2017
Annual Report
PROGRAMS Rehabilitation & Care Center
Assisted Living
Those who need post-surgery rehabilitation receive top-notch therapy to revive, recuperate, relax, and ultimately go home. Long-term care residents discover a safe, nurturing, and understanding home. Families and residents can rely on motivated and caring staff who draw upon their healthcare experience, exceptional customer service, and cultural awareness.
Nikkei Manor
Residents and their families can rest easy knowing that their health and happiness are high priorities. Residents thrive in a warm, caring atmosphere surrounded by wonderful neighbors, volunteers, and staff with a little support when needed.
Home Care
Adult Day Center
Personal care, companionship, household assistance and more to support your loved one’s lifestyle and give you peace of mind. Time away from caregiving, assistance after rehab, and 24/7 care for loved ones are possible with Keiro Northwest Home Care.
Kokoro Kai
Families can take a break from caregiving with Kokoro Kai. Loved ones can remain active and engaged, expand his/her social contacts, and possibly improve brain health, even with memory issues and/or declining mobility.
Continuing Education
Transportation Services
Remain young at heart through activities that stimulate heart, mind, and body. Engage and explore through excursions locally and abroad, exercise and recreation, plus workshops and classes on safety, creativity, financial management, and health & wellness. In addition, gain knowledge about Japanese culture.
Door-to-door service from Transportation Services maximizes independence and encourages better health for seniors in all Keiro Northwest programs. Partnerships with Legacy House and United Healthcare (through their Optum™ Plan) expand the number of lives we touch.
Nikkei Horizons
Catering Services Birthdays, reunions, and meetings – expansive or intimate – have that special touch that says “welcome home.” Delicious and varied menu selections crafted by our talented chefs offer limitless possibilities. The Meals to Go boxed lunch is ideal for those who don’t cook as well as those who just don’t feel like cooking.
Making every day the best day
Dear Keiro Northwest Family, In 2017, we bid a fond farewell to our long-time CEO and friend Jeffrey Hattori and welcomed Frank Fukui as our new Board President. The state of the healthcare industry also shed a light on the need to make swift and decisive changes for us to be sustainable in the years ahead. Keiro Northwest has plans to make vital and significant improvements to our programs, facilities, and culture. We have committed ourselves to connecting with our community in new and creative ways to show our deep appreciation for all the support we’ve received over the past 43 years. We are proud to maintain our 5-star service quality rating and audits have shown continued improvements in our back office operations. In an effort to do and provide more for our residents and their families, we were excited to conceptualize and lay the groundwork for a new communal space called the Keiro Café. Our architect began structural plans and residents are excited about having a beautiful new space to visit and connect with loved ones right next to our signature garden and waterfall. As we enter into 2018, our major focus is our committment to serving you with the same high quality service you’ve come to expect. We will continue to be the most exceptional place where people stay to write the final chapters of their legacy. Our goal is to stabalize operations, build sustainable business models, and evolve our programs to meet the needs of current and future generations. Only with the support of our community and corporate partners will we be able to bring these necessary plans to fruition. The positive feedback and enthusiasm we’ve already recieved reaffirm our unique sense of warmth and family that we offer in health and wellness for the elderly. We are incredibly fortunate to have such a generous and caring community and valued partnerships with other organizations. We all share the same passion for keeping Keiro Northwest on the leading edge for 40 more years! Sincerely,
BOARD OF DIRECTORS Frank Fukui, President Bill Tashima, Vice President Hideo Suganuma, Secretary Nicholas Ong, Treasurer
Frank Fukui Board President
Bridgette Takeuchi Interim Chief Executive Officer
Brenda Handley Katie Lai, PharmD, MHA, BCPS, BCGP Jerry Lee Willon Lew Judge Vicki J. Toyohara Mukai Julie Ann Oiye Ted Tomita Dennis Yamashita
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION December 31,
ASSETS 2017 2016 Current assets Cash and cash equivalents $ 1,360,444 $ 912,292 Funds held in trust 15,976 20,651 Short-term assets whose use is limited 1,107,240 2,146,565 Accounts receivable, net 1,413,397 1,462,121 Deferred rents receivable 25,891 38,341 Inventory - 43,740 Prepaid expenses 305,239 122,461 Total current assets 4,228,187 4,746,171 Other assets Long-term assets whose use is limited 10,093,547 Land, buildings and equipment, net 5,680,132 Total other assets 15,773,679 Total assets $ 20,001,866
8,977,433 6,510,649 15,488,082 $ 20,234,253
LIABILITIES AND NET ASSETS Current liabilities Accounts payable $ 668,517 $ 667,451 Accrued expenses 1,459,338 1,460,063 Funds held in trust 15,757 20,651 Other current liabilities 266,270 39,053 Line of credit 966,822 966,822 Current portion of capital leases 17,836 25,116 Current portion of loan payable 30,946 Current portion of mortgages payable 200,000 200,000 Total current liabilities 3,625,486 3,379,156 Long term liabilities Capital leases, net of current portion 31,172 52,980 Deferred federal income tax 39,756 67,120 Long term liabilities excluding mortgages payable 70,928 120,100 Mortgage payable, net Mortgage payable, net of current portion 698,346 898,346 Unamortized debt issuance costs (26,499) (33,037) Total mortgage payable, net 671,847 865,309 Total long term liabilities 742,775 985,409 Total liabilities 4,368,261 4,364,565 Net assets Unrestricted net assets 4,484,521 4,810,723 Unrestricted - board designated 6,529,003 6,440,384 Total unrestricted net assets 11,013,524 11,251,107 Temporarily restricted net assets 1,536,301 1,536,301 Permanently restricted general endowment fund 3,083,780 3,082,280 Total net assets 15,633,605 15,869,688 Total liabilities and net assets $ 20,001,866 $ 20,234,253
CONSOLIDATED STATEMENTS OF ACTIVITIES Years Ended December 31, Changes in unrestricted net assets: 2017 2016 Operating revenue and support Resident service revenue $ 16,196,742 $ 16,435,079 Other program revenue 1,088,851 833,911 Investment income, net of fees 134,940 147,860 Net realized gain (loss) on investments (476,511) (211,701) Other revenue 1,370,858 883,120 Contributions 922,396 672,582 Total operating revenue 19,237,276 18,760,851 Net assets released from restrictions - 568,875 Total operating revenue and support 19,237,276 19,329,726 Operating expenses Salaries and benefits 13,718,379 13,067,972 Food and supplies 2,595,480 2,421,722 Office expenses 1,813,165 1,459,111 Occupancy costs 627,291 659,039 Facility maintenance 400,896 385,125 Marketing 8,217 12,564 Property taxes and insurance 475,057 474,431 Nikkei Manor land lease 332,500 332,500 Depreciation 867,982 968,368 Interest expense 67,623 93,356 Financing fees 50,465 72,242 Bad debts 234,731 1,175 Total operating expenses 21,191,786 19,947,605 Change in unrestricted net assets from operations (1,954,510) (617,879) Provision for income taxes 27,363 Unrealized gain on investments 1,689,564 842,946 Change in unrestricted net assets (237,583) 225,067 Changes in temporarily restricted net assets: Net assets released from restrictions - (568,875) Change in temporarily restricted net assets - (568,875) Changes in permanently restricted net assets: Contributions 1,500 4,685 Change in permanently restricted net assets 1,500 4,685 Change in Total net assets (236,083) (339,123) Net assets, beginning of year 15,869,688 16,208,811 Net assets, end of year $ 15,633,605 $ 15,869,688