Asbury Atlantic Inc
- Assets
- $494.5m
- Revenue
- $174.4m
- Investments
- $0.0
- Employees
- 1,899
- Location
- Frederick, MD
- Founding
- 09/1996
- Data as of
- 12/2019
- EIN
- 52-0607956
Organization Overview
Asbury Atlantic Inc is located in Frederick, MD. The organization was established in 1996. 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. As of 12/2019, Asbury Atlantic Inc employed 1,899 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 12/2019, Asbury Atlantic Inc generated $174.4m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $159.2m during the year ending 12/2019. While expenses have increased by 3.8% per year over the past 5 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
DOING ALL THE GOOD WE CAN BY CREATING EXCEPTIONAL LIFESTYLE OPPORTUNITIES TO THOSE WE SERVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SKILLED NURSING FACILITIES: OPERATION OF 4 SKILLED NURSING FACILITIES (SNF'S) FOR THE AGED WITH 454 TOTAL BEDS PROVIDING 152,122 DAYS OF SERVICE IN 2019. $560 OF BENEVOLENT CARE AND $22,173,012 OF CONTRACTUAL ALLOWANCES WERE PROVIDED TO RESIDENTS OF THE SNF IN 2019.
RESIDENTIAL LIVING FACILITIES: OPERATION OF 1,675 RESIDENTIAL LIVING UNITS FOR THE AGED, PROVIDING 568,695 DAYS OF SERVICE IN 2019. $387,788 OF BENEVOLENT CARE AND $131,604 OF CONTRACTUAL ALLOWANCES WERE PROVIDED TO RESIDENTIAL LIVING RESIDENTS DURING 2019. ALSO SUPPLIED WELLNESS.
ASSISTED LIVING FACILITIES: OPERATION OF 4 ASSISTED LIVING FACILITIES FOR THE AGED WITH 292 TOTAL SUITES PROVIDING 103,877 RESIDENT DAYS IN 2019. $2,104,732 OF BENEVOLENT CARE AND $107,883 CONTRACTUAL ALLOWANCES WERE PROVIDED TO THE ASSISTED LIVING RESIDENTS IN 2019.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Grundusky Executive Director, Bethany Village | Officer | 50 | $238,390 |
Jane Gibson Executive Director, Springhill | Officer | 50 | $219,790 |
Kelly Friedman Executive Director, Solomons | Officer | 50 | $200,656 |
Deborah Hedges Assoc. Executive Director, Amv | Officer | 50 | $187,410 |
Susan P Mayernick VP Development- Bv | 40 | $159,766 | |
Omolara Popoola Director Nursing -Hcc, Amv | 40 | $148,533 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Inc & Affiliates Dining, Maint, Hkp, Laundry | 12/30/19 | $17,386,158 |
Flagship Rehabilitation Services Therapy | 12/30/19 | $4,371,758 |
Wagman Construction Inc Construction | 12/30/19 | $3,003,731 |
Trademark Design & Build Construction | 12/30/19 | $2,116,696 |
Freestate Electrical Service Electrical Contractor | 12/30/19 | $1,906,719 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $6,369,965 |
| 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 | $6,369,965 |
| Total Program Service Revenue | $164,912,958 |
| Investment income | $3,633,719 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $263,108 |
| Net Gain/Loss on Asset Sales | -$784,541 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $174,395,209 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,493,080 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,216,535 |
| Compensation of current officers, directors, key employees. | $2,216,535 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $49,088,934 |
| Pension plan accruals and contributions | $1,810,773 |
| Other employee benefits | $4,713,851 |
| Payroll taxes | $3,946,345 |
| Fees for services: Management | $8,446,559 |
| Fees for services: Legal | $191,517 |
| Fees for services: Accounting | $115,671 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,532,139 |
| Advertising and promotion | $1,421,523 |
| Office expenses | $4,502,260 |
| Information technology | $5,267,462 |
| Royalties | $0 |
| Occupancy | $6,714,612 |
| Travel | $165,005 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $11,970,777 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,980,692 |
| Insurance | $876,649 |
| All other expenses | $2,820,898 |
| Total functional expenses | $159,243,785 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,880,093 |
| Savings and temporary cash investments | $41,039,108 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,607,148 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,606,203 |
| Inventories for sale or use | $192,825 |
| Prepaid expenses and deferred charges | $2,718,871 |
| Net Land, buildings, and equipment | $283,950,933 |
| Investments—publicly traded securities | $62,262,371 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $93,262,209 |
| Total assets | $494,519,761 |
| Accounts payable and accrued expenses | $6,474,098 |
| Grants payable | $0 |
| Deferred revenue | $167,681,481 |
| Tax-exempt bond liabilities | $233,962,609 |
| Escrow or custodial account liability | $42,882 |
| 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 | $192,108,143 |
| Total liabilities | $600,269,213 |
| Net assets without donor restrictions | -$139,546,832 |
| Net assets with donor restrictions | $33,797,380 |
| 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 | $494,519,761 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Asbury Atlantic Inc has recieved totaling $6,433,757.
| Awarding Organization | Amount |
|---|---|
Asbury Foundation Inc Frederick, MD PURPOSE: TO SUPPORT THE EXEMPT PURPOSE OF THE ORGANIZATION. | $6,329,606 |
Erie Community Foundation Erie, PA PURPOSE: VARIOUS PROJECTS | $104,151 |
Endowment Analysis
| Beg. Balance | $27,416,713 |
| Earnings | $809,077 |
| Ending Balance | $28,225,790 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Acts Retirement-Life Communities Inc Fort Washington, PA | $1,660,938,549 | $446,249,117 |
Asbury Atlantic Inc Frederick, MD | $494,519,761 | $174,395,209 |
Riderwood Village Inc Silver Spring, MD | $745,711,687 | $111,726,433 |
Willow Valley Communities Lancaster, PA | $506,529,308 | $113,600,002 |
Greenspring Village Inc Springfield, VA | $569,090,728 | $93,929,946 |
Oak Crest Village Inc Parkville, MD | $424,538,804 | $92,752,531 |
Ashby Ponds Inc Ashburn, VA | $762,046,134 | $88,246,844 |
Goodwin House Incorporated Alexandria, VA | $424,363,325 | $93,583,962 |
Sentara Life Care Corporation Norfolk, VA | $44,157,960 | $76,095,498 |
Humangood Pennsylvania Lafayette Hill, PA | $243,746,432 | $75,751,425 |
Spiritrust Lutheran York, PA | $160,545,487 | $68,085,658 |
Westminster-Canterbury Corporation Richmond, VA | $317,540,772 | $75,738,304 |