Civic Intelligence

Presbyterian Retirement Communities Northwest

990 • Fiscal year 2015 • EIN 91-0666887

Oct 01, 2014 to Sep 30, 2015 • Filed on Aug 12, 2016

715 9th Avenue Suite 400Seattle, WA 98104

(206) 826-2111

Siviq Scores

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

Liabilities / Assets

95th percentile

1.17x

Higher debt load relative to assets than 95% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2015

Liabilities / Revenue

93rd percentile

6.28x

Higher debt load relative to revenue than 93% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2015

Net Margin

11th percentile

-11%

Higher net margin than 11% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2015

Top Officer Pay

13th percentile

$214,231

Higher top officer pay than 13% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2015

Asset Growth

42nd percentile

0.2%

Faster asset growth than 42% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Revenue Growth

51st percentile

4.2%

Faster revenue growth than 51% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Assets

Up

$238,500,340

Up $559,399 (+0.2%) from 2014

Net Assets

Down

-$41,522,698

Down $3,904,611 (-10%) from 2014

Liabilities

Up

$280,023,038

Up $4,464,010 (+1.6%) from 2014

Revenue

Up

$44,572,846

Up $1,798,146 (+4.2%) from 2014

Expenses

Up

$49,326,089

Up $1,895,724 (+4.0%) from 2014

Net Income

Down

-$4,753,243

Down $97,578 (-2.1%) from 2014

Historical Trend

Balance Sheet Trend

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

$1.0B$500M$0-$500MAssets 2010: $279,527,548Liabilities 2010: $285,292,345Net Assets 2010: -$5,764,7972010Assets 2011: $264,766,167Liabilities 2011: $281,339,525Net Assets 2011: -$16,573,3582011Assets 2012: $258,689,786Liabilities 2012: $286,648,792Net Assets 2012: -$27,959,0062012Assets 2013: $245,356,010Liabilities 2013: $278,164,147Net Assets 2013: -$32,808,1372013Assets 2014: $237,940,941Liabilities 2014: $275,559,028Net Assets 2014: -$37,618,0872014Assets 2015: $238,500,340Liabilities 2015: $280,023,038Net Assets 2015: -$41,522,6982015Assets 2016: $257,250,302Liabilities 2016: $282,924,877Net Assets 2016: -$25,674,5752016Assets 2017: $442,845,807Liabilities 2017: $498,493,448Net Assets 2017: -$55,647,6412017Assets 2018: $445,189,575Liabilities 2018: $503,717,622Net Assets 2018: -$58,528,0472018Assets 2019: $440,915,477Liabilities 2019: $514,994,638Net Assets 2019: -$74,079,1612019Assets 2020: $601,934,836Liabilities 2020: $697,060,548Net Assets 2020: -$95,125,7122020Assets 2021: $589,407,305Liabilities 2021: $695,565,529Net Assets 2021: -$106,158,2242021Assets 2022: $529,987,118Liabilities 2022: $684,291,473Net Assets 2022: -$154,304,3552022Assets 2023: $528,986,667Liabilities 2023: $708,720,118Net Assets 2023: -$179,733,4512023Assets 2024: $497,451,994Liabilities 2024: $708,882,750Net Assets 2024: -$211,430,7562024

Highlighted filing

2015

Assets$238,500,340
Liabilities$280,023,038
Net Assets-$41,522,698

Operations Trend

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

$150M$100M$50M$0-$50MExpenses 2010: $42,394,4282010Revenue 2011: $33,486,054Expenses 2011: $44,080,147Net Income 2011: -$10,594,0932011Expenses 2012: $47,029,2422012Expenses 2013: $48,599,4712013Revenue 2014: $42,774,700Expenses 2014: $47,430,365Net Income 2014: -$4,655,6652014Revenue 2015: $44,572,846Expenses 2015: $49,326,089Net Income 2015: -$4,753,2432015Revenue 2016: $71,324,745Expenses 2016: $55,614,305Net Income 2016: $15,710,4402016Revenue 2017: $63,222,964Expenses 2017: $73,389,089Net Income 2017: -$10,166,1252017Revenue 2018: $75,447,609Expenses 2018: $83,159,179Net Income 2018: -$7,711,5702018Revenue 2019: $77,657,494Expenses 2019: $89,203,430Net Income 2019: -$11,545,9362019Revenue 2020: $78,278,510Expenses 2020: $92,161,566Net Income 2020: -$13,883,0562020Revenue 2021: $86,965,439Expenses 2021: $98,542,867Net Income 2021: -$11,577,4282021Revenue 2022: $90,087,367Expenses 2022: $114,657,767Net Income 2022: -$24,570,4002022Revenue 2023: $143,439,616Expenses 2023: $111,132,487Net Income 2023: $32,307,1292023Revenue 2024: $80,038,151Expenses 2024: $112,678,389Net Income 2024: -$32,640,2382024

Highlighted filing

2015

Revenue$44,572,846
Expenses$49,326,089
Net Income-$4,753,243
Jump To
Filing Snapshot
Filing Period
Oct 1, 2014 to Sep 30, 2015
Signed
Aug 12, 2016
Return Version
2014v6.0
Gross Receipts
$54,580,718
Mission and Program Overview

Mission

A faith-based organization supporting communities and services that celebrate and enrich lives.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$195,377,987$193,241,454▼ $2,136,533
Investments in Publicly Traded Securities$21,217,979$20,564,810▼ $653,169
Cash and Non-Interest-Bearing Accounts$7,263,810$12,079,097▲ $4,815,287
Intangible Assets$8,452,565$6,949,279▼ $1,503,286
Accounts Receivable$2,975,137$2,000,084▼ $975,053
Savings and Temporary Cash Investments$1,163,799$1,370,790▲ $206,991
Prepaid Expenses and Deferred Charges$700,959$676,440▼ $24,519
Other Notes and Loans Receivable, Net$0$500,000▲ $500,000
Inventories for Sale or Use$17,690$20,783▲ $3,093
Total Assets$237,940,941$238,500,340▲ $559,399
Other Assets Total$771,015$1,097,603▲ $326,588
Liabilities
Deferred Revenue$143,847,587$150,368,421▲ $6,520,834
Tax Exempt Bond Liabilities$123,198,250$120,973,250▼ $2,225,000
Accounts Payable and Accrued Expenses$4,806,959$5,192,592▲ $385,633
Other Liabilities$3,706,232$3,488,775▼ $217,457
Total Liabilities$275,559,028$280,023,038▲ $4,464,010
Net Assets / Fund Balance
Temporarily Rstr Net Assets-$240-
Unrestricted Net Assets$-37,618,087$-41,522,938▼ $3,904,851
Total Net Assets Fund Balance$-37,618,087$-41,522,698▼ $3,904,611
Total Liabilities and Net Assets / Fund Balance$237,940,941$238,500,340▲ $559,399

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$156,053,319$56,890,267$212,943,586
Other Land Buildings$14,236,777$5,227,337$19,464,114
Land$19,168,689-$19,168,689
Equipment$3,782,669$10,027,304$13,809,973

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$1,114,518-▼ $350-$1,114,168
2013$956,787$108,028▲ $49,703-$1,114,518
2012$924,621$1,100▲ $31,066-$956,787
2011$850,433$10,475▲ $63,713-$924,621
2010$673,922$176,050▲ $461-$850,433
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Torsten HirchePresident/CEOFT$214,231-$214,231
Lawrence DartVP Human ResourcesFT$172,560$13,346$185,906
Kevin McnamaraExec. Director - Skyline at First HillFT$145,343$23,421$168,764
Rene DumasExec. Director - Park ShoreFT$142,500$9,688$152,188
Mark LindenExec. Director - Exeter HouseFT$135,299$13,177$148,476
Johann Diederik SmithController (thru 1/15)FT$120,529$14,509$135,038
Dave SheffelsCorporate It DirectorFT$114,000$7,650$121,650
Jack MckittrickVP FinanceFT$104,039$6,458$110,497
Carlee AlariSecretaryFT$63,514$11,252$74,766
James MelhornDirector (acting Admin Director Thru 3/14)-$5,000-$5,000

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Premiere Rehab LLC (infinity Rehab)Therapy25117 SW PARKWAY, Wilsonville, OR 97070$1,069,577
Halvorson Construction GroupRemodeling & Capital Improvements12515 WILLOWS RD NE 220, Kirkland, WA 98034$896,748
Eltec Systems LLCConstruction2025 - 1ST AVE, Seattle, WA 98121$659,900
Jkr LLC (service Linen Supply)Laundry ServicesPO BOX 957, Renton, WA 98057$277,001
Consonus Pharmacy Sevices LLCDrugsPO BOX 84157, Seattle, WA 98124$267,670
Revenue and Support

Revenue Composition

Contributions and Grants
$64,898
Program Service Revenue
$43,652,568
Investment Income
$440,904
Other Revenue
$414,476
All Other Contributions
$100
Change in Net Assets
$-4,753,243

Audited Revenue Reconciliation

Revenue per Audited Statements
$44,572,846
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$2,487,149
Total Revenue per Audited Statements
$47,059,995
Total Revenue per Form 990
$44,572,846
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$29,465,550
Salaries, Compensation, and Employee Benefits$19,860,539
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$12,624,389$3,254,185-$15,878,574
Depreciation Depletion$9,036,031$79,449-$9,115,480
Interest$7,025,103$373,886-$7,398,989
Occupancy$2,167,738$916,662-$3,084,400
Other Employee Benefits$1,210,759$573,432-$1,784,191
Fees for Services Other$1,251,959$454,677-$1,706,636
Payroll Taxes$1,310,289$229,609-$1,539,898
Office Expenses$313,424$431,859-$745,283
Insurance$672,487$27,732-$700,219
Advertising-$557,157-$557,157
Current Officers, Directors, Trustees, and Key Employees-$399,494-$399,494
Fees for Services Accounting$11,149$345,738-$356,887
Pension Plan Contributions$216,619$41,763-$258,382
Other Expenses$83,845$145,065-$228,910
All Other Expenses$109,639$67,806-$177,445
Fees for Services Legal$9,308$157,038-$166,346
Travel$12,216$71,565-$83,781
Fees for Service Investment Mgmnt Fees-$42,800-$42,800
Information Technology$2,378$6,258-$8,636
Total Functional Expenses$41,092,297$8,233,792$0$49,326,089

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$52,191,177
Total Expenses per Form 990$49,326,089
Expenses per Audited Statements$49,283,289
Expenses Not Reported on Form 990$2,907,888
Expenses Not Reported on Financial Statements$42,800
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
Deposits$2,531,503
Accrued Marketing Fees$830,358
Capital Lease Obligations$126,914

Bond Issues

BondIssuerIssuedIssue PricePurpose
AWashington State Housing Finance Commission- Series 2007a2007-02-28$107,965,405Nonprofit housing revenue/refunding revenue bonds
CWashington State Housing Finance Commission- Series 20132013-06-19$15,035,845Refund 1999 bond and purchase of parking lot
BWashington State Housing Finance Commission- Series 2012b2012-03-23$7,600,000REFUND SERIES 2007B

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$107,965,405$7,600,000$6,940,405$2,413,096
C$15,035,845-$550,845-
B$7,600,000$7,430,653$2,136,750$300,717

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
Yes
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 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 A, Line 1

James melhorn: james melhorn served as acting administrative director between july 2013 and march 2014. For his service to the organization, mr. Melhorn received a gift of $5,000 in june 2014. The $5,000 is shown on the current year part vii, section a, since mr. Melhorn received it during calendar year 2014. For the 2014 tax year (reporting year ending september 30, 2015), mr. Melhorn is an independent board member since he did not receive any compensation at any time during this period. Tom vasilatos: tom vasilatos is a principal and 42% owner of halvorson construction group llc. Halvorson construction group llc received compensation exceeding $10,000 for calendar year 2014, as shown on the current year part vii, line 1, section b. However, for the 2014 tax year (reporting year ending september 30, 2015), mr. Vasilatos is an independent board member since halvorson construction group received less than $10,000 during this period.

Form 990, Part VI, Section B, Line 11

Prcn provided its board with copies of the form 990 return and posted the form 990 to the board portal for the board to review before filing.

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

The conflict of interest policy applies to all board members, officers and employees. Annually, a conflict of interest form is distributed to the board of directors and officers. The president & ceo review the completed forms and identify if any conflicts exist. Any actual or perceived conflict of interest of any governing board member or officer shall be disclosed to the other board members or highest level of management (president & ceo) and made a matter of record at the soonest possible time. Any governing board member having a possible conflict of interest shall not vote or use personal influence on the matter, and shall not be counted in determining the quorum for the meeting, even where permitted by law. The minutes of the meeting shall reflect that disclosure was made, the abstention from voting, and the quorum.

Form 990, Part VI, Section B, Line 15

The board uses an independent compensation consultant and compensation survey to annually determine the ceo and cfo's compensation. The ceo is responsible for conducting the review of other officers' compensation (executive directors). Compensation was last reviewed in october 2015.

Form 990, Part VI, Section C, Line 19

Presbyterian retirement communities northwest makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Presbyterian Retirement Communities Northwest
EIN
91-0666887
Phone
2068262111
Address
715 9TH AVENUE SUITE 400, SEATTLE, WA 98104

Signing Officer

Name
Torsten Hirche
Title
CEO & President
Phone
2068262111
Signed
2016-08-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Torsten Hirche
Formed
1956
Legal Domicile
Wa
Voting Board Members
19
Independent Board Members
19
Employees
634
Volunteers
19

Preparer

Firm
Clark Nuber Ps
Address
10900 NE 4TH STREET SUITE 1700, BELLEVUE, WA 98004
Preparer
Sara Elizabeth J Hyre
Phone
4254544919
Supplemental Narrative

Additional Explanations

FORM 990, PART I, LINE 6:

There were 19 volunteer members of the board of directors who served over the course of the fiscal year.

Financial Statement Notes

PART V, LINE 4:

To fund projects, activities and support the residents of exeter house, park shore and skyline at first hill retirement communities.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Revenue from affiliates 2,799,083. Contribution from affiliate (eliminated in financials) -63,798. Investment expenses -42,800.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Expense from affiliates 2,971,686. Contribution from affiliate (eliminated in financials) -63,798.

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IRS990/Desc0PRESBYTERIAN RETIREMENT COMMUNITIES NORTHWEST (PRCN) IS A PREMIER NOT-FOR-PROFIT ORGANIZATION COMPRISED OF FOUR UNIQUE RESIDENTIAL COMMUNITIES PROVIDING SERVICES FOR A DIVERSE POPULATION OF OLDER ADULTS IN THE PACIFIC NORTHWEST. FOR OVER FIVE DECADES, PARK SHORE AND EXETER HOUSE HAVE BEEN MEETING THE NEEDS OF SENIORS THROUGH OUR HEALTH, WELLNESS AND LIFE ENRICHMENT PROGRAMS. IN OCTOBER OF 2009, WE OPENED OUR NEWEST RETIREMENT COMMUNITY IN DOWNTOWN SEATTLE, SKYLINE AT FIRST HILL. SKYLINE HAS BEEN A TREMENDOUS SUCCESS STORY WITH COMMUNITY-WIDE OCCUPANCY OF 93% OF TOTAL UNITS AND 96% OF INDEPENDENT LIVING UNITS, AS OF SEPTEMBER 30, 2015. IN OCTOBER 2014, FRED LIND MANOR BECAME PART OF THE PRCN FAMILY OF COMMUNITIES. FRED LIND OFFERS INDEPENDENT AND ASSISTED LIVING AS WELL AS SHORT-TERM STAYS. SEE SCH O FOR CONTINUATIONDURING FISCAL YEAR 2014-15, SKYLINE CONVERTED 12 ADDITIONAL UNITS TO PROVIDE SPECIALIZED MEMORY SUPPORT SERVICES, BRINGING THE TOTAL HEALTH SERVICES UNIT COUNT TO 48 ASSISTED LIVING, 28 MEMORY SUPPORT AND 34 SKILLED NURSING.WITH THE ECONOMIC DOWNTURN AND HOUSING MARKET CHALLENGED, MANY COMMUNITIES HAVE NOT BEEN AS SUCCESSFUL. WE ATTRIBUTE THIS TO OUR LOW TEAM MEMBER TURNOVER, OUR COHESIVE BOARD OF DIRECTORS AND THE GUIDANCE AND DIRECTION OF STRONG LEADERSHIP. THROUGH OUR CONTINUOUS CARE RETIREMENT COMMUNITIES WE PROVIDE A CONTINUUM OF CARE: INDEPENDENT LIVING, ASSISTED LIVING, MEMORY SUPPORT, AND SKILLED NURSING CATERING TO RESIDENTS AND THEIR INDIVIDUAL NEEDS. AS A FAITH BASED ORGANIZATION, WE ARE GUIDED BY OUR MISSION AND VISION TO SUPPORT COMMUNITIES AND SERVICES THAT CELEBRATE AND ENRICH LIVES.
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IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19PRESIDENT/CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt20VP FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt21SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt22VP HUMAN RESOURCES
IRS990/Form990PartVIISectionAGrp/TitleTxt23CORPORATE IT DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt26EXEC. DIR. - SKYLINE AT FIRST HILL
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$497$709$211$80.0$113$32.6
2023Detailed filing. Detailed filing data is available for this year.$529$709$180$143$111$32.3
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$530$684$154$90.1$115$24.6
2021Detailed filing. Detailed filing data is available for this year.$589$696$106$87.0$98.5$11.6
2020Detailed filing. Detailed filing data is available for this year.$602$697$95.1$78.3$92.2$13.9
2019Detailed filing. Detailed filing data is available for this year.$441$515$74.1$77.7$89.2$11.5
2018Detailed filing. Detailed filing data is available for this year.$445$504$58.5$75.4$83.2$7.71
2017Detailed filing. Detailed filing data is available for this year.$443$498$55.6$63.2$73.4$10.2
2016Detailed filing. Detailed filing data is available for this year.$257$283$25.7$71.3$55.6$15.7
2015Detailed filing. Detailed filing data is available for this year.$239$280$41.5$44.6$49.3$4.75
2014Detailed filing. Detailed filing data is available for this year.$238$276$37.6$42.8$47.4$4.66
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$245$278$32.8$48.6
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$259$287$28.0$47.0
2011Summary only. Only limited summary data is available for this year.$265$281$16.6$33.5$44.1$10.6
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$280$285$5.76$42.4