2025-07-25T12:31:29-05:00 2024-12-31 521231901 GORFINE SCHILLER & GARDYN PA 10045 RED RUN BLVD SUITE 250 OWINGS MILLS MD 21117 990 2024-01-01 510284276 THE LORELTON FOUNDATION LORE 3025732500 1201 NORTH ORANGE STREET 700 WILMINGTON DE 19801 RICHARD E STAT PRESIDENT 3025732500 2025-07-24 1 0 SCOTT D RODGVILLE CPA P00365285 4103565900 2024 2025-03-06 01:10:19Z THE LORELTON ASSISTED LIVING COMMUNITY RICHARD E STAT 1201 NORTH ORANGE STREET 700 WILMINGTON DE 19801 5719763 0 X WWW.LORELTON.COM X 1985 DE THE PRIMARY PURPOSE OF THE ORGANIZATION IS TO PROVIDE HOUSING AND SERVICES TO THE ELDERLY. 9 1 158 9 0 0 75867 410000 4466796 5207534 73823 102229 1054034 0 5670520 5719763 0 0 0 0 2851593 3039392 0 0 0 2016902 2360644 4868495 5400036 802025 319727 8609103 9252725 8921783 12375679 -312680 -3122954 THE PRIMARY PURPOSE OF THE ORGANIZATION IS TO PROVIDE HOUSING AND SERVICES TO THE ELDERLY. 0 0 4609709 5207534 PROVIDE HOUSING FOR THE ELDERLY. THE LORELTON FOUNDATION CONSISTS OF 82 APARTMENTS. 79 APARTMENTS WERE IN USE FOR RESIDENT OCCUPANCY DURING 2023. 4609709 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 1 0 0 0 0 0 1 0 0 0 1 10 0 1 158 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 1 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X RICHARD STAT 3025732500 1201 N ORANGE ST SUITE 700 WILMINGTON DE 19801 RICHARD E STAT PRESIDENT/SECRETARY/TREASU 0.50 X X 0 0 0 DAVID PARKINSON EXECUTIVE DIRECTOR 40.00 X X 165000 0 32134 LAUREN STAT DIRECTOR 0.50 X 0 0 0 DAVID HUBBLE DIRECTOR 0.50 X 0 0 0 DAVID STAT DIRECTOR 0.50 X 0 0 0 MICHAEL STAT DIRECTOR 0.50 X 0 0 0 JOANNE STAT DIRECTOR 0.50 X 0 0 0 LINDA STAT DIRECTOR 0.50 X 0 0 0 THOMAS SHEA DIRECTOR 0.50 X 0 0 0 RAN JIN ASSISTANT TREASURER 0.50 X 0 0 0 165000 0 32134 1 0 1 0 US FOODSERVICE 300 BERKELEY DRIVE SWEDESBORO NJ 08085 FOOD SUPPLIER 234701 FIRST STATE ELEVATOR INC 118 SANDY DRIVE UNIT 7 NEWARK DE 19713 ELEVATOR INSTALLATION AND MAINTENANCE 168646 DELMARVA POWER 630 MLK JR BLVD WILMINGTON DE 19801 ELECTRICITY AND GAS SUPPLY 161320 EXPERIAN 475 ANTON BLVD COSTA MESA CA 92626 ERC CALCULATION AND CONSULTING 116565 4 10000 400000 410000 RESIDENT FEES 531110 5207534 5207534 5207534 102229 102229 5719763 5207534 0 102229 197134 157707 39427 2463564 2171785 291779 175050 127735 47315 203644 177244 26400 26916 26916 45423 45423 233536 23150 210386 4326 4326 86117 27636 58481 210713 208551 2162 3948 1080 2868 577491 558129 19362 414236 410037 4199 136399 130755 5644 FOOD SUPPLIES 387158 387158 REPAIRS AND MAINTENANCE 188697 184804 3893 OTHER PROGRAM SUPPLIES 26782 26782 RESIDENT SERVICES SUPPL 17156 17156 1746 1746 5400036 4609709 790327 0 2063018 2726711 1211645 1279268 17102 10726 10409137 5173117 5317338 5236020 8609103 9252725 320644 228989 7838 6590 5377821 8911945 2963980 2897655 251500 330500 8921783 12375679 X -312680 -3501677 378723 -312680 -3122954 8609103 9252725 X 319727 -3130001 X 0 1 X 0 0 X 916305 473684 49231 75867 410000 1925087 4700595 4652043 4056371 4466796 5207534 23083339 5616900 5125727 4105602 4542663 5617534 25008426 0 472014 733106 869815 667220 731961 3474116 472014 733106 869815 667220 731961 3474116 21534310 8041 9356 19602 73151 102229 212379 8041 9356 19602 73151 102229 212379 1054034 1054034 5624941 5135083 4125204 5669848 5719763 26274839 0.81960 0.81150 0.00810 0.00460 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: EMPLOYEE RETENTION CREDIT - 2023 AMOUNT: $ 1,049,084. RECOVERY OF LOAN ACQUISITION COSTS - 2023 AMOUNT: $ 4,950. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 790000 790000 9197940 4760567 4437373 295000 286353 8647 126197 126197 0 5236020 RESERVATION AND SECURITY DEPOSITS 330500 330500 X 5719763 0 5719763 0 5719763 5400036 0 5400036 0 5400036 PART X, LINE 2: THE FOUNDATION QUALIFIES AS A TAX EXEMPT, NONPRIVATE FOUNDATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, IT IS NOT SUBJECT TO STATE OR FEDERAL INCOME TAXES. THE FOUNDATION FOLLOWS PROFESSIONAL STANDARDS WHICH CLARIFY THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN THE FOUNDATION'S FINANCIAL STATEMENTS AND PRESCRIBE A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN. THE STANDARDS ALSO PROVIDE GUIDANCE ON DERECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN. THE FOUNDATION DID NOT HAVE ANY UNRECOGNIZED TAX BENEFITS AS OF DECEMBER 31, 2024 AND 2023. X X X X 0 0 0 0 0 0 0 0 0 DAVID PARKINSON EXECUTIVE DIRECTOR 165000 0 0 0 0 0 0 0 32134 0 197134 0 0 0 RICHARD STAT LINDA STAT AND JOANN DIRECTOR AND FAMILY MEMBERS OF DIRECTOR OPERATIONS X 1403018 6790381 0 1 1 JOANNE HUBBLE FAMILY MEMBER OF DIRECTOR OPERATIONS X 234000 1181776 0 1 1 RICHARD AND LINDA STAT DIRECTOR AND FAMILY MEMBER OF DIRECTOR OPERATIONS X 451515 750920 0 1 1 RICHARD STAT AS SUCCESSOR IN INTER DIRECTOR DEPOSIT X 35114 87224 0 1 1 SRO INC 35% CONTROLLED ENTITY OF DIRECTOR CARPET REPLACEMENT X 20000 51827 0 1 1 COMMERCE BUILDING INC 35% CONTROLLED ENTITY OF DIRECTOR DEPOSIT X 52263 49817 0 1 1 8911945 BUILDERS & MANAGERS INC 35% CONTROLLED ENTITY BY ORGANIZATION'S DIRECTOR 45423 PAYMENT FOR PROVISION OF BOOKKEEPING SERVICES.;LISTTOTAL 44100 0 FORM 990, PART VI, SECTION A, LINE 2 SIX OF THE BOARD DIRECTORS ARE FAMILY MEMBERS OF THE PRESIDENT, RICHARD STAT. LINDA STAT IS HIS WIFE, DAVID AND MICHAEL STAT ARE HIS SONS, JOANNE HUBBLE IS HIS SISTER, LAUREN STAT IS HIS DAUGHTER-IN-LAW, AND DAVID HUBBLE IS HIS BROTHER-IN-LAW. FORM 990, PART VI, SECTION B, LINE 11B THE PRESIDENT OF THE BOARD REVIEWS THE 990. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD PRESIDENT MONITORS COMPLIANCE. FORM 990, PART VI, SECTION B, LINE 15A THE ORGANIZATION DETERMINES COMPENSATION OF THE EXECUTIVE DIRECTOR BASED ON INFORMATION FROM COMPARABLE ORGANIZATIONS' FORM 990, AND FROM INFORMATION FROM SALARY.COM, MCKNIGHTS.COM AND INDEED.COM. THE COMPENSATION IS APPROVED BY THE BOARD COMPENSATION COMMITTEE AND MODIFIES A WRITTEN EMPLOYMENT CONTRACT. FORM 990, PART VI, SECTION C, LINE 19 WWW.GUIDESTAR.ORG AND UPON REQUEST FORM 990, PART XI, LINE 9: RESTATEMENT ADJUSTMENT -3,130,001. FORM 990, PAGE 12, PART XI, LINE 9, OTHER CHANGES IN NET ASSETS THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 HAVE BEEN RESTATED TO RECOGNIZE RELATED PARTY DEBT THAT HAD BEEN IMPROPERLY DISCLOSED AS A CONTINGENT LIABILITY WITH NO RECOGNITION IN THE FINANCIAL STATEMENTS. MANAGEMENT, HAVING DETERMINED THAT THE LIABILITY WAS PROBABLE AND THE AMOUNT WAS REASONABLY ESTIMATED, HAS RESTATED THE LIABILITY AND THE ACCRUED INTEREST AS OF DECEMBER 31, 2022. THE RESULT OF THE RESTATEMENT INCREASED THE RELATED PARTY LIABILITY AND REDUCED NET ASSETS. SRO INC 1201 N ORANGE STREET STE 700 WILMINGTON DE 19801 510309048 REAL ESTATE INVESTMENT COMPANY DE N/A C 0 COMMERCE BUILDING INC 1201 N ORANGE STREET STE 700 WILMINGTON DE 19801 510260144 REAL ESTATE RENTAL DE N/A C 0 BUILDERS & MANAGERS INC 1201 N ORANGE STREET STE 700 WILMINGTON DE 19801 510255192 PROPERTY MANAGER AND CONSTRUCTION GENERAL CONTRACTOR DE N/A C 0 0 0 0 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0