Well-Spring Ret Community
- Assets
- $143.1m
- Revenue
- $37.8m
- Investments
- $40.8m
- Employees
- 635
- Location
- Greensboro, NC
- Founding
- 11/1987
- Data as of
- 12/2021
- EIN
- 56-1497371
Organization Overview
Well-Spring Ret Community, operating under the name Well-Spring A Life Plan Community, is located in Greensboro, NC. The organization was established in 1987. 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 12/2021, Well-Spring A Life Plan Community employed 635 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Well-Spring A Life Plan 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 12/2021, Well-Spring A Life Plan Community generated $37.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $33.6m during the year ending 12/2021. While expenses have increased by 5.1% per year over the past 7 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 2014, Well-Spring A Life Plan Community has awarded 122 individual grants totaling $5,063,120. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE RETIREMENT LIVING SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WELL-SPRING RETIREMENT COMMUNITY, INC ("WELL-SPRING"), A NORTH CAROLINA NONPROFIT CORPORATION, WAS ORGANIZED FOR THE PURPOSE OF OPERATING A CONTINUING CARE RETIREMENT COMMUNITY. WELL-SPRING IS GOVERNED BY A BOARD OF TRUSTEES COMPOSED OF CIVIC LEADERS, CURRENTLY CONSISTING OF 17 INDIVIDUALS, WHO SERVE WITHOUT COMPENSATION FOR STAGGERED THREE-YEAR TERMS. A MULTI-DENOMINATIONAL GROUP OF CHURCHES IN GREENSBORO, NORTH CAROLINA INITIALLY SPONSORED AND PROVIDED LEADERSHIP TO WELL-SPRING. REV. RUL. 72-124, 1972-1 C.B. 145, SETS OUT REQUIREMENTS THAT "HOME FOR THE AGED" MUST MEET TO QUALIFY FOR SECTION 501(C) 3 EXEMPTION. THE INTERNAL REVENUE SERVICE PROVIDED THE FOLLOWING REQUIREMENTS: (1) SATISFACTION OF THE NEED FOR HOUSING THROUGH THE PROVISION OF EMOTIONAL, RECREATIONAL, SOCIAL, RELIGIOUS AND SIMILAR NEEDS OF AGED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Misti Ridenour Director Of Healthcare | 40 | $162,306 | |
George Galvin Director Of Dining Service | 40 | $150,071 | |
Garrett Saake Director Of Resident Relations | 40 | $122,283 | |
Janet Holbrook Controller | 40 | $118,749 | |
Philip Johnson Director Of Facilities | 40 | $109,401 | |
Kathryn Cookie Billings Vice-Chair, Immediate Past | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Samet Corporation Construction | 12/30/21 | $10,587,886 |
Cne Improvement Construction | 12/30/21 | $1,280,855 |
Duke Energy Utilities | 12/30/21 | $546,287 |
Laboratory Corporation Of America Holdin Healthcare | 12/30/21 | $505,125 |
Us Foodservice Inc Food | 12/30/21 | $1,213,631 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $507,727 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,543,898 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,051,625 |
| Total Program Service Revenue | $31,548,311 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $2,046,974 |
| Royalties | $0 |
| Net Rental Income | $77,264 |
| Net Gain/Loss on Asset Sales | $2,073,545 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $37,797,719 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,148,073 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,404,020 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,049,378 |
| Payroll taxes | $1,006,880 |
| Fees for services: Management | $836,461 |
| Fees for services: Legal | $25,569 |
| Fees for services: Accounting | $110,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,981,975 |
| Advertising and promotion | $226,946 |
| Office expenses | $1,202,918 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,196,469 |
| Travel | $6,941 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $37,816 |
| Interest | $1,079,959 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,376,389 |
| Insurance | $295,092 |
| All other expenses | $9,288 |
| Total functional expenses | $33,551,739 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,553,836 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,473,687 |
| Accounts receivable, net | $941,169 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $75,316 |
| Prepaid expenses and deferred charges | $99,745 |
| Net Land, buildings, and equipment | $83,020,262 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $40,773,323 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,158,330 |
| Total assets | $143,095,668 |
| Accounts payable and accrued expenses | $7,512,382 |
| Grants payable | $0 |
| Deferred revenue | $42,563,519 |
| Tax-exempt bond liabilities | $45,449,221 |
| 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 | $4,737,584 |
| Total liabilities | $100,262,706 |
| Net assets without donor restrictions | $41,461,071 |
| Net assets with donor restrictions | $1,371,891 |
| 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 | $143,095,668 |
Grants Awarded
Over the last fiscal year, Well-Spring Ret Community has awarded $995,800 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
Greensboro, NC PURPOSE: GENERAL SUPPORT | $500,000 |
Greensboro, NC PURPOSE: GENERAL SUPPORT | $269,000 |
Greensboro, NC PURPOSE: GENERAL SUPPORT | $82,000 |
Greensboro, NC PURPOSE: GENERAL SUPPORT | $42,500 |
UNIVERSITY OF NC CTR FOR PUBLIC MEDIA PURPOSE: GENERAL SUPPORT | $14,800 |
Greensboro, NC PURPOSE: GENERAL SUPPORT | $12,000 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Well-Spring Ret Community has recieved totaling $16,150.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Greater Greensboro Inc Greensboro, NC PURPOSE: GENERAL SUPPORT | $9,650 |
Community Foundation Of Greater Greensboro Inc Greensboro, NC PURPOSE: GENERAL SUPPORT | $5,500 |
The Seymour Levin Foundation Inc Greensboro, NC PURPOSE: PROGRAM SUPPORT | $1,000 |
Endowment Analysis
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 |