Presbyterian Homes Inc
- Assets
- $256.3m
- Revenue
- $62.4m
- Investments
- $0.0
- Employees
- 1,311
- Location
- Colfax, NC
- Founding
- 08/1991
- Data as of
- 09/2021
- EIN
- 56-0564344
Organization Overview
Presbyterian Homes Inc, operating under the name River Landing at Sandy Ridge Scotia Village, is located in Colfax, NC. The organization was established in 1991. 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 09/2021, River Landing at Sandy Ridge Scotia Village employed 1,311 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. River Landing at Sandy Ridge Scotia Village 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 09/2021, River Landing at Sandy Ridge Scotia Village generated $62.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $48.5m during the year ending 09/2021. While expenses have increased by 3.7% per year over the past 6 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE VISION OF THE PRESBYTERIAN HOMES INC IS TO CREATE AN INNOVATIVE, VIBRANT AND DIVERSE CULTURE WHICH PROVIDES SECURITY AND ENHANCES QUALITY OF LIFE WHILE PROVIDING HOUSING AND SERVICE TO SENIOR ADULTS.
Describe the Organization's Program Activity:
THE PRESBYTERIAN HOMES, INC. PROVIDES RESIDENTIAL ASSISTED LIVING AND NURSING CARE FOR APPROXIMATELY 844 SENIOR ADULT RESIDENTS. SERVICES INCLUDE HOUSEKEEPING, FOOD SERVICE, MEDICAL AND OTHER SUPPORT SERVICES IN A CONTINUING CARE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy Webster Asst Sec - CEO | Officer | 37.5 | $484,412 |
Creighton Lovvorn VP - COO | Officer | 37.5 | $342,465 |
Julia Hanover Asst Treas - CFO | Officer | 37.5 | $296,203 |
Thomas A Smith Exec Dir - River Landing At Sandy Ridge | 37.5 | $222,175 | |
Laura Lowe Director Of Marketing | 37.5 | $217,184 | |
Arnold Thompson Exec Dir - Friends Homes Inc | 37.5 | $207,556 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Carolina Therapy Services Inc Therapy | 9/29/21 | $1,890,663 |
Aspirar Medical Lab Medical Lab | 9/29/21 | $502,878 |
Steele Group Architects Pllc Architect | 9/29/21 | $1,617,164 |
Id Collaborative Interior Design | 9/29/21 | $1,151,780 |
Grs Holding Llc Holdings | 9/29/21 | $409,073 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,688,075 |
| Government grants | $1,242,816 |
| 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 | $2,930,891 |
| Total Program Service Revenue | $53,605,835 |
| Investment income | $1,390,777 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $63,987 |
| Net Gain/Loss on Asset Sales | $4,329,389 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $62,438,008 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,130,709 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $5,111,519 |
| Compensation of current officers, directors, key employees. | $1,118,291 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,641,088 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,330,285 |
| Payroll taxes | $1,549,075 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $36,360 |
| Fees for services: Accounting | $54,469 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $79,483 |
| Fees for services: Other | $274,372 |
| Advertising and promotion | $219,250 |
| Office expenses | $5,784,900 |
| Information technology | $901,181 |
| Royalties | $0 |
| Occupancy | $5,168,587 |
| Travel | $105,595 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $93,861 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,727,642 |
| Insurance | $569,575 |
| All other expenses | $0 |
| Total functional expenses | $48,454,851 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $10,760,397 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,060,106 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $81,510 |
| Prepaid expenses and deferred charges | $664,419 |
| Net Land, buildings, and equipment | $160,750,790 |
| Investments—publicly traded securities | $69,630,353 |
| Investments—other securities | $0 |
| Investments—program-related | $11,093,000 |
| Intangible assets | $0 |
| Other assets | $308,253 |
| Total assets | $256,348,828 |
| Accounts payable and accrued expenses | $6,556,322 |
| Grants payable | $0 |
| Deferred revenue | $60,290,011 |
| Tax-exempt bond liabilities | $109,361,061 |
| 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 | $1,318,321 |
| Total liabilities | $177,525,715 |
| Net assets without donor restrictions | $77,760,329 |
| Net assets with donor restrictions | $1,062,784 |
| 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 | $256,348,828 |
Endowment Analysis
| Beg. Balance | $31,283,454 |
| Earnings | $7,964,766 |
| Admin Expense | $16,451 |
| Net Contributions | $5,292,769 |
| Grants | $1,373,407 |
| Ending Balance | $43,151,131 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ashby Ponds Inc Ashburn, VA | $1,081,002,554 | $105,782,483 |
Greenspring Village Inc Springfield, VA | $635,246,519 | $86,958,670 |
Goodwin House Incorporated Alexandria, VA | $441,770,291 | $109,508,883 |
Lutheran Homes Of South Carolina Inc Irmo, SC | $120,175,361 | $78,300,034 |
Westminster-Canterbury Corporation Richmond, VA | $326,286,753 | $77,739,552 |
Virginia United Methodist Homes Inc Glen Allen, VA | $253,887,875 | $70,234,834 |
Westminster-Canterbury On Chesapeake Bay Virginia Beach, VA | $226,856,514 | $70,077,492 |
Presbyterian Communities Of South Carolina Columbia, SC | $133,476,143 | $58,903,174 |
Givens Estates Inc Asheville, NC | $338,452,219 | $72,683,846 |
Presbyterian Homes Inc Colfax, NC | $256,348,828 | $62,438,008 |
Aldersgate United Methodist Retirement Community Inc Charlotte, NC | $165,248,151 | $44,725,662 |
Everyage Newton, NC | $158,969,277 | $58,100,743 |