Civic Intelligence

Bethany on 42Nd

990 • Fiscal year 2022 • EIN 26-1087740

Jan 01, 2022 to Dec 31, 2022 • Filed on Aug 16, 2023

201 South University DriveFargo, ND 58103

(701) 239-3000

Siviq Scores

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

Liabilities / Assets

84th percentile

0.71x

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

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

82nd percentile

1.39x

Higher debt load relative to revenue than 82% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Net Margin

63rd percentile

13%

Higher net margin than 63% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

68th percentile

$342,022

Higher top officer pay than 68% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Asset Growth

63rd percentile

5.0%

Faster asset growth than 63% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

70th percentile

17%

Faster revenue growth than 70% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Assets

Up

$45,131,106

Up $2,148,735 (+5.0%) from 2021

Net Assets

Up

$13,189,776

Up $2,784,614 (+27%) from 2021

Liabilities

Down

$31,941,330

Down $635,879 (-2.0%) from 2021

Revenue

Up

$22,954,614

Up $3,383,898 (+17%) from 2021

Expenses

Up

$19,973,493

Up $1,764,223 (+9.7%) from 2021

Net Income

Up

$2,981,121

Up $1,619,675 (+119%) from 2021

Historical Trend

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2010: $27,750,443Liabilities 2010: $24,867,407Net Assets 2010: $2,883,0362010Assets 2011: $26,987,148Liabilities 2011: $24,366,468Net Assets 2011: $2,620,6802011Assets 2012: $26,973,808Liabilities 2012: $24,405,597Net Assets 2012: $2,568,2112012Assets 2013: $33,787,283Liabilities 2013: $29,140,744Net Assets 2013: $4,646,5392013Assets 2014: $33,271,750Liabilities 2014: $28,467,706Net Assets 2014: $4,804,0442014Assets 2015: $37,843,084Liabilities 2015: $30,074,172Net Assets 2015: $7,768,9122015Assets 2016: $46,840,585Liabilities 2016: $38,668,271Net Assets 2016: $8,172,3142016Assets 2018: $43,692,009Liabilities 2018: $36,205,736Net Assets 2018: $7,486,2732018Assets 2019: $42,626,729Liabilities 2019: $35,057,765Net Assets 2019: $7,568,9642019Assets 2020: $43,604,291Liabilities 2020: $34,364,068Net Assets 2020: $9,240,2232020Assets 2021: $42,982,371Liabilities 2021: $32,577,209Net Assets 2021: $10,405,1622021Assets 2022: $45,131,106Liabilities 2022: $31,941,330Net Assets 2022: $13,189,7762022Assets 2024: $40,620,046Liabilities 2024: $24,970,023Net Assets 2024: $15,650,0232024

Highlighted filing

2022

Assets$45,131,106
Liabilities$31,941,330
Net Assets$13,189,776

Operations Trend

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

$30M$20M$10M$0Expenses 2010: $8,465,7542010Expenses 2011: $9,777,2212011Expenses 2012: $9,959,4692012Revenue 2013: $12,791,800Expenses 2013: $10,628,712Net Income 2013: $2,163,0882013Revenue 2014: $14,882,514Expenses 2014: $14,574,712Net Income 2014: $307,8022014Revenue 2015: $18,080,612Expenses 2015: $15,065,744Net Income 2015: $3,014,8682015Revenue 2016: $16,088,713Expenses 2016: $15,625,311Net Income 2016: $463,4022016Revenue 2018: $17,639,283Expenses 2018: $17,553,634Net Income 2018: $85,6492018Revenue 2019: $18,175,682Expenses 2019: $17,743,607Net Income 2019: $432,0752019Revenue 2020: $19,648,460Expenses 2020: $17,785,933Net Income 2020: $1,862,5272020Revenue 2021: $19,570,716Expenses 2021: $18,209,270Net Income 2021: $1,361,4462021Revenue 2022: $22,954,614Expenses 2022: $19,973,493Net Income 2022: $2,981,1212022Revenue 2024: $23,160,345Expenses 2024: $21,020,748Net Income 2024: $2,139,5972024

Highlighted filing

2022

Revenue$22,954,614
Expenses$19,973,493
Net Income$2,981,121
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Aug 16, 2023
Return Version
2022v5.0
Gross Receipts
$22,954,782
Mission and Program Overview

Mission

To provide living opportunities in a senior community shaped by Christian values.

Provide long term care services

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$33,192,982$31,481,329▼ $1,711,653
Cash and Non-Interest-Bearing Accounts$4,780,562$5,390,691▲ $610,129
Accounts Receivable$1,881,563$4,928,412▲ $3,046,849
Investments in Publicly Traded Securities$1,323,668$1,421,028▲ $97,360
Prepaid Expenses and Deferred Charges$236,928$302,616▲ $65,688
Inventories for Sale or Use$181,668$168,719▼ $12,949
Total Assets$42,982,371$45,131,106▲ $2,148,735
Other Assets Total$1,385,000$1,438,311▲ $53,311
Liabilities
Tax Exempt Bond Liabilities$25,346,494$24,168,474▼ $1,178,020
Other Liabilities$5,566,179$5,788,010▲ $221,831
Accounts Payable and Accrued Expenses$1,141,720$1,468,997▲ $327,277
Unsecured Notes Loans Payable$407,133$393,497▼ $13,636
Escrow Account Liability$115,683$122,352▲ $6,669
Total Liabilities$32,577,209$31,941,330▼ $635,879
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$10,405,162$13,189,776▲ $2,784,614
Total Net Assets Fund Balance$10,405,162$13,189,776▲ $2,784,614
Total Liabilities and Net Assets / Fund Balance$42,982,371$45,131,106▲ $2,148,735

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$25,196,453$16,494,587$41,691,040
Equipment$1,645,658$5,583,366$7,229,024
Other Land Buildings$1,148,127$1,345,587$2,493,714
Land$3,491,091-$1,038,193

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$392,624$12,620▼ $275-$404,969
2021$324,339$33,070▲ $35,215-$392,624
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
Kaye AngusCFO (as of August)PT$98,657$98,657

Board Members and Trustees

NameTitle
Charlotte RuschChair
Shawn StuhaugPresident/CEO
Jack RydellVice Chair
Ben CarlsrudTrustee
Bruce DavidsonTrustee
Dan BeauchampTrustee
Martha LeclercTrustee
Neal EriksmoenTrustee
David GlattTrustee (thru August)
Jane KellyCFO (thru September)
Lianne RockstadSecretary
Dawn HummelSr. Executive of Resident
Paulette AmundsonTreasurer (as of April)
Mary JohnsonTreasurer (thru March)

Highest Paid Contractors

ContractorServicesLocationCompensation
Blue Stone TherapyContracted Therapy4319 NW Urbandale Dr, Urbandale, IA 50322$719,939
Prime Time Healthcare LLCContracted Nursing15380 Weir St, Omaha, NE 68137$123,587
Eide Bailly LLPAccounting ServicesPO Box 2545, Fargo, ND 58108$115,613
Revenue and Support

Revenue Composition

Contributions and Grants
$54,004
Program Service Revenue
$19,565,514
Investment Income
$-16,054
Other Revenue
$3,351,150
All Other Contributions
$10,000
Change in Net Assets
$2,981,121

Audited Revenue Reconciliation

Revenue per Audited Statements
$22,801,340
Revenue Not Reported on Financial Statements
$153,274
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$153,274
Total Revenue per Audited Statements
$22,801,340
Total Revenue per Form 990
$22,954,614
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$11,423,597
Other Expenses$8,549,896
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$8,899,967$717,164-$9,617,131
Depreciation Depletion$2,179,869$25,792-$2,205,661
Office Expenses$898,579$707,349-$1,605,928
Fees for Services Other$1,541,969--$1,541,969
Occupancy$1,061,299--$1,061,299
Interest$922,184$11,507-$933,691
Other Employee Benefits$844,431$86,705-$931,136
Payroll Taxes$649,949$52,552-$702,501
Insurance-$201,869-$201,869
Pension Plan Contributions$149,501$23,328-$172,829
Travel$92,013--$92,013
Conferences and Meetings$25,550$3,714-$29,264
Fees for Services Legal-$19,358-$19,358
Advertising-$15,012-$15,012
Other Expenses$143,928$14,598-$14,598
Fees for Services Accounting-$11,950-$11,950
Information Technology-$7,379-$7,379
All Other Expenses$449--$449
Total Functional Expenses$17,949,778$2,023,715$0$19,973,493

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$19,973,493
Expenses per Audited Statements$19,820,219
Total Expenses per Audited Statements$19,820,219
Expenses Not Reported on Financial Statements$153,274
Other Expense Adjustments$153,274
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
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Related Entity Note Payable$3,935,222
Related Party Payable$1,799,477
Right of Use Liability$53,311

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACass County North Dakota2010-10-01$16,000,000Construct & Equip Retirement Living Campus
CCity of Harwood North Dakota2015-05-18$7,410,000Construction of independent living addition
DCity of Argusville North Dakota2015-05-18$7,410,000Refinance 2012 mortgage note payable and special assessments
BCass County North Dakota2012-08-28$3,000,000Construct & Equip 38 Skilled Nursing Bed Addition & Small Kitchen Facility

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$16,000,000$4,068,411$5,665,590$137,143
C$7,410,000-$1,256,680$32,000
D$7,410,000-$1,620,247$32,000
B$3,000,000-$805,523$59,755

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
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
Yes
Business relationship with 35% controlled entity
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 2

The CEO and CFO both have a business relationship with each other and all of the Board Members, as the CEO and CFO are employed by another related nonprofit of which the board members serve as well. The Board serves all of the related nonprofit organizations listed on Schedule R.

Form 990, Part VI, Section A, line 6

Bethany Homes, Inc. is the sole member of the Corporation.

Form 990, Part VI, Section A, line 7A

The Board of Directors is elected at the annual meeting of the Board of Trustees of the Member. The Member has the right to fill any vacancies that occur during the year. The Member may also remove any directors with or without cause.

Form 990, Part VI, Section A, line 7B

The following actions by the Board of Directors require the approval of the Board of Trustees of the Member: - Establishment of annual operating budget - Sale, lease or encumbrance of any corporation real property - Unbudgeted capital expenditures exceeding amounts for which the President/CEO is specifically authorized to approve

Form 990, Part VI, Section A, line 8B

There are no committees with the broad authority to act on behalf of the governing board.

Form 990, Part VI, Section B, line 11B

The Form 990 is reviewed by the CFO and CEO and then provided to the Board for review prior to filing with the IRS.

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

Board officers and directors, as well as officers of the Organization, complete a conflict of interest questionnaire on an annual basis. The Board reviews the conflicts to determine if a conflict exists. The individual with the conflict is required to abstain from voting if the conflict comes up in the board meeting where a decision needs to be made. This is a standing agenda item at each board meeting.

Form 990, Part VI, Section B, line 15

Compensation for the CEO is paid by a related organization. The related organization has a process for determining compensation that includes review by the independent board using comparability data and substantiation of the deliberation and decision. The CFO compensation is paid by a related organization. The related organization has a process that includes review by the CEO and Executive Committee using comparability data.

Form 990, Part VI, Section C, line 19

The Organization's governing documents, conflict of interest policy, and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Bethany on 42nd
EIN
26-1087740
Phone
7012393000
Address
201 South University Drive, Fargo, ND 58103

Signing Officer

Name
Shawn Stuhaug
Title
President/CEO
Phone
7012393000
Signed
2023-08-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Shawn Stuhaug
Formed
2007
Legal Domicile
Nd
Voting Board Members
10
Independent Board Members
10
Employees
0
Volunteers
140

Preparer

Firm
Eide Bailly LLP
Address
1730 Burnt Boat Loop Ste 100, Bismarck, ND 58503-0886
Preparer
Lisa Chaffee CPA
Phone
7012551091
Supplemental Narrative

Additional Explanations

Form 990, Part V, Line 2A:

Individuals working for Bethany on 42nd are employed by a related organization, American Lutheran Homes, Inc.

Form 990, Part XI, line 9:

Intercompany Transfers -196,507.

Financial Statement Notes

Part IV, Line 2B:

The Organization acts as custodian for the funds of the residents, as well as apartment security deposits. These funds are included in cash and cash equivalents and a corresponding liability is included in accounts payable-trade in the financial statements. Resident trust funds totaled $23,240 and $23,092 at December 31, 2022 and 2021. Apartment security deposits totaled $99,112 and $92,591 at December 31, 2022 and 2021.

Part V, Line 4:

A related organization, Bethany Homes, Inc., holds and administers the endowments. The endowments are used to benefit Bethany on 42nd.

Part X, Line 2:

Bethany on 42nd believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the consolidated financial statements. Bethany would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred.

Part XI, Line 4B - Other Adjustments:

Dining Services Revenue Recorded in Expenses for Financial Statement 153,274.

Part XII, Line 4B - Other Adjustments:

Dining Services Revenue Recorded in Revenue on Form 990 153,274.

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IRS990/Desc0Bethany on 42nd operates as a charitable organization consistent with the requirements of Internal Revenue Code Section 501(c)(3). Bethany on 42nd provides long term care services including skilled nursing care, transitional care, assisted living, and senior housing. Bethany on 42nd does not discriminate against individuals in the admissions process or in the delivery of care with regard to ability to pay for services. The organization's cash reserves are generally applied to expansion and replacement of existing facilities and equipment, amortization of mortgages, improvements in resident care, training and education, and community benefit activities.Continued on Schedule O...The governing board of Bethany on 42nd is made up of leaders in the Fargo-Moorhead business community. Consistent with its charitable mission, ALH provides community benefit to the area served. In 2022, community benefit activities included:*Speaker's Bureau Services - free educational sessions to agencies and individuals in the community on topics such as:o Bethany on the Growo Advance Directive Educationo Careers in Long Term Careo Early Dementia Careo Activities with a Purposeo The A, B, C & Ds of Medicareo Facing our Later Days in Faitho Managing Your Resources Estate Planning o Volunteerism The Rewards of Giving Yourself*Groups to which our Speaker's Bureau presented information included service clubs, churches, and senior centers. No sessions were scheduled in 2022 due to the COVID-19 pandemic.*Volunteerism - coordinates a volunteers program that included 140 volunteers giving over 9,500 hours of service, providing mental stimulation and emotional support to Bethany on 42nd's 214 elderly residents. Volunteers included members of sponsoring churches, Experience Works program volunteers, Mom's Teach, business groups, and many student volunteers from the community's schools elementary, middle, high schools, and colleges.*Scholarship programs and student loan repayment bonus opportunities - Bethany on 42nd recognizes that to continuously improve the organization's value to our community and our residents, to encourage life-long learning among employees, and to achieve an "employer of choice" status, it is in our best interest to provide opportunities to assist eligible employees in pursuing formal, healthcare-related education.*School partnerships - Bethany on 42nd works with area nursing and other healthcare-related programs to provide on-site training opportunities for students. In 2022, we had 98 nursing students complete clinical experiences at our facility. We provide a CNA training program for individuals in the Fargo-Moorhead community interested in pursuing a career as a nursing assistant. We also provide clinical site experience for an outside CNA training program, CPR training, and CNA testing and "test-out" classes. Other school partnerships include learning opportunities for dietetic students, and internship opportunities for students in social work, dietetics, activities, and LTC administration programs. *Assessment and referral services - our staff help to refer individuals needing long term care services to the appropriate agency in the community. Bethany on 42nd's licensed social workers provide guidance with medical assistance applications for residents/families.*Community Support - generalo Bethany on 42nd provides meeting room space and accommodations for non-profit organizations and community groups. o Facility space is open to use by outside groups for meetings, performances, activities, funeral/memorial services, music recitals and other programs.o Bethany on 42nd organizes employee participation in fundraising activities for Cass-Clay United Way and the Alzheimer's Association.o Recognizes the contributions to and the impact senior have had on the community by sponsoring the annual Senior of the Year awards program.*Community Support - leadership representatives from Bethany on 42nd serve on non-profit boards and civic organizati
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