Friendship Apartment Village Corporation
- Assets
- $30.1m
- Revenue
- $5.4m
- Investments
- $0.0
- Employees
- 32
- Location
- Roanoke, VA
- Founding
- 02/1979
- Data as of
- 06/2022
- EIN
- 54-0842686
Organization Overview
Friendship Apartment Village Corporation is located in Roanoke, VA. The organization was established in 1979. 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 06/2022, Friendship Apartment Village Corporation employed 32 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friendship Apartment Village Corporation 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 06/2022, Friendship Apartment Village Corporation generated $5.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $4.9m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Friendship Apartment Village Corporation has awarded 52 individual grants totaling $647,919. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORTING FRIENDS BY PROVIDING PEACE OF MIND
Describe the Organization's Program Activity:
LIFE LEASE AND RENTAL APARTMENTS FOR THE ELDERLY, THE CORPORATION OWNS AND OPERATES 311 UNITS, WITH A 88.01% OCCUPANCY RATE FOR THE FISCAL YEAR. ONE OF THE ADVANTAGES OF LIVING IN OUR RETIREMENT COMMUNITY IS THE OPPORTUNITY TO MOVE TO ONE OF OUR OTHER FACILITIES IF THE RESIDENT NEEDS A HIGHER LEVEL OF CARE SUCH AS ASSISTED LIVING OR A SKILLED NURSING FACILITY WITHOUT LEAVING THE COMMUNITY WHERE THEY HAVE DEVELOPED FRIENDSHIPS AND TIES. IN ADDITION, WE PROVIDE COUNSELING AND ASSISTANCE FOR THOSE WHO SUFFER FINANCIAL HARDSHIPS, AND WORK WITH THEM TO IDENTIFY SOLUTIONS IN AN ATTEMPT TO ALLOW THEM TO REMAIN IN THIER APARTMENTS.THE CORPORATION FURNISHES AN APARTMENT TO FRIENDSHIP HEALTH AND REHAB CENTER, INC, AND AN APARTMENT TO FRIENDSHIP HEALTH AND REHAB SOUTH, INC, RELATED NPOS, FOR NURSES WHO WORK SPECIAL SHIFTS, SUCH AS 8 HOURS AT WORK AND 8 HOURS OFF. THIS GIVES THE NURSES AN OPPORTUNITY TO GET ADEQUATE REST. IT ALSO HELPS MAINTAIN STAFF ON CAMPUS DURING EMERGENCY SITUATIONS. THE CORPORATION ALSO MAKES AVAILABLE 2 EFFICIENCY APARTMENTS FOR VISITORS TO OUR RESIDENTS AT NOMINAL RATES. EVENTS ARE PLANNED EACH MONTH FOR TRIPS IN THE AREA AND OCCASIONALLY OR OF THE AREA. THERE IS ALSO A CONTRACT REGISTERED NURSE FROM PROFESSIONAL HEALTH CARE SERVICES, INC., A RELATED CORPORATION, WHO VISITS RESIDENTS AND ADMINISTERS BLOOD PRESSURE CHECKS, B-12 SHOTS AND OTHER SIMILAR NEEDS.THE CORPORATION DISTRIBUTES A MONTHLY NEWSLETTER CALLED "THE FRIENDLY CIRCLE" TO THE RESIDENTS. IT IS FREE, HAS NO PAID ADVERTISING IN IT, AND CONTAINS ARTICLES AND A CALENDAR OF COMING EVENTS USEFUL TO THE RESIDENTS. THERE ARE ARTICLES BY THE DIRECTOR OF RESIDENTIAL SERVICES, PHARMACISTS, DOCTORS AND OTHER SUBJECTS THAT WOULD BE OF INTEREST TO THE RESIDENTS. THE LETTER ALSO CONTAINS A CALENDAR WITH THE MENU SPECIALS AND THE FRIENDSHIP PHARMACY CAFE.
RECREATION/CULTURAL CENTER. THE CENTER HAS A BILLIARDS ROOM, MEETING ROOMS, BANQUET FACILITIES, POOL, EXERCISE ROOMS, GAME ROOM, CRAFT ROOM AND CHAPEL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Glen C Combs Chairman | OfficerTrustee | 1 | $0 |
Robert C Lawson Vice Chairman | OfficerTrustee | 1 | $0 |
Cindy Mitchell Board Secretary | Officer | 3 | $0 |
C Michael Shannon CFO | Officer | 3 | $0 |
Joseph M Hoff President & CEO | Officer | 3 | $0 |
Angela Hughes VP Human Resources & Compl | Officer | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blankenship Roofing Co Inc Construction | 6/29/18 | $261,167 |
C 2 Architecture Llc Construction | 6/29/18 | $113,002 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $4,691,640 |
| Investment income | $280,952 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $65,910 |
| Net Gain/Loss on Asset Sales | $346,447 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,384,949 |
| 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 | $687,366 |
| Pension plan accruals and contributions | $14,855 |
| Other employee benefits | $80,011 |
| Payroll taxes | $53,804 |
| Fees for services: Management | $336,349 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $62,784 |
| Fees for services: Other | $8,500 |
| Advertising and promotion | $63,121 |
| Office expenses | $360 |
| Information technology | $32,314 |
| Royalties | $0 |
| Occupancy | $1,085,013 |
| Travel | $16,572 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $520,973 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,330,840 |
| Insurance | $160,380 |
| All other expenses | $61,538 |
| Total functional expenses | $4,931,738 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$9,494,802 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,231 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,595 |
| Prepaid expenses and deferred charges | $184,247 |
| Net Land, buildings, and equipment | $16,692,810 |
| Investments—publicly traded securities | $12,540,821 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,158,195 |
| Total assets | $30,104,097 |
| Accounts payable and accrued expenses | $616,923 |
| Grants payable | $0 |
| Deferred revenue | $94,901 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $17,233,134 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | -$360,167 |
| Total liabilities | $17,584,791 |
| Net assets without donor restrictions | $12,519,306 |
| 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 | $30,104,097 |
Grants Awarded
Over the last fiscal year, Friendship Apartment Village Corporation has awarded $57,500 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
Roanoke, VA PURPOSE: CONTRIBUTION FOR EMERGENCY ASSISTANCE FUND AND FUNDRAISING POOL | $15,000 |
Roanoke, VA PURPOSE: CONTRIBUTION FOR RESEARCH COORDINATOR SUPPORT | $10,000 |
Roanoke, VA PURPOSE: CONTRIBUTION FOR ENDOWMENT FUND | $10,000 |
Dallas, TX PURPOSE: CONTRIBUTION FOR GENERAL SUPPORT | $7,500 |
Roanoke, VA PURPOSE: CONTRIBUTION FOR GENERAL SUPPORT | $5,000 |
Chicago, IL PURPOSE: CONTRIBUTION FOR GENERAL SUPPORT, ALZHEIMERS WALK SPONSORSHIP | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Masonic Home Independent Living Ii Inc Masonic Home, KY | $142,516,912 | $16,410,935 |
The Glebe Inc Glen Allen, VA | $79,347,451 | $20,057,701 |
The Washington Center For Internships And Academic Seminars Washington, DC | $44,342,830 | $20,060,220 |
Homewood At Williamsport Md Inc Williamsport, MD | $33,819,654 | $18,842,651 |
Cypress Of Charlotte Club Inc Charlotte, NC | $4,602,507 | $19,033,502 |
Alliance Foundation Of Florida Inc Fairfax, VA | $3,980,019 | $2,209,632 |
Lake Prince Center Inc Newton, NC | $22,105,583 | $13,762,352 |
Lutheran Home At Trinity Oaks Inc Salisbury, NC | $16,250,206 | $13,832,203 |
Abes Garden Nashville, TN | $36,175,841 | $14,527,368 |
Wesley Manor Retirement Community Inc Louisville, KY | $9,224,359 | $9,135,157 |
Lifespire Of Virginia Glen Allen, VA | $66,161,909 | $8,820,978 |
Landow House Inc Rockville, MD | $22,817,674 | $9,183,243 |