Friends Of Faith Retirement Homes Inc
- Assets
- $107.0m
- Revenue
- $30.3m
- Investments
- $0.0
- Employees
- 540
- Location
- Waterloo, IA
- Founding
- 04/1968
- Data as of
- 03/2023
- EIN
- 51-0245745
Organization Overview
Friends Of Faith Retirement Homes Inc is located in Waterloo, IA. The organization was established in 1968. 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 03/2023, Friends Of Faith Retirement Homes Inc employed 540 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friends Of Faith Retirement Homes 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 03/2023, Friends Of Faith Retirement Homes Inc generated $30.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.8% each year. All expenses for the organization totaled $29.9m during the year ending 03/2023. While expenses have increased by 7.1% 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
LIFECARE FOR ADULTS 62 AND OVER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE THE DIGNITY OF ADULTS 62 AND OVER BY PROVIDING A CONTINUUM OF CARE INCLUDING INDEPENDENT LIVING, ASSISTED LIVING AND SKILLED NURSING CARE LIVING ACCOMMODATIONS AND SERVICES WHEREBY THESE ADULTS MAY BE ASSISTED IN MAXIMIZING THEIR PHYSICAL AND SPIRITUAL WELL-BEING WHILE MAINTAINING THEIR FINANCIAL INDEPENDENCE IN A CONGENIAL ENVIRONMENT WITH A CHRISTIAN MINISTRY.
TO PROVIDE ADDITIONAL, PRIVATE DUTY (NON-MEDICARE, NON-MEDICAID) HOMECARE SERVICES TO RESIDENTS OF FRIENDSHIP VILLAGE, LANDMARK COMMONS L.L.C., ROSEWOOD ESTATE, AND THE OUTSIDE COMMUNITY.
TO PROVIDE SAFE AND SECURE CHILD CARE AT A REASONABLE COST 24 HOURS A DAY, 7 DAYS A WEEK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Gates President/ce | Officer | 50 | $281,125 |
Rev Ron Weimer Board Mbr/ch | Trustee | 30 | $40,495 |
George Farber Board Mbr/ch | Trustee | 1 | $5,650 |
Craig Anderson Treasurer | OfficerTrustee | 1 | $0 |
Rick Bauer Board Member | Trustee | 1 | $0 |
Steve Gilgen Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $10,184,037 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $174,169 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,358,206 |
| Total Program Service Revenue | $16,082,869 |
| Investment income | $9,881 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$26,450 |
| 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 | $30,283,903 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,397,032 |
| 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. | $304,548 |
| Compensation of current officers, directors, key employees. | $45,682 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,083,599 |
| Pension plan accruals and contributions | $275,993 |
| Other employee benefits | $959,006 |
| Payroll taxes | $745,966 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,265 |
| Fees for services: Accounting | $44,175 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $92,947 |
| Advertising and promotion | $214,470 |
| Office expenses | $103,172 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,742,383 |
| Travel | $22,485 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $51,929 |
| Interest | $2,208,460 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,279,007 |
| Insurance | $483,015 |
| All other expenses | $775,485 |
| Total functional expenses | $29,928,108 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,198,197 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $698,267 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $86,821 |
| Prepaid expenses and deferred charges | $692,404 |
| Net Land, buildings, and equipment | $99,630,941 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $411,801 |
| Other assets | $4,246,578 |
| Total assets | $106,965,009 |
| Accounts payable and accrued expenses | $2,235,379 |
| Grants payable | $0 |
| Deferred revenue | $18,320,908 |
| Tax-exempt bond liabilities | $52,888,199 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $31,686,745 |
| Total liabilities | $105,131,231 |
| Net assets without donor restrictions | $1,833,778 |
| 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 | $106,965,009 |