Fairhaven Corporation

Nonprofit profile at a glance

EIN
390979908
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Whitewater, WI, USA
Phone
2624732140
Rating
84
Verdict
STRONG
Rating confidence
Standard
Sector
Supportive Housing for Older Adults

Official website

Reported finances

Revenue
$6,430,421
Expenses
$8,272,081
Assets
$40,776,090
Liabilities
$27,689,218

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

Leadership & pay

19 people listed

Executive titles in this filing

  • DR FRED WILEMAN (VICE PRESIDENT)
  • PAUL KUENNING (EXECUTIVE DIRECTOR)

Highest reported compensation

  • PAUL KUENNING (EXECUTIVE DIRECTOR): $137,711 total reported compensation

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

Overview

Mission

To provide housing and services which promote dignity and well-being with spiritual, intellectual, cultural and recreational vitality.

What it reported doing in 2024

Serving residents since 1962, fairhaven corporation (fairhaven or the corporation) is a nonprofit life plan community related to the Wisconsin conference of the united church of christ, located in whitewater, Wisconsin. Fairhaven's main campus includes independent apartments, assisted living, supportive living, and memory care. The corporation offers life lease entrance fee and monthly fee agreements. The corporation holds a community based residential facility (cbrf) license for 150 beds available in 105 apartments and 49 assisted living units. It also holds licenses for a 24-bed cbrf memory care residence called hearthstone. Prairie village is an independent patio home community for those 55 and older located one mile from the main campus. For the years ended december 31, 2024 and 2023, 65 duplex units were in use.

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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 93
  • Accountability: 97
  • Sustainability: 37
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 88.5%; rating input score 88
  • Fundraising efficiency: $0.52 raised per $1 spent on fundraising; rating input score 2; 2nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 13th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 94.7%; rating input score 95; 25th percentile among comparable filings
  • Governance controls: 8 of 8 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: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -28.6%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 4.93; rating input score 83; 83rd percentile among comparable filings
  • Liabilities to assets ratio: 0.68; rating input score 14; 14th percentile among comparable filings
  • Officer compensation ratio: 1.7%; rating input score 78; 78th percentile among comparable filings

Growth

  • Program expense growth: -3% per year; rating input score 0; 7th percentile among comparable filings
  • Revenue growth: -1.6% per year; rating input score 0; 7th percentile among comparable filings
  • Asset growth: 4.8% per year; rating input score 100; 33rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 88.5% of spending went to programs
  • Governance: 18 of 19 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $7.3M in reported program spending
  • Leadership: top reported pay $138K · 19 people listed
  • Highest-paid contractors: 3 contractors listed · $591K reported
  • Consistency: 26 of 27 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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 — Financial Efficiency: Fundraising efficiency scored 2/100.
  • High — Sustainability: Operating margin scored 4/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 14/100.