Lutheran Home Albemarle Property
- Assets
- $7.8m
- Revenue
- $409.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Salisbury, NC
- Founding
- 04/1988
- Data as of
- 09/2023
- EIN
- 20-1457273
Organization Overview
Lutheran Home Albemarle Property is located in Salisbury, NC. The organization was established in 1988. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., under the broad grouping of Housing & Shelter and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Lutheran Home Albemarle Property is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2023, Lutheran Home Albemarle Property generated $409.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (10.3%) each year. All expenses for the organization totaled $694.7k during the year ending 09/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
EMPOWERED BY CHRIST, WE WALK TOGETHER WITH ALL WE SERVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LUTHERAN HOME ALBEMARLE PROPERTY, INC. OWNS THE LAND LOCATED AT 24724 HWY 52 SOUTH IN ALBEMARLE, NC. THE CORPORATION LEASES THAT BUILDING TO LUTHERAN HOME - ALBEMARLE, INC., WHICH STRIVES TO BE A TRUE HOME FOR ITS RESIDENTS, A PLACE OF COMFORT, SECURITY AND BELONGING. AS LESSOR, LUTHERAN HOME ALBEMARLE PROPERTY, INC. CHARGES REASONABLE LEASE PAYMENTS SUFFICIENT TO PROVIDE ON-GOING UPKEEP OF THE FACILITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ted Goins Ceo/president | OfficerTrustee | 1 | $0 |
Gregory Hudgins Chair | Trustee | 1 | $0 |
Cary M Grant Vice Chair | Trustee | 1 | $0 |
Karen Maddry Secretary | Officer | 1 | $0 |
Kirby Nickerson Chief Financial Officer | Officer | 1 | $0 |
Kesha Smith Chief Operating Officer | Officer | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Vertex Construction Company Llc Construction Services | 9/29/21 | $647,733 |
Interscapes Inc Architectural Services | 9/29/21 | $139,723 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $385,000 |
| Investment income | $24,317 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $355 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $409,672 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,348 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,189 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $136,977 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $528,923 |
| Insurance | $26,056 |
| All other expenses | $0 |
| Total functional expenses | $694,743 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $122,383 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $777 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,046 |
| Net Land, buildings, and equipment | $6,632,706 |
| Investments—publicly traded securities | $970,254 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $36,262 |
| Total assets | $7,768,428 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $3,931,626 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,931,626 |
| Net assets without donor restrictions | $3,836,802 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $7,768,428 |