Ridge Residences Inc
- Assets
- $2.6m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 9
- Location
- Westminster, MD
- Founding
- 06/1987
- Data as of
- 09/2022
- EIN
- 52-1363247
Organization Overview
Ridge Residences Inc is located in Westminster, MD. The organization was established in 1987. 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 09/2022, Ridge Residences Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ridge Residences 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 09/2022, Ridge Residences Inc generated $1.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $965.1k during the year ending 09/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HOUSING FACILITIES FOR THE LOW-INCOME ELDERLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION OWNS AN APARTMENT COMPLEX OF 80 UNITS WHICH PROVIDES HOUSING FACILITIES FOR THE LOW-INCOME ELDERLY. THE COMPLEX IS OPERATED PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT AND PARTICIPATES IN THE SECTION 8 HOUSING ASSISTANCE PAYMENT PROGRAM. SUCH FACILITIES ARE REGULATED BY HUD AS TO RENT CHARGES AND OPERATING METHODS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frances Rock President | OfficerTrustee | 1 | $0 |
Sherry Falk Vice President | OfficerTrustee | 1 | $0 |
Ann Gifford Secretary/treasurer | OfficerTrustee | 1 | $0 |
Barbara Croft Director | Trustee | 1 | $0 |
David Braune Director | Trustee | 1 | $0 |
Craig Giles Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $723,891 |
| 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 | $723,891 |
| Total Program Service Revenue | $322,689 |
| Investment income | $100 |
| 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 | $1,046,680 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $178,102 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $23,106 |
| Payroll taxes | $17,218 |
| Fees for services: Management | $57,553 |
| Fees for services: Legal | $1,050 |
| Fees for services: Accounting | $26,733 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,517 |
| Office expenses | $54,284 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $412,207 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $187,058 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $965,076 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $78,927 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,513 |
| 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 | $32,139 |
| Net Land, buildings, and equipment | $1,496,333 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $999,437 |
| Total assets | $2,608,349 |
| Accounts payable and accrued expenses | $74,567 |
| Grants payable | $0 |
| Deferred revenue | $10,174 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $36,231 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,940,605 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,061,577 |
| Net assets without donor restrictions | -$453,228 |
| 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 | $2,608,349 |
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