Laurel Lake Retirement Community Foundation Inc

Organization Overview

Laurel Lake Retirement Community Foundation Inc is located in Hudson, OH. The organization was established in 1995. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Laurel Lake Retirement Community Foundation 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, Laurel Lake Retirement Community Foundation Inc generated $1.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $354.9k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO ENCOURAGE, ADMINISTER & COORDINATE CHARITABLE GIVING TO FOSTER CAMPUS-WIDE ENRICHMENT PROJECTS, PROGRAMS & SERVICES FOR THE BENEFIT OF THE RESIDENTS OF LAUREL LAKE RETIREMENT

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE LAUREL LAKE FOUNDATION PROVIDED RESOURCES TO HELP SATISFY THE NEEDS OF LIFE CARE CONTRACTED RESIDENTS AT LAUREL LAKE RETIREMENT COMMUNITY. LIFE CARE CONTRACTED RESIDENTS ENJOY THE SECURITY OF LIFETIME CARE, EVEN WHEN CAUSES BEYOND THEIR CONTROL MAKE IT NO LONGER POSSIBLE TO FULLY PAY THEIR LAUREL LAKE MONTHLY SERVICE FEE. EACH YEAR SINCE INCEPTION OVER TWO DECADES AGO, BETWEEN TWO AND SIX RESIDENTS HAVE FOUND PEACE OF MIND IN RECEIVING SUBSIDIES DUE TO UNANTICIPATED FINANCIAL CIRCUMSTANCES SUCH AS OUTLIVING THEIR RESOURCES.


COMMITTED TO PROVIDING RESOURCES THAT HELP SATISFY THE PHYSICAL PLANT AND CAMPUS NEEDS OF LAUREL LAKE RETIREMENT COMMUNITY, THE FOCUS WAS GIVEN TO HIGHLY VISIBLE, HEAVILY UTILIZED PUBLIC AREAS DUE FOR REPLACEMENT OF WORN FURNITURE AND DATED DCOR, BUT NOT INCLUDED IN THE ONGOING TOWN CENTER RENOVATION PROJECT. THESE WERE AREAS THAT HAD BEEN CAREFULLY MAINTAINED BUT NOT REDECORATED OR REMODELED IN OVER A DECADE. THE LAUREL LAKE FOUNDATION HELPED TO REFURBISH THESE KEY AREAS USED FREQUENTLY BY RESIDENTS, FAMILY MEMBERS AND GUESTS OF LAUREL LAKE. THIS UPGRADE SIGNIFICANTLY IMPROVED THE APPEARANCE, COMFORT, AND FUNCTIONALITY OF THE WELLNESS CENTER, GREENWOOD SUITES AND GREENWOOD COMMONS ASSISTED LIVING, PATS PATIO OUTDOOR DINING AREA, GUEST SUITES USED BY FAMILIES AND OTHER VISITORS, THE FRONT ENTRANCE BREEZEWAY AND THE LAUREL LAKE LIBRARY.


THE ENRICHING EFFECTS OF THE FOUNDATION TOUCH ON ALL FACETS OF LIFE AT LAUREL LAKE, FROM LIFE-CHANGING PROGRAMS TO THE MOST PRACTICAL PROJECTS LIKE FACILITY-WIDE EQUIPMENT NEEDS. CAREFUL CAPITAL PLANNING PROVIDES FOR MOST EQUIPMENT AT LAUREL LAKE. HOWEVER, WHEN THE FOUNDATION CAN STEP IN AND HELP WITH A CAPITAL NEED, SOME PROJECTS THAT MAY NOT HAVE BEEN POSSIBLE TO TACKLE UNTIL LATER CAN BE BROUGHT TO FRUITION SOONER. THE NEED TO REPLACE A CAMPUS UTILITY VEHICLE IS ONE OF THOSE INSTANCES. EQUIPPED WITH A FULLY ENCLOSED CAB, A NEW CUSHMAN TRUCKSTER SERVES THE COMMUNITY YEAR-ROUND. THE COMPACT TRUCK IS USED FOR MANY WINTER PROJECTS, ESPECIALLY REPLENISHING SALT BARRELS STATIONED AT ENTRYWAYS THROUGHOUT CAMPUS. THE WIDE TIRES ENSURE THAT IT CAN DRIVE RIGHT UP TO THE BACK YARDS OF VILLAS AND APARTMENTS. AND AN EXTRA-LARGE DUMP BED HAULS ONE TON OF SOIL AND MULCH OR OTHER SUPPLIES THROUGH THE WARMER MONTHS RIGHT TO A WORKSITE WITHOUT THE NEED FOR A WHEELBARROW. PROPER MAINTENANCE OF OUR CAMPUS FOR THE ENJOYMENT, SAFETY, AND WELL-BEING OF HUNDREDS OF PEOPLE IS ESSENTIAL. THE CUSHMAN TRUCKSTER AND ITS MIGHTY HAULING CAPABILITY ENABLE THE GROUNDSKEEPER AND OTHER OPERATORS TO PROVIDE LAUREL LAKE WITH RELIABLE CAMPUS-WIDE UPKEEP.


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Board, Officers & Key Employees

Name (title)Compensation
David Oster
President
$0
Blake Rawson
Vice Chair
$0
Ann Kirk
Treasurer
$0
Elizabeth Murphy
Secretary
$0
William Fitzgerald
Chair
$0
Sr Maryann Golonka Hm
Trustee
$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$853,712
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$853,712
Total Program Service Revenue$0
Investment income $100,723
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $275,113
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $1,260,526

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Laurel Lake Retirement Community Foundation Inc has recieved totaling $250.

Awarding OrganizationAmount
Swagelok Foundation

Solon, OH

PURPOSE: TO FURTHER THE ORGANIZATION'S TAX EXEMPT PURPOSE

$250
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$299,748
Earnings$35,030
Net Contributions$2,050
Ending Balance$336,828

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