Cardinal Bay Inc
- Assets
- $203.5m
- Revenue
- $42.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Lakeway, TX
- Founding
- 05/1999
- Data as of
- 12/2023
- EIN
- 35-2440075
Organization Overview
Cardinal Bay Inc is located in Lakeway, TX. The organization was established in 1999. 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. Cardinal Bay 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, Cardinal Bay Inc generated $42.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $45.9m during the year ending 12/2023. While expenses have increased by 8.6% 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 ASSERT EFFORTS TOWARDS DEVELOPING, FINANCING AND OPERATING FOR THE LONG-TERM, QUALITY, STABLE AND HEALTHY, PROGRAM-ENRICHED, AFFORDABLE HOUSING FOR FAMILIES, SENIOR CITIZENS AND PEOPLE WITH SPECIAL NEEDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EIGHT SENIOR LIVING FACILITIES PROVIDING 1,037 QUALITY AFFORDABLE INDEPENDENT LIVING, ASSISTED LIVING, AND MEMORY SUPPORT UNITS FOR SENIOR CITIZENS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robbie L Wittner Chairman, Coo, Secretary | OfficerTrustee | 1 | $0 |
Lloyd Kitchen III President, Chairman, Treasurer | OfficerTrustee | 5 | $20,000 |
Doug Lee Director | Trustee | 0.1 | $0 |
Ernest Garcia Director | Trustee | 0.1 | $0 |
Laurence P Dahl Director | Trustee | 5 | $20,000 |
Matthew H Pehrson Secretary | OfficerTrustee | 5 | $20,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hd Supply Facilities Maintenance Ltd Maintenance | 12/30/23 | $474,888 |
The Long Hill Company Management | 12/30/23 | $2,006,483 |
G5 Search Marketing Inc Website | 12/30/23 | $318,132 |
Netimage Network Solutions It | 12/30/23 | $212,459 |
Norton Rose Fulbright Us Llp Legal | 12/30/23 | $246,171 |
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 | $41,680,205 |
| Investment income | $333,510 |
| 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 | $42,013,715 |
| 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. | $80,000 |
| Compensation of current officers, directors, key employees. | $80,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,035,786 |
| Pension plan accruals and contributions | $79,254 |
| Other employee benefits | $498,656 |
| Payroll taxes | $1,272,809 |
| Fees for services: Management | $1,939,611 |
| Fees for services: Legal | $525,110 |
| Fees for services: Accounting | $63,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $174,731 |
| Advertising and promotion | $885,099 |
| Office expenses | $604,837 |
| Information technology | $368,894 |
| Royalties | $0 |
| Occupancy | $1,623,862 |
| Travel | $44,549 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $9,941,515 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,111,191 |
| Insurance | $1,448,278 |
| All other expenses | $153,384 |
| Total functional expenses | $45,916,569 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,557,138 |
| Savings and temporary cash investments | $552,048 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $215,487 |
| 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 | $550,031 |
| Net Land, buildings, and equipment | $183,400,375 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $7,838,145 |
| Other assets | $7,390,531 |
| Total assets | $203,503,755 |
| Accounts payable and accrued expenses | $7,402,277 |
| Grants payable | $0 |
| Deferred revenue | $449,785 |
| Tax-exempt bond liabilities | $207,132,812 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $9,725,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $60,036 |
| Total liabilities | $224,769,910 |
| Net assets without donor restrictions | -$21,266,155 |
| 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 | $203,503,755 |