Preswick Glen Inc

Nonprofit profile at a glance

EIN
311727817
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
New Hartford, NY, USA
Phone
3157977500
Rating
69
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Senior Citizens' Housing/Retirement Communities

Official website

Reported finances

Revenue
$5,777,506
Expenses
$5,244,360
Assets
$16,661,098
Liabilities
$21,448,630

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

Leadership & pay

13 people listed

Executive titles in this filing

  • JEREMY RUTTER (PRESIDENT/CEO)

Highest reported compensation

  • JEREMY RUTTER (PRESIDENT/CEO): $268,736 total reported compensation
  • ANNE CONNOR (CFO): $150,356 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's mission is to offer a retirement community with committment to provide security, peace of mind, and independence for senior adults by promoting opportunities for personal growth in an attractive and comfortable atmosphere.

What it reported doing in 2024

Independent living which provides housing, access to health care, and a no-eviction policy to residents 60 years of age or older. Facility consists of 84 independent living apartments and 40 independent living cottages that are leased and renewed on a yearly basis. An average of 119 units were leased during the year.

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 most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 65
  • Transparency & Controls: 60
  • Accountability: 100
  • Sustainability: 61
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 69.2%; rating input score 69
  • Program expense ratio: 79.9%; rating input score 80
  • 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd 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: 9.2%; rating input score 61; 61st percentile among comparable filings
  • Total-asset coverage ratio: 3.18; rating input score 75; 75th percentile among comparable filings
  • Liabilities to assets ratio: 1.29; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 0.7%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: -1.8% per year; rating input score 0; 9th percentile among comparable filings
  • Revenue growth: 1.2% per year; rating input score 100; 16th percentile among comparable filings
  • Asset growth: -7% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 69.2% of revenue deployed · 79.9% of spending went to programs
  • Governance: 11 of 11 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $4.2M in reported program spending
  • Leadership: top reported pay $269K · 13 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 13 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.