Episcopal Retirement Services

What it reported doing in 2024

Affordable senior living: all older adults, regardless of income, deserve to live in a safe, comfortable and enriching environment. Across our region and around the country, the need for affordable living for seniors is growing at an alarming pace. For every single senior affordable living apartment available, there are ten individuals waiting for housing and by the year 2030, the 65 yearold population willhave doubled. At episcopal retirement services (ers), we are rapidly positioning ourselves to be leaders in the industry to address this emerging national crisis. Affordable senior living by ers is more than a set of apartment buildings. We are in the business of building communities where seniors can thrive physically, emotionally, and socially by providing a wide range of amenities and services.episcopal retirement services affordable living, llc (ersal) is an Ohio limited liability company of which ers is the sole member. Ersal provides the development and management services for the projects owned and/or managed by ersal. These projects provide the housing for seniors, the handicapped and lowincome persons through various nonprofit corporations, limited partnerships, and limited liability companies. During 2024 ersal had ownership interest in and/or managed 31 facilities. There were 1,950 individuals that served as affordable living residents in 2024. To keep pace with growth, $400 per resident is projected annually to support ministry services, and 1 new affordable living communities is planned per year for lowincome seniors. More than 3,000 bus trips per year help residents stay connected to the broader community. Every senior deserves a place to feel at home in their retirement years, no matter what their financial situation. We offer rentsubsidized affordable senior living communities that provide a variety of amenities, options, and services not often found in communities for seniors with limited incomes. Ers's purpose pertaining to affordable housing is to provide safe, comfortable, and enriching community living to deserving older adults regardless of their income levels. We will continue to foster lowincome housing, and directly or indirectly own, operate, manage, and develop affordable housing primarily for the elderly. We will also provide necessary guidance, management service, strategic planning, and corporate infrastructure for affordable housing facilities sponsored by ers primarily for the benefit of the elderly, their families, and caregivers. We also engage in activities to support affordable housing communities whether owned or operated, directly or indirectly, by ers including providing financial support through fundraising, financing, or guarantees of financing.

Financial Efficiency

• Mission deployment rate: 80.3%; rating input score 80
• Program expense ratio: 100%; rating input score 100
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 0 of 6 controls in place; rating input score 0
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Missing
• 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: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 5 of 9 controls in place; rating input score 56
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Fail
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: 20.2%; rating input score 77; 77th percentile among comparable filings
• Total-asset coverage ratio: 4.23; rating input score 81; 81st percentile among comparable filings
• Liabilities to assets ratio: 0.2; rating input score 44; 44th percentile among comparable filings
• Officer compensation ratio: 2.9%; rating input score 70; 70th percentile among comparable filings

Growth

• Program expense growth: -1.7% per year; rating input score 0; 9th percentile among comparable filings
• Revenue growth: 7.8% per year; rating input score 100; 59th percentile among comparable filings
• Asset growth: 9.9% per year; rating input score 100; 58th percentile among comparable filings