Chapel Hill Residential Retirement Center Inc
- Assets
- $120.6m
- Revenue
- $31.9m
- Investments
- $0.0
- Employees
- 447
- Location
- Chapel Hill, NC
- Founding
- 03/1973
- Data as of
- 12/2022
- 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 12/2022, Carol Woods Retirement Community employed 447 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 12/2022, Carol Woods Retirement Community generated $31.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $32.5m during the year ending 12/2022. While expenses have increased by 2.1% per year over the past 8 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 102 individual grants totaling $4,398,183. 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
2022
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
PROVIDED HOUSING, HEALTHCARE AND OTHER RELATED SERVICES TO SENIORRESIDENTS THROUGH OPERATION OF A CONTINUING CARE RETIREMENTCOMMUNITY (CCRC) CONTAINING 315 INDEPENDENT LIVING APARTMENTS/COTTAGES, 59 ASSISTED LIVING ACCOMMODATIONS, AND A 60-BED HEALTHCENTER. SERVED AN AVERAGE OF 600 SENIORS UNDER LIFE CARE ARRANGEMENTS,INCLUDING AN AVERAGE OF 86 LIVING PERMANENTLY IN ASSISTED LIVING AND THEHEALTH CENTER. OFFER A CCRC WITHOUT LODGING PROGRAM APPROVED BY THENC DEPARTMENT OF INSURANCE. SERVED AN AVERAGE OF 104 IN THE PROGRAMOVER THE COURSE OF THE YEAR. CONTINUED PROACTIVE AND INTENTIONALCHARITABLE CARE AND COMMUNITY BENEFIT PROGRAM, INCLUDING: 1) PROVIDED$193,540 IN FINANCIAL ASSISTANCE TO RESIDENTS IN NEED; 2) MADE CHARITABLEGIFTS TO ORANGE COUNTY ($175,000), TOWN OF CHAPEL HILL ($100,000), AND THELOCAL PUBLIC SCHOOLS ($30,000) TO SUPPORT VITAL SERVICES TO SENIORS INTHE COMMUNITY; AND 3) MADE $392,336 IN CHARITABLE GIFTS AND FINANCIALSUPPORT TO OTHER LOCAL NON-PROFIT ORGANIZATIONS PURSUING MISSIONSSIMILAR TO CAROL WOODS. CONTINUED TO PROVIDE IN-KIND BENEFITS TO THEOUTSIDE COMMUNITY, INCLUDING: 1) MAKING AVAILABLE CAROL WOODS' CAMPUSAND STAFF FOR A VARIETY OF EDUCATIONAL AND COMMUNITY SUPPORTPURPOSES -- PROVIDING INTERNSHIPS AND OTHER OPPORTUNITIES FORSTUDENTS TO LEARN OF AGING SERVICES OPPORTUNITIES IN DISCIPLINESRANGING FROM MEDICAL AND NURSE PRACTITIONER, TO NURSING, SOCIAL WORKAND CERTIFIED NURSING ASSISTANTS; 2) DONATED BUILDING MATERIALS TO THEHABITAT RESTORE AND OTHER ITEMS TO THE AREA THRIFT STORE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marianne Ratcliffe President & CEO | Officer | 39 | $279,662 |
Kenneth G Reeb Jr VP Of Finance / CFO | Officer | 40 | $220,479 |
Jennifer Wilson VP Of Well-Being | Officer | 40 | $159,210 |
Lizbeth Tomajko VP Of Hr | 40 | $131,846 | |
Nicole Cooper VP Of Compliance | 40 | $123,633 | |
Leah Adeniji VP Of Campus Services | 40 | $122,042 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rosco's Remodeling Carpentry, General Building Repairs | 12/30/22 | $1,253,539 |
Ct Wilson General Contractors General Contractor | 12/30/22 | $1,730,390 |
Jd Service Now Licensed Plumbing Subcontractor | 12/30/22 | $878,508 |
Icon Boiler Hvac Contractor | 12/30/22 | $741,880 |
Triangle Electric Licensed Electrical Subcontractor | 12/30/22 | $413,221 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $220,405 |
| 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 | $220,405 |
| Total Program Service Revenue | $30,186,058 |
| Investment income | $1,685,926 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $145,800 |
| Net Gain/Loss on Asset Sales | -$288,752 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $31,949,437 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $688,200 |
| Grants and other assistance to domestic individuals. | $207,372 |
| 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 | $0 |
| Other salaries and wages | $12,586,940 |
| Pension plan accruals and contributions | $409,263 |
| Other employee benefits | $2,145,359 |
| Payroll taxes | $1,024,710 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,395 |
| Fees for services: Accounting | $80,039 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $372,796 |
| Fees for services: Other | $719,510 |
| Advertising and promotion | $120,102 |
| Office expenses | $2,452,650 |
| Information technology | $26,172 |
| Royalties | $0 |
| Occupancy | $1,783,531 |
| Travel | $66,325 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $21,838 |
| Interest | $1,008,756 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,037,615 |
| Insurance | $268,826 |
| All other expenses | $0 |
| Total functional expenses | $32,474,861 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $207,479 |
| Savings and temporary cash investments | $3,021,064 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,399,211 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $279,156 |
| Prepaid expenses and deferred charges | $273,928 |
| Net Land, buildings, and equipment | $58,079,367 |
| Investments—publicly traded securities | $57,380,725 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $120,640,930 |
| Accounts payable and accrued expenses | $3,770,515 |
| Grants payable | $0 |
| Deferred revenue | $50,988,470 |
| Tax-exempt bond liabilities | $30,984,860 |
| 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 | $5,921,674 |
| Other liabilities | $0 |
| Total liabilities | $91,665,519 |
| Net assets without donor restrictions | $28,920,351 |
| Net assets with donor restrictions | $55,060 |
| 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 | $120,640,930 |
Grants Awarded
Over the last fiscal year, Chapel Hill Residential Retirement Center Inc has awarded $683,200 in support to 16 organizations.
| Grant Recipient | Amount |
|---|---|
ORANGE COUNTY NORTH CAROLINA PURPOSE: GENERAL SUPPORT, SENIOR SERVICES | $175,000 |
TOWN OF CHAPEL HILL PURPOSE: GENERAL SUPPORT, SENIOR SERVICES | $100,000 |
Chapel Hill, NC PURPOSE: BELOW-MARKET RENTS FOR SENIOR DAY CARE CENTER | $60,000 |
Chapel Hill, NC PURPOSE: MEALS FOR FOOD-INSECURE SENIORS | $50,000 |
Durham, NC PURPOSE: GERIATRIC DENTAL CARE FOR LOW INCOME SENIORS | $50,000 |
Chapel Hill, NC PURPOSE: GERIATRIC MEDICINE WORKFORCE DEVELOPMENT | $46,200 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Chapel Hill Residential Retirement Center Inc has recieved totaling $220,405.
| Awarding Organization | Amount |
|---|---|
Carol Woods Charitable Fund Inc Chapel Hill, NC PURPOSE: REIMBURSEMENT FOR CHARITABLE EXPENSES INCLUDING RESIDENT ASSISTANCE, EMPLOYEE DEVELOPMENT AND GIFTED GARDEN MAINTENANCE. | $220,405 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Arbor Acres United Methodist Retirement Community Inc Winstonsalem, NC | $155,220,604 | $40,394,713 |
Chapel Hill Residential Retirement Center Inc Chapel Hill, NC | $120,640,930 | $31,949,437 |
Carolina Village Inc Hendersonville, NC | $124,169,436 | $34,185,742 |
Galloway Ridge Inc Pittsboro, NC | $130,866,786 | $36,150,184 |
Virginia Lutheran Homes Inc Roanoke, VA | $83,707,371 | $28,580,430 |
The Glebe Inc Glen Allen, VA | $79,347,451 | $20,057,701 |
Cypress Of Charlotte Club Inc Charlotte, NC | $4,602,507 | $19,033,502 |
Lavender Mountain Senior Living Inc Mount Berry, GA | $141,195,331 | $5,176,789 |
Cypress Club Inc Hilton Head Island, SC | $31,122,152 | $20,067,120 |
Alliance Foundation Of Florida Inc Fairfax, VA | $3,980,019 | $2,209,632 |
Skidaway Health And Living Services Inc Savannah, GA | $89,340,251 | $17,567,308 |
Lake Prince Center Inc Newton, NC | $22,105,583 | $13,762,352 |