Civic Intelligence

Tenacre Foundation

990 • Fiscal year 2015 • EIN 21-0577480

May 01, 2014 to Apr 30, 2015 • Filed on Feb 01, 2016

Box 632 The Great RoadPrinceton, NJ 08542

(609) 921-8900

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

2nd percentile

0.00x

Higher debt load relative to assets than 2% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Source year 2015

Liabilities / Revenue

4th percentile

0.04x

Higher debt load relative to revenue than 4% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Source year 2015

Net Margin

95th percentile

54%

Higher net margin than 95% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Source year 2015

Top Officer Pay

3rd percentile

$279,963

Higher top officer pay than 3% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2015 filings • 501(c)3 • $1B+ nonprofits • Source year 2015

Asset Growth

92nd percentile

17%

Faster asset growth than 92% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2014 to 2015

Revenue Growth

95th percentile

53%

Faster revenue growth than 95% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2014 to 2015

Assets

Up

$2,711,900,367

Up $403,081,362 (+17%) from 2014

Net Assets

Up

$2,709,160,796

Up $400,855,451 (+17%) from 2014

Liabilities

Up

$2,739,571

Up $2,225,911 (+433%) from 2014

Revenue

Up

$65,268,608

Up $22,558,942 (+53%) from 2014

Expenses

Up

$29,948,388

Up $94,627 (+0.3%) from 2014

Net Income

Up

$35,320,220

Up $22,464,315 (+175%) from 2014

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0B$2.0B$1.0B$0Assets 2011: $1,017,049,050Liabilities 2011: $1,171,061Net Assets 2011: $1,015,877,9892011Assets 2012: $1,462,571,394Liabilities 2012: $912,634Net Assets 2012: $1,461,658,7602012Assets 2013: $1,709,835,725Liabilities 2013: $505,512Net Assets 2013: $1,709,330,2132013Assets 2014: $2,308,819,005Liabilities 2014: $513,660Net Assets 2014: $2,308,305,3452014Assets 2015: $2,711,900,367Liabilities 2015: $2,739,571Net Assets 2015: $2,709,160,7962015Assets 2016: $251,029,386Liabilities 2016: $4,697,115Net Assets 2016: $246,332,2712016Assets 2017: $340,816,860Liabilities 2017: $1,683,663Net Assets 2017: $339,133,1972017Assets 2019: $444,310,177Liabilities 2019: $43,242,6302019Assets 2021: $536,940,723Liabilities 2021: $102,069,081Net Assets 2021: $434,871,6422021Assets 2022: $470,013,101Liabilities 2022: $108,460,286Net Assets 2022: $361,552,8152022Assets 2023: $375,650,707Liabilities 2023: $71,533,1092023

Highlighted filing

2015

Assets$2,711,900,367
Liabilities$2,739,571
Net Assets$2,709,160,796

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$200M$150M$100M$50M$0Revenue 2011: $29,001,444Expenses 2011: $16,287,334Net Income 2011: $12,714,1102011Expenses 2012: $18,412,4442012Expenses 2013: $18,319,1002013Revenue 2014: $42,709,666Expenses 2014: $29,853,761Net Income 2014: $12,855,9052014Revenue 2015: $65,268,608Expenses 2015: $29,948,388Net Income 2015: $35,320,2202015Revenue 2016: $81,101,834Expenses 2016: $24,743,389Net Income 2016: $56,358,4452016Revenue 2017: $104,998,472Expenses 2017: $47,193,570Net Income 2017: $57,804,9022017Revenue 2019: $152,370,715Expenses 2019: $143,680,867Net Income 2019: $8,689,8482019Revenue 2021: $131,443,449Expenses 2021: $114,973,945Net Income 2021: $16,469,5042021Revenue 2022: $169,308,668Expenses 2022: $153,933,240Net Income 2022: $15,375,4282022Revenue 2023: $94,567,488Expenses 2023: $93,849,411Net Income 2023: $718,0772023

Highlighted filing

2015

Revenue$65,268,608
Expenses$29,948,388
Net Income$35,320,220
Jump To
Filing Snapshot
Filing Period
May 1, 2014 to Apr 30, 2015
Signed
Feb 1, 2016
Return Version
2014v6.0
Gross Receipts
$81,946,379
Mission and Program Overview

Mission

Tenacre's primary exempt purpose is providing interrelated christian science ministries, with the principal ministry being christian science nursing services.

A non-profit christian science organization providing a variety of interrelated ministries including christian science nursing services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$109,716,365$144,798,736▲ $35,082,371
Land, Buildings, and Equipment, Net$41,094,856$42,041,505▲ $946,649
Savings and Temporary Cash Investments$14,119,664$11,117,272▼ $3,002,392
Other Notes and Loans Receivable, Net$635,628$605,360▼ $30,268
Prepaid Expenses and Deferred Charges$9,972,363$255,316▼ $9,717,047
Accounts Receivable$176,167$167,687▼ $8,480
Cash and Non-Interest-Bearing Accounts$58,014$135,059▲ $77,045
Pledges and Grants Receivable$218$0▼ $218
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$2,308,819,005$2,711,900,367▲ $403,081,362
Other Assets Total$2,133,045,730$2,512,779,432▲ $379,733,702
Liabilities
Accounts Payable and Accrued Expenses$513,660$2,739,571▲ $2,225,911
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$513,660$2,739,571▲ $2,225,911
Net Assets / Fund Balance
Temporarily Rstr Net Assets$2,132,940,713$2,512,619,844▲ $379,679,131
Unrestricted Net Assets$175,091,606$196,267,926▲ $21,176,320
Permanently Rstr Net Assets$273,026$273,026→ $0
Total Net Assets Fund Balance$2,308,305,345$2,709,160,796▲ $400,855,451
Total Liabilities and Net Assets / Fund Balance$2,308,819,005$2,711,900,367▲ $403,081,362

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$31,365,799$15,953,871$47,319,670
Other Land Buildings$6,624,510$2,656,374$9,280,884
Equipment$938,924$3,899,930$4,838,854
Land$3,112,272-$3,112,272
Other Assets Org$2,512,619,843--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$2,133,213,739-▲ $379,679,131-$2,512,892,870
2013$1,561,768,835-▲ $571,444,904-$2,133,213,739
2012$1,337,329,905-▲ $224,438,930-$1,561,768,835
2011$895,410,875-▲ $441,919,030-$1,337,329,905
2010$769,139,600-▲ $126,271,275-$895,410,875
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Cynthia LovePresident Thru 3/15 & ChairmanFT$163,499$116,464$279,963
William BellTreasurerFT$127,837$70,850$198,687
Catheryn MurdochVP/sec Thru 3/15 Pres 3/20/15FT$131,578$51,236$182,814
Gary WrightAsst TreasurerFT$102,512$25,477$127,989
Dawn BertlesSecretary as of 3/15FT$48,921$17,435$66,356

Board Members and Trustees

NameTitle
Helen JenningsVice Chair
Christine Irby WilliamsTrustee
Karen SykesTrustee
Scott ShiversTrustee
Jake LoweTrustee as of 6/14

Highest Paid Contractors

ContractorServicesLocationCompensation
Kendall Builders LLCConstruction2046 JACKSONVILLE-JOBSTOWN RD, Jobstown, NJ 08041$2,127,351
American Trust Company LLCInvestment MgmtONE COURT STREET STE 350, Lebanon, NH 03766$474,851
Ford3 Architects LLPArchitecture Service32 NASSAU STREET, Princeton, NJ 08542$205,511
Montgomery Mccracken Walker RhoadLegal Services123 BROAD STREET, Philadelphia, PA 19109-1099$179,144
Pnc Institutional Asset ManagementInvestment Mgmt76 NASSAU STREET, Princeton, NJ 08542$122,168
Revenue and Support

Revenue Composition

Contributions and Grants
$306,125
Program Service Revenue
$3,002,054
Investment Income
$61,896,651
Other Revenue
$63,778
All Other Contributions
$306,125
Change in Net Assets
$35,320,220

Audited Revenue Reconciliation

Revenue per Audited Statements
$65,268,600
Revenue Not Reported on Financial Statements
$8
Revenue Not Reported on Form 990
$374,910,201
Other Revenue Adjustments
$8
Total Revenue per Audited Statements
$440,178,801
Total Revenue per Form 990
$65,268,608
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$14,005,901
Other Expenses$8,194,297
Salaries, Compensation, and Employee Benefits$7,748,190
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$12,487,721--$12,487,721
Other Salaries and Wages$4,177,676$1,474,338-$5,652,014
Depreciation Depletion$1,948,543$959,730-$2,908,273
Occupancy$902,814$607,178-$1,509,992
Fees for Service Investment Mgmnt Fees$139,938$1,117,280-$1,257,218
Grants to Domestic Individuals$1,171,680--$1,171,680
Current Officers, Directors, Trustees, and Key Employees$549,565$26,667-$576,232
Other Employee Benefits$433,043$117,421-$550,464
Pension Plan Contributions$391,027$109,443-$500,470
Payroll Taxes$370,518$98,492-$469,010
Office Expenses$296,291$115,941-$412,232
Foreign Grants$346,500--$346,500
Fees for Services Legal-$319,975-$319,975
Fees for Services Other-$305,319-$305,319
Insurance$139,733$37,144-$176,877
Fees for Services Accounting-$62,297-$62,297
Advertising$59,432--$59,432
Conferences and Meetings$28,802$13,760-$42,562
Other Expenses$7,508$20,530-$7,508
Total Functional Expenses$23,635,563$6,312,825$0$29,948,388

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$29,948,388
Total Expenses per Audited Statements$29,948,388
Total Expenses per Form 990$29,948,388
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
The First Church of Christ ScientistBoston, MA501(c)(3)Related Ministries$7,000,000
Township of PrincetonPrinceton, NJ501(c)(3)General Donation$2,908,274
Longyear MuseumChestnut Hill, MA501(c)(3)Related Ministries$1,100,000
Clearway Foundation IncCosta Mesa, CA501(c)(3)Related Ministries$250,000
High Oaks IncWillow Grove, PA501(c)(3)Related Ministries$250,000
The Albert Baker FundSacramento, CA501(c)(3)Related Ministries$250,000
The Dominion FoundationRichmond, VA501(c)(3)Related Ministries$250,000
The Principal FoundationKansas City, MO501(c)(3)Related Ministries$250,000
FIRST CHURCH OF CHRIST SCIENTIST'Princeton, NJ501(c)(3)Related Ministries$200,000
First Church of Christ ScientistConcord, NH501(c)(3)Related Ministries$200,000
Adventure UnlimitedGreenwood Village, CO501(c)(3)Related Ministries$100,000
Camps Leelanau & KohahnaMaple City, MI501(c)(3)Related Ministries$100,000
Camps Newfound & OwatonnaHarrison, ME501(c)(3)Related Ministries$100,000
Crystal Lake CampsHughesville, PA501(c)(3)Related Ministries$100,000
Discovery BoundGreenwood Village, CO501(c)(3)Related Ministries$100,000
Friends of Camp Bow-isleBellevue, WA501(c)(3)Related Ministries$100,000
The Cedar CampsLebanon, MO501(c)(3)Related Ministries$100,000
The Mary Baker Eddy LibraryBoston, MA501(c)(3)Related Ministries$100,000
Christian Science Committee on Publications for NjMontague, NJ501(c)(3)Related Ministries$50,000

International Summary

Spending
$346,500

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
EuropeGrantmakingChristian Science Nurs--$346,500
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Question 12C

The conflict of interest policy is distributed to board members, officers and members of management annually. Individuals are required to return signed conflict of interest forms disclosing any conflicts, which are reviewed and monitored by the chairman of the board and the president.

Form 990, Part VI, Section B, Question 15B

Information is compiled by management from various sources providing comparative salary and benefit data for non-profit organizations in the same geographic area. Cost of living analysis is reviewed by management. Results of both reviews are summarized and presented to the board for consideration and approval of current year salary benefit increases.

Form 990, Part VI, Section C, Question 19

If requests were made for these documents, senior management and a board representative would determine if the documents would be provided.

Form 990, Part VI, Section B, Question 11

Senior management meets with the audit committee of the governing body to discuss and address questions, changes are made if necessary and corrected form 990 is redistributed for review and approval for filing. A copy of the completed form 990 is provided to all board members prior to filing.

Form 990, Part VIII, Line 1(F)

All of the unrestricted contribution and gifts received during the year have been used for tenacre christian science nursing benevolence.

Form 990, Part VI, Section B, Question 15A

Information is compiled by the treasurer from various sources providing comparative salary and benefit data for not-profit organizations in the same geographic area. Cost of living analyses are also reviewed. The treasurer will consult with the chairman or vice chairman for the president's compensation prior to presenting to the board. Results of both reviews are summarized and presented to the board, not including the president, for consideration and approval of current year salary and benefit increases.

Filing and Contact Details

Filer

Filer Name
Tenacre Foundation
EIN
21-0577480
In Care Of
% CATHERYN MURDOCH
Phone
6099218900
Address
BOX 632 THE GREAT ROAD, PRINCETON, NJ 08542

Signing Officer

Name
Gary Wright
Title
Director of Finance
Phone
6099218900
Signed
2016-02-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Catheryn Murdoch
Formed
1921
Legal Domicile
Nj
Voting Board Members
7
Independent Board Members
6
Employees
155
Volunteers
7

Preparer

Firm
Withum Smith Brown Pc
Address
5 VAUGHN DR STE 201, PRINCETON, NJ 08540-6313
Preparer
Paul V Gergel
Phone
6095201188
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

The other changes in net assets or fund balances can be attributed to net actuarial loss of ($9,374,970).

Financial Statement Notes

PART V, QUESTION 4 - DESCRIPTION OF THE INTENDED USE OF ENDOWMENT FUNDS:

The principal of funds that are permanently restricted by the donor is held in perpetuity. Income generated by the principal is used to provide christian science nursing services for the elderly. Income generated by funds held in trust is used at the discretion of the board and management to fulfill the purpose of the organization's mission.

Part X

TEXT OF FOOTNOTE TO THE ORGANIZATION'S FINANCIAL STATEMENTS THAT REPORTS THE ORGANIZATION'S LIABILITY FOR UNCERTAIN TAX POSITIONS UNDER FIN 48: The Organization adopted the application of Accounting for Uncertainty in Income. The Organization had no unrecognized tax benefits at April 30, 2015 or 2014. In addition, the Organization has no significant income tax related penalties or interest for the periods in question.

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