Adult Center For Enrichment Inc
- Assets
- $2.4m
- Revenue
- $4.3m
- Investments
- $0.0
- Employees
- 48
- Location
- Greensboro, NC
- Founding
- 08/1988
- Data as of
- 12/2021
- EIN
- 56-1599072
Organization Overview
Adult Center For Enrichment Inc, operating under the name Well-Spring Solutions, is located in Greensboro, NC. The organization was established in 1988. According to its NTEE Classification (P71) the organization is classified as: Adult Day Care, under the broad grouping of Human Services and related organizations. As of 12/2021, Well-Spring Solutions employed 48 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Well-Spring Solutions 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 Solutions generated $4.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.9% each year . All expenses for the organization totaled $4.1m during the year ending 12/2021. While expenses have increased by 14.6% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO EXCEED THE NEEDS OF A DIVERSE AND EVOLVING OLDER ADULT POPULATION THROUGH INNOVATIVE AND SUPPORTIVE HOME AND COMMUNITY BASED SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION, ALONG WITH ITS SINGLE MEMBER LLC, WELL-SPRING HOME CARE, PROVIDES A SYSTEM OF SUPPORT AND ADULT DAY CARE CENTER FOR THE ELDERLY AND/OR IMPAIRED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ginna Freyaldenhoven Secretary | OfficerTrustee | 1 | $0 |
Aashka Mehta Vice Chair | OfficerTrustee | 1 | $0 |
Joey Slepp Assistant Treasurer | OfficerTrustee | 1 | $0 |
Ben Zuraw Chair | OfficerTrustee | 1 | $0 |
Keith Volz 2nd Vice Chair | OfficerTrustee | 1 | $0 |
Don Gwynn Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $74,649 |
| Membership dues | $0 |
| Fundraising events | $112,782 |
| Related organizations | $291,000 |
| Government grants | $3,894 |
| All other contributions, gifts, grants, and similar amounts not included above | $195,625 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $677,950 |
| Total Program Service Revenue | $3,665,604 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,500 |
| Net Income from Fundraising Events | -$18,632 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,332,250 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 | $3,041,465 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $243,579 |
| Payroll taxes | $187,886 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $843 |
| Fees for services: Accounting | $18,915 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $38,825 |
| Advertising and promotion | $31,601 |
| Office expenses | $79,386 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $43,481 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $87,444 |
| Insurance | $46,581 |
| All other expenses | $71,150 |
| Total functional expenses | $4,092,439 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $577,452 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $81,823 |
| Accounts receivable, net | $95,566 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $18,924 |
| Net Land, buildings, and equipment | $1,572,211 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $43,058 |
| Total assets | $2,389,034 |
| Accounts payable and accrued expenses | $245,839 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| 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 | $44,172 |
| Total liabilities | $290,011 |
| Net assets without donor restrictions | $1,982,670 |
| Net assets with donor restrictions | $116,353 |
| 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 | $2,389,034 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Adult Center For Enrichment Inc has recieved totaling $575,505.
| Awarding Organization | Amount |
|---|---|
Well-Spring Ret Community Greensboro, NC PURPOSE: GENERAL SUPPORT | $269,000 |
Community Foundation Of Greater Greensboro Inc Greensboro, NC PURPOSE: GENERAL SUPPORT | $102,500 |
Stanley & Dorothy Frank Family Foundation Greensboro, NC PURPOSE: GENERAL SUPPORT | $100,000 |
United Way Of Greater Greensboro Inc Greensboro, NC PURPOSE: CHARITABLE | $74,650 |
Tannenbaum-Sternberger Foundation Inc Greensboro, NC PURPOSE: GRANTS | $15,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: HUMAN SERVICES | $10,350 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Adult Center For Enrichment Inc Greensboro, NC | $2,389,034 | $4,332,250 |
New Life Tn Winchester, TN | $5,951,032 | $3,273,560 |
Charles House Association Chapel Hill, NC | $2,713,199 | $1,972,465 |
Circle Center Adult Day Services Richmond, VA | $3,477,648 | $1,159,129 |
Shalom Farms Richmond, VA | $1,427,552 | $1,396,079 |
Adult Care Center Of Roanoke Valley Inc Salem, VA | $1,151,650 | $903,901 |
Paulding Enterprises Inc Dallas, GA | $1,352,935 | $887,582 |
Rosswoods Inc Dalton, GA | $2,212,405 | $878,180 |
Thrive Memphis Memphis, TN | $384,336 | $501,619 |
Creative Living Center Inc Greenville, NC | $43,506 | $167,569 |
The Guest House Inc Gainesville, GA | $0 | $28,593 |
Friendship Adult Day Services Inc Burlington, NC | $107,140 | $174,650 |