Devon Oaks Assisted Living Corporation

Nonprofit profile at a glance

EIN
341927224
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Westlake, OH, USA
Phone
4405404700
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Senior Citizens' Housing/Retirement Communities

Official website

Reported finances

Revenue
$5,486,937
Expenses
$4,780,294
Assets
$6,687,743
Liabilities
$2,139,958

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

20 people listed

Executive titles in this filing

  • Richard M Boyson Jr (President & CEO)

Highest reported compensation

  • Richard M Boyson Jr (President & CEO): $431,435 total reported compensation
  • Kathleen M Shields (CFO): $237,319 total reported compensation
  • Jennifer Griveas (VP of Legal): $227,318 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

We affirm the dignity and individual worth of older adults and their right to attain the highest possible quality of life. We strive to nurture and sustain their physical, emotional, intellectual, social and spiritual health. We are committed to having a community in which every member is equally respected, valued and empowered.

What it reported doing in 2024

Devon Oaks is a premier Assisted Living community operating 54 assisted living units and 12 memory support units, supporting older adult residents needing assistance with activities of daily living and who are experiencing mid-stage Alzheimer's disease and related dementia. Devon Oaks offers residents and families peace of mind by providing services that include: licensed, professional staff on duty 24 hours a day; access to a physician and nurse practitioner; medication management provided by in-house clinical staff; transportation to hospital and physician appointments as well as community events; full-time physical therapist; 24-hour assistance with activities of daily living such as dressing, meals, mobility, and hygiene; meaningful activities that promote engagement and socialization; memory support care; and respite care.Devon Oaks Assisted Living Corporation operates within the Eliza Jennings Senior Care Network, a provider of residential and community-based aging services which includes Eliza Jennings Inc, Olmsted Assisted Living Corp, Olmsted Health & Services, Olmsted Resident Corp, Acacia Place Adult Day Center, and the flagship skilled nursing community Eliza Jennings Home. In December of 2023, Eliza Jennings Inc. acquired the assets of and is now operating a senior living community in Chagrin Falls, Ohio (southeast of Cleveland) under the licensed trade name Eliza at Chagrin Falls which includes 75 traditional assisted living units, 18 memory support units, and 27 skilled nursing units (29 licenses).As a nationally recognized innovator and expert in aging services, Eliza Jennings Senior Care Network offers a full spectrum of memory support programming and services to older adults with Alzheimers disease and other dementias throughout its residential communities and adult day program and provides home health services through Northeast Ohio Homecare (offering skilled nursing and in-home therapy services to assist older adults who live independently in their home). The Eliza Jennings Senior Care Network is committed to offering compassionate care and support to individuals and their families who are facing advanced illness and end-of-life care decisions and offers hospice services though Northeast Ohio Hospice, geared to providing choices that sustain dignity and autonomy, while enhancing comfort and quality of life during this difficult time.

Operating model

Revenue model
Earned-program. 95% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Assets have declined or grown slowly and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 69
  • Transparency & Controls: 77
  • Accountability: 96
  • Sustainability: 57
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 64.4%; rating input score 64
  • Program expense ratio: 74.2%; rating input score 74
  • Fundraising efficiency: $39.89 raised per $1 spent on fundraising; rating input score 75; 75th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 93.3%; rating input score 93; 24th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 12.9%; rating input score 68; 68th percentile among comparable filings
  • Total-asset coverage ratio: 1.4; rating input score 49; 49th percentile among comparable filings
  • Liabilities to assets ratio: 0.32; rating input score 32; 32nd percentile among comparable filings
  • Officer compensation ratio: 4.6%; rating input score 57; 57th percentile among comparable filings

Growth

  • Program expense growth: 1.3% per year; rating input score 100; 19th percentile among comparable filings
  • Revenue growth: 2.8% per year; rating input score 100; 25th percentile among comparable filings
  • Asset growth: -3.5% per year; rating input score 0; 5th percentile among comparable filings

Details

  • Where the money goes: 64.4% of revenue deployed · 74.2% of spending went to programs
  • Governance: 14 of 15 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $3.5M in reported program spending
  • Leadership: top reported pay $431K · 20 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $279K reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 15 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 6 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 49/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 32/100.
  • Review — Sustainability: Officer compensation ratio scored 57/100.