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Aldersbridge Foundation FY2022 filing

Tax-deductible

East Providence, RI501(c)(3)Hospitals EIN 05-0500900Revenue $506K in FY2022

On file with the IRS40 Irving Avenue, 02914-2301 · East Providence, RITax-exempt since Feb 1999Supporting organization — 509(a)(3)

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Aldersbridge Foundation exists to support in the relevancy, sustainability and operations of the supported organizations and their mission to the community through providing a place where older persons may live in comfort, dignity and with purpose.the organization supports with offering a wide continuum of senior living options from independent/assisted living apartments in winslow gardens and skilled nursing and rehabilitation in linn health care center also in east providence, to its newest facility, arbor hill, an assisted living facility located on federal hill in providence.Aldersbridge Foundation supports to ensure that each resident is provided with the living environment and level of care that best suits the individual's needs. Its affordable services offer flexibility and stability while maximizing independence with a sense of security and confidence for low to mid-income seniors "adding life to year".

501(c)(3) charity; gifts are tax-deductible.
45¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $178K a year · 96% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
45%
of spending
Concern: 45% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
8 mo
of spending, in cash
Plus $1.0M in investments, Pt X · Ln 11–13
Looks good: 7.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $513K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$422K
18% of total assets
Looks good: liabilities are 18% of assets; 50% or less.
Pt X · Ln 26
Independent board members
18
of 18 voting members
Looks good: 18 of 18 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$506K
+40% vs prior year
Spent
$44K
To programs
45%
Net assets
$1.9M
By yearFY2020–FY2024
Revenue
$506K
FY2022▲ +40%
Tap a bar for its year
Revenue by fiscal year
FY2020$24K
FY2021$361K
FY2022$506K
FY2023$21K
FY2024$15K
Expenses
$44K
FY2022▼ -92%
Tap a bar for its year
Expenses by fiscal year
FY2020$89K
FY2021$564K
FY2022$44K
FY2023$47K
FY2024$1.1M
Net assets
$1.9M
FY2022▲ +19%
Tap a bar for its year
Net assets by fiscal year
FY2020$2.0M
FY2021$1.6M
FY2022$1.9M
FY2023$2.0M
FY2024$174K

From the FY2022 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 1999.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

45 cents of each dollar spent went to programs.

Program services 45% · $20K Management & general 55% · $24K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

25 people listed on the 990.

Part VII, Section A · reportable compensation
Richard Gamache
Chief Executive Officer
$0Pt VII · Sec A
Joseph Durand
Director of Finance
$0Pt VII · Sec A
Jamie Sanford
Administrator
$0Pt VII · Sec A
Sandra Cullen
Director of Operations
$0Pt VII · Sec A
Nancy Ruzzo
Director of Quality & Comp Thru 4/22
$0Pt VII · Sec A
Susan Abely
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
Robert Gauthier
Board Member
$0Pt VII · Sec A
See Aldersbridge Foundation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides senior living options, supporting comfort, dignity, and purpose for older persons.

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Provided by the organization

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1 program · $20K · in their own filed words · FY2022
01

Management of investments and other supporting activities for the benefit of related organizations that are also organizations exempt from taxation.

$20Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2022
Aldersbridge CommunitiesFY2022$513K
Total grants receivedfrom 1 funder$513K
Grants paid · 3 grants · $1.6M · 2020–2024
Aldersbridge CommunitiesRI · FY2024$1,035,440
Aldersbridge CommunitiesRI · FY2021$524,752
Aldersbridge CommunitiesRI · FY2020$49,695

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$506K
Ln 12
Gifts and grantsLn 1h$513K
Investment incomeLn 3$14K
Money outPt IX
$44K
Ln 25
Programscol B$20K
Managementcol C$24K
Owns and owesPt X
$1.9M
net assets · Ln 32
Cash and savingsLn 1–2$29K
Total assetsLn 16$2.3M
LiabilitiesLn 26$422K
PeoplePt VI, VII
25
listed · VII A
PaidVII A0
Voting boardVI 1a18
IndependentVI 1b18
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$513K
Investment incomeLn 3$14K
Gains on assetsLn 7−$22K
Total revenueLn 12$506K
Assets in detailPt X, end of year
CashLn 1$0
SavingsLn 2$29K
Cash and savings togetherLn 1–2$29K
InvestmentsLn 11–13$1.0M
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$1.3M
Total assetsLn 16$2.3M
LiabilitiesLn 26$422K
Net assetsLn 32$1.9M
OperationsPt I, VI
EmployeesI 50
VolunteersI 618
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$38K$29K
InvestmentsLn 11–13$669K$1.0M
Land, buildings, equipmentLn 10c$0$0
Total assetsLn 16$2.0M$2.3M
LiabilitiesLn 26$395K$422K
Net assetsLn 32$1.6M$1.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$18K$18K
Accounting feesLn 11c$18K$18K
Investment management feesLn 11f$6K$6K
Office expensesLn 13$5$5
Other expenses (24a–d)Ln 24$2K$2K
Total functional expensesLn 25$44K$20K$24K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $15K$1.1M−$1.1M$174K 990 PDF
FY2023 $21K$47K−$26K$2.0M 990 PDF
FY2022 Viewing $506K$44K$462K$1.9M 990 PDF
FY2021 $361K$564K−$202K$1.6M 990 PDF
FY2020 $24K$89K−$65K$2.0M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $505,514 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $110$513,161
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $361,276−$7,923
I-11 Other revenuePrior year $0$276
I-12 Total revenuePrior year $361,386$505,514
I-13 Grants and similar amounts paidPrior year $524,752$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $39,113$43,794
I-18 Total expensesPrior year $563,865$43,794
I-19 Revenue less expensesPrior year −$202,479$461,720
Part VI · Governance 18 of 18 board members independent, 3 to look at
VI-1a Voting members of the governing body18
VI-1b Independent voting members18
VI-2 Family or business relationship among officers or directorsYes
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $505,514 across 7 lines filed
VIII-1d Related organizations$513,136
VIII-1f All other contributions, gifts and grants$25
VIII-1h Total contributions, gifts and grants$513,161
VIII-3 Investment incomeExcluded from tax $14,146$14,146
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$22,069−$22,069
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $276$276
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax −$7,647$505,514
Part IX · Statement of functional expenses $43,794 across 5 lines filed
IX-11a Management feesPrograms $18,000$18,000
IX-11c Accounting feesManagement $17,733$17,733
IX-11f Investment management feesManagement $6,273$6,273
IX-13 Office expensesManagement $5$5
IX-24 Other expenses (24a–d)Programs $1,783$1,783
IX-25 Total functional expensesPrograms $19,783 · Management $24,011 · Fundraising $0$43,794
Part X · Balance sheet $2,301,909 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $398$0
X-2 Savings and temporary cash investmentsStart of year $37,744$28,533
X-9 Prepaid expenses and deferred chargesStart of year $1,180$1,180
X-10c Land, buildings and equipment, netStart of year $0$0
X-11 Publicly traded securitiesStart of year $669,430$1,002,738
X-15 Other assetsStart of year $1,266,900$1,269,458
X-16 Total assetsStart of year $1,975,652$2,301,909
X-17 Accounts payable and accrued expensesStart of year $381,562$408,794
X-25 Other liabilitiesStart of year $13,456$13,456
X-26 Total liabilitiesStart of year $395,018$422,250
X-27 Net assets without donor restrictionsStart of year $587,201$1,067,689
X-28 Net assets with donor restrictionsStart of year $993,433$811,970
X-32 Total net assets or fund balancesStart of year $1,580,634$1,879,659
X-33 Total liabilities and net assetsStart of year $1,975,652$2,301,909
Part XI · Reconciliation of net assets $1,879,659 net assets at year end
XI-1 Total revenue$505,514
XI-2 Total expenses$43,794
XI-3 Revenue less expenses$461,720
XI-4 Net assets at start of year$1,580,634
XI-5 Net unrealized gains (losses) on investments−$90,991
XI-9 Other changes in net assets−$71,704
XI-10 Net assets at end of year$1,879,659

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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