Civic Intelligence

Penacook Place Inc.

990 • Fiscal year 2013 • EIN 23-7090088

Jan 01, 2013 to Dec 31, 2013 • Filed on Nov 06, 2014

150 Water Street01830

(978) 374-0707

Siviq Scores

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

Liabilities / Assets

84th percentile

0.75x

Higher debt load relative to assets than 84% of similar nonprofits.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2013

Liabilities / Revenue

59th percentile

0.37x

Higher debt load relative to revenue than 59% of similar nonprofits.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2013

Net Margin

21st percentile

-5.3%

Higher net margin than 21% of similar nonprofits.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2013

Top Officer Pay

62nd percentile

$201,433

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 1.7% of source-year revenue.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2013

Asset Growth

9th percentile

-8.9%

Faster asset growth than 9% of similar nonprofits.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Assets

Down

$5,769,094

Down $562,290 (-8.9%) from 2012

Net Assets

Down

$1,415,587

Down $609,820 (-30%) from 2012

Liabilities

Up

$4,353,507

Up $47,530 (+1.1%) from 2012

Revenue

$11,924,573

No earlier filing loaded for comparison.

Expenses

Down

$12,557,091

Down $419,541 (-3.2%) from 2012

Net Income

-$632,518

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$20M$10M$0-$10MAssets 2011: $6,562,789Liabilities 2011: $4,607,231Net Assets 2011: $1,955,5582011Assets 2012: $6,331,384Liabilities 2012: $4,305,977Net Assets 2012: $2,025,4072012Assets 2013: $5,769,094Liabilities 2013: $4,353,507Net Assets 2013: $1,415,5872013Assets 2015: $5,469,877Liabilities 2015: $4,424,449Net Assets 2015: $1,045,4282015Assets 2016: $5,247,059Liabilities 2016: $4,827,823Net Assets 2016: $419,2362016Assets 2017: $4,986,275Liabilities 2017: $3,884,521Net Assets 2017: $1,101,7542017Assets 2018: $4,553,131Liabilities 2018: $3,797,496Net Assets 2018: $755,6352018Assets 2021: $5,893,296Liabilities 2021: $4,913,574Net Assets 2021: $979,7222021Assets 2024: $4,212,004Liabilities 2024: $12,727,770Net Assets 2024: -$8,515,7662024

Highlighted filing

2013

Assets$5,769,094
Liabilities$4,353,507
Net Assets$1,415,587

Operations Trend

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

$20M$15M$10M$5.0M$0-$5.0MExpenses 2011: $13,250,9192011Expenses 2012: $12,976,6322012Revenue 2013: $11,924,573Expenses 2013: $12,557,091Net Income 2013: -$632,5182013Revenue 2015: $11,680,660Expenses 2015: $11,673,872Net Income 2015: $6,7882015Revenue 2016: $10,609,669Expenses 2016: $11,252,234Net Income 2016: -$642,5652016Revenue 2017: $12,594,894Expenses 2017: $12,441,397Net Income 2017: $153,4972017Revenue 2018: $12,580,936Expenses 2018: $12,948,863Net Income 2018: -$367,9272018Revenue 2021: $12,393,295Expenses 2021: $13,547,176Net Income 2021: -$1,153,8812021Revenue 2024: $12,622,540Expenses 2024: $15,669,818Net Income 2024: -$3,047,2782024

Highlighted filing

2013

Revenue$11,924,573
Expenses$12,557,091
Net Income-$632,518
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Nov 6, 2014
Return Version
2013v3.0
Gross Receipts
$11,924,573
Mission and Program Overview

Mission

To promote the highest possible quality of life for our residents in a clean, safe, and attractive enviroment. To care for our residents as we would want to be cared for - the goldern rule of penacook place. To meet or exceed the expectations of our residents, as well as others with whom we come in contact. To show hospitality, courtresy, cooperation and respect to all residents, family members, fellow employees, volunteers and vistors.

To promote the highest possible quality of life for our residents in a clean, safe, and attractive environment. To care for our residents as we would want to be cared for-the golden rule of penacook place. To meet or exceed the expectations of our residents, as well as others with whom we come in contact. To show hospitality, courtesy, cooperation and respect to all residents, family members, fellow employees, volunteers and visitors. To be an integral, contributing part of the greater haverhill business, educational and cultural communities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,343,651$2,296,401▼ $47,250
Accounts Receivable$1,345,107$1,242,523▼ $102,584
Cash and Non-Interest-Bearing Accounts$333,018$1,092,556▲ $759,538
Savings and Temporary Cash Investments$1,474,346$359,356▼ $1,114,990
Investments in Publicly Traded Securities$213,478$255,413▲ $41,935
Prepaid Expenses and Deferred Charges$242,913$158,131▼ $84,782
Total Assets$6,331,384$5,769,094▼ $562,290
Other Assets Total$378,871$364,714▼ $14,157
Liabilities
Tax Exempt Bond Liabilities$3,039,927$2,829,849▼ $210,078
Accounts Payable and Accrued Expenses$1,243,592$1,322,658▲ $79,066
Other Liabilities$0$126,000▲ $126,000
Unsecured Notes Loans Payable$0$75,000▲ $75,000
Mortgage Notes Payable Secured by Investment Property$22,458--
Total Liabilities$4,305,977$4,353,507▲ $47,530
Net Assets / Fund Balance
Unrestricted Net Assets$1,963,644$1,384,318▼ $579,326
Temporarily Rstr Net Assets$61,763$31,269▼ $30,494
Total Net Assets Fund Balance$2,025,407$1,415,587▼ $609,820
Total Liabilities and Net Assets / Fund Balance$6,331,384$5,769,094▼ $562,290

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,802,573$4,382,233$6,184,806
Equipment$452,019$1,957,378$2,409,397
Land$30,859-$30,859
Other Land Buildings$10,950$10,950$21,900
Other Assets Org$157,115--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Julian RichPresident/CEOFT$171,284$30,149$201,433
Lisa SalterioD.o.n.FT$100,998$19,898$120,896
Linda CashmanRnFT$100,259$18,235$118,494
Charles CarrozzaChief Financial OfficerFT$87,224$16,710$103,934
David BeckerPresident/CEOFT$19,856-$19,856

Board Members and Trustees

NameTitle
William J KlueberChair
Cindy MryanImmediate Past Chair, Clerk
Thomas L Mortimer1st Vice Chair
Joan Hull2nd Vice Chair
Ronald Goldberg MdMember/medical Director
C Carey ReaMember
Diane LovalloMember
Elaine DaltonMember
Frank NovakMember
Howard H BrownMember
Janis CordischiMember
John G AlbertMember
Kalister Green-byrdMember
Lucinda NoletMember
Richard SundellTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Morrison Management SpecialistDietary Services-$533,987
Convenant Health SystemsConsulting-$261,072
Revenue and Support

Revenue Composition

Contributions and Grants
$94,313
Program Service Revenue
$11,821,777
Investment Income
$8,483
Other Revenue
$0
All Other Contributions
$94,313
Change in Net Assets
$-632,518

Audited Revenue Reconciliation

Revenue per Audited Statements
$11,924,573
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$22,698
Total Revenue per Audited Statements
$11,947,271
Total Revenue per Form 990
$11,924,573
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$8,803,606
Other Expenses$3,753,485
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$6,634,859$508,959-$7,143,818
Other Employee Benefits$743,769$86,037-$829,806
Office Expenses$603,114$106,936-$710,050
Fees for Services Other$415,515$158,371-$573,886
Payroll Taxes$487,040$57,011-$544,051
Occupancy$408,443--$408,443
Depreciation Depletion$287,161--$287,161
Current Officers, Directors, Trustees, and Key Employees-$285,931-$285,931
Fees for Services Management-$261,072-$261,072
Insurance$2,885$112,537-$115,422
Fees for Services Accounting-$38,400-$38,400
Advertising-$21,588-$21,588
Other Expenses$50,562$16,630-$16,630
Travel$9,414--$9,414
All Other Expenses$8,754--$8,754
Fees for Services Legal-$7,660-$7,660
Conferences and Meetings-$6,276-$6,276
Fees for Service Investment Mgmnt Fees-$3,560-$3,560
Interest$1,950--$1,950
Total Functional Expenses$10,886,123$1,670,968$0$12,557,091

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$12,557,091
Total Expenses per Audited Statements$12,557,091
Total Expenses per Form 990$12,557,091
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Spouse of Frank NovakSpouse of Board Member Frank NovakNurse SalaryNo$55,948
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Asset Retirement Obligation$66,000
Due to Third-party Payors$60,000

Bond Issues

BondIssuerIssuedIssue PricePurpose
A04-34318142011-11-10$3,258,000To redeem mdfa revenue refunding bonds, issued march 1, 2000

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$3,258,000$3,192,840-$65,160

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
Yes
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
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 1

The executive committee shall have the power to transact all regular business of the corporation, subject to limitations that may be provided by resolution of the board of directors. Executive committee is made up of chair, vice chair, 2nd vice chair, treasurer, clerk and immediate past chair.

Form 990, Part VI, Section A, Line 3

Dietary manager and dietician are from a management company. These managers have the responsibility to hire, fire and supervise, responsible for the department's budget and overall management of the dietary function of the organization.

Form 990, Part VI, Section B, Line 11

Cfo initially reviews the form 990 and then reviews it with the president/ceo of the organization. After the cfo and president/ceo review the form, a copy of the return is provided to the board of directors for review before it is filed with the irs.

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

Members of the board of directors shall not have any undisclosed conflicts of interest with the corporation. Where an individual director, officer, key employee or agent believes that he or she or an immediate family member might have or does have a real or apparent conflict of interest, he or she should, in addition to filing the notice of disclosure required, abstain from making motions, voting, executing agreements, or taking any other similar direct action on behalf of the corporation. Such board of director's member shall not be counted in determining the quorum for any action on such matter. The minutes of the meeting shall reflect the disclosure of the interest, the abstention from voting, and the quorum situation.

Form 990, Part VI, Section B, Line 15

A personnel committee was established as a sub-committee of the board of directors. The focus of this group is to review and evaluate the president/ceo on an annual basis, the personnel committee receives input from all board members and department heads. Industry compensation data available through leading age and the state are reviewed. The personnel committee then makes their recommendation to the full board for final approval. This process is conducted annually and takes place starting in january of each year to evaluate the performance of the president/ceo for the year just completed.

Form 990, Part VI, Section C, Line 19

The governing documents, conflict of interest policy and financial statements are made available to the public upon request.

Filing and Contact Details

Filer

EIN
23-7090088
Phone
9783740707

Signing Officer

Name
David Becker
Title
President/CEO
Phone
9783740707
Signed
2014-11-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Becker
Formed
1969
Legal Domicile
Ma
Voting Board Members
16
Independent Board Members
15
Employees
314
Volunteers
24

Preparer

Preparer
Robert Dillan
Phone
6179848100
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

The organization is a not-for-profit corporation as described in section 501(c)(3) of the internal revenue code and is exempt from federal and state income taxes on related income pursuant to section 501(a) of the code. The organization files as a tax-exempt organization. Should that status be challenged in the future, the entity's 2010 through 2013 tax years are open for examination by federal and state taxing authorities.

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Peer Organizations

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