2024-06-13T17:46:13-04:00 2022-06-30 871595300 Wealth Tea Inc 346 W Edmonston Dr Rockville MD 20852 990 2021-07-01 520964594 ROCKVILLE NURSING HOME FOUNDATION INC ROCK 221 S WASHINGTON ST Rockville MD 20850 ROBERT LONGEST EXECUTIVE DIREC 3016747078 2024-06-13 true ROBERT LONGEST XXX-XX-XXXX Melina Hopkins EA P01074413 2406329180 2024-06-13 0 00 AAL1 IAL1 2021 2023-04-26 12:10:37Z 27308 false X WWW.RNHFOUNDATION.ORG X 1971 MD MISSION UPDATED TO PROVIDE EDUCATION SCHOLARSHIPS TO DESERVING NURSING AND ALLIED HEALTH STUDENTS COMMITTED TO THE COMPASSIONATE CARE OF OTHERS. 7 7 1 0 0 1320943 0 2986278 0 10513168 27308 6850 0 14827239 27308 0 0 5039530 181242 0 4960 1038593 175581 6078123 356823 8749116 -329515 7416750 5818471 8560 29849 7408190 5788622 MISSION UPDATED TO PROVIDE EDUCATION SCHOLARSHIPS TO DESERVING NURSING AND ALLIED HEALTH STUDENTS COMMITTED TO THE COMPASSIONATE CARE OF OTHERS. false false 222218 10227 THE ORGANIZATION SOLICITS, REVIEWS, AND MAKES DECISIONS REGARDING APPROVAL OF APPLICATIONS FOR EDUCATION SCHOLARSHIPS FROM INDIVIDUALS INTERESTED IN BEGINNING OR ADVANCING A CAREER IN NURSING OR THE ALLIED HEALTH SERVICES. 222218 true false false false false false false false false false true false false false true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 1 0 true 1 true false false false false false false false false false false false false false false X 7 7 true false false false false false false true true false false true false true true true false false X ROBERT A LONGEST 2407674782 221 S WASHINGTON ST Rockville MD 20850 ROBERT A LONGEST EXECUTIVE DIRECTOR 40.00 0.00 X 147500 0 0 STEVE JOSEPH DIRECTOR 1.00 0.00 X 0 0 0 BRUCE WHITE TREASURER 2.00 0.00 X X 0 0 0 SANDRA COSTICH SECRETARY 1.00 0.00 X X 0 0 0 DARRELL LONGEST CHAIRMAN 10.00 0.00 X X 0 0 0 CHRISTOPHER DUNFORD PRESIDENT 1.00 0.00 X X 0 0 0 147500 0 0 1 false false false 27308 27308 27308 0 0 27308 147501 71124 72193 4184 368 368 33373 31483 1214 676 723 723 26800 26800 33 33 100 100 10020 559 9461 150 150 SCHOLARSHIPS AWARDED 32000 32000 REPAIRS & MAINTENANCE 4880 4703 177 BANK FEES 36044 34297 1747 DOC RETENTION & STORAGE 51833 39067 12766 12998 8835 4163 356823 222218 129645 4960 3077674 799575 2948 590 2358 2358 3986718 5016538 350000 7416750 5818471 8560 1849 28000 8560 29849 X 7408190 5788622 7408190 5788622 7416750 5818471 -329515 -1290053 0 X true X false false X 36255 59066 530495 193443 819259 9973506 9554322 9076641 2407055 31011524 10009761 9613388 9607136 2600498 31830783 31830783 2431 1430 1417 11853 17131 2431 1430 1417 11853 17131 6851 6851 10012192 9614818 9608553 2619202 31854765 0.99920 0.99940 0.00000 0.00000 X false 2948 590 2358 2358 SCHOLARSHIP PAYABLE 28000 28000 Officer directors etc family relationship Part VI line 2 DARREL L. LONGEST, CHAIRMAN AND FOUNDING MEMBER OF THE BOARD OF GOVERNORS, AND ROBERT A LONGEST, A LONG-TIME MEMBER OF THE BOARD OF GOVERNORS, HAVE A FAMILY RELATIONSHIP AS FATHER AND SON. Organizational document changes Part VI line 4 THE ORGANIZATION MADE SIGNIFICANT CHANGES TO THE BYLAWS FOR A CHANGE IN OPERATIONS AND CHANGE OF THE ORGANIZATIONS NAME IN NOVEMBER 2020. THE ORGANIZATION SOLD ITS OPERATING ASSETS WHICH WERE USED TO RUN ITS NURSING HOME. AFTER THE SALE, THE ORGANIZATION UPDATED ITS MISSION TO PROVIDE EDUCATION SCHOLARSHIPS TO DESERVING NURSING AND ALLIED HEALTH STUDENTS COMMITTED TO THE COMPASSIONATE CARE OF OTHERS. THIS YEAR THE ORGANIZATION PREPARED FOR THE NEW MISSION TO PROVIDE EDUCATIONAL SCHOLARSHIPS FOR DESERVING NURSING STUDENTS. Form 990 governing body review Part VI line 11 FORM 990 IS PREPARED BY OUTSIDE ACCOUNTANTS AND IS REVIEWED BY THE EXECUTIVE DIRECTOR AND THE ENTIRE BOARD PRIOR TO BEING FILED WITH THE IRS. CEO executive director top management comp Part VI line 15a THE BOARD OF GOVERNORS COMPENSATION COMMITTEE MET TO DISCUSS THE SELECTION OF AND COMPENSATION FOR THE EXECUTIVE DIRECTORS POSITION. THE MEMBERS OF THE COMMITTEE DISCUSSED THEIR PERSONAL EXPERIENCES IN GOVERNANCE OF OTHER NON-PROFIT ORGANIZATIONS AND CONDUCTED RESEARCH (VIA SEVERAL EXECUTIVE AND MANAGEMENT HIRING ENTITIES) TO CALCULATE THE EXPECTED COMPENSATION RANGE FOR SIMILARLY-SITUATED NON-PROFIT ORGANIZATIONAL MANAGEMENT. THOSE EXPERIENCES AND INDEPENDENT DATA WERE EVALUATED AGAINST THE ANTICIPATED SIZE, SCOPE AND COMPLEXITY OF THE DUTIES AND RESPONSIBILITIES EXPECTED OF THE EXECUTIVE DIRECTOR DURING THE FIRST 12 TO 24 MONTHS OF OPERATIONS, AND AGAINST PROJECTED AVAILABLE FUNDS, TO FURTHER NARROW THE RANGE OF COMPENSATION THE ORGANIZATION WOULD EXPECT TO PAY. THE COMPENSATION COMMITTEE REPORTED ITS FINDINGS AND RECOMMENDATIONS TO THE FULL BOARD, WHO APPROVED THE PROPOSED COMPENSATION RANGE AND EMPOWERED THE COMPENSATION COMMITTEE TO NEGOTIATE ON THE ORGANIZATIONS BEHALF TO EXECUTE AND EMPLOYMENT AGREEMENT WHOSE DUTIES, RESPONSIBILITES, AND TOTAL COMPENSATION FELL WITHIN THE SCOPE AND RANGE PROVIDED TO THE BOARD. DUE TO THE FAMILIAL RELATIONSHIP BETWEEN HIMSELF AND EXECUTIVE DIRECTOR, ROBERT A LONGEST, DARRELL L LONGEST, CHAIRMAN, RECUSED HIMSELF FROM DISCUSSIONS RELATED TO HIRING AND COMPENSATION OF EXECUTIVE DIRECTOR, ROBERT A LONGEST, AND ABSTAINED FROM ALL VOTES CONCERNING SAME. THE LAST COMPENSATION REVIEW TOOK PLACE IN OCTOBER, 2020. Governing documents etc available to public Part VI line 19 FINANCIAL STATEMENTS AND ORGANIZING DOCUMENTS ARE MADE AVAILABLE TO PUBLIC UPON REQUEST. Audited by an independent accountant Part XII line 2b AT THE TIME OF THE FILING, THE ORGANIZATIONS AUDIT WAS NOT COMPLETE. THEREFORE, THE 990 WAS FILED WITH THE BEST INFORMATION AVAILABLE. IF THE AUDIT RESULTS IN SIGNIFICANT CHANGES, AN AMENDED 990 WILL BE FILED. General explanation attachment ON JULY 14, 2020, ROCKVILLE NURSING HOME FOUNDATION (RNHF) RECEIVED LOAN PROCEEDS IN THE AMOUNT OF $1,127,500 UNDER THE PAYCHECK PROTECTION PROGRAM. RNHF USED THE PROCEEDS FOR THE PURPOSES CONSISTENT WITH THE PAYCHECK PROTECTION PROGRAM AND APPLIED FOR FORGIVENESS SUBSEQUENT TO YEAR-END. ON AUGUST 13, 2021, RNHF RECEIVED NOTICE OF FORGIVENESS OF THE LOAN PRINCIPAL AND INTEREST BYTHE SBA, AND WILL THEREFORE RECORD REVENUE FROM EXTINGUISHMENT OF DEBT IN 2022.