Rest Haven Homes 
The information on this page was last updated 5/10/2023. If you see errors or omissions, please email: [email protected]
Summary
Rest Haven Homes, founded in 1941, is a senior-care community to over 100 residents. Our residents reside in independent apartments or our licensed Home for Aged on six-acres nestled in a residential neighborhood in northeast Grand Rapids.
Our licensed assisted living provides low to high care for residents with physical and cognitive needs, including secure memory care for residents with Alzheimer's disease and other dementias. We are dedicated to higher staffing levels, providing staff with dementia training and hiring staff who desire to help fulfill our mission: "by love serve one another" Gal. 5:13. Our structured activities are reflective of individual needs, in a secure and comfortable environment.
Rest Haven Homes is a fully private-pay facility. If you are seeking an environment that accepts Medicare and Medicaid subsidies, we can provide you with community resources to meet your family needs.
Contact information
Mailing address:
Rest Haven Homes
1424 Union Avenue NE
Grand Rapids, MI 49505-5197
Website: resthavenhomes.com
Phone: (616) 363-6819
Email: [email protected]
Organization details
EIN: 381598954
CEO/President: Greg Tracy
Chairman: Craig Bowman
Board size: 8
Founder:
Ruling year: 1945
Tax deductible: Yes
Fiscal year end: 06/30
Member of ECFA: Yes
Member of ECFA since: 2021
Purpose
Founded in 1941, Rest Haven Homes exists today to provide a loving home environment to Christian seniors.
We strive to honor our elders while providing a nurturing and caring atmosphere where people can continue to grow and develop, learn new skills, make new friends and deepen their walk with God.
Mission statement
To daily practice the words of Galatians 5:13
...by love serve one another...
We strive to provide care consistent with the sacrificial love demonstrated by Christ when He gave Himself without reserve for we who were unloved, undeserving, and ungrateful.
Our Lord esteemed others more highly than Himself. We seek to serve others with that mindset. Our customers are our residents, their families and our fellow laborers.
Our mission is symbolized in the overlapping of two hearts in a perfect balance. The words "...by love serve one another..." are not fulfilled simply by residents coming to Rest Haven Homes to be served and blessed, but we find that as we serve, we are blessed in return. Our hearts are warmed and strengthened by the dear ones God sends to join our family at Rest Haven Homes.
Statement of faith
Donor confidence score
Transparency grade
A
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: Community Development
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 508 of 1110 | 50 of 111 |
| Fund acquisition rating | | 394 of 1111 | 33 of 111 |
| Resource allocation rating | | 97 of 1111 | 16 of 111 |
| Asset utilization rating | | 1081 of 1110 | 104 of 111 |
Financial ratios
| Funding ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 10% | 0% | 0% | 0% | 1% | 0% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 5% | 0% | 0% | 0% | 0% | 0% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 91% | 14% | 17% | 41% | 23% | 18% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 7% | 0% | 0% | 0% | 0% | 0% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 9% | 86% | 83% | 59% | 77% | 82% |
| Operating ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Program expense ratio Program expense ratio = Program services / Total expenses | 83% | 92% | 93% | 89% | 89% | 88% |
Spending ratio Spending ratio = Total expenses / Total revenue | 100% | 98% | 99% | 68% | 90% | 86% |
Program output ratio Program output ratio = Program services / Total revenue | 82% | 90% | 91% | 61% | 80% | 75% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 0% | 2% | 1% | 32% | 10% | 14% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 0% | 2% | 1% | 22% | 6% | 10% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 11% | 8% | 7% | 10% | 11% | 12% |
| Investing ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.94 | 0.46 | 0.41 | 0.27 | 0.39 | 0.53 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 1.76 | 9.67 | 12.99 | 4.05 | 8.00 | 2.03 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.96 | 4.46 | 5.28 | 1.11 | 3.10 | 1.08 |
| Liquidity ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Current ratio Current ratio = Total current assets / Total current liabilities | 15.15 | 2.81 | 2.12 | 3.46 | 1.04 | 12.33 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.07 | 0.36 | 0.47 | 0.29 | 0.96 | 0.08 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 5.79 | 1.74 | 1.20 | 7.66 | 0.14 | 10.25 |
| Solvency ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 11% | 31% | 34% | 43% | 32% | 12% |
Debt ratio Debt ratio = Debt / Total assets | 0% | 0% | 0% | 0% | 0% | 0% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 84% | 149% | 162% | 207% | 176% | 166% |
Financials
| Balance sheet | |||||
| Assets | 2024 | 2023 | 2022 | 2021 | 2020 |
| Cash | $1,133,901 | $880,104 | $3,521,328 | $1,110,071 | $3,302,680 |
| Receivables, inventories, prepaids | $139,281 | $92,476 | $56,338 | $68,857 | $70,498 |
| Short-term investments | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $1,273,182 | $972,580 | $3,577,666 | $1,178,928 | $3,373,178 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Fixed assets | $11,042,599 | $11,657,287 | $10,915,365 | $8,248,341 | $3,472,445 |
| Other long-term assets | $1,875 | $1,875 | $1,875 | $1,875 | $1,875 |
| Total long-term assets | $11,044,474 | $11,659,162 | $10,917,240 | $8,250,216 | $3,474,320 |
| Total assets | $12,317,656 | $12,631,742 | $14,494,906 | $9,429,144 | $6,847,498 |
| Liabilities | 2024 | 2023 | 2022 | 2021 | 2020 |
| Payables and accrued expenses | $452,377 | $459,190 | $1,024,181 | $1,114,993 | $253,614 |
| Other current liabilities | $0 | $0 | $9,982 | $20,004 | $20,004 |
| Total current liabilities | $452,377 | $459,190 | $1,034,163 | $1,134,997 | $273,618 |
| Debt | $0 | $0 | $0 | $0 | $0 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $3,388,088 | $3,831,286 | $5,197,221 | $1,868,268 | $561,561 |
| Total long-term liabilities | $3,388,088 | $3,831,286 | $5,197,221 | $1,868,268 | $561,561 |
| Total liabilities | $3,840,465 | $4,290,476 | $6,231,384 | $3,003,265 | $835,179 |
| Net assets | 2024 | 2023 | 2022 | 2021 | 2020 |
| Without donor restrictions | $8,477,191 | $8,341,266 | $8,263,522 | $6,417,878 | $6,012,319 |
| With donor restrictions | $0 | $0 | $0 | $8,001 | $0 |
| Net assets | $8,477,191 | $8,341,266 | $8,263,522 | $6,425,879 | $6,012,319 |
| Revenues and expenses | |||||
| Revenue | 2024 | 2023 | 2022 | 2021 | 2020 |
| Total contributions | $794,916 | $898,680 | $2,394,283 | $937,896 | $741,079 |
| Program service revenue | $4,972,977 | $4,312,737 | $3,449,654 | $3,132,590 | $3,460,690 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $40,951 | $5,836 | ($22,943) | ($2,414) | $14,442 |
| Other revenue | $0 | $0 | $0 | $0 | $0 |
| Total other revenue | $5,013,928 | $4,318,573 | $3,426,711 | $3,130,176 | $3,475,132 |
| Total revenue | $5,808,844 | $5,217,253 | $5,820,994 | $4,068,072 | $4,216,211 |
| Expenses | 2024 | 2023 | 2022 | 2021 | 2020 |
| Program services | $5,215,820 | $4,758,764 | $3,562,968 | $3,237,328 | $3,179,834 |
| Management and general | $457,099 | $380,745 | $412,382 | $412,185 | $449,792 |
| Fundraising | $0 | $0 | $8,001 | $4,999 | $0 |
| Total expenses | $5,672,919 | $5,139,509 | $3,983,351 | $3,654,512 | $3,629,626 |
| Change in net assets | 2024 | 2023 | 2022 | 2021 | 2020 |
| Surplus (deficit) | $135,925 | $77,744 | $1,837,643 | $413,560 | $586,585 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | $135,925 | $77,744 | $1,837,643 | $413,560 | $586,585 |
Compensation
| Name | Title | Compensation |
| Terry Carrick | Administrator of Finance | $83,346 |
| Greg Tracy | Administrator | $43,222 |
| Mary Bennett | Accounting Director | $13,240 |
Compensation data as of: 6/30/2024
Response from ministry
No response has been provided by this ministry.
The information below was provided to MinistryWatch by the ministry itself. It was last updated 5/10/2023. To update the information below, please email: [email protected]
History
Rest Haven Homes is not about the brick and mortar, but the loving care that dwells within its walls. Founded in 1941, in a single, family home in Alpine Township, Rest Haven Homes was started as a conservative, Bible-based home to meet the needs of those who were unable to care for themselves. Because of growth and the increasing interest by residents and families to be a part of our service ministry, we moved to two larger locations in Spring Lake and northwest Grand Rapids.
Through the years, we outgrew the beautiful property in Spring Lake and the stately home in Grand Rapids. It was in 1963 that we opened the doors of a newly constructed, one level home. Over the years we have added additions to the main building and constructed thirty-seven independent living apartments on our six-acre property. With our keen awareness of the growing needs of future generations we are continually striving to improve our environments through expansions, modern design and offerings and yet keeping the home-like feeling.