Well-Spring Ret Community
- Assets
- $138.7m
- Revenue
- $39.9m
- Investments
- $34.7m
- Employees
- 652
- Location
- Greensboro, NC
- Founding
- 11/1987
- Data as of
- 12/2023
- 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 12/2023, Well-Spring A Life Plan Community employed 652 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 12/2023, Well-Spring A Life Plan Community generated $39.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $41.1m during the year ending 12/2023. While expenses have increased by 6.3% per year over the past 9 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 170 individual grants totaling $6,643,826. 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 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 |
|---|---|---|---|
Kenneth Boggs Vice-Chair, Imm. Past Chai | OfficerTrustee | 1 | $0 |
Kathryn Cookie Billings Chair | OfficerTrustee | 1 | $0 |
Jerry Bailey Board Member | Trustee | 1 | $0 |
Jeff Blaser Assistant Secretary | OfficerTrustee | 1 | $0 |
Anthony Boyd Board Member | Trustee | 1 | $0 |
Chris Brown Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Us Foodservice Inc Food | 12/30/23 | $1,740,289 |
Right Touch Interiors Llc Flooring | 12/30/23 | $539,533 |
Cne Improvement Construction | 12/30/23 | $1,498,464 |
Beco Inc Construction | 12/30/23 | $623,705 |
The Christman Company Construction | 12/30/23 | $672,958 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $751,290 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $609,196 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,360,486 |
| Total Program Service Revenue | $36,937,797 |
| Investment income | $1,489,246 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $112,402 |
| Net Gain/Loss on Asset Sales | $26,163 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $39,926,094 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,729,878 |
| 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 | $15,803,351 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,260,883 |
| Payroll taxes | $1,081,291 |
| Fees for services: Management | $1,038,494 |
| Fees for services: Legal | $52,792 |
| Fees for services: Accounting | $122,737 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,345,462 |
| Advertising and promotion | $239,500 |
| Office expenses | $709,439 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,341,111 |
| Travel | $13,734 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $59,702 |
| Interest | $1,277,483 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,417,621 |
| Insurance | $357,783 |
| All other expenses | $157,788 |
| Total functional expenses | $41,111,393 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,032,897 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $771,870 |
| Accounts receivable, net | $685,020 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $108,851 |
| Prepaid expenses and deferred charges | $212,068 |
| Net Land, buildings, and equipment | $82,287,010 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $34,662,209 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $18,970,743 |
| Total assets | $138,730,668 |
| Accounts payable and accrued expenses | $3,559,022 |
| Grants payable | $0 |
| Deferred revenue | $48,918,536 |
| Tax-exempt bond liabilities | $42,763,442 |
| 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 | $1,352,105 |
| Total liabilities | $96,593,105 |
| Net assets without donor restrictions | $40,707,798 |
| Net assets with donor restrictions | $1,429,765 |
| 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 | $138,730,668 |
Grants Awarded
Over the last fiscal year, Well-Spring Ret Community has awarded $608,730 in support to 16 organizations.
| Grant Recipient | Amount |
|---|---|
GREENSBORO SYMPHONY ORCHESTRA PURPOSE: GENERAL SUPPORT | $10,000 |
GUILFORD COLLEGE PURPOSE: GENERAL SUPPORT | $7,000 |
AUTHORACARE COLLECTIVE PURPOSE: GENERAL SUPPORT | $40,025 |
EASTERN MUSIC FESTIVAL PURPOSE: GENERAL SUPPORT | $5,055 |
ADULT CENTER FOR ENRICHMENT INC PURPOSE: GENERAL SUPPORT | $392,000 |
CONE HEALTH PURPOSE: GENERAL SUPPORT | $81,000 |