Richfield Living
- Assets
- $112.4m
- Revenue
- $41.7m
- Investments
- $0.0
- Employees
- 698
- Location
- Salem, VA
- Founding
- 06/1940
- Data as of
- 09/2023
- EIN
- 54-0534606
Organization Overview
Richfield Living is located in Salem, VA. The organization was established in 1940. According to its NTEE Classification (E91) the organization is classified as: Nursing Facilities, under the broad grouping of Health Care and related organizations. As of 09/2023, Richfield Living employed 698 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Richfield Living 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 09/2023, Richfield Living generated $41.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $51.5m during the year ending 09/2023. While expenses have increased by 6.4% per year over the past 7 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
HELPING INDIVIDUALS EXPERIENCE LIFE TO THE FULLEST, THROUGH EVERY PHASE OF THEIR JOURNEY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HELPING INDIVIDUALS EXPERIENCE LIFE TO THE FULLEST, THROUGH EVERY PHASE OF THEIR JOURNEY, BY PROVIDING HIGH-QUALITY SKILLED NURSING CARE, REHABILITATIVE NURSING CARE, ASSISTED LIVING HOUSING AND SERVICES, AND INDEPENDENT LIVING COMMUNITITES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kirtesh Patel Board Chair | OfficerTrustee | 2 | $0 |
David Thornhill Vice Chair | OfficerTrustee | 2 | $0 |
Donnovan Young Treasurer | OfficerTrustee | 2 | $0 |
Sydney Nordt Secretary | OfficerTrustee | 2 | $0 |
Dr Warren G Clark Director | Trustee | 2 | $0 |
Dr William Hasty Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Morrison Community Living Dietary | 9/29/23 | $4,047,064 |
Remedi Senior Care Of Va Pharmacy | 9/29/23 | $799,352 |
Solic Investment Services | 9/29/23 | $597,758 |
Mcguire Woods Llp Legal Services | 9/29/23 | $429,561 |
Gale Healthcare Solutions Nursing Contract Staff | 9/29/23 | $675,426 |
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 | $124,658 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $124,658 |
| Total Program Service Revenue | $39,767,404 |
| Investment income | $13,358 |
| 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 | $41,705,113 |
| 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. | $677,015 |
| Compensation of current officers, directors, key employees. | $677,015 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $16,776,210 |
| Pension plan accruals and contributions | $135,381 |
| Other employee benefits | $5,341,010 |
| Payroll taxes | $1,356,384 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $233,723 |
| Fees for services: Accounting | $88,273 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $539,846 |
| Advertising and promotion | $479,303 |
| Office expenses | $121,944 |
| Information technology | $778,406 |
| Royalties | $0 |
| Occupancy | $1,637,296 |
| Travel | $12,009 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $6,777,013 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,224,564 |
| Insurance | $606,558 |
| All other expenses | $1,632,559 |
| Total functional expenses | $51,536,371 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,591,132 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $56,516 |
| Accounts receivable, net | $5,438,524 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $138,756 |
| Prepaid expenses and deferred charges | $148,865 |
| Net Land, buildings, and equipment | $93,159,931 |
| Investments—publicly traded securities | $10,556,389 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $334,532 |
| Total assets | $112,424,645 |
| Accounts payable and accrued expenses | $3,207,204 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $36,940,112 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $90,675,395 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $179,581 |
| Total liabilities | $131,002,292 |
| Net assets without donor restrictions | -$19,646,193 |
| Net assets with donor restrictions | $1,068,546 |
| 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 | $112,424,645 |