Olmsted Residence Corporation

EIN: 341560249 501(c)(3) Human Services

Olmsted Township, OH

Total Revenue
$9,426,605
Total Expenses
$4,258,150
Total Assets
$13,978,277
Net Assets
$13,607,952
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Financial Trends

Organization Details

Formation Year
1987
Legal Domicile
OH
Principal Officer
Richard M Boyson Jr
Phone
4405404700
Tax Period
2024-07-01 to 2025-06-30

Olmsted Residence Corporation, founded in 1987, is a community nonprofit in the Human Services sector that reported $9.4M in total revenue in fiscal year 2024. The organization ran a surplus of $5.2M, a strong 55% operating margin.

Mission

We affirm the dignity and individual worth of older adults and their right to attain the highest possible quality of life. We strive to nurture and sustain their physical, emotional, intellectual, social and spiritual health. We are committed to having a community in which every member is equally respected, valued and empowered.

Program Service Accomplishments

Program 1
Expenses: $4,065,218

Eliza Jennings, Inc., a member of the Eliza Jennings Senior Care Network, is a provider of residential and community-based aging services which provides management and administrative assistance to...

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Eliza Jennings, Inc., a member of the Eliza Jennings Senior Care Network, is a provider of residential and community-based aging services which provides management and administrative assistance to support the operations Olmsted Residence Corp. a premier independent living community with 176 villas and apartments; Olmsted Assisted Living Corp., an assisted living facility with 48 apartments; and Olmsted Health & Services, a 90-bed skilled nursing and rehabilitation center. Collectively this continuing care retirement/life care community located in Olmsted Falls, Ohio (on Clevelands west side) operates under the trade name The Renaissance. Amenities and care services include access to a physician and nurse 24 hours a day; on site wellness clinic and health center, medication management provided by in-house clinical staff; transportation to hospital and physician appointments and community events; physical, occupational and speech therapy; memory support care; respite care; state-of-the art fitness and aquatic center with heated saltwater pool; world-class dining services; beauty and barber services; pharmaceutical services; and housekeeping and laundry services on a 60-plus acre campus with walking paths. In December of 2023, Eliza Jennings Inc. acquired the assets of and is now operating a senior living community in Chagrin Falls, Ohio (southeast of Cleveland) under the licensed trade name Eliza at Chagrin Falls which includes 75 traditional assisted living units, 18 memory support units, and 27 skilled nursing units (29 licenses) on a scenic 45-plus acre campus. Eliza at Chagrin Falls offers residents and families peace of mind by providing care services such as licensed, professional staff on duty 24 hours a day; access to a physician and nurse practitioner; medication management provided by in-house clinical staff; transportation to hospital and physician appointments as well as community events; full-time physical therapist; 24-hour assistance with activities of daily living such as dressing, meals, mobility, and hygiene; meaningful activities that promote engagement and socialization; memory support care; and respite care.Other communities under the Eliza Jennings Senior Care Network include Devon Oaks Assisted Living, Acacia Place Adult Day Center, and the flagship skilled nursing community Eliza Jennings Home. As a nationally recognized innovator and expert in aging services, Eliza Jennings Senior Care Network offers a full spectrum of memory support programming and services to older adults with Alzheimers disease and other dementias throughout its residential communities and adult day program and provides home health services through Northeast Ohio Homecare (offering skilled nursing and in-home therapy services to assist older adults who live independently in their home). The Eliza Jennings Senior Care Network is committed to offering compassionate care and support to individuals and their families who are facing advanced illness and end-of-life care decisions and offers hospice services though Northeast Ohio Hospice, geared to providing choices that sustain dignity and autonomy, while enhancing comfort and quality of life during this difficult time.

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $9,421,299
Investment Income $0
Other Revenue $5,306
TOTAL REVENUE $9,426,605

Expense Breakdown

Grants Paid $0
Salaries & Benefits $722,656
Fundraising Expenses $0
Program Expenses $4,065,218
Other Expenses $3,535,494
TOTAL EXPENSES $4,258,150

Year-over-Year Comparison

2024 2023 Change
Revenue $9,426,605 $8,905,780 +0.1%
Expenses $4,258,150 $4,352,283 0.0%
Net Income $5,168,455 $4,553,497 +0.1%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
15
Independent Members
14
Employees
N/A
Volunteers
103

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$1,143,170
Total Directors
15
$431,435
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Richard M Boyson Jr President & CEO 0.00
Officer Director
$0 $49,757 $431,435
Kathleen M Shields CFO 0.00
Officer
$0 $20,602 $237,319
Jennifer Griveas VP of Legal 0.00
Officer
$0 $30,167 $227,318
Michael Gray CIO 0.00
Officer
$0 $8,486 $137,322
Kimberly Hernandez VP of HR 0.00
Officer
$0 $1,154 $109,776
Richard L Fletcher Trustee 0.00
Director
$0 $0 $0
Alayne J Fodor Trustee 0.00
Director
$0 $0 $0
Richard L Fox Trustee 0.00
Director
$0 $0 $0
Glenn S Krassen Secretary 0.00
Director
$0 $0 $0
Margaret Hartney Trustee 0.00
Director
$0 $0 $0
James Rogerson Trustee 0.00
Director
$0 $0 $0
Patricia M Scanlon Trustee 0.00
Director
$0 $0 $0
Sheryl L Sereda Trustee 0.00
Director
$0 $0 $0
Terrie Shrock Trustee 0.00
Director
$0 $0 $0
John P Stoner Trustee 0.00
Director
$0 $0 $0
Allen R Tracy Treasurer 0.00
Director
$0 $0 $0
Rick Weigle Jr Trustee 0.00
Director
$0 $0 $0
Margaret G Weitzel Chair 0.00
Director
$0 $0 $0
Hilton Young Trustee 0.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $9,426,605 $4,258,150 $13,978,277 $5,168,455
2024 No data No data No data No data
2023 $8,386,739 $4,193,572 $13,937,996 $4,193,167
2022 $8,037,578 $2,958,927 $14,665,008 $5,078,651
2021 $7,691,504 $2,712,454 $15,115,245 $4,979,050
2020 $7,993,816 $2,939,072 $12,045,097 $5,054,744
2019 $8,246,775 $3,349,376 $11,245,134 $4,897,399
2018 $7,612,385 $3,332,666 $124,600,369 $4,279,719
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