Civic Intelligence

Frasier Meadows Manor Inc.

990 • Fiscal year 2021 • EIN 84-0503809

Jul 01, 2020 to Jun 30, 2021 • Filed on Oct 14, 2021

350 Ponca PlaceBoulder, CO 80303

(303) 499-4888

Siviq Scores

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

Liabilities / Assets

89th percentile

0.91x

Higher debt load relative to assets than 89% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Liabilities / Revenue

94th percentile

6.18x

Higher debt load relative to revenue than 94% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Net Margin

8th percentile

-13%

Higher net margin than 8% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Top Officer Pay

27th percentile

$442,920

Higher top officer pay than 27% of similar nonprofits.

Top officer pay equals 1.2% of source-year revenue.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Asset Growth

20th percentile

2.9%

Faster asset growth than 20% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2020 to 2021

Revenue Growth

76th percentile

27%

Faster revenue growth than 76% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2020 to 2021

Assets

Up

$253,254,527

Up $7,116,975 (+2.9%) from 2020

Net Assets

Up

$22,327,685

Up $4,757,742 (+27%) from 2020

Liabilities

Up

$230,926,842

Up $2,359,233 (+1.0%) from 2020

Revenue

Up

$37,341,851

Up $8,017,128 (+27%) from 2020

Expenses

Up

$42,145,605

Up $6,996,076 (+20%) from 2020

Net Income

Up

-$4,803,754

Up $1,021,052 (+18%) from 2020

Historical Trend

Balance Sheet Trend

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

$300M$200M$100M$0Assets 2011: $99,430,692Liabilities 2011: $80,657,081Net Assets 2011: $18,773,6112011Assets 2012: $100,816,060Liabilities 2012: $81,673,646Net Assets 2012: $19,142,4142012Assets 2013: $104,778,971Liabilities 2013: $81,238,234Net Assets 2013: $23,540,7372013Assets 2014: $100,323,751Liabilities 2014: $79,071,092Net Assets 2014: $21,252,6592014Assets 2015: $102,182,804Liabilities 2015: $80,477,365Net Assets 2015: $21,705,4392015Assets 2016: $100,748,423Liabilities 2016: $78,272,673Net Assets 2016: $22,475,7502016Assets 2017: $157,862,792Liabilities 2017: $133,401,188Net Assets 2017: $24,461,6042017Assets 2018: $219,403,605Liabilities 2018: $194,620,788Net Assets 2018: $24,782,8172018Assets 2019: $221,817,049Liabilities 2019: $198,772,518Net Assets 2019: $23,044,5312019Assets 2020: $246,137,552Liabilities 2020: $228,567,609Net Assets 2020: $17,569,9432020Assets 2021: $253,254,527Liabilities 2021: $230,926,842Net Assets 2021: $22,327,6852021Assets 2022: $252,296,856Liabilities 2022: $237,234,407Net Assets 2022: $15,062,4492022Assets 2023: $254,252,055Liabilities 2023: $232,838,590Net Assets 2023: $21,413,4652023Assets 2024: $263,292,730Liabilities 2024: $229,999,282Net Assets 2024: $33,293,4482024Assets 2025: $272,263,500Liabilities 2025: $230,191,321Net Assets 2025: $42,072,1792025

Highlighted filing

2021

Assets$253,254,527
Liabilities$230,926,842
Net Assets$22,327,685

Operations Trend

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

$80M$60M$40M$20M$0-$20MExpenses 2011: $22,169,8522011Expenses 2012: $23,284,9812012Expenses 2013: $24,660,7202013Revenue 2014: $21,920,366Expenses 2014: $22,893,744Net Income 2014: -$973,3782014Revenue 2015: $20,607,030Expenses 2015: $21,627,761Net Income 2015: -$1,020,7312015Revenue 2016: $23,870,558Expenses 2016: $22,504,426Net Income 2016: $1,366,1322016Revenue 2017: $24,089,465Expenses 2017: $24,791,380Net Income 2017: -$701,9152017Revenue 2018: $26,551,024Expenses 2018: $26,234,992Net Income 2018: $316,0322018Revenue 2019: $26,763,645Expenses 2019: $27,766,127Net Income 2019: -$1,002,4822019Revenue 2020: $29,324,723Expenses 2020: $35,149,529Net Income 2020: -$5,824,8062020Revenue 2021: $37,341,851Expenses 2021: $42,145,605Net Income 2021: -$4,803,7542021Revenue 2022: $40,732,560Expenses 2022: $41,062,328Net Income 2022: -$329,7682022Revenue 2023: $45,261,389Expenses 2023: $44,112,803Net Income 2023: $1,148,5862023Revenue 2024: $52,710,122Expenses 2024: $45,931,288Net Income 2024: $6,778,8342024Revenue 2025: $63,265,847Expenses 2025: $59,624,067Net Income 2025: $3,641,7802025

Highlighted filing

2021

Revenue$37,341,851
Expenses$42,145,605
Net Income-$4,803,754
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Oct 14, 2021
Return Version
2020v4.1
Gross Receipts
$39,493,231
Mission and Program Overview

Mission

Build community that inspires and celebrates life.

Provide housing, healthcare, and related services to senior citizens through a retirement facility.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$183,425,785$178,941,909▼ $4,483,876
Investments in Publicly Traded Securities$46,438,258$67,821,722▲ $21,383,464
Cash and Non-Interest-Bearing Accounts$9,904,615$3,098,030▼ $6,806,585
Savings and Temporary Cash Investments$5,744,297$999,376▼ $4,744,921
Accounts Receivable$258,568$559,835▲ $301,267
Prepaid Expenses and Deferred Charges$257,959$278,271▲ $20,312
Inventories for Sale or Use$38,910$44,442▲ $5,532
Total Assets$246,137,552$253,254,527▲ $7,116,975
Other Assets Total$69,160$1,510,942▲ $1,441,782
Liabilities
Tax Exempt Bond Liabilities$131,740,890$121,311,385▼ $10,429,505
Deferred Revenue$74,554,748$78,215,876▲ $3,661,128
Escrow Account Liability$15,815,854$17,216,638▲ $1,400,784
Mortgage Notes Payable Secured by Investment Property-$9,765,734-
Accounts Payable and Accrued Expenses$5,600,234$3,188,071▼ $2,412,163
Other Liabilities$855,883$1,229,138▲ $373,255
Total Liabilities$228,567,609$230,926,842▲ $2,359,233
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$16,468,753$21,429,470▲ $4,960,717
Net Assets With Donor Restrictions$1,101,190$898,215▼ $202,975
Total Net Assets Fund Balance$17,569,943$22,327,685▲ $4,757,742
Total Liabilities and Net Assets / Fund Balance$246,137,552$253,254,527▲ $7,116,975

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$168,126,065$49,249,949$217,376,014
Equipment$4,800,582$4,888,824$9,689,406
Leasehold Improvements$2,519,334$1,580,104$4,099,438
Other Land Buildings$3,411,590-$3,411,590
Land$84,338-$84,338

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$427,477$7,560▲ $116,396$6,188$545,245
2019$410,381$8,194▲ $17,735$8,833$427,477
2018$338,502$63,710▲ $14,147$5,978$410,381
2017$304,686$11,450▲ $22,366-$338,502
2016$272,342$7,299▲ $25,045-$304,686
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Timothy JohnsonPresident & CEOFT$325,239$117,681$442,920
David SlackChief Strategy OfficerFT$214,280$65,143$279,423
Lesley RadocyVP of Wellness & CommunicationsFT$150,355$99,898$250,253
Nikki LewisCFOFT$191,826$52,743$244,569
Michelle MacparlandVP of HealthFT$151,553$58,603$210,156
Jennifer HoughtalingVP of Human ResourcesFT$124,354$65,838$190,192
Karla RikansrudVP of PhilanthropyFT$125,268$49,245$174,513
Kimberly CalahanDirector of NursingFT$114,464$45,255$159,719
Jeffrey PuckettDirector of I.t.FT$128,005$29,636$157,641

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Pinkard ConstructionConstruction9195 W 6TH AVENUE, Lockwood, CO 80215$12,817,088
Dg ConstructionConstruction3525 BRENTWOOD STREET, Lakewood, CO 80235$1,038,668
Morrison Community LivingDining Services ManagementPO BOX 102289, Atlanta, GA 30368$974,262
Haynes Mechanical SystemsHvac ManagementPO BOX 561389, Denver, CO 80256$959,125
Harris Dewart LLCConstructionPO BOX 381, Nederland, CO 80466$740,191
Revenue and Support

Revenue Composition

Contributions and Grants
$5,657,523
Program Service Revenue
$36,570,302
Investment Income
$406,707
Other Revenue
$-5,292,681
All Other Contributions
$835,175
Change in Net Assets
$-4,803,754

Audited Revenue Reconciliation

Revenue per Audited Statements
$33,455,315
Revenue Not Reported on Financial Statements
$3,886,536
Revenue Not Reported on Form 990
$6,922,342
Other Revenue Adjustments
$3,729,296
Total Revenue per Audited Statements
$40,377,657
Total Revenue per Form 990
$37,341,851
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$26,477,448
Salaries, Compensation, and Employee Benefits$15,641,025
Total Fundraising Expense$155,015
Grants and Similar Amounts Paid$27,132
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$9,880,164$1,867,935$164,307$11,912,406
Depreciation Depletion$10,027,562--$10,027,562
Interest-$5,562,685-$5,562,685
Occupancy$5,096,249$62,230-$5,158,479
Other Employee Benefits$1,257,609$115,258$-24,546$1,348,321
Current Officers, Directors, Trustees, and Key Employees-$1,223,288-$1,223,288
Fees for Services Management$1,221,038--$1,221,038
Payroll Taxes$679,731$206,023$-13,267$872,487
Fees for Services Other$17,511$583,195$20,944$621,650
Insurance-$603,919-$603,919
Office Expenses$458,218$99,677$667$558,562
Information Technology$1,260$491,150$4,698$497,108
Pension Plan Contributions$221,664$67,185$-4,326$284,523
Fees for Service Investment Mgmnt Fees-$157,240-$157,240
Advertising$3,776$107,035$514$111,325
Fees for Services Accounting-$82,796-$82,796
Other Expenses$42,475$262,022$13$42,475
All Other Expenses$17,524$12,483$5,766$35,773
Conferences and Meetings$15,711$4,834$45$20,590
Travel$13,964$4,503-$18,467
Grants to Domestic Orgs$15,000--$15,000
Grants to Domestic Individuals$12,132--$12,132
Total Functional Expenses$29,587,240$12,403,350$155,015$42,145,605

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$42,717,379
Total Expenses per Form 990$42,145,605
Expenses per Audited Statements$41,988,365
Expenses Not Reported on Form 990$729,014
Expenses Not Reported on Financial Statements$157,240
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
ALZHEIMER'S ASSOCIATIONChicago, IL501(c)(3)SPONSOR THE WALK TO END ALZHEIMER'S$15,000
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
Applicant Deposits$1,137,183
Annuities Payable$91,955

Bond Issues

BondIssuerIssuedIssue PricePurpose
AColorado Health Facilities Authority2017-04-18$87,452,159Refund series 2008 bonds; capital expenditures
BColorado Health Facilities Authority2017-12-20$59,048,646CAPITAL EXPENDITURES
CColorado Health Facilities Authority2020-07-08$40,000,000Partially defease the april 2017 bonds

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$87,452,159$37,649,219$44,220,000$1,450,303
B$59,048,646$39,388,500$19,550,000$940,000
C$40,000,000--$611,500

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 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
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 is composed of the board's chair, vice chair, secretary, immediate past chair, the chair of the finance committee, and two other trustees. The executive committee acts for the board of trustees between meetings of the board; establishes the agenda for board meetings, assuring full disclosure of information and full consideration of all matters presented to the board; and no less often than annually, conducts a confidential performance review of the president/ceo and sets his or her compensation for the ensuing year in accordance with the policies developed by the board. All actions taken by the executive committee are disclosed in minutes of its meetings and thereafter ratified by the board of trustee at its next meeting.

Form 990, Part VI, Section A, Line 3

During the fiscal year, frasier outsourced our investment management to marquette & associates.

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

The form 990 was reviewed by the cfo and ceo and by the board of directors prior to filing.

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

Each trustee or officer signs a copy of the conflict of interest policy at the initiation of his or her term of office, annually thereafter, and at the time of any significant change of duties. During the year, conflicts are brought up and recorded in the board of trustees minutes. If any conflicts of interest exist, the board members recuse themselves from voting on any matter pertaining to the conflict.

Form 990, Part VI, Section B, Line 15

The executive committee acts as the compensation committee for determining the compensation of the ceo and other officers of frasier meadows manor. At least every four years, the executive committee commissions a qualified independent consulting firm to evaluate the organization's executive compensation program. Using the data from the compensation study, the executive committee reviews and sets the compensation packages of the ceo and other executive positions. The executive committee maintains the required documentation of the process in the minutes of its meetings, which includes, among other information, the terms of the compensation packages and the comparability data used in determining the compensation packages.

Form 990, Part VI, Section C, Line 19

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

Filing and Contact Details

Filer

Filer Name
Frasier Meadows Manor Inc
EIN
84-0503809
Phone
3034994888
Address
350 PONCA PLACE, BOULDER, CO 80303
Doing Business As
Frasier

Signing Officer

Name
Timothy a Johnson
Title
President & CEO
Phone
3034994888
Signed
2021-10-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Timothy a Johnson
Formed
1956
Legal Domicile
Co
Voting Board Members
17
Independent Board Members
17
Employees
549
Volunteers
267

Preparer

Firm
Cliftonlarsonallen Llp
Address
10700 NORTHUP WAY SUITE 200, BELLEVUE, WA 98004
Preparer
Kurt Bennion CPA
Phone
4252506100
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 3

The organization ceased providing the fraser at home program in march 2020.

FORM 990, PART XI, LINE 9:

Unrealized gains on interest rate swaps 613,782.

Financial Statement Notes

PART IV, LINE 2B:

Individuals admitted as residents of the organization are entitled to a refund of a portion of their entrance fees, based on which of three contract options they select. The state of colorado requires that the organization refund the resident's refundable fees within 180 days of termination of the agreement.

PART V, LINE 4:

The endowment funds consist of various funds established to help accomplish the organization's program services.

PART X, LINE 2:

The organization is exempt from federal income taxes under section 501(c)(3) of the internal revenue code (irc). The organization is not classified as a private foundation within the meaning of section 509(a) of the irc. Accordingly, no provision is made for federal, state, or local income taxes. The organization applies a more likely than not measurement methodology to reflect the financial statement impact of uncertain tax positions taken or expected to be taken in a tax return. After evaluating the tax positions taken, none are considered to be uncertain; therefore, no amounts have been recognized as of june 30, 2021 and 2020. If incurred, interest and penalties associated with tax positions are recorded in the period assessed as general and administrative expense. No interest or penalties have been assessed as of june 30, 2021 or 2020.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Net assets released from restriction 820,872. Loss on refinancing of long-term debt 5,372,456. Loss on disposal of property & equipment 729,014.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Unrestricted realized gain on investment 82,992. Restricted contributions 501,415. Restricted interest income 11,773. Restricted realized gain on investment 2,468. Fema proceeds 3,130,648.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Loss on disposal of property & equipment 729,014.

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IRS990/Desc0FRASIER MEADOWS MANOR IS TAX-EXEMPT CONTINUING CARE RETIREMENT COMMUNITY OPERATED TO FURTHER THE VISION AND MISSION OF THE UNITED METHODIST CHURCH AS EXPRESSED BY ITS GENERAL BOARD OF DISCIPLESHIP THROUGH THE METHODIST CENTER ON AGING AND OLDER ADULT MINISTRIES. THE FACILITY INCLUDES INDEPENDENT LIVING, ASSISTED LIVING AND SKILLED NURSING CARE, WHICH INCLUDES INDEPENDENT AND ASSISTED RESIDENTIAL COMPETENCY SUPPORT, MEAL SERVICES, CHAPLAINCY PROGRAM WITH OPPORTUNITIES FOR SPIRITUAL GROWTH AND SUPPORT, AND RECREATIONAL AND THERAPEUTIC ACTIVITIES. THE FACILITIES AND PROGRAMS ARE DESIGNED TO MEET THE UNIQUE NEEDS OF SENIORS FOR FINANCIAL SECURITY, CONSISTENCY AND ACCESSIBLE HEALTHCARE, AND TO ENHANCE OPPORTUNITIES FOR INDEPENDENT "AGING IN PLACE". STATISTICAL INFORMATION IS AVAILABLE UPON REQUEST.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt1CHIEF STRATEGY OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt2VP OF WELLNESS & COMMUNICATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt3CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt4VP OF HEALTH
IRS990/Form990PartVIISectionAGrp/TitleTxt5VP OF HUMAN RESOURCES
IRS990/Form990PartVIISectionAGrp/TitleTxt6VP OF PHILANTHROPY
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR OF NURSING
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR OF I.T.
IRS990/Form990PartVIISectionAGrp/TitleTxt9CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt10VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt11SECRETARY
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$272$230$42.1$63.3$59.6$3.64
2024Detailed filing. Detailed filing data is available for this year.$263$230$33.3$52.7$45.9$6.78
2023Detailed filing. Detailed filing data is available for this year.$254$233$21.4$45.3$44.1$1.15
2022Detailed filing. Detailed filing data is available for this year.$252$237$15.1$40.7$41.1$0.33
2021Detailed filing. Detailed filing data is available for this year.$253$231$22.3$37.3$42.1$4.80
2020Detailed filing. Detailed filing data is available for this year.$246$229$17.6$29.3$35.1$5.82
2019Detailed filing. Detailed filing data is available for this year.$222$199$23.0$26.8$27.8$1.00
2018Detailed filing. Detailed filing data is available for this year.$219$195$24.8$26.6$26.2$0.32
2017Detailed filing. Detailed filing data is available for this year.$158$133$24.5$24.1$24.8$0.70
2016Detailed filing. Detailed filing data is available for this year.$101$78.3$22.5$23.9$22.5$1.37
2015Detailed filing. Detailed filing data is available for this year.$102$80.5$21.7$20.6$21.6$1.02
2014Detailed filing. Detailed filing data is available for this year.$100$79.1$21.3$21.9$22.9$0.97
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$105$81.2$23.5$24.7
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$101$81.7$19.1$23.3
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$99.4$80.7$18.8$22.2