Baptist Retirement Homes Of North Carolina Incorporated
- Assets
- $136.8m
- Revenue
- $52.0m
- Investments
- $44.1m
- Employees
- 654
- Location
- Winston Salem, NC
- Founding
- 08/1952
- Data as of
- 09/2023
- EIN
- 56-0562308
Organization Overview
Baptist Retirement Homes Of North Carolina Incorporated, operating under the name Thrivemore, is located in Winston Salem, NC. The organization was established in 1952. According to its NTEE Classification (P75) the organization is classified as: Supportive Housing for Older Adults, under the broad grouping of Human Services and related organizations. As of 09/2023, Thrivemore employed 654 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Thrivemore 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, Thrivemore generated $52.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.9% each year. All expenses for the organization totaled $47.5m during the year ending 09/2023. While expenses have increased by 7.9% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE QUALITY LIVING OPTIONS AND SERVICES TO NORTH CAROLINA'S OLDER ADULT POPULATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THRIVEMORE IS A NOT-FOR-PROFIT CORPORATION ORGANIZED UNDER THE LAWS OF THE STATE OF NORTH CAROLINA. IT IS EXEMPT FROM INCOME TAX UNDER INTERNAL REVENUE CODE SECTION 501[C][3] AND A PUBLIC CHARITY UNDER SECTION 509[A][2]. THE BOARD OF TRUSTEES OF THRIVEMORE HAS FIDUCIARY RESPONSIBILITY FOR THE OPERATION OF THRIVEMORE. THE MISSION OF THRIVEMORE IS TO PROVIDE QUALITY RESIDENTIAL AND HEALTH CARE LIVING OPTIONS AND SERVICES TO NORTH CAROLINA'S OLDER ADULT POPULATION. THE PROVISION OF THOSE SERVICES BEING OFFERED TO THE POOR ELDERLY OF THE STATE AS WELL AS THOSE OLDER PERSONS WHO DO HAVE THE FINANCIAL RESOURCES AVAILABLE TO PAY FOR THE INSTITUTIONAL SERVICES THEY NEED. (CONTINUED ON SCHEDULE O)IN ADDITION TO ITS PROGRAM OF BENEVOLENT FUNDING TO THE POOR ELDERLY OF THE STATE, THRIVEMORE ALSO PROVIDES A SPECIAL PROGRAM DESIGNED TO ENHANCE THE LIFESTYLE OF OLDER ADULTS WITH DEMENTIA RELATED DISORDERS LIKE ALZHEMER'S DISEASE. THREE SUCH PROGRAMS ARE OPERATED BY THRIVEMORE. THRIVEMORE OWNS, MAINTAINS, AND OPERATES COMMUNITIES THROUGHOUT NORTH CAROLINA. ITS CURRENT COMMUNITIES INCLUDE 262 INDEPENDENT LIVING HOMES AND APARTMENTS, 138 ASSISTED LIVING RESIDENCES, AND 201 SKILLED NURSING CARE ROOMS. THRIVEMORE RECEIVES SUPPORT FROM INDIVIDUALS, BUSINESSES, FOUNDATIONS, CHURCHES, SPECIAL OFFERINGS, AND BEQUESTS FROM OTHERS TO ASSIST IN THE OPERATION AND ADMINISTRATION OF ITS COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Clarence R Lambe Jr Board Chair | OfficerTrustee | 1 | $0 |
Daniel Rice Board Vice Chair | OfficerTrustee | 1 | $0 |
Rev A Edward Beddingfield Jr Board Secretary | OfficerTrustee | 1 | $0 |
Bobby F Watson Board Teasurer | OfficerTrustee | 1 | $0 |
Sobeida Adolphus Board Member | Trustee | 1 | $0 |
Janet Blanford Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Broad River Rehab Therapy Provider | 9/29/23 | $3,148,195 |
A&g Superior Painting Construction Services | 9/29/23 | $1,184,548 |
Alliance One Llc Staffing Support | 9/29/23 | $933,175 |
Kenco Electric Inc Contract Electrical | 9/29/23 | $903,551 |
A-1 Renovation Inc Construction Services | 9/29/23 | $772,160 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,838,824 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,483,600 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,322,424 |
| Total Program Service Revenue | $38,602,778 |
| Investment income | $542,314 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $41,409 |
| Net Gain/Loss on Asset Sales | $9,319,257 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $52,031,584 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,595,246 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $563,919 |
| Compensation of current officers, directors, key employees. | $563,919 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $17,928,668 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,093,730 |
| Payroll taxes | $1,406,612 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $859,081 |
| Fees for services: Accounting | $141,417 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,796,903 |
| Advertising and promotion | $649,920 |
| Office expenses | $610,919 |
| Information technology | $422,014 |
| Royalties | $0 |
| Occupancy | $977,024 |
| Travel | $84,991 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $74,886 |
| Interest | $1,061,227 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,713,821 |
| Insurance | $445,381 |
| All other expenses | $2,159,304 |
| Total functional expenses | $47,484,488 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,961,275 |
| Pledges and grants receivable | $157,500 |
| Accounts receivable, net | $2,621,883 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,500,000 |
| Inventories for sale or use | $140,482 |
| Prepaid expenses and deferred charges | $200,109 |
| Net Land, buildings, and equipment | $54,115,249 |
| Investments—publicly traded securities | $18,733,694 |
| Investments—other securities | $44,134,375 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,260,809 |
| Total assets | $136,825,376 |
| Accounts payable and accrued expenses | $3,736,278 |
| Grants payable | $0 |
| Deferred revenue | $25,543,003 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $36,233 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $29,608,371 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $58,923,885 |
| Net assets without donor restrictions | $55,306,824 |
| Net assets with donor restrictions | $22,594,667 |
| 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 | $136,825,376 |
Grants Awarded
Over the last fiscal year, Baptist Retirement Homes Of North Carolina Incorporated has awarded $10,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FIRST BAPTIST CHURCH CLEVELAND COUNTY PURPOSE: CLEVELAND COUNTY POTATO PROJECT | $7,500 |
FIRST BAPTIST CHURCH EDENTON PURPOSE: ADULT RESPITE CARE PROGRAM | $2,500 |