Leisure World has nearly $20 million in assets, according to the Annual Report 2012 of the Golden Rain Foundation of Seal Beach.
The Golden Rain Foundation is a nonprofit corporation that essentially runs Leisure World.
The Foundation took in more than $13 million in revenue last year.
All in all, Golden Rain Foundation President Tim Bolton seemed happy with the report.
“We’re a healthy organization,” Bolton said.
He said Leisure World officials hoped to keep it that way.
He credited what he called the strong efforts of the treasurer and the finance committee.
He said there were a lot of discussions over the year about how money would be spent in Leisure World.
“We do a pretty good job of keeping costs reasonable,” he said.
“The sole purpose of the Foundation is to provide management, accounting and maintenance services for the 16 mutual corporations and care for the community facilities,” the report said.
The annual report, which covers January to December 2012, was made available to Leisure World residents starting in late March.
The report gave separate information for the Golden Rain Foundation itself and for the assets held by the Golden Rain Foundation Trust. The Foundation is a trustee of the GRFT.
In 2012, the Foundation and the Trust had combined assets worth $19,849,934, according to the Foundation’s balance sheets. This was an increase from 18,970,486 in 2011.
Revenues in 2012 were $13,038,337. This was another increase from the previous year, when revenues totaled 12,981,085.
Salaries and benefits were the largest expenses identified in the annual report, with Foundation employees receiving $6,164,181 in pay and benefits in 2012.
Professional services, accounted for $321,459 in expenses last year.
According to the report, the 16 mutual benefit corporations that make up Leisure World, 1 thru 17 (there is no Mutual 13) pay the Golden Rain Foundation’s operating costs.
“Should the actual operating expenses exceed the actual operating income, the net excess expenses will be billed to the Mutuals based on the number of units per Mutual,” the annual report said.
“Total operating income exceeded total operating costs by $713,193 in 2012 and $718,381 in 2011,” the report said. “Excess Income from Trust Operations was $724,506 while excess expense from the Golden Rain Foundation was $11,313,” the report said.
“The Board of Directors decided to fund the Mutuals’ Self insurance Fund for $102,389 to bring the fund level to $425,666directly to the Mutual corporations,” the report said.
The Foundation’s finances were audited by NSBN LLP, an independent Certified Public Accounting firm. NSBN LLP reported in February 2013 that the financial statements of the Golden Rain Foundation fairly presented the Foundation’s financial position as of Dec. 31, 2012 and 2011.
