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Montecedro INC FY2022 filing

Altadena, CAUnknown exempt organization EIN 27-0707394Revenue $21.4M in FY2022

On file with the IRSmontecedro.org2212 El Molino Ave · Altadena, CA

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Montecedro, INC. (mcinc) operates housing specially designed for older adults, with arrangements for residents' health care and financial security, and otherwise promote the interest and serve the needs of older adults, provided that such activities are consistent with its exempt purposes. Mcinc operates a continuing care retirement community (ccrc) in altadena, california (Montecedro) consisting of residential and assisted living. Mcinc is organized as a nonprofit corporation under the general nonprofit corporation laws of the state of california. Montecedro opened december 16, 2015.

85¢ of each $1 spent went to programs.
$803K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

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FY2022 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2023
latest Form 990
Fine: the latest return is for FY2023, 3 tax years back; within 3 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 4
filings with a surplus
Average deficit $398K a year · 2% of revenue · last 4 filings
Concern: a surplus in 1 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
85%
of spending
Looks good: 85% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$803K
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Plus $36.5M in investments, Pt X · Ln 11–13
Fine: 2.3 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $14K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$180.0M
98% of total assets
Concern: liabilities are 98% of assets; over 80%.
Pt X · Ln 26
Independent board members
14
of 15 voting members
Looks good: 14 of 15 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$21.4M
-18% vs prior year
Spent
$23.5M
To programs
85%
Net assets
$4.4M
By yearFY2020–FY2023
Revenue
$21.4M
FY2022▼ -18%
Tap a bar for its year
Revenue by fiscal year
FY2020$19.9M
FY2021$26.0M
FY2022$21.4M
FY2023$24.1M
FY2023$2.1M
Expenses
$23.5M
FY2022▲ +1%
Tap a bar for its year
Expenses by fiscal year
FY2020$21.8M
FY2021$23.2M
FY2022$23.5M
FY2023$24.5M
FY2023$2.1M
Net assets
$4.4M
FY2022▼ -69%
Tap a bar for its year
Net assets by fiscal year
FY2020$9.7M
FY2021$14.2M
FY2022$4.4M
FY2023$6.8M
FY2023$0

From the FY2022 Form 990 (year ending June 2022) · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2023) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2023.

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

Where the money goes

85 cents of each dollar spent went to programs.

Program services 85% · $20.0M Management & general 15% · $3.4M Fundraising 0% · $32K

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; $803K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
David Weidert
Executive Director
$295,256Pt VII · Sec A
Elizabeth Saldebar
Marketing-Sales
$141,891Pt VII · Sec A
Kristine Hillary
Director of Resident Health Serv
$126,588Pt VII · Sec A
Bruno Molina
Director of Environmental Serv
$120,580Pt VII · Sec A
Ruben Alvarado
Marketing-Sales
$119,161Pt VII · Sec A
Cathy May
Director
$0Pt VII · Sec A
Jim White
Director
$0Pt VII · Sec A
Bruce Farrar
Director
$0Pt VII · Sec A

Compensation history total reportable pay by year · 7 named individuals · Part VII

NameFY2023FY2023FY2022FY2021FY2020
David Weidert$334,255$317,136$295,256$290,661$239,246
Elizabeth Saldebar$189,908$231,845$141,891——
Ruben Alvarado$156,878$161,191$119,161$120,022$116,872
Sergeyev Ruzanna$148,572$138,333———
Stacy Wolf————$134,671
Bruno Molina$134,369$130,669$120,580——
Kristine Hillary——$126,588$126,078$118,244

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides housing and care for older adults, ensuring their health and financial security.

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Provided by the organization

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1 program · $20.0M · in their own filed words · FY2021
01

MC inc. Was created to operate housing specially designed for older adults, with arrangements for resident's health care and financial security, and otherwise to promote the interest and serve the needs of older adults.

$20.0Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · funders on record
Grants received · FY2020
Ecs Supportive Fund ManagementFY2020$14K
Total grants receivedfrom 1 funder$14K

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$21.4M
Ln 12
Fees for servicesLn 2g$19.3M
Investment incomeLn 3$2.1M
Other incomeLn 4–11$28K
Money outPt IX
$23.5M
Ln 25
Programscol B$20.0M
Managementcol C$3.4M
Fundraisingcol D$32K
Owns and owesPt X
$4.4M
net assets · Ln 32
Cash and savingsLn 1–2$4.5M
Total assetsLn 16$184.4M
LiabilitiesLn 26$180.0M
PeoplePt VI, VII
25
listed · VII A
PaidVII A5
Voting boardVI 1a15
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$5K
Fees for servicesLn 2g$19.3M
Investment incomeLn 3$2.1M
Other incomeLn 4–11$28K
Gains on assetsLn 7$111K
Total revenueLn 12$21.4M
Assets in detailPt X, end of year
CashLn 1$4.5M
Cash and savings togetherLn 1–2$4.5M
InvestmentsLn 11–13$36.5M
Land, buildings, equipmentLn 10c$134.6M
Other assetsLn 15$4.2M
Total assetsLn 16$184.4M
LiabilitiesLn 26$180.0M
Net assetsLn 32$4.4M
OperationsPt I, VI
EmployeesI 50
VolunteersI 651
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
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$2.7M$4.5M
InvestmentsLn 11–13$43.8M$36.5M
Land, buildings, equipmentLn 10c$137.3M$134.6M
Total assetsLn 16$191.1M$184.4M
LiabilitiesLn 26$176.9M$180.0M
Net assetsLn 32$14.2M$4.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$310K$310K
Other salaries and wagesLn 7$6.4M$5.1M$1.3M$25K
Pension plan contributionsLn 8$371K$231K$138K$3K
Other employee benefitsLn 9$917K$721K$194K$2K
Payroll taxesLn 10$1.2M$1.0M$218K$1K
Legal feesLn 11b$100K$100K
Accounting feesLn 11c$40K$40K
Investment management feesLn 11f$55K$55K
Other fees for servicesLn 11g$3.1M$2.7M$375K
Advertising and promotionLn 12$227K$225K$2K
OccupancyLn 16$88K$88K
TravelLn 17$34K$4K$30K
Conferences, conventions and meetingsLn 19$620K$589K$31K
InterestLn 20$2.1M$2.0M$30K
Depreciation, depletion and amortizationLn 22$5.4M$5.3M$79K
InsuranceLn 23$372K$367K$5K
Other expenses (24a–d)Ln 24$1.5M$1.4M$55K
All other expensesLn 24e$704K$294K$410K
Total functional expensesLn 25$23.5M$20.0M$3.4M$32K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2023 $24.1M$24.5M−$387K$6.8M 990 PDF
FY2022 Viewing $21.4M$23.5M−$2.1M$4.4M 990 PDF
FY2021 $26.0M$23.2M$2.8M$14.2M 990 PDF
FY2020 $19.9M$21.8M−$1.9M$9.7M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants J · Pay O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $21,405,449 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,109,522$4,845
I-9 Program service revenuePrior year $18,519,625$19,251,405
I-10 Investment incomePrior year $6,006,663$2,121,168
I-11 Other revenuePrior year $330,009$28,031
I-12 Total revenuePrior year $25,965,819$21,405,449
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $8,960,696$9,225,258
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $14,231,350$14,268,543
I-18 Total expensesPrior year $23,192,046$23,493,801
I-19 Revenue less expensesPrior year $2,773,773−$2,088,352
Part VI · Governance 14 of 15 board members independent, no flags
VI-1a Voting members of the governing body15
VI-1b Independent voting members14
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $21,405,449 across 8 lines filed
VIII-1f All other contributions, gifts and grants$4,845
VIII-1h Total contributions, gifts and grants$4,845
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $19,251,405$19,251,405
VIII-3 Investment incomeExcluded from tax $2,010,297$2,010,297
VIII-6 Net rental income or lossExcluded from tax $11,169$11,169
VIII-7 Net gain or loss on sales of assetsExcluded from tax $110,871$110,871
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $16,862$16,862
VIII-12 Total revenueRelated to mission $19,268,267 · Unrelated business $0 · Excluded from tax $2,132,337$21,405,449
Part IX · Statement of functional expenses $23,493,801 across 18 lines filed
IX-5 Pay of current officers, directors and key staffManagement $310,141$310,141
IX-7 Other salaries and wagesPrograms $5,090,509 · Management $1,287,626 · Fundraising $25,375$6,403,510
IX-8 Pension plan contributionsPrograms $230,585 · Management $137,671 · Fundraising $2,683$370,939
IX-9 Other employee benefitsPrograms $720,729 · Management $194,164 · Fundraising $2,172$917,065
IX-10 Payroll taxesPrograms $1,004,605 · Management $217,558 · Fundraising $1,440$1,223,603
IX-11b Legal feesManagement $99,506$99,506
IX-11c Accounting feesManagement $40,144$40,144
IX-11f Investment management feesManagement $54,616$54,616
IX-11g Other fees for servicesPrograms $2,736,274 · Management $374,522$3,110,796
IX-12 Advertising and promotionPrograms $224,738 · Management $1,880$226,618
IX-16 OccupancyManagement $87,659$87,659
IX-17 TravelPrograms $3,721 · Management $30,326$34,047
IX-19 Conferences, conventions and meetingsPrograms $589,291 · Management $30,517$619,808
IX-20 InterestPrograms $2,032,272 · Management $30,205$2,062,477
IX-22 Depreciation, depletion and amortizationPrograms $5,315,030 · Management $78,995$5,394,025
IX-23 InsurancePrograms $367,491 · Management $4,723$372,214
IX-24 Other expenses (24a–d)Programs $1,407,703 · Management $54,878$1,462,581
IX-24e All other expensesPrograms $294,211 · Management $409,841$704,052
IX-25 Total functional expensesPrograms $20,017,159 · Management $3,444,972 · Fundraising $31,670$23,493,801
Part X · Balance sheet $184,409,205 assets, 19 lines filed
Asset lines not itemized here account for $1,800,634; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $2,664,046$4,462,969
X-4 Accounts receivableStart of year $267,644$318,305
X-8 Inventories for sale or useStart of year $112,341$113,167
X-9 Prepaid expenses and deferred chargesStart of year $194,681$440,181
X-10c Land, buildings and equipment, netStart of year $137,266,067$134,553,103
X-11 Publicly traded securitiesStart of year $42,795,116$36,459,420
X-12 Other securitiesStart of year $966,992$58,923
X-14 Intangible assetsStart of year $2,414,117$2,045,044
X-15 Other assetsStart of year $4,426,430$4,157,459
X-16 Total assetsStart of year $191,107,434$184,409,205
X-17 Accounts payable and accrued expensesStart of year $1,641,915$1,372,915
X-19 Deferred revenueStart of year $128,628,790$132,918,008
X-20 Tax-exempt bond liabilitiesStart of year $45,594,164$44,428,640
X-25 Other liabilitiesStart of year $1,074,581$1,286,687
X-26 Total liabilitiesStart of year $176,939,450$180,006,250
X-27 Net assets without donor restrictionsStart of year $14,003,334$4,260,161
X-28 Net assets with donor restrictionsStart of year $164,650$142,794
X-32 Total net assets or fund balancesStart of year $14,167,984$4,402,955
X-33 Total liabilities and net assetsStart of year $191,107,434$184,409,205
Part XI · Reconciliation of net assets $4,402,955 net assets at year end
XI-1 Total revenue$21,405,449
XI-2 Total expenses$23,493,801
XI-3 Revenue less expenses−$2,088,352
XI-4 Net assets at start of year$14,167,984
XI-5 Net unrealized gains (losses) on investments−$7,590,333
XI-9 Other changes in net assets−$86,344
XI-10 Net assets at end of year$4,402,955

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

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