Presbyterian Retirement Communities Northwest
- Assets
- $440.9m
- Revenue
- $77.7m
- Investments
- $0.0
- Employees
- 692
- Location
- Bellevue, WA
- Founding
- 09/1960
- Data as of
- 09/2019
- EIN
- 91-0666887
Presbyterian Retirement Communities Northwest Overview
Presbyterian Retirement Communities Northwest, operating under the name Transforming Age, is located in Bellevue, WA. The organization was established in 1960. 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 09/2019, Transforming Age employed 692 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 09/2019, Transforming Age generated $77.7m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $89.2m during the year ending 09/2019. While expenses have increased by 9.9% per year over the past 5 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
A FAITH-BASED ORGANIZATION SUPPORTING COMMUNITIES AND SERVICES THAT CELEBRATE AND ENRICH LIVES
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRESBYTERIAN RETIREMENT COMMUNITIES NORTHWEST (DBA: TRANSFORMING AGE) IS A PREMIER NOT-FOR-PROFIT ORGANIZATION COMPRISED OF TWELVE UNIQUE RESIDENTIAL COMMUNITIES PROVIDING SERVICES FOR A DIVERSE POPULATION OF OLDER ADULTS IN THE PACIFIC NORTHWEST, MINNESOTA AND NEBRASKA. FOR OVER FIVE DECADES, PARK SHORE HAS BEEN MEETING THE NEEDS OF SENIORS THROUGH OUR HEALTH, WELLNESS AND LIFE ENRICHMENT PROGRAMS IN WASHINGTON. IN OCTOBER OF 2009, WE OPENED OUR NEWEST RETIREMENT COMMUNITY IN DOWNTOWN SEATTLE, SKYLINE AT FIRST HILL. IN OCTOBER 2015, FRED LIND MANOR BECAME PART OF THE PRCN FAMILY OF COMMUNITIES, OFFERING INDEPENDENT AND ASSISTED LIVING AS WELL AS SHORT-TERM STAYS IN WASHINGTON. IN DECEMBER 2016, TRANSFORMING AGE PURCHASED EIGHT COMMUNITIES IN MINNESOTA: THE TIMBERS, THE RIVERS, MERIDIAN MANOR, WATERFORD ESTATES, WATERFORD MANOR, HEATHERS MANOR, HEATHERS ESTATES, AND TRADITIONS, OFFERING INDEPENDENT AND ASSISTED LIVING. IN OCTOBER OF 2017 CHRISTIAN RETIREMENT HOMES (DBA: EASTMONT TOWERS) IN NEBRASKA AND FULL LIFE CARE JOINED THE TRANSFORMING AGE FAMILY. EASTMONT TOWERS IS A CCRC LOCATED IN NEBRASKA. FULL LIFE CARE IS A SEATTLE-BASED NOT-FOR-PROFIT THAT PROVIDES HOME CARE, ADULT DAY HEALTH, MENTAL HEALTH, MEMORY CARE AND CARE CONSULTATION SERVICES. IN FEBRUARY OF 2018 VASHON ISLAND COMMUNITY CARE WAS ADDED TO TRANSFORMING AGE, OFFERING ASSISTED LIVING AND SKILLED NURSING. IN DECEMBER 2018 GERMAN RETIREMENT HOME OF THE STATE OF WASHINGTON ("DBA: THE GARDENS AT JUANITA BAY") JOINED THE TRANSFORMING AGE FAMILY. THE GARDENS AT JUANITA BAY IS A NONPROFIT RETIREMENT COMMUNITY IN KIRKLAND, WASHINGTON, PROVIDING INDEPENDENT LIVING AND ASSISTED LIVING SERVICES WITH 48 STUDIO APARTMENTS. IN APRIL 2019 DOWNTOWN ACTION TO SAVE HOUSING ("DASH") JOINED THE TRANSFORMING AGE FAMILY. DASH IS A NONPROFIT AFFORDABLE HOUSING PROVIDER IN BELLEVUE, WASHINGTON THAT OPERATES 11 AFFORDABLE HOUSING COMMUNITIES FOR SENIORS AS WELL AS WORKFORCE HOUSING ACROSS KING COUNTY.THROUGH OUR CONTINUOUS CARE RETIREMENT COMMUNITIES, WE PROVIDE A CONTINUUM OF CARE: INDEPENDENT LIVING, ASSISTED LIVING, MEMORY SUPPORT, AND SKILLED NURSING CATERING TO RESIDENTS AND THEIR INDIVIDUAL NEEDS. AS A FAITH BASED ORGANIZATION, WE ARE GUIDED BY OUR MISSION AND VISION TO SUPPORT COMMUNITIES AND SERVICES THAT CELEBRATE AND ENRICH LIVES.
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Presbyterian Retirement Communities Northwest Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Torsten Hirche President & CEO | OfficerTrustee | 31 | $719,204 |
Michael Connell Treasurer & CFO | Officer | 31 | $370,496 |
Kevin Mcnamara Exec. Dir. - Skyline At First Hill | 40 | $194,835 | |
Eve Jakoboski VP Human Resources & Risk Mgmt | 40 | $187,970 | |
Stan Martin Corporate Controller | 40 | $175,064 | |
Stephen Wright VP Sales And Marketing | 40 | $164,533 |
Presbyterian Retirement Communities Northwest Vendors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jkr Llc Cleaning | 9/29/19 | $370,165 |
Rehab Specialist Llc Rehabilitation | 9/29/19 | $358,698 |
Premiere Rehab Llc Rehabilitation | 9/29/19 | $436,788 |
Hanson Bridgett Llc Legal Services | 9/29/19 | $286,482 |
Halvorson Construction Group Llc Construction | 9/29/19 | $6,091,403 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $28,856 |
| Investment income | $1,490,542 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $225,039 |
| Net Gain/Loss on Asset Sales | $560,052 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $3,305 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $77,657,494 |
| 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. | $1,173,901 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $29,732,783 |
| Pension plan accruals and contributions | $552,312 |
| Other employee benefits | $2,686,704 |
| Payroll taxes | $2,564,526 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $391,551 |
| Fees for services: Accounting | $320,848 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $192,304 |
| Fees for services: Other | $3,749,869 |
| Advertising and promotion | $622,914 |
| Office expenses | $538,156 |
| Information technology | $681,646 |
| Royalties | $0 |
| Occupancy | $8,130,457 |
| Travel | $306,571 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $346,665 |
| Interest | $13,856,770 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,790,607 |
| Insurance | $986,369 |
| All other expenses | $0 |
| Total functional expenses | $89,203,430 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,454,038 |
| Savings and temporary cash investments | $10,475,839 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,746,217 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $550,000 |
| Inventories for sale or use | $449 |
| Prepaid expenses and deferred charges | $427,279 |
| Investments—publicly traded securities | $60,219,537 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $26,169,356 |
| Other assets | $9,615,888 |
| Total assets | $440,915,477 |
| Accounts payable and accrued expenses | $10,705,283 |
| Grants payable | $0 |
| Deferred revenue | $202,279,158 |
| Tax-exempt bond liabilities | $276,536,283 |
| Escrow or custodial account liability | $8,740,840 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $16,733,074 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $514,994,638 |
| Net assets without donor restrictions | -$74,079,161 |
| 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 | -$74,079,161 |
Presbyterian Retirement Communities Northwest Grants Awarded
Over the last fiscal year, Presbyterian Retirement Communities Northwest has awarded $1,714,906 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Bellevue, WA PURPOSE: DEBT FORGIVENESS | $1,149,518 |
Bellevue, WA PURPOSE: GENERAL OPERATING SUPPORT | $565,388 |
Presbyterian Retirement Communities Northwest Grants Recieved
Over the last fiscal year, we have identified 1 grants that Presbyterian Retirement Communities Northwest has recieved totaling $105,504.
| Awarding Organization | Amount |
|---|---|
Presbyterian Retirement Communities Northwest Foundation Bellevue, WA PURPOSE: GENERAL OPERATING SUPPORT | $105,504 |
Endowment Analysis
| Beg. Balance | $1,478,634 |
| Earnings | $24,490 |
| Ending Balance | $1,503,124 |
Presbyterian Retirement Communities Northwest Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Presbyterian Retirement Communities Northwest Bellevue, WA | $440,915,477 | $77,657,494 |
Rogue Valley Manor Medford, OR | $243,537,803 | $59,046,530 |
Wesley Homes Des Moines, WA | $265,542,941 | $49,420,111 |
Panorama Lacey, WA | $219,753,864 | $52,413,806 |
Spokane United Methodist Homes Spokane, WA | $262,838,250 | $29,983,701 |
Horizon House Seattle, WA | $214,631,010 | $36,836,563 |
Willamette View Manor Inc Portland, OR | $169,688,734 | $33,393,145 |
Mennonite Home Of Albany Inc Albany, OR | $85,262,011 | $30,115,303 |
Eastside Retirement Association Redmond, WA | $217,251,044 | $37,721,266 |
Robison Jewish Home Portland, OR | $58,903,101 | $22,674,545 |
Eliseo Tacoma, WA | $21,172,522 | $21,941,023 |
Capital Manor Inc Salem, OR | $122,558,216 | $22,590,011 |
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