Civic Intelligence

Carmel Valley Manor Foundation

990 • Fiscal year 2023 • EIN 82-2771192

Jan 01, 2023 to Dec 31, 2023 • Filed on Jun 05, 2024

Organization ProfileN/A
8545 Carmel Valley RdCarmel, CA 93923

(831) 624-1281

Siviq Scores

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

Liabilities / Assets

5th percentile

0.00x

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

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

5th percentile

0.00x

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

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

87th percentile

39%

Higher net margin than 87% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

88th percentile

$416,173

Higher top officer pay than 88% of similar nonprofits.

Top officer pay equals 25.3% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

49th percentile

5.8%

Faster asset growth than 49% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

95th percentile

152%

Faster revenue growth than 95% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets5th percentile

Assets

Up

$15,315,231

Up $835,869 (+5.8%) from 2022

Net Assets

Up

$15,315,231

Up $835,869 (+5.8%) from 2022

Liabilities

Flat

$0

Flat from 2022

Revenue And Expenses
Liabilities / Revenue5th percentileNet Margin87th percentile

Revenue

Up

$1,645,634

Up $992,060 (+152%) from 2022

Expenses

Up

$1,004,639

Up $213,008 (+27%) from 2022

Net Income

Up

$640,995

Up $779,052 (+564%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth49th percentile

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

$20M$15M$10M$5.0M$0Assets 2018: $11,928,448Liabilities 2018: $0Net Assets 2018: $11,928,4482018Assets 2019: $14,778,395Liabilities 2019: $1,000Net Assets 2019: $14,777,3952019Assets 2020: $15,702,549Liabilities 2020: $0Net Assets 2020: $15,702,5492020Assets 2021: $17,483,288Liabilities 2021: $0Net Assets 2021: $17,483,2882021Assets 2022: $14,479,362Liabilities 2022: $0Net Assets 2022: $14,479,3622022Assets 2023: $15,315,231Liabilities 2023: $0Net Assets 2023: $15,315,2312023Assets 2024: $17,087,353Liabilities 2024: $291Net Assets 2024: $17,087,0622024

Highlighted filing

2023

Assets$15,315,231
Liabilities$0
Net Assets$15,315,231
Open 2023 Filing

Operations Trend

Revenue Growth95th percentile

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

$15M$10M$5.0M$0-$5.0MRevenue 2018: $12,334,302Expenses 2018: $478,660Net Income 2018: $11,855,6422018Revenue 2019: $2,124,812Expenses 2019: $666,151Net Income 2019: $1,458,6612019Revenue 2020: $469,335Expenses 2020: $608,047Net Income 2020: -$138,7122020Revenue 2021: $1,085,708Expenses 2021: $665,247Net Income 2021: $420,4612021Revenue 2022: $653,574Expenses 2022: $791,631Net Income 2022: -$138,0572022Revenue 2023: $1,645,634Expenses 2023: $1,004,639Net Income 2023: $640,9952023Revenue 2024: $1,694,087Expenses 2024: $660,346Net Income 2024: $1,033,7412024

Highlighted filing

2023

Revenue$1,645,634
Expenses$1,004,639
Net Income$640,995
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jun 5, 2024
Return Version
2023v5.0
Gross Receipts
$1,645,634
Mission and Program Overview

Mission

The mission of Carmel Valley Manor Foundation is to prudently manage the assets of the Foundation in order to provide Carmel Valley Manor with funds as needed and to seek other sources of funds to increase its asset base.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$14,385,380$15,259,439▲ $874,059
Cash and Non-Interest-Bearing Accounts$45,556$44,492▼ $1,064
Accounts Receivable$48,426$11,300▼ $37,126
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$14,479,362$15,315,231▲ $835,869
Other Assets Total-$0-
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,229,847$7,811,468▲ $581,621
Net Assets With Donor Restrictions$7,249,515$7,503,763▲ $254,248
Total Net Assets Fund Balance$14,479,362$15,315,231▲ $835,869
Total Liabilities and Net Assets / Fund Balance$14,479,362$15,315,231▲ $835,869

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$14,433,806$323,197▲ $1,456,598$942,862$15,270,739
2022$17,455,988$138,551▼ $2,409,936$750,797$14,433,806
2021$15,667,357$374,752▲ $2,071,046$667,167$17,445,988
2020$14,770,988$90,086▲ $1,443,023$626,730$15,677,367
2019$11,920,800$1,688,118▲ $1,772,822$610,752$14,770,988
Compensation and Service Providers
Top Officer Pay88th percentile

Board Members and Trustees

NameTitle
Susan FreelandChair
Jay ZimmerPresident & CEO
Harry HansonVice-Chair
Al CrosbyDirector
Bertie BialekDirector
Gerald KitchenDirector
John MahoneyDirector
John StaplesDirector
RB Busch IIIDirector
Ann Elise EmersonCFO
Iathan AnnandSecretary
Christopher SteinbrunerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$323,197
Program Service Revenue
$0
Investment Income
$1,322,322
Other Revenue
$115
All Other Contributions
$292,970
Change in Net Assets
$640,995
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$906,862
Other Expenses$97,777
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$906,862--$906,862
Fees for Service Investment Mgmnt Fees-$60,598-$60,598
Fees for Services Accounting-$7,734-$7,734
Insurance-$6,604-$6,604
Fees for Services Legal-$4,506-$4,506
Office Expenses-$3,600-$3,600
Other Expenses-$22-$22
Total Functional Expenses$906,862$97,777$0$1,004,639
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Carmel Valley ManorCarmel, CA501 (c)(3)Fundraising support to charit. act.$906,862
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
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$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 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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“990 is prepared by outside CPA. Finance Committee reviews the 990 and provides a complete draft to the Board of Directors for approval before filing.”

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

“Governance Committee distributes and reviews; identifies any conflict at the annual meeting of the Board.”

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

“The Board of Directors sets the CEOs compensation annually, which includes a bonus based on annual performance. In addition, Carmel Valley Manor (CVM) hired a firm to conduct a local compensation study in early 2023. CVM also receives the industrys Leading Age compensation study for Nursing Homes annually. CVM's policy is to complete a local compensation study bi-annually.”

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

“The CEO sets the salaries and incentive compensation for the other officers based the compensation study and officer performance, which are reviewed and approved by the Board of Directors in Executive Session.”

Form 990, Part VI, Section C, Line 19

“Copies are placed in the Resident's Library and copies will be sent or emailed to individuals or entities on request”

Filing and Contact Details

Filer

Filer Name
Carmel Valley Manor Foundation
EIN
82-2771192
Phone
8316241281
Address
8545 Carmel Valley Rd, Carmel, CA 93923

Signing Officer

Name
Jay Zimmer
Title
President & CEO
Signed
2024-06-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jay Zimmer
Formed
2017
Legal Domicile
CA
Voting Board Members
10
Independent Board Members
10
Employees
0
Volunteers
10

Preparer

Firm
McGilloway Ray Brown & Kaufman
Address
2511 Garden Road Suite A-180, Monterey, CA 93940
Preparer
Patricia M Kaufman CPA
Phone
8313733337
Supplemental Narrative

Financial Statement Notes

Part V, Line 4: Intended uses of the endowment fund.

“The endowment funds are retained in perpetuity to provide increasing income to the manor and may be used only to meet the statutory reserve requirements of the State of California or to meet unforeseen emergencies if the organization's funds are insufficient additionally, these funds are used for funding improvements which will substantially improve the quality of life for residents at the manor.”

Part X : FIN48 Footnote

“The Foundation believes that it has appropriate support for any tax positions taken, and therefore does not have any uncertain tax positions that are material to the financial statements for the years ended December 31, 2023.”

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IRS990/PrincipalOfficerNm0Jay Zimmer
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt0906862
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0Carmel Valley Manor
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType1Ind0X
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
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IRS990ScheduleD/CYEndwmtFundGrp/ContributionsAmt0323197
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IRS990ScheduleD/EndowmentsHeldRelatedOrgInd0false
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The endowment funds are retained in perpetuity to provide increasing income to the manor and may be used only to meet the statutory reserve requirements of the State of California or to meet unforeseen emergencies if the organization's funds are insufficient additionally, these funds are used for funding improvements which will substantially improve the quality of life for residents at the manor.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1The Foundation believes that it has appropriate support for any tax positions taken, and therefore does not have any uncertain tax positions that are material to the financial statements for the years ended December 31, 2023.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part V, Line 4: Intended uses of the endowment fund.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part X : FIN48 Footnote
IRS990ScheduleD/TermEndowmentBalanceEOYPct00.12280
IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/RecipientTable/CashGrantAmt0906862
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Fundraising support to charit. act.
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0Carmel Valley Manor
IRS990ScheduleI/RecipientTable/RecipientEIN0946050476
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt08545 Carmel Valley Rd
IRS990ScheduleI/RecipientTable/USAddress/CityNm0Carmel
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0CA
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd093923
IRS990ScheduleI/Total501c3OrgCnt01

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$15,315,231
Liabilities
$0
Net assets
$15,315,231
Revenue
$1,645,634
Expenses
$1,004,639
Net income
$640,995
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$17.1$0.00$17.1$1.69$0.66$1.03
2023Detailed filing. Detailed filing data is available for this year.$15.3$0.00$15.3$1.65$1.00$0.64
2022Detailed filing. Detailed filing data is available for this year.$14.5$0.00$14.5$0.65$0.79$0.14
2021Detailed filing. Detailed filing data is available for this year.$17.5$0.00$17.5$1.09$0.67$0.42
2020Detailed filing. Detailed filing data is available for this year.$15.7$0.00$15.7$0.47$0.61$0.14
2019Detailed filing. Detailed filing data is available for this year.$14.8$0.00$14.8$2.12$0.67$1.46
2018Detailed filing. Detailed filing data is available for this year.$11.9$0.00$11.9$12.3$0.48$11.9