISTORIC REHABILITATION PROJECTS IN ACCORDANCE WITH SECTION 47 OF THE INTERNAL REVENUE CODE. THE ENTITY CONTINUES TO OWN A SMALL PERCENTAGE OF THE TAXABLE ENTITIES AND HOLDS NOTE RECEIVABLES FOR THE SELLER FINANCING PROVIDED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LAKEWOOD SENIOR CITIZENS, INC. SOLD ALL THREE SENIOR APARTMENT BUILDINGS TO TAXABLE ENTITIES TO OPERATE AS QUALIFIED LOW-INCOME HOUSING PROJECTS WITHIN THE MEANING OF SECTION 42 OF THE INTERNAL REVENUE CODE AND HAVE BEEN RENOVATED AS HISTORIC REHABILITATION PROJECTS IN ACCORDANCE WITH SECTION 47 OF THE INTERNAL REVENUE CODE. THE ENTITY CONTINUES TO OWN A SMALL PERCENTAGE OF THE TAXABLE ENTITIES AND HOLDS NOTE RECEIVABLES FOR THE SELLER FINANCING PROVIDED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Fraser Chair | OfficerTrustee | 0.25 | $0 |
Richard Beisel Treasurer | OfficerTrustee | 2.3 | $0 |
Christopher Klym Secretary | OfficerTrustee | 1.25 | $0 |
Rev Dr James Butler Director | Trustee | 0.25 | $0 |
Paul Capka Director | Trustee | 0.25 | $0 |
Mary Sue Mcgorray Director | Trustee | 0.25 | $0 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $488,390 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,960 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $10,311 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $12,271 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $485,241 |
| Savings and temporary cash investments | $0 |
| 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 | $10,836,570 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,902,693 |
| Intangible assets | $0 |
| Other assets | $458,581 |
| Total assets | $15,683,085 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Secured mortgages and notes payable | $1,042,468 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,042,468 |
| Net assets without donor restrictions | $14,640,617 |
| Net assets with donor restrictions | $0 |
| 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 | $15,683,085 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lakewood Senior Citizens Inc has recieved totaling $18,480.
| Awarding Organization | Amount |
|---|---|
Three Arches Foundation Lakewood, OH PURPOSE: COVID-19 RESPONSE SUPPORT | $18,480 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Wesley Manor Retirement Community Inc Louisville, KY | $9,224,359 | $9,135,157 |
Life Enriching Communities Loveland, OH | $39,920,656 | $8,319,910 |
Village At St Barnabas Inc Gibsonia, PA | $12,528,013 | $7,815,800 |
Oak Grove Christian Retirement Village Inc Demotte, IN | $15,497,962 | $9,106,880 |
Pressley Ridge-Maryland Pittsburgh, PA | $946,901 | $8,510,499 |
Silver Maples Of Chelsea Chelsea, MI | $47,439,863 | $10,664,432 |
Ohio Living Quaker Heights Waynesville, OH | $10,489,487 | $7,605,494 |
Dock Acres Inc Lansdale, PA | $67,194,960 | $10,315,116 |
Shenango Presbyterian Senior Care New Wilmington, PA | $15,211,749 | $8,374,415 |
Haven Hubbard Homes Inc New Carlisle, IN | $13,233,962 | $8,213,218 |
Morc Home Care Inc Clinton Township, MI | $8,833,662 | $7,942,729 |
Friends Boarding Home Of Concord Quarterly Meeting West Chester, PA | $25,916,851 | $6,719,568 |