Edgewood Retirement Community Inc

Nonprofit profile at a glance

EIN
043195775
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
North Andover, MA, USA
Phone
9787253300
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Supportive Housing for Older Adults

Official website

Reported finances

Revenue
$31,832,067
Expenses
$30,306,455
Assets
$154,895,092
Liabilities
$178,796,269

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

Leadership & pay

26 people listed

Executive titles in this filing

  • MARLENE ROTERING (PRESIDENT/CEO)
  • DAVID BOTTE (EXECUTIVE DIRECTOR)

Highest reported compensation

  • MARLENE ROTERING (PRESIDENT/CEO): $828,922 total reported compensation
  • JANE P SULLIVAN (CFO): $387,690 total reported compensation
  • KATHLEEN D' AMICO (DIRECTOR OF MARKETING): $246,351 total reported compensation

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

Overview

Mission

The organization offers independent living, healthcare and supportive services to empower members to be architects of their own well-being. The organization accomplishes this by a relentless pursuit of a caring culture with passionate attention to individual needs and values.

What it reported doing in 2024

The community consists of 217 residential units, 24 cottages, common space, 40 nursing care beds and 40 assisted living beds. The community operates under the "life care" concept in which residents enter into a residency agreement which requires payment of a one-time entrance fee and monthly service fees. These payments entitle residents to the use and privileges of the community for life. Edgewood also operates the woodlands inn which is an assisted living facility. The inn is a community that consists of 40 units.

Operating model

Revenue model
Earned-program. 94% 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. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 76
  • Transparency & Controls: 76
  • Accountability: 92
  • Sustainability: 57
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 82.6%; rating input score 83
  • Program expense ratio: 91.1%; rating input score 91
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 93.8%; rating input score 94; 27th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 4.8%; rating input score 53; 53rd percentile among comparable filings
  • Total-asset coverage ratio: 5.11; rating input score 85; 85th percentile among comparable filings
  • Liabilities to assets ratio: 1.15; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 4%; rating input score 59; 59th percentile among comparable filings

Growth

  • Program expense growth: 3.6% per year; rating input score 100; 31st percentile among comparable filings
  • Revenue growth: 3.5% per year; rating input score 100; 30th percentile among comparable filings
  • Asset growth: 3.2% per year; rating input score 100; 24th percentile among comparable filings

Details

  • Where the money goes: 82.6% of revenue deployed · 91.1% of spending went to programs
  • Governance: 15 of 16 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $27.6M in reported program spending
  • Leadership: top reported pay $829K · 26 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2.4M reported
  • Consistency: 35 of 35 current checks pass
  • Schedules: 8 filed schedules · includes major donors, executive pay, and related organizations
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 2 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Review — Sustainability: Operating margin scored 53/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.
  • Review — Sustainability: Officer compensation ratio scored 59/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.