Friendship Retirement Corporation
- Assets
- $25.4m
- Revenue
- $27.9m
- Investments
- $174.1k
- Employees
- 708
- Location
- Glendale, AZ
- Founding
- 02/1973
- Data as of
- 12/2021
- EIN
- 86-0265218
Organization Overview
Friendship Retirement Corporation, operating under the name Glencroft, is located in Glendale, AZ. The organization was established in 1973. 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 12/2021, Glencroft employed 708 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Glencroft 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 12/2021, Glencroft generated $27.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $29.3m during the year ending 12/2021. While expenses have increased by 4.2% 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
THE MISSION OF GLENCROFT IS TO PROVIDE A BROAD CONTINUUM OF HIGH QUALITY SENIOR SERVICES IN A MANNER THAT DEMONSTRATES CHRISTIAN LOVE AND COMPASSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SKILLED NURSING - OUR 225 BED CARE CENTER, KNOWN AS PROVIDENCE PLACE, IS LOCATED NEAR THE ENTRY TO OUR CAMPUS. CERTIFIED TO ACCEPT BOTH MEDICARE AND MEDICAID(ALTCS). THE CARE CENTER CONSISTENTLY RECEIVES A QUALITY RATING FROM THE DEPT. OF HEALTH SERVICES AND ENJOYS A STAR MEDICARE RATING. THE FOLLOWING CARE SERVICES ARE AVAILABLE: 24-HOURS SKILLED NURSING CARE, MEDICARE/SUB-ACUTE CARE UNIT, SHORT TERM, LONG TERM AND RESPITE CARE, COMFORT CARE, HOSPICE BEHAVIORAL HEALTHCARE, RESTORATIVE NURSING, CONTRACTED WITH MOST MANAGED CARE INSURANCE PLAN DAILY ACTIVITIES PROGRAM THAT INCLUDES OFF-CAMPUS TRIPS, COMPUTER FOR RESIDENT USE AND SOCIAL EVENTS AND ON-SITE CHAPLAINCY SERVICES AND VISITS.INDEPENDENT LIVING - THE CASITAS ARE ATTRACTIVE ONE AND TWO BEDROOM COURTYARD HOMES SITUATED IN EIGHT CHARMING COURTS SURROUNDING THE PERIMETER OF OUR 40 ACRE COMMUNITY. THESE LOVELY UNITS ARE EQUIPPED WITH REFRIGERATOR, RANGE, MICROWAVE, GARBAGE DISPOSAL, PERSONAL EMERGENCY RESPONSE SYSTEM, SMOKE DETECTOR, FIRE ALARM AND ASSIGNED COVERED PARKING. THERE IS A COMPLIMENTARY LAUNDRY ROOM AVAILABLE IN EACH COURT FOR RESIDENT USE AND CONVENIENCE. IN ADDITION, MOST UNITS ARE EQUIPPED WITH WASHER AND DRYER CONNECTIONS. TELEVISION, WATER, SEWER, TRASH REMOVAL AND USE OF ALL CAMPUS FACILITIES ARE COVERED IN THE MONTHLY RATES. IN ADDITION, MONTHLY RATES INCLUDE, BUT ARE NOT LIMITED TO, ALL ADMINISTRATIVE EXPENSE, REPAIRS AND MAINTENANCE OF BUILDINGS AND GROUNDS, SECURITY AND CAPITAL IMPROVEMENTS.ASSISTED LIVING - LICENSED FOR DIRECTED CARE ASSISTED LIVING, MANOR 1 PROVIDES QUALITY SUPPORT TO RESIDENTS NEEDING HELP THROUGHOUT THE COURSE OF THEIR DAY IN A SECURE SETTING. MANOR 1 ENHANCES QUALITY OF LIFE FOR EACH RESIDENT BY SUPPORTING THEM WITH AS LITTLE OR AS MUCH ASSISTANCE AS NEEDED. EACH RESIDENT CAN EXPERIENCE AS MUCH INDEPENDENCE AS POSSIBLE. FREEDOM FROM MEAL PREPARATION, LAUNDRY AND HOUSEKEEPING PROVIDES AN EXPERIENCE THAT MAKES LIFE COMFORTABLE. THE VILLAS ARE NESTLED IN THE HEART OF OUR COMMUNITY AND ARE BEAUTIFULLY DESIGNED ONE BEDROOM EFFICIENCY SUITES. THESE LOVELY UNITS ARE EQUIPPED WITH REFRIGERATOR, RANGE, MICROWAVE, GARBAGE DISPOSAL, PERSONAL EMERGENCY RESPONSE SYSTEM, SMOKE DETECTOR, FIRE ALARM AND INDIVIDUALLY CONTROLLED THERMOSTAT. THERE IS AN ELEVATOR AND COIN OPERATED LAUNDRY ROOM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Wenzlau CEO (thru 12/31/21) | Officer | 20 | $260,211 |
Don May CFO | Officer | 8 | $157,800 |
Christi Irwin VP Of Health Services | 40 | $149,197 | |
Scott Mcclintock Chief Health Officer | 40 | $146,404 | |
Michael A Mccammond Cao | 20 | $138,251 | |
Tommy Medina Chief People Officer | 40 | $123,047 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Floor Source Llc Construction/renovation | 12/30/21 | $155,975 |
Tk Elevator Construction/renovation | 12/30/21 | $224,755 |
Professional Reps Development Construction/renovation | 12/30/21 | $550,158 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,102 |
| Government grants | $1,112,444 |
| All other contributions, gifts, grants, and similar amounts not included above | $478 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,114,024 |
| Total Program Service Revenue | $24,394,687 |
| Investment income | $39,593 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $351,361 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $27,946,854 |
| 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. | $492,166 |
| Compensation of current officers, directors, key employees. | $452,898 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,500,490 |
| Pension plan accruals and contributions | $78,078 |
| Other employee benefits | $929,880 |
| Payroll taxes | $1,306,165 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $88,866 |
| Fees for services: Accounting | $67,129 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $219,118 |
| Advertising and promotion | $441,992 |
| Office expenses | $2,114,065 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,235,113 |
| Travel | $9,000 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $52,271 |
| Interest | $707,633 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,349,216 |
| Insurance | $380,544 |
| All other expenses | $595,425 |
| Total functional expenses | $29,267,306 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $983,904 |
| Savings and temporary cash investments | $1,916,596 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,488,738 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $227,976 |
| Prepaid expenses and deferred charges | $339,731 |
| Net Land, buildings, and equipment | $14,301,927 |
| Investments—publicly traded securities | $1,830,805 |
| Investments—other securities | $174,064 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,151,123 |
| Total assets | $25,414,864 |
| Accounts payable and accrued expenses | $1,598,841 |
| Grants payable | $0 |
| Deferred revenue | $625,603 |
| Tax-exempt bond liabilities | $12,158,408 |
| Escrow or custodial account liability | $220,573 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $1,500,000 |
| Other liabilities | $2,320,590 |
| Total liabilities | $18,424,015 |
| Net assets without donor restrictions | $6,990,849 |
| 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 | $25,414,864 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Friendship Retirement Corporation has recieved totaling $20,000.
| Awarding Organization | Amount |
|---|---|
Bhhs Legacy Foundation Phoenix, AZ PURPOSE: FOOD PANTRY | $15,000 |
The Albertsons Companies Foundation Pleasanton, CA PURPOSE: GENERAL ASSISTANCE | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Humangood Socal Duarte, CA | $306,047,961 | $119,573,837 |
Wind Crest Inc Highlands Ranch, CO | $994,750,892 | $101,821,214 |
Sequoia Living Inc San Francisco, CA | $412,512,571 | $125,018,618 |
Jewish Home San Francisco, CA | $286,369,109 | $101,598,879 |
Community Eldercare Of San Diego San Diego, CA | $76,291,474 | $103,929,835 |
Center For Elders Independence Oakland, CA | $163,334,060 | $110,881,645 |
Masonic Homes Of California San Francisco, CA | $1,081,181,439 | $41,944,438 |
Motion Picture And Television Fund Woodland Hills, CA | $117,551,107 | $62,254,849 |
Institute On Aging San Francisco, CA | $58,432,886 | $66,846,262 |
Grancell Village Of The Los Angeles Jewish Home For The Aging Reseda, CA | $74,699,459 | $60,276,801 |
Tempe Life Care Village Inc Tempe, AZ | $225,266,079 | $48,647,054 |
Bethesda Foundation Colorado Springs, CO | $104,909,820 | $43,407,177 |