Broadmead Inc
- Assets
- $212.1m
- Revenue
- $38.0m
- Investments
- $12.6m
- Employees
- 360
- Location
- Cockeysville, MD
- Founding
- 06/1976
- Data as of
- 06/2021
- EIN
- 52-1056690
Organization Overview
Broadmead Inc is located in Cockeysville, MD. The organization was established in 1976. 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 06/2021, Broadmead Inc employed 360 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Broadmead 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 06/2021, Broadmead Inc generated $38.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.7% each year. All expenses for the organization totaled $28.3m during the year ending 06/2021. While expenses have increased by 2.6% per year over the past 6 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE HOUSING, NURSING, MEALS, MEDICAL AND SOCIAL CARE, AND CULTURAL ACTIVITIES FOR THE ELDERLY
Describe the Organization's Program Activity:
CONTINUING CARE RETIREMENT COMMUNITY PROGRAM: THERE ARE THREE LEVELS OF CARE CONSISTING OF INDEPENDENT LIVING, ASSISTED LIVING, AND THE HEALTH CARE CENTER. INDEPENDENT LIVING - TO PROVIDE COMPREHENSIVE, INDEPENDENT LIVING SERVICES FOR AGING PEOPLE, INCLUDING MEDICAL, DIETARY, SOCIAL, AND HOUSEKEEPING SERVICES FOR RESIDENTS. BROADMEAD HAD APPROXIMATELY 122,246 INDEPENDENT LIVING CENSUS DAYS DURING THE FISCAL YEAR ENDED JUNE 30, 2021. (CONTINUED ON SCHEDULE O.)ASSISTED LIVING - TO PROVIDE AN INTERMEDIATE LEVEL OF CARE WHEN RESIDENTS NEED HELP WITH SOME ACTIVITIES OF DAILY LIVING, BUT DO NOT REQUIRE 24 HOUR SKILLED NURSING CARE, THAT ENCOURAGES RESIDENTS TO FUNCTION AT THEIR HIGHEST LEVEL OF INDEPENDENCE. BROADMEAD HAD APPROXIMATELY 12,041 ASSISTED LIVING CENSUS DAYS DURING THE FISCAL YEAR ENDED JUNE 30, 2021. HEALTH CARE CENTER - TO PROVIDE QUALITY NURSING CARE IN A COMFORTABLE HEALTH CARE CENTER. THIS LEVEL OF CARE IS AVAILABLE ON BOTH A LONG TERM AND SHORT TERM BASIS AND PROVIDES FOR 24 HOUR SKILLED NURSING CARE. BROADMEAD HAD APPROXIMATELY 8,094 HEALTH CARE CENTER CENSUS DAYS DURING THE FISCAL YEAR ENDED JUNE 30, 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robin Somers President/ceo | Officer | 48 | $360,063 |
John J Palkovitz Jr Treasurer/cfo To Jan 2021 | Officer | 46 | $272,665 |
Kristy Krueger VP Of Sales & Marketing | Officer | 40 | $219,075 |
Ann Patterson VP Of Health Services | Officer | 40 | $202,151 |
Yolanda Johnson VP Of Human Resources | Officer | 40 | $192,942 |
John Howl Former Officer | 0 | $175,365 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Arch Consultants Construction Management | 6/29/21 | $339,012 |
Ark Systems Inc Sprinkler System / Fire Alarm Services | 6/29/21 | $225,013 |
Wohlsen Construction Company Construction | 6/29/21 | $27,241,726 |
Genesis Rehab Services Rehabilitative Therapy | 6/29/21 | $685,718 |
Thrivewell Tech It Services/hosting | 6/29/21 | $889,534 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $551,521 |
| All other contributions, gifts, grants, and similar amounts not included above | $84,603 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $636,124 |
| Total Program Service Revenue | $28,861,742 |
| Investment income | $1,847,131 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $34,211 |
| Net Gain/Loss on Asset Sales | $6,192,133 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $42,707 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $38,038,653 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $217,730 |
| Grants and other assistance to domestic individuals. | $534,219 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,340,851 |
| Compensation of current officers, directors, key employees. | $1,329,634 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,508,463 |
| Pension plan accruals and contributions | $241,460 |
| Other employee benefits | $1,043,196 |
| Payroll taxes | $780,983 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $92,674 |
| Fees for services: Accounting | $68,552 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $182,691 |
| Fees for services: Other | $1,211,847 |
| Advertising and promotion | $241,204 |
| Office expenses | $82,247 |
| Information technology | $1,022,146 |
| Royalties | $0 |
| Occupancy | $1,441,331 |
| Travel | $51,446 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,085,674 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,758,333 |
| Insurance | $767,850 |
| All other expenses | $1,100,758 |
| Total functional expenses | $28,332,393 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,467,094 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,927,691 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $75,553 |
| Prepaid expenses and deferred charges | $1,101,116 |
| Net Land, buildings, and equipment | $96,776,766 |
| Investments—publicly traded securities | $85,888,713 |
| Investments—other securities | $12,635,539 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $194,706 |
| Total assets | $212,067,178 |
| Accounts payable and accrued expenses | $3,961,311 |
| Grants payable | $0 |
| Deferred revenue | $31,004,931 |
| Tax-exempt bond liabilities | $62,773,206 |
| 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 | $2,212,359 |
| Other liabilities | $40,122,233 |
| Total liabilities | $140,074,040 |
| Net assets without donor restrictions | $50,768,246 |
| Net assets with donor restrictions | $21,224,892 |
| 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 | $212,067,178 |
Grants Awarded
Over the last fiscal year, Broadmead Inc has awarded $197,967 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Cockeysville, MD PURPOSE: $12,511 WAS GIVEN TO COVER THE RELATED ORGANIZATION'S EXPENSES THAT ARISE FROM CARRYING OUT THE MISSION OF THE ORGANIZATION. $150,000 WAS GIVEN TO SUPPORT THE STARTUP OF BROADMEAD COMMUNITY SERVICES ACTIVITIES. | $162,511 |
Cockeysville, MD PURPOSE: TO COVER THE RELATED ORGANIZATION'S EXPENSES THAT ARISE FROM CARRYING OUT THE MISSION OF THE ORGANIZATION. | $35,456 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Broadmead Inc has recieved totaling $19,013.
| Awarding Organization | Amount |
|---|---|
T Rowe Price Program For Charitable Giving Inc Baltimore, MD PURPOSE: SPECIAL PROJECT | $18,000 |
Anderson Family Foundation Inc Plymouth, MN PURPOSE: GENERAL OPERATING EXPENSES | $1,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $13 |
Endowment Analysis
| Beg. Balance | $21,490,057 |
| Earnings | $4,446,019 |
| Net Contributions | $7,059,258 |
| Other Expense | $3,360,240 |
| Ending Balance | $29,635,094 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ashby Ponds Inc Ashburn, VA | $1,081,002,554 | $105,782,483 |
Willow Valley Communities Lancaster, PA | $552,338,395 | $126,609,439 |
Greenspring Village Inc Springfield, VA | $635,246,519 | $86,958,670 |
Oak Crest Village Inc Parkville, MD | $495,556,334 | $90,971,954 |
Goodwin House Incorporated Alexandria, VA | $441,770,291 | $109,508,883 |
Spiritrust Lutheran York, PA | $151,346,375 | $71,838,005 |
Humangood Pennsylvania Lafayette Hill, PA | $322,351,436 | $66,729,303 |
Westminster-Canterbury Corporation Richmond, VA | $326,286,753 | $77,739,552 |
Virginia United Methodist Homes Inc Glen Allen, VA | $253,887,875 | $70,234,834 |
Albright Care Services Frederick, MD | $96,340,327 | $64,491,895 |
Westminster-Canterbury On Chesapeake Bay Virginia Beach, VA | $226,856,514 | $70,077,492 |
Menno-Haven Inc Chambersburg, PA | $224,712,119 | $60,604,024 |