Chapel Hill Residential Retirement Center Inc
- Assets
- $122.0m
- Revenue
- $35.1m
- Investments
- $0.0
- Employees
- 475
- Location
- Chapel Hill, NC
- Founding
- 03/1973
- Data as of
- 12/2023
- EIN
- 23-7271041
Organization Overview
Chapel Hill Residential Retirement Center Inc, operating under the name Carol Woods Retirement Community, is located in Chapel Hill, NC. The organization was established in 1973. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Carol Woods Retirement Community employed 475 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Carol Woods Retirement Community 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 12/2023, Carol Woods Retirement Community generated $35.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $34.2m during the year ending 12/2023. While expenses have increased by 2.4% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Carol Woods Retirement Community has awarded 115 individual grants totaling $4,924,983. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
OPERATION OF A CCRC PROVIDING HOUSING, HEALTHCARE, AND OTHER SERVICES TO SENIORS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE YEAR, THE ORGANIZATION PROVIDED HOUSING, HEALTHCARE AND OTHER RELATED SERVICES TO SENIOR RESIDENTS THROUGH OPERATION OF A CONTINUING CARE RETIREMENT COMMUNITY (CCRC) CONTAINING 315 INDEPENDENT LIVING APARTMENTS/COTTAGES, 59 ASSISTED LIVING ACCOMMODATIONS, AND A 60-BED HEALTH CENTER. SERVED AN AVERAGE OF 600 SENIORS UNDER LIFE CARE ARRANGEMENTS, INCLUDING AN AVERAGE OF 91 LIVING PERMANENTLY IN ASSISTED LIVING AND THE HEALTH CENTER. (CONTINUED ON SCHEDULE O)ADDITIONALLY, THE ORGANIZATION PROVIDED THE FOLLOWING PROGRAMS AND SERVICES:- OFFERED A CCRC WITHOUT LODGING PROGRAM APPROVED BY THE NC DEPARTMENT OF INSURANCE. SERVED AN AVERAGE OF 120 IN THE PROGRAM OVER THE COURSE OF THE YEAR. - CONTINUED PROACTIVE AND INTENTIONAL CHARITABLE CARE AND COMMUNITY BENEFIT PROGRAM, INCLUDING: 1) MADE CHARITABLE GIFTS TO ORANGE COUNTY ($175,000), TOWNS OF CHAPEL HILL AND CARRBORO ($105,000), AND THE LOCAL PUBLIC SCHOOLS ($30,000) TO SUPPORT VITAL SERVICES TO SENIORS IN THE COMMUNITY; AND 2) MADE $694,152 IN CHARITABLE GIFTS AND FINANCIAL SUPPORT TO OTHER NON-PROFIT ORGANIZATIONS PURSUING MISSIONS SIMILAR TO CAROL WOODS. - CONTINUED TO PROVIDE IN-KIND BENEFITS TO THE OUTSIDE COMMUNITY, INCLUDING: 1) MAKING AVAILABLE CAROL WOODS' CAMPUS AND STAFF FOR A VARIETY OF EDUCATIONAL AND COMMUNITY SUPPORT PURPOSES -- PROVIDING INTERNSHIPS AND OTHER OPPORTUNITIES FOR STUDENTS TO LEARN OF AGING SERVICES OPPORTUNITIES IN DISCIPLINES RANGING FROM MEDICAL AND NURSE PRACTITIONER, TO NURSING, SOCIAL WORK AND CERTIFIED NURSING ASSISTANTS; 2) DONATED BUILDING MATERIALS TO THE HABITAT RESTORE AND OTHER ITEMS TO THE AREA THRIFT STORE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jess Aylor Vice Chair Of The Board | OfficerTrustee | 1 | $0 |
Delores Baily Board Member | Trustee | 1 | $0 |
Richard Blankenship Chair Of The Board | OfficerTrustee | 1 | $0 |
Stephen Elkins-Williams Board Member | Trustee | 1 | $0 |
Jack Evans Board Member | Trustee | 1 | $0 |
Audrey Galloway Secretary Of The Board | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ct Wilson Construction Co General Contractor | 12/30/23 | $2,681,114 |
Triangle Electrical Services Licensed Electrical Contractor | 12/30/23 | $612,543 |
Rosco's Remodeling Services Carpentry, General Building Repairs | 12/30/23 | $1,527,666 |
Jd Service Now Licensed Plumbing Contractor | 12/30/23 | $1,040,626 |
Temperature Control Services Licensed Hvac Contractor | 12/30/23 | $474,920 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $80,647 |
| 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 | $80,647 |
| Total Program Service Revenue | $31,580,115 |
| Investment income | $1,564,619 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $163,500 |
| Net Gain/Loss on Asset Sales | $1,713,251 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $35,102,132 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,004,152 |
| Grants and other assistance to domestic individuals. | $28,198 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,673,388 |
| Compensation of current officers, directors, key employees. | $1,673,388 |
| Compensation to disqualified persons | $13,674,669 |
| Other salaries and wages | $381,171 |
| Pension plan accruals and contributions | $2,526,259 |
| Other employee benefits | $1,107,500 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $62,051 |
| Fees for services: Accounting | $86,007 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $340,514 |
| Fees for services: Other | $695,680 |
| Advertising and promotion | $56,368 |
| Office expenses | $2,628,298 |
| Information technology | $27,090 |
| Royalties | $0 |
| Occupancy | $1,627,586 |
| Travel | $63,405 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $936,662 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,131,830 |
| Insurance | $283,000 |
| All other expenses | $547,796 |
| Total functional expenses | $34,172,779 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $177,663 |
| Savings and temporary cash investments | $2,440,892 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,667,307 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $226,920 |
| Prepaid expenses and deferred charges | $307,550 |
| Net Land, buildings, and equipment | $61,981,172 |
| Investments—publicly traded securities | $55,072,345 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $125,397 |
| Total assets | $121,999,246 |
| Accounts payable and accrued expenses | $3,894,896 |
| Grants payable | $0 |
| Deferred revenue | $53,159,586 |
| Tax-exempt bond liabilities | $28,652,922 |
| 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 | $2,651,624 |
| Other liabilities | $0 |
| Total liabilities | $88,359,028 |
| Net assets without donor restrictions | $33,585,267 |
| Net assets with donor restrictions | $54,951 |
| 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 | $121,999,246 |
Grants Awarded
Over the last fiscal year, Chapel Hill Residential Retirement Center Inc has awarded $904,000 in support to 21 organizations.
| Grant Recipient | Amount |
|---|---|
CHAPEL HILL-CARRBORO CITY SCHOOLS PURPOSE: PROMOTE CAREERS IN AGING SERVICES | $15,000 |
CHARLES HOUSE PURPOSE: BELOW-MARKET RENTS FOR SENIOR DAY CARE CENTER | $60,000 |
EVERY AGE FOUNDATION PURPOSE: SUPPORT FOR COVENANT PLACE SENIOR AFFORDABLE HOUSING | $25,000 |
HOPE RENOVATIONS PURPOSE: HOME RENOVATIONS FOR SENIORS | $40,000 |
HABITAT FOR HUMANITY OF ORANGE COUNTY PURPOSE: SUPPORT HOUSING FOR SENIORS | $50,000 |
INTER-FAITH COUNCIL FOR SOCIAL SERVICES PURPOSE: MEALS FOR FOOD-INSECURE SENIORS; HOUSING FOR HOMELESS SENIORS | $25,000 |