Founders Forest Inc
- Assets
- $10.3m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Blacksburg, VA
- Founding
- 11/1982
- Data as of
- 09/2021
- EIN
- 54-1185224
Organization Overview
Founders Forest Inc is located in Blacksburg, VA. The organization was established in 1982. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Founders Forest Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2021, Founders Forest Inc generated $1.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $1.5m during the year ending 09/2021. While expenses have increased by 4.1% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
HOUSING FOR ELDERLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION PROVIDES HOUSING FACILITIES AND SERVICES SPECIALLY DESIGNED TO MEET THE NEEDS OF ELDERLY PERSONS. THE CORPORATION PROVIDES HOUSING AND SERVICES TO APPROXIMATELY 100 PERSONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Price Vice Chairman | OfficerTrustee | 0.5 | $0 |
Hing-Har Lo Secretary | OfficerTrustee | 0.5 | $0 |
Ed Spencer Chair | OfficerTrustee | 0.5 | $0 |
Jason Pospichal Vice Chairman/treasurer | OfficerTrustee | 0.5 | $0 |
Molly Nevitt CFO | Officer | 0.5 | $0 |
Brad Dalton Current President / CEO | Officer | 0.5 | $0 |
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 | $1,488,121 |
| Investment income | $171 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,186 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,499,289 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,900 |
| Fees for services: Accounting | $12,467 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $30,832 |
| Advertising and promotion | $25,433 |
| Office expenses | $21,962 |
| Information technology | $29,216 |
| Royalties | $0 |
| Occupancy | $166,511 |
| Travel | $2,891 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $379 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $501,602 |
| Insurance | $24,792 |
| All other expenses | $18,893 |
| Total functional expenses | $1,476,882 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,032,090 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $178 |
| 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 | $0 |
| Net Land, buildings, and equipment | $5,004,800 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,279,724 |
| Total assets | $10,316,792 |
| Accounts payable and accrued expenses | $85,697 |
| Grants payable | $0 |
| Deferred revenue | $3,173,888 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,647,320 |
| Total liabilities | $7,906,905 |
| Net assets without donor restrictions | $2,409,887 |
| 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 | $10,316,792 |
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