Southminster Inc
- Assets
- $248.7m
- Revenue
- $51.2m
- Investments
- $0.0
- Employees
- 674
- Location
- Charlotte, NC
- Founding
- 11/1984
- Data as of
- 09/2023
- EIN
- 56-1443222
Organization Overview
Southminster Inc is located in Charlotte, NC. The organization was established in 1984. 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, Southminster Inc employed 674 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southminster Inc 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, Southminster Inc generated $51.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.7% each year. All expenses for the organization totaled $51.3m during the year ending 09/2023. While expenses have increased by 7.7% 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, Southminster Inc has awarded 141 individual grants totaling $4,185,326. 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
TO PROVIDE CONTINUING CARE TO RESIDENTS OF SOUTHMINSTER, INC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONTINUING CARE RETIREMENT COMMUNITYPROVIDE A CONTINUUM OF SERVICES (INDEPENDENT LIVING, ASSISTED LIVING, NURSING) TO OLDER ADULTS THAT ALLOWS THEM TO LIVE INDEPENDENTLY AND AS ACTIVELY AS THEIR FACULTIES AND STRENGTH PERMIT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rev Robin Coira Chair | OfficerTrustee | 1 | $0 |
Charles H Conner Jr Vice Chair/treasurer | OfficerTrustee | 1 | $0 |
Susan R Salvin Vice Chair/secretary | OfficerTrustee | 1 | $0 |
Frank Horne Jr Vice Chair | OfficerTrustee | 1 | $0 |
Suzanne G Bledsoe Board Member | Trustee | 1 | $0 |
Rev Lisa Saunders Ex Officio | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bluewater Design-build Llc Architect/construction | 9/29/23 | $1,651,649 |
Sysco Charlotte Llc Food Distributor | 9/29/23 | $1,488,868 |
Culinesse Llc Culinary Management Services | 9/29/23 | $174,824 |
Paycom Payroll Llc Payroll Provider/hr Info System | 9/29/23 | $164,445 |
Chimney Guys Llc Chimney Repairs, Gas Log Installation | 9/29/23 | $142,860 |
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 | $876,153 |
| Noncash contributions included in lines 1a–1f | $6,677 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $876,153 |
| Total Program Service Revenue | $48,629,254 |
| Investment income | $1,016,565 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $286,015 |
| Net Gain/Loss on Asset Sales | $439,859 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $51,247,846 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $673,314 |
| Grants and other assistance to domestic individuals. | $751,453 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,200,054 |
| Compensation of current officers, directors, key employees. | $865,233 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,730,426 |
| Pension plan accruals and contributions | $405,389 |
| Other employee benefits | $2,665,912 |
| Payroll taxes | $1,206,902 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $33,507 |
| Fees for services: Accounting | $63,921 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $17,500 |
| Fees for services: Investment Management | $136,623 |
| Fees for services: Other | $611,641 |
| Advertising and promotion | $209,916 |
| Office expenses | $218,237 |
| Information technology | $516,546 |
| Royalties | $0 |
| Occupancy | $1,623,768 |
| Travel | $1,069 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $73,458 |
| Interest | $7,397,827 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,961,862 |
| Insurance | $409,141 |
| All other expenses | $1,975,554 |
| Total functional expenses | $51,277,445 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $385,922 |
| Savings and temporary cash investments | $821,067 |
| Pledges and grants receivable | $303,670 |
| Accounts receivable, net | $602,715 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $79,978 |
| Prepaid expenses and deferred charges | $1,688,654 |
| Net Land, buildings, and equipment | $203,386,802 |
| Investments—publicly traded securities | $36,326,624 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,129,692 |
| Total assets | $248,725,124 |
| Accounts payable and accrued expenses | $4,126,944 |
| Grants payable | $0 |
| Deferred revenue | $98,382,893 |
| Tax-exempt bond liabilities | $142,793,390 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $19,330,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $177,611 |
| Total liabilities | $264,810,838 |
| Net assets without donor restrictions | -$16,604,827 |
| Net assets with donor restrictions | $519,113 |
| 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 | $248,725,124 |
Grants Awarded
Over the last fiscal year, Southminster Inc has awarded $620,161 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
PARKINSON ASSOCIATION OF THE CAROLINAS PURPOSE: SUPPORT FOR YOGA AND DANCE FOR PD CLASSES, WALK SPONSORSHIP | $14,250 |
CHARLOTTE BILINGUAL PRESCHOOL PURPOSE: BILINGUAL WORKFORCE DEVELOPMENT PROGRAM | $30,000 |
GOOD FELLOWS CLUB INC PURPOSE: ANNUAL CHRISTMAS LUNCHEON SPONSORSHIP | $10,000 |
CHARLOTTE VILLAGE NETWORK PURPOSE: SUPPORT OF SOUTH CHARLOTTE CHAPTER PROVIDING SUPPORT TO SENIORS LIVING AT HOME IN COMMUNITY | $24,760 |
CHARLOTTE MECKLENBURG LIBRARY FOUNDATION PURPOSE: DONATION | $25,000 |
LEADINGAGE NC FOUNDATION PURPOSE: SUPPORT FOR SENIOR LIVING ADVOCACY | $25,000 |