Silver Maples of Chelsea

Nonprofit profile at a glance

EIN
383258132
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Chelsea, MI, USA
Phone
7344754111
Rating
84
Verdict
STRONG
Rating confidence
Standard
Sector
Senior Citizens' Housing/Retirement Communities

Official website

Reported finances

Revenue
$11,085,896
Expenses
$10,002,192
Assets
$40,199,477
Liabilities
$30,224,110

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

Leadership & pay

9 people listed

Executive titles in this filing

  • JULIE A DEPPNER - FORMER (PRESIDENT AND CEO)

Highest reported compensation

  • JULIE A DEPPNER - FORMER (PRESIDENT AND CEO): $225,313 total reported compensation
  • CHRISTINA M KIM (V.P. SALES/MARKETING): $133,693 total reported compensation
  • JOANNE DOBRY REYNOLDS (V.P. HUMAN RESOURCES): $127,402 total reported compensation

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

Overview

Mission

Silver maples of chelsea retirement neighborhood is a vibrant community that excels at creating and support a positive aging experience. Silver maples of chelsea will promote enriching experiences to inspire personal growth, create opportunities to develop meaningful relationships among friends, family and community and provide a healthy, secure and supportive place to call home. Our mission and vision is clearly aligned with our partners, the 5 healthy towns organization and silver maples, inc. The mission of the 5 healthy towns is to cultivate improvements in peronal and community wellness.

What it reported doing in 2024

Silver maples of chelsea provides senior care services, wellness activities and amenities for resident style independent living housing and licensed assisted living accommodations. The meadows assisted living offers apartments for couples and individuals who value the independence of home and the convenience of onsite licensed care. Residents receive three nutritious meals every day, served in multiple dining venues. There are 4 levels of assistance with activities of daily living, weekly housekeeping and laundry and well-balanced and dynamic event and activity programming. Residential independent living condo style homes and apartments are provided for individuals and couples who value comfort, convenience and community. Several distinctive options are available, (continued on schedule o) with amenities such as 10 to 20 meals per month, utilities, 24-hour in-house call systems, maintenance services, local transportation and a multifaceted event and activity program with an emphasis on overall wellness. The silver lining fund is a program conceived by and for residents of silver maples to provide financial assistance to any resident who outlives his or her financial assets, ensuring they always have a home at silver maples. Each donation to the silver lining fund has a direct impact on an individual in need. In addition to providing events and resources for our residents, silver maples supports the local community. Silver maples is a very active member of the chelsea community and a member of both the chelsea area chamber of commerce and the dexter area chamber of commerce. Silver maples sponsors and participates in many location groups, events and organizations, including: alzheimer's association, sounds & sights, the chelsea senior center, the chelsea rotary club, to name a few. Silver maples hosts several chelsea artist guild and ann arbor artist guild art displays, as well as many chelsea rotary club and chelsea chamber events. Residents and staff of silver maples are members of service organizations, the chelsea garden club, the farm to table event in chelsea, the chelsea senior center, and the chelsea artists guild. Several residents also participate in the emerson school mentorship program and serve as readers for north creek elementary school. The president and ceo of silver maples is an active member of the rotary club of chelsea and serves on the board of the chelsea area chamber of commerce, the chelsea hospital, and the chelsea senior center.

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 99% 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 liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 73
  • Transparency & Controls: 88
  • Accountability: 100
  • Sustainability: 63
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 75.9%; rating input score 76
  • Program expense ratio: 87.2%; rating input score 87
  • Fundraising efficiency: $3.29 raised per $1 spent on fundraising; rating input score 13; 13th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th 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: 9.8%; rating input score 67; 67th percentile among comparable filings
  • Total-asset coverage ratio: 4.02; rating input score 81; 81st percentile among comparable filings
  • Liabilities to assets ratio: 0.75; rating input score 15; 15th percentile among comparable filings
  • Officer compensation ratio: 4.9%; rating input score 52; 52nd percentile among comparable filings

Growth

  • Program expense growth: 3.3% per year; rating input score 100; 28th percentile among comparable filings
  • Revenue growth: 4.4% per year; rating input score 100; 39th percentile among comparable filings
  • Asset growth: 1.7% per year; rating input score 100; 16th percentile among comparable filings

Details

  • Where the money goes: 75.9% of revenue deployed · 87.2% of spending went to programs
  • Governance: 6 of 6 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $8.7M in reported program spending
  • Leadership: top reported pay $225K · 9 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed · $855K reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • 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.
  • 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.

  • High — Financial Efficiency: Fundraising efficiency scored 13/100.
  • High — Sustainability: Liabilities to assets ratio scored 15/100.
  • Review — Sustainability: Officer compensation ratio scored 52/100.