Civic Intelligence

Westminster Foundation III Inc.

990 • Fiscal year 2019 • EIN 38-3842959

Apr 01, 2018 to Mar 31, 2019 • Filed on Feb 03, 2020

80 West Lucerne CircleOrlando, FL 32801

(407) 839-5050

Siviq Scores

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

Liabilities / Assets

4th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

5th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Net Margin

1st percentile

-2352%

Higher net margin than 1% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

92nd percentile

$589,906

Higher top officer pay than 92% of similar nonprofits.

Top officer pay equals 160.3% of source-year revenue.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Asset Growth

2nd percentile

-31%

Faster asset growth than 2% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

2nd percentile

-79%

Faster revenue growth than 2% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Assets

Down

$19,535,430

Down $8,657,544 (-31%) from 2018

Net Assets

Down

$19,535,430

Down $8,657,544 (-31%) from 2018

Liabilities

Flat

$0

Flat from 2018

Revenue

Down

$367,999

Down $1,367,184 (-79%) from 2018

Expenses

Up

$9,021,620

Up $6,603,045 (+273%) from 2018

Net Income

Down

-$8,653,621

Down $7,970,229 (-1166%) from 2018

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0Assets 2017: $28,611,041Liabilities 2017: $0Net Assets 2017: $28,611,0412017Assets 2018: $28,192,974Liabilities 2018: $0Net Assets 2018: $28,192,9742018Assets 2019: $19,535,430Liabilities 2019: $0Net Assets 2019: $19,535,4302019Assets 2020: $21,372,610Liabilities 2020: $0Net Assets 2020: $21,372,6102020Assets 2021: $23,658,801Liabilities 2021: $1,203,431Net Assets 2021: $22,455,3702021Assets 2022: $23,732,195Liabilities 2022: $1,203,431Net Assets 2022: $22,528,7642022Assets 2023: $23,634,763Liabilities 2023: $1,203,431Net Assets 2023: $22,431,3322023Assets 2024: $24,141,015Liabilities 2024: $1,203,431Net Assets 2024: $22,937,5842024Assets 2025: $24,377,509Liabilities 2025: $1,203,431Net Assets 2025: $23,174,0782025

Highlighted filing

2019

Assets$19,535,430
Liabilities$0
Net Assets$19,535,430

Operations Trend

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

$30M$20M$10M$0-$10MRevenue 2017: $26,501,666Expenses 2017: $10,000Net Income 2017: $26,491,6662017Revenue 2018: $1,735,183Expenses 2018: $2,418,575Net Income 2018: -$683,3922018Revenue 2019: $367,999Expenses 2019: $9,021,620Net Income 2019: -$8,653,6212019Revenue 2020: $1,889,316Expenses 2020: $3,504Net Income 2020: $1,885,8122020Revenue 2021: $1,248,220Expenses 2021: $581,672Net Income 2021: $666,5482021Revenue 2022: $351,269Expenses 2022: $6,272Net Income 2022: $344,9972022Revenue 2023: $185,975Expenses 2023: $2,553Net Income 2023: $183,4222023Revenue 2024: $179,513Expenses 2024: $3,783Net Income 2024: $175,7302024Revenue 2025: $342,709Expenses 2025: $1,447Net Income 2025: $341,2622025

Highlighted filing

2019

Revenue$367,999
Expenses$9,021,620
Net Income-$8,653,621
Jump To
Filing Snapshot
Filing Period
Apr 1, 2018 to Mar 31, 2019
Signed
Feb 3, 2020
Return Version
2018v3.2
Gross Receipts
$1,448,035
Mission and Program Overview

Mission

Westminster foundation iii, inc is a non-profit organization separate from westminster retirement communities, inc. And its affiliates, established to provide charitable funds for the support of needy persons, projects and programs at retirement communities and health care facilities owned, operated and managed by westminster retirement communities, inc. And presbyterian retirement communities, inc. All benevolent assistance for residents, investments, and certain related liabilities are maintained by the foundation. All member's of westminster foundation iii, inc.'s board of directors are also the members of the foundation's board of directors.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$20,297,979$16,274,592▼ $4,023,387
Investments in Publicly Traded Securities$7,166,720$166,549▼ $7,000,171
Cash and Non-Interest-Bearing Accounts-$-1-
Total Assets$28,192,974$19,535,430▼ $8,657,544
Other Assets Total$728,275$3,094,290▲ $2,366,015
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Unrestricted Net Assets$28,192,974$19,535,430▼ $8,657,544
Total Net Assets Fund Balance$28,192,974$19,535,430▼ $8,657,544
Total Liabilities and Net Assets / Fund Balance$28,192,974$19,535,430▼ $8,657,544

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$3,094,290--
Compensation and Service Providers

Employees

NameTitleOtherTotal
Roger StevensExec VP/asst$589,906$589,906
Henry T KeithSenior VP/tr$404,504$404,504

Board Members and Trustees

NameTitle
Marjorie PhillipsChair/presid
Bruce MayDirector
Carlen MadduxDirector
Donald DoddridgeDirector
Edward AmleyDirector
Greg BustleDirector
Howard MorganDirector
James BognerDirector
Jeffrey MockDirector
Joann NolinDirector
John DebevoiseDirector
John HillenmeyerDirector
John Mark RamseyDirector
Ken ThomasDirector
Linda ShelleyDirector
Marshall GunnDirector
Robert StewartDirector
Stephen DyeDirector
Stewart HallDirector
Roger StevensExec VP/asstsecretar
William BellSecretary/di
Henry T KeithSenior VP/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$367,999
Other Revenue
$0
Change in Net Assets
$-8,653,621
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$9,011,829
Other Expenses$9,791
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$9,011,829--$9,011,829
Fees for Services Accounting-$9,791-$9,791
Total Functional Expenses$9,011,829$9,791$0$9,021,620
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Jefferson Center IncOrlando, FL3Capital Improvements$5,000,000
Gateway Terrace IncOrlando, FL3Capital Improvements$4,011,829
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
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

The board of directors delegated control of management duties to westminster services, inc. An affiliated not-for-profit.

Form 990, Page 6, Part VI, Line 6

The sole member of the organization is westminster retirement communities, inc.

Form 990, Page 6, Part VI, Line 7A

Westminster retirement communities, inc. May elect one or more members of the board of directors.

Form 990, Page 6, Part VI, Line 7B

Westminster retirement communities, inc. Must approve dissolution of the organization, sale of substantial assets, new board members or replacement of the management company.

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

The audit committee of the board of directors reviews the 990 before it is filed.

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

The written conflict of interest policy is reviewed and signed annually by the board of directors, officers and employees. With a centralized accounts payable and payroll system, the management company monitors all payments and transactions with vendors. In addition, the organization has a toll- free compliance hotline that can be used by board members or staff to report any issues.

Form 990, Page 6, Part VI, Line 15A

SEE BELOW.

Form 990, Page 6, Part VI, Line 15B

The organization utilizes numerous salary surveys with like-kind organizations to determine the proper salary/wage amount for each employee.

Form 990, Page 6, Part VI, Line 19

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

Form 990, Part VII

Average hours per week are shared between the related organizations of westminster retirement communities, inc. And presbyterian retirement communities, inc.

Filing and Contact Details

Filer

Filer Name
Westminster Foundation Iii Inc
EIN
38-3842959
Phone
4078395050
Address
80 WEST LUCERNE CIRCLE, ORLANDO, FL 32801

Signing Officer

Name
Henry T Keith
Title
Senior VP/treasurer
Phone
4078395050
Signed
2020-02-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Henry T Keith
Formed
2011
Legal Domicile
Fl
Voting Board Members
20
Independent Board Members
20
Employees
0

Preparer

Firm
Hoskins Quiros Osborne Labeaume CPA LLC
Address
926 LAKE BALDWIN LN, ORLANDO, FL 32814
Preparer
Russell K Hoskins
Phone
4072773000
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

Westminster foundation iii, inc is a non-profit organization separate from westminster retirement communities, inc. And its affiliates, established to provide charitable funds for the support of needy persons, projects and programs at retirement communities and health care facilities owned, operated and managed by westminster retirement communities, inc. And presbyterian retirement communities, inc. All benevolent assistance for residents, investments, and certain related liabilities are maintained by the foundation. All member's of westminster foundation iii, inc.'s board of directors are also the members of the foundation's board of directors.

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IRS990/MissionDesc0WESTMINSTER FOUNDATION III, INC IS A NON-PROFIT ORGANIZATION SEPARATE FROM WESTMINSTER RETIREMENT COMMUNITIES, INC. AND ITS AFFILIATES, ESTABLISHED TO PROVIDE CHARITABLE FUNDS FOR THE SUPPORT OF NEEDY PERSONS, PROJECTS AND PROGRAMS AT RETIREMENT COMMUNITIES AND HEALTH CARE FACILITIES OWNED, OPERATED AND MANAGED BY WESTMINSTER RETIREMENT COMMUNITIES, INC. AND PRESBYTERIAN RETIREMENT COMMUNITIES, INC. ALL BENEVOLENT ASSISTANCE FOR RESIDENTS, INVESTMENTS, AND CERTAIN RELATED LIABILITIES ARE MAINTAINED BY THE FOUNDATION. ALL MEMBER'S OF WESTMINSTER FOUNDATION III, INC.'S BOARD OF DIRECTORS ARE ALSO THE MEMBERS OF THE FOUNDATION'S BOARD OF DIRECTORS.
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IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
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IRS990/OthNotesLoansReceivableNetGrp/BOYAmt020297979
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt016274592
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0HENRY T KEITH
IRS990/ProfessionalFundraisingInd0false
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IRS990/PYInvestmentIncomeAmt01735183
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IRS990/ReconcilationRevenueExpnssAmt0-8653621
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IRS990/ReportLandBuildingEquipmentInd0false
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IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd0false
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IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/OperateBenefitNonSuprtOrgInd0false
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/PowerAppointMajorityDirTrstInd0true
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/SupportedOrganizationsCnt02
IRS990ScheduleA/SupportedOrganizationsTotalCnt02
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0591163698
IRS990ScheduleA/SupportedOrgInformationGrp/EIN1596169729
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IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd1false
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd010
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd110
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt10
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt04011829
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt15000000
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0GATEWAY TERRACE INC
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt1JEFFERSON CENTER INC
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType1Ind0X
IRS990ScheduleA/SupportSumAmt09011829
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt03094290
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0DUE FROM AFFILIATES
IRS990ScheduleD/TotalBookValueOtherAssetsAmt03094290
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IRS990ScheduleI/RecipientTable/CashGrantAmt05000000
IRS990ScheduleI/RecipientTable/CashGrantAmt14011829
IRS990ScheduleI/RecipientTable/IRCSectionDesc03
IRS990ScheduleI/RecipientTable/IRCSectionDesc13
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0CAPITAL IMPROVEMENTS
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1CAPITAL IMPROVEMENTS
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0JEFFERSON CENTER INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1GATEWAY TERRACE INC
IRS990ScheduleI/RecipientTable/RecipientEIN0596169729
IRS990ScheduleI/RecipientTable/RecipientEIN1591163698
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt080 W LUCERNE CIRCLE
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt180 W LUCERNE CIRCLE
IRS990ScheduleI/RecipientTable/USAddress/CityNm0ORLANDO
IRS990ScheduleI/RecipientTable/USAddress/CityNm1ORLANDO
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IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd1FL
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt13904
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt128653
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0ROGER STEVENS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1HENRY T KEITH
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0EXEC VP/ASSTSECRETAR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1SENIOR VP/TREASURER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0589906
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt1404504
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION RELIED ON A RELATED ORGANIZATION (WESTMINSTER SERVICES, INC. 59-3614812) FOR COMPENSATION COMMITTEE, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE J, PAGE 1, PART I, LINE 3
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0WESTMINSTER FOUNDATION III, INC IS A NON-PROFIT ORGANIZATION SEPARATE FROM WESTMINSTER RETIREMENT COMMUNITIES, INC. AND ITS AFFILIATES, ESTABLISHED TO PROVIDE CHARITABLE FUNDS FOR THE SUPPORT OF NEEDY PERSONS, PROJECTS AND PROGRAMS AT RETIREMENT COMMUNITIES AND HEALTH CARE FACILITIES OWNED, OPERATED AND MANAGED BY WESTMINSTER RETIREMENT COMMUNITIES, INC. AND PRESBYTERIAN RETIREMENT COMMUNITIES, INC. ALL BENEVOLENT ASSISTANCE FOR RESIDENTS, INVESTMENTS, AND CERTAIN RELATED LIABILITIES ARE MAINTAINED BY THE FOUNDATION. ALL MEMBER'S OF WESTMINSTER FOUNDATION III, INC.'S BOARD OF DIRECTORS ARE ALSO THE MEMBERS OF THE FOUNDATION'S BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD OF DIRECTORS DELEGATED CONTROL OF MANAGEMENT DUTIES TO WESTMINSTER SERVICES, INC. AN AFFILIATED NOT-FOR-PROFIT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE SOLE MEMBER OF THE ORGANIZATION IS WESTMINSTER RETIREMENT COMMUNITIES, INC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3WESTMINSTER RETIREMENT COMMUNITIES, INC. MAY ELECT ONE OR MORE MEMBERS OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4WESTMINSTER RETIREMENT COMMUNITIES, INC. MUST APPROVE DISSOLUTION OF THE ORGANIZATION, SALE OF SUBSTANTIAL ASSETS, NEW BOARD MEMBERS OR REPLACEMENT OF THE MANAGEMENT COMPANY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS THE 990 BEFORE IT IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE WRITTEN CONFLICT OF INTEREST POLICY IS REVIEWED AND SIGNED ANNUALLY BY THE BOARD OF DIRECTORS, OFFICERS AND EMPLOYEES. WITH A CENTRALIZED ACCOUNTS PAYABLE AND PAYROLL SYSTEM, THE MANAGEMENT COMPANY MONITORS ALL PAYMENTS AND TRANSACTIONS WITH VENDORS. IN ADDITION, THE ORGANIZATION HAS A TOLL- FREE COMPLIANCE HOTLINE THAT CAN BE USED BY BOARD MEMBERS OR STAFF TO REPORT ANY ISSUES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7SEE BELOW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8THE ORGANIZATION UTILIZES NUMEROUS SALARY SURVEYS WITH LIKE-KIND ORGANIZATIONS TO DETERMINE THE PROPER SALARY/WAGE AMOUNT FOR EACH EMPLOYEE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10AVERAGE HOURS PER WEEK ARE SHARED BETWEEN THE RELATED ORGANIZATIONS OF WESTMINSTER RETIREMENT COMMUNITIES, INC. AND PRESBYTERIAN RETIREMENT COMMUNITIES, INC.

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