Penney Retirement Community Inc
- Assets
- $62.0m
- Revenue
- $17.8m
- Investments
- $14.3m
- Employees
- 299
- Location
- Penney Farms, FL
- Founding
- 04/1957
- Data as of
- 06/2021
- EIN
- 59-0624420
Organization Overview
Penney Retirement Community Inc is located in Penney Farms, FL. The organization was established in 1957. 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, Penney Retirement Community Inc employed 299 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Penney Retirement Community 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, Penney Retirement Community Inc generated $17.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $16.8m during the year ending 06/2021. While expenses have increased by 4.6% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SERVE SENIORS WHO WISH TO RETIRE IN AN INCLUSIVE CHRISTIAN COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES HOUSING, HEALTH CARE AND OTHER RELATED SERVICES THROUGH THE OPERATION OF A RETIREMENT COMMUNITY. THE COMMUNITY INCLUDES 301 APARTMENTS, COTTAGES AND HOMES, A 20-BED MEMORY CARE CENTER, 55 INDEPENDENT LIVING UNITS OFFERING ASSISTIVE SERVICES AND A LICENSED SKILLED NURSING CENTER WITH A CAPACITY OF 50 RESIDENTS. THE COMMUNITY ALSO INCLUDES RECREATIONAL AMENITIES, INCLUDING A NINE-HOLE GOLF COURSE, INDOOR SWIMMING POOL, FITNESS CENTER, ART STUDIO, CRAFTS FACILITIES, LIBRARIES AND DINING FACILITIES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Teresa D Scott President/ceo | Officer | 40 | $192,052 |
Beth A Mcanally Chief Financial Officer (beg. 2/2020) | Officer | 40 | $96,121 |
William D Fish Former CFO (ending 1/2020) | 40 | $71,057 | |
Alison E Hickman First Vice Chair | OfficerTrustee | 2 | $0 |
James Knight Treasurer | OfficerTrustee | 2 | $0 |
Evelyn Dolly Hillman Secretary | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
James Dean Masonry Inc Construction Services | 6/29/21 | $405,017 |
Chaney's Home Improvement Construction Services | 6/29/21 | $291,850 |
Home Medic Remodeling Llc Construction Services | 6/29/21 | $156,269 |
Stevenson Construction Co Inc Construction Services | 6/29/21 | $1,503,590 |
Functional Pathways Patient Therapy Services | 6/29/21 | $890,250 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $734,079 |
| Investment income | $278,007 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $868,354 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,793,426 |
| Statement of Expenses | |
|---|---|
| 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. | $257,818 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,184,546 |
| Pension plan accruals and contributions | $233,200 |
| Other employee benefits | $775,419 |
| Payroll taxes | $487,286 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,010 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,333,074 |
| Advertising and promotion | $31,498 |
| Office expenses | $93,792 |
| Information technology | $62,926 |
| Royalties | $0 |
| Occupancy | $2,292,777 |
| Travel | $111 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $408,334 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,024,591 |
| Insurance | $654,064 |
| All other expenses | $0 |
| Total functional expenses | $16,809,244 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,311,963 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $388,063 |
| Accounts receivable, net | $810,643 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $139,942 |
| Prepaid expenses and deferred charges | $37,343 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $14,291,961 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $693,096 |
| Total assets | $61,971,655 |
| Accounts payable and accrued expenses | $1,244,299 |
| Grants payable | $0 |
| Deferred revenue | $28,946,796 |
| Tax-exempt bond liabilities | $9,579,203 |
| 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 | $2,573,945 |
| Total liabilities | $42,344,243 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $19,627,412 |
Grants Awarded
Over the last fiscal year, Penney Retirement Community Inc has awarded $146,511 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
TOWN OF PENNEY FARMS PURPOSE: PICKLEBALL COURT CONSTRUCTION | $122,511 |
Penney Farms, FL PURPOSE: SUPPORT FOR FULL-TIME MINISTER | $24,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Penney Retirement Community Inc has recieved totaling $8,903.
| Awarding Organization | Amount |
|---|---|
Celia S Pratt Tr Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $8,889 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $14 |
Endowment Analysis
| Beg. Balance | $1,699,596 |
| Earnings | $214,515 |
| Ending Balance | $1,914,111 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Methodist Home For The Aging Birmingham, AL | $118,213,803 | $51,510,138 |
Lenbrook Square Foundation Inc Atlanta, GA | $291,448,667 | $46,078,205 |
Cypress Cove At Healthpark Florida Inc Fort Myers, FL | $165,133,632 | $33,291,550 |
Glenridge On Palmer Ranch Inc Jacksonville, FL | $194,012,729 | $37,245,180 |
John Knox Village Of Central Florida Inc Orange City, FL | $183,731,535 | $56,317,098 |
Oak Hammock At The University Of Florida Inc Gainesville, FL | $123,521,355 | $38,928,213 |
Gulf Care Inc Cape Coral, FL | $96,060,136 | $33,635,859 |
Senior Care Group Inc Tampa, FL | $31,110,581 | $32,171,523 |
Magnolia Manor Inc Americus, GA | $105,196,135 | $36,011,404 |
Waterman Communities Inc Mount Dora, FL | $148,398,473 | $31,351,619 |
East Ridge Retirement Village Inc Gainesville, FL | $85,059,682 | $27,977,471 |
North Florida Retirement Village Inc Gainesville, FL | $89,998,820 | $32,740,071 |