Laurels Incorporated
- Assets
- $1.1m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 66
- Location
- Harlan, KY
- Founding
- 11/1981
- Data as of
- 12/2020
- EIN
- 61-0605647
Organization Overview
Laurels Incorporated is located in Harlan, KY. The organization was established in 1981. 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 12/2020, Laurels Incorporated employed 66 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Laurels Incorporated 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 12/2020, Laurels Incorporated generated $1.0m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (1.3%) per year over the past 6 years. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
PERSONAL CARE NURSING HOME
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRIOR TO 2002, THE LAURELS WAS A 50 BED PERSONAL CARE HOME, IN 2002 32 NEW BEDS WERE BROUGHT ON-LINE. PATIENTS ARE SUPERVISED AND GIVEN THREE MEALS PER DAY.
PRIOR TO 2002, THE LAURELS WAS A 50 BED PERSONAL CARE HOME, IN 2002 32 NEW BEDS WERE BROUGHT ON-LINE. PATIENTS ARE SUPERVISED AND GIVEN THREE MEALS PER DAY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Helen Smith Director | OfficerTrustee | 40 | $42,000 |
Patsy Fields Treasurer | OfficerTrustee | 2 | $0 |
Mark Bushnell Chairman | OfficerTrustee | 4 | $0 |
Benny Dale Coleman Board Member | Trustee | 2 | $0 |
Dr Sharon Colton Board Member | Trustee | 2 | $0 |
J D Smith Board Attorney | Trustee | 1 | $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 | $999,741 |
| Investment income | $8 |
| 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 | $999,986 |
| 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 | $514,608 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $41,023 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,725 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,095 |
| Office expenses | $1,551 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $59,015 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $39,546 |
| Insurance | $15,823 |
| All other expenses | $439,852 |
| Total functional expenses | $1,155,714 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $193,680 |
| Savings and temporary cash investments | $35,926 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,587 |
| 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 | $4,681 |
| Net Land, buildings, and equipment | $812,120 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,051,994 |
| Accounts payable and accrued expenses | $37,994 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $840,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $43,110 |
| Total liabilities | $921,104 |
| 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 | $1,184,871 |
| Retained earnings, endowment, accumulated income, or other funds | -$1,053,981 |
| Total liabilities and net assets/fund balances | $1,051,994 |
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