Civic Intelligence

The Cedars Elderly Home Inc

990 • Fiscal year 2018 • EIN 26-0057247

Jan 01, 2018 to Dec 31, 2018 • Filed on Mar 26, 2019

222 Pelham StreetMethuen, MA 01844

(978) 681-8845

Siviq Scores

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

Liabilities / Assets

96th percentile

1.49x

Higher debt load relative to assets than 96% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

97th percentile

9.75x

Higher debt load relative to revenue than 97% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

10th percentile

-30%

Higher net margin than 10% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

35th percentile

$0

Higher top officer pay than 35% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

26th percentile

-4.2%

Faster asset growth than 26% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

52nd percentile

4.6%

Faster revenue growth than 52% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Assets

Down

$2,584,340

Down $114,249 (-4.2%) from 2017

Net Assets

Down

-$1,278,128

Down $118,648 (-10%) from 2017

Liabilities

Up

$3,862,468

Up $4,399 (+0.1%) from 2017

Revenue

Up

$396,123

Up $17,574 (+4.6%) from 2017

Expenses

Up

$514,771

Up $32,294 (+6.7%) from 2017

Net Income

Down

-$118,648

Down $14,720 (-14%) from 2017

Historical Trend

Balance Sheet Trend

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

$4.0M$2.0M$0-$2.0MAssets 2014: $3,189,966Liabilities 2014: $3,854,334Net Assets 2014: -$664,3682014Assets 2015: $3,062,683Liabilities 2015: $3,857,258Net Assets 2015: -$794,5752015Assets 2016: $2,938,879Liabilities 2016: $3,866,284Net Assets 2016: -$927,4052016Assets 2017: $2,698,589Liabilities 2017: $3,858,069Net Assets 2017: -$1,159,4802017Assets 2018: $2,584,340Liabilities 2018: $3,862,468Net Assets 2018: -$1,278,1282018Assets 2019: $2,475,329Liabilities 2019: $3,881,946Net Assets 2019: -$1,406,6172019Assets 2020: $2,368,148Liabilities 2020: $3,868,372Net Assets 2020: -$1,500,2242020Assets 2021: $2,303,960Liabilities 2021: $3,873,238Net Assets 2021: -$1,569,2782021Assets 2022: $2,211,923Liabilities 2022: $3,885,789Net Assets 2022: -$1,673,8662022Assets 2024: $2,036,691Liabilities 2024: $3,860,474Net Assets 2024: -$1,823,7832024

Highlighted filing

2018

Assets$2,584,340
Liabilities$3,862,468
Net Assets-$1,278,128

Operations Trend

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

$600K$400K$200K$0-$200KRevenue 2014: $330,204Expenses 2014: $455,950Net Income 2014: -$125,7462014Revenue 2015: $338,224Expenses 2015: $468,431Net Income 2015: -$130,2072015Revenue 2016: $348,746Expenses 2016: $481,576Net Income 2016: -$132,8302016Revenue 2017: $378,549Expenses 2017: $482,477Net Income 2017: -$103,9282017Revenue 2018: $396,123Expenses 2018: $514,771Net Income 2018: -$118,6482018Revenue 2019: $418,106Expenses 2019: $546,595Net Income 2019: -$128,4892019Revenue 2020: $426,050Expenses 2020: $519,657Net Income 2020: -$93,6072020Revenue 2021: $456,128Expenses 2021: $525,182Net Income 2021: -$69,0542021Revenue 2022: $472,942Expenses 2022: $577,530Net Income 2022: -$104,5882022Revenue 2024: $498,122Expenses 2024: $569,512Net Income 2024: -$71,3902024

Highlighted filing

2018

Revenue$396,123
Expenses$514,771
Net Income-$118,648
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Mar 26, 2019
Return Version
2018v3.1
Gross Receipts
$396,123
Mission and Program Overview

Mission

To provide housing to low-income elderly individuals.

Provide housing to low-income elderly & handicapped individuals

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,500,175$2,413,395▼ $86,780
Savings and Temporary Cash Investments$161,251$135,199▼ $26,052
Cash and Non-Interest-Bearing Accounts$14,901$17,460▲ $2,559
Prepaid Expenses and Deferred Charges$7,584$4,455▼ $3,129
Accounts Receivable$1,363$273▼ $1,090
Total Assets$2,698,589$2,584,340▼ $114,249
Other Assets Total$13,315$13,558▲ $243
Liabilities
Unsecured Notes Loans Payable$3,788,200$3,788,200→ $0
Accounts Payable and Accrued Expenses$56,554$60,710▲ $4,156
Escrow Account Liability$13,315$13,558▲ $243
Total Liabilities$3,858,069$3,862,468▲ $4,399
Net Assets / Fund Balance
Unrestricted Net Assets$-1,159,480$-1,278,128▼ $118,648
Total Net Assets Fund Balance$-1,159,480$-1,278,128▼ $118,648
Total Liabilities and Net Assets / Fund Balance$2,698,589$2,584,340▼ $114,249

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,379,132$1,430,900$3,810,032
Other Land Buildings$34,263$8,538$42,801
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$244,335
Program Service Revenue
$147,154
Investment Income
$210
Other Revenue
$4,424
Change in Net Assets
$-118,648

Audited Revenue Reconciliation

Revenue per Audited Statements
$396,123
Total Revenue per Audited Statements
$396,123
Total Revenue per Form 990
$396,123
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$345,958
Salaries, Compensation, and Employee Benefits$168,813
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$129,812--$129,812
Other Salaries and Wages$128,469--$128,469
Occupancy$43,048--$43,048
Fees for Services Management$31,766--$31,766
Other Employee Benefits$30,355--$30,355
Insurance$28,288--$28,288
Fees for Services Other-$11,695-$11,695
Fees for Services Accounting-$10,900-$10,900
Fees for Services Legal-$10,872-$10,872
Payroll Taxes$9,989--$9,989
Office Expenses$3,787--$3,787
Other Expenses$2,143--$2,143
Total Functional Expenses$481,304$33,467$0$514,771

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$514,771
Total Expenses per Audited Statements$514,771
Total Expenses per Form 990$514,771
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
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
No
Other officer compensation reviewed
No
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, Page 6, Part VI, Line 3

The organization utilizes the services of a property management company.

Form 990, Page 6, Part VI, Line 11B

The form 990 is discussed with the board of directors at an annual closing conference before the form is filed.

Form 990, Page 6, Part VI, Line 12C

Board members are required to update and sign the conflict of interest contracts annually.

Form 990, Page 6, Part VI, Line 19

All of these statements can be seen upon request at the entity's offices in methuen, massachusetts.

Filing and Contact Details

Filer

Filer Name
The Cedars Elderly Home Inc
EIN
26-0057247
Phone
9786818845
Address
222 PELHAM STREET, METHUEN, MA 01844

Signing Officer

Name
Christine Touma-conway
Title
President
Phone
9786818845
Signed
2019-03-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Christine Touma-conway
Formed
2001
Legal Domicile
Ma
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
6

Preparer

Firm
Shaheen Pallone & Associates Pc
Address
861 TURNPIKE STREET, NORTH ANDOVER, MA 01845
Preparer
John M Pallone
Phone
9786867200
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 2, Part IV, Line 2B

Tenant security deposits of 13,558.

Schedule D, Page 3, Part X

The corporation is a non-profit organization, exempt from taxation under internal revenue code section 501(c)(3). Management has determined that all of the corporation's income, expenditures and activities relate to its exempt purpose; therefore, no provision for federal or state income taxes has been made in the accompanying financial statements. Accounting standards provide detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in an organization's financial statements. Under these standards, an organization is required to recognize the financial statement impact of a tax position when it is more likely than not that the position will not be sustained upon examination. The corporation has evaluated its significant tax positions against the criteria established and believes there are no such tax positions requiring accounting recognition. The corporation's federal and state informational tax returns may be subject to examination by taxing authorities for the years ended december 31, 2018, 2017, 2016 and 2015.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0TENANT SECURITY DEPOSITS OF 13,558.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE CORPORATION IS A NON-PROFIT ORGANIZATION, EXEMPT FROM TAXATION UNDER INTERNAL REVENUE CODE SECTION 501(C)(3). MANAGEMENT HAS DETERMINED THAT ALL OF THE CORPORATION'S INCOME, EXPENDITURES AND ACTIVITIES RELATE TO ITS EXEMPT PURPOSE; THEREFORE, NO PROVISION FOR FEDERAL OR STATE INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. ACCOUNTING STANDARDS PROVIDE DETAILED GUIDANCE FOR THE FINANCIAL STATEMENT RECOGNITION, MEASUREMENT AND DISCLOSURE OF UNCERTAIN TAX POSITIONS RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS. UNDER THESE STANDARDS, AN ORGANIZATION IS REQUIRED TO RECOGNIZE THE FINANCIAL STATEMENT IMPACT OF A TAX POSITION WHEN IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL NOT BE SUSTAINED UPON EXAMINATION. THE CORPORATION HAS EVALUATED ITS SIGNIFICANT TAX POSITIONS AGAINST THE CRITERIA ESTABLISHED AND BELIEVES THERE ARE NO SUCH TAX POSITIONS REQUIRING ACCOUNTING RECOGNITION. THE CORPORATION'S FEDERAL AND STATE INFORMATIONAL TAX RETURNS MAY BE SUBJECT TO EXAMINATION BY TAXING AUTHORITIES FOR THE YEARS ENDED DECEMBER 31, 2018, 2017, 2016 AND 2015.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART IV, LINE 2B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION UTILIZES THE SERVICES OF A PROPERTY MANAGEMENT COMPANY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS DISCUSSED WITH THE BOARD OF DIRECTORS AT AN ANNUAL CLOSING CONFERENCE BEFORE THE FORM IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BOARD MEMBERS ARE REQUIRED TO UPDATE AND SIGN THE CONFLICT OF INTEREST CONTRACTS ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL OF THESE STATEMENTS CAN BE SEEN UPON REQUEST AT THE ENTITY'S OFFICES IN METHUEN, MASSACHUSETTS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0LEBANESE COMMUNITY HOUSING FOR THE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1FRIENDS OF CEDARS HOME FOR THE ELDE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt2THE CEDARS HOME COMMUNITIES
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0ELDERLY HO
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1CARE, HOUS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt2TITLE HOLD
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt1222 PELHAM STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt2222 PELHAM STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0METHUEN
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IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0THE CEDARS HOME COMMUNITIES
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1LEBANESE COMMUNITY HOUSING FOR THE
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt2LEBANESE COMMUNITY HOUSING FOR THE
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