Laguna Cottages For Seniors
- Assets
- $6.9m
- Revenue
- $648.7k
- Investments
- $0.0
- Employees
- 3
- Location
- Santa Barbara, CA
- Founding
- 12/1954
- Data as of
- 12/2021
- EIN
- 95-1770027
Organization Overview
Laguna Cottages For Seniors is located in Santa Barbara, CA. The organization was established in 1954. 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. As of 12/2021, Laguna Cottages For Seniors employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Laguna Cottages For Seniors 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, Laguna Cottages For Seniors generated $648.7k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.6% each year . All expenses for the organization totaled $581.1k during the year ending 12/2021. While expenses have increased by 2.7% 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 LAGUNA COTTAGES IS TO PROVIDE AFFORDABLE RENTAL HOUSING FOR LOW INCOME SENIORS, AGE 65 AND OLDER. RESIDENTS PAY RENT AT THE RATE OF 30% OF THEIR INCOME. RENTS ARE RECALCULATED ANNUALLY BY REVIEW OF EACH RESIDENT'S INCOME FOR THE PAST YEAR. LAGUNA COTTAGES HAS FIFTY FIVE UNITS, WITH FIFTY EIGHT CURRENT RESIDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LAGUNA COTTAGES MANAGES AND MAINTAINS LOW COST HOUSING UNITS WHICH ARE RENTED TO LOW INCOME SENIOR CITIZENS. THESE EXPENSES INCLUDE MAINTENANCE OF UNITS, UTILTIES, GARDENING, MANAGEMENT, AND SOME SOCIAL EVENTS FOR RESIDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Beebe Longstreet Executive Dir. | Officer | 40 | $95,504 |
Susan Wood Treasurer | OfficerTrustee | 2 | $0 |
Mary Standlee Vice President | OfficerTrustee | 2 | $0 |
Cheryl Johnson Secretary | OfficerTrustee | 2 | $0 |
Barbara Allen President | OfficerTrustee | 2 | $0 |
Shelly Rickard Board Member | 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 | $25,210 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,210 |
| Total Program Service Revenue | $399,099 |
| Investment income | $116,282 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $108,151 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $648,742 |
| 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. | $98,369 |
| Compensation of current officers, directors, key employees. | $4,918 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $37,227 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $476 |
| Payroll taxes | $10,511 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $16,011 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $38,041 |
| Fees for services: Other | $1,895 |
| Advertising and promotion | $0 |
| Office expenses | $5,151 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $178,955 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $172,295 |
| Insurance | $22,144 |
| All other expenses | $0 |
| Total functional expenses | $581,075 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $53,302 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $5,058 |
| Net Land, buildings, and equipment | $2,665,998 |
| Investments—publicly traded securities | $4,190,549 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,914,907 |
| Accounts payable and accrued expenses | $4,626 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $665 |
| Total liabilities | $5,291 |
| Net assets without donor restrictions | $5,773,391 |
| Net assets with donor restrictions | $1,136,225 |
| 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 | $6,914,907 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Laguna Cottages For Seniors has recieved totaling $10,838.
| Awarding Organization | Amount |
|---|---|
Haskell Fund Cleveland, OH PURPOSE: PROVIDES INDEPENDENT SENIOR LIVING FOR THOSE ON A LIMITED INCOME | $5,833 |
Pajadoro Family Foundation Santa Barbara, CA PURPOSE: TO PROVIDE AFFORABLE HOUSING FOR SENIORS IN SANTA BARBARA | $5,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $5 |
Endowment Analysis
| Beg. Balance | $1,026,964 |
| Earnings | $134,365 |
| Net Contributions | $300 |
| Other Expense | $25,404 |
| Ending Balance | $1,136,225 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Front Porch Communities Operating Group Llc Glendale, CA | $0 | $63,438,130 |
Marys Woods At Marylhurst Inc Lake Oswego, OR | $331,910,754 | $44,154,309 |
Kahala Senior Living Community Inc Honolulu, HI | $275,964,895 | $44,365,985 |
Humangood Fresno Duarte, CA | $99,958,177 | $30,814,211 |
Mirabella At South Waterfront Portland, OR | $173,639,306 | $25,337,918 |
Humangood Nevada Duarte, CA | $70,139,943 | $27,024,940 |
Dallas Mennonite Retirement Community Inc Dallas, OR | $84,334,175 | $25,845,409 |
Mirabella At Asu Inc Tempe, AZ | $298,424,373 | $6,088,723 |
Humangood Idaho Duarte, CA | $92,297,372 | $17,990,575 |
Sun Health Grandview Terrace Sun City West, AZ | $62,483,785 | $23,188,169 |
Asian Pacific Health Care Venture Inc Los Angeles, CA | $31,429,576 | $29,795,515 |
Hollenbeck Palms Los Angeles, CA | $91,601,425 | $22,351,666 |