Foundation For Abundant Living
- Assets
- $9.7m
- Revenue
- $454.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Salisbury, NC
- Founding
- 04/1988
- Data as of
- 09/2023
- EIN
- 56-1681723
Organization Overview
Foundation For Abundant Living is located in Salisbury, NC. The organization was established in 1988. According to its NTEE Classification (P81) the organization is classified as: Senior Centers, under the broad grouping of Human Services and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Foundation For Abundant Living 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, Foundation For Abundant Living generated $454.6k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.0%) each year. All expenses for the organization totaled $37.9k during the year ending 09/2023. As we would expect to see with falling revenues, expenses have declined by (8.4%) per year over the past 8 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
EMPOWERED BY CHRIST, WE WALK TOGETHER WITH ALL WE SERVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION FOR ABUNDANT LIVING IS THE FOUNDATION FOR LUTHERAN SERVICES FOR THE AGING, INC. (LSA) AND ITS AFFILIATES. THE PRIMARY OBJECTIVE OF THE FOUNDATION IS TO PROVIDE SUPPORT TO LSA AND ITS AFFILIATES. THE LSA ORGANIZATION IS A SOCIAL MINISTRY OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA OPERATING IN NORTH CAROLINA. FOUNDED IN 1960, LSA NOW HAS NURSING HOMES IN SALISBURY, HICKORY, ALBEMARLE, WINSTON-SALEM, WILMINGTON, AND CLEMMONS; RETIREMENT COMMUNITIES IN ARDEN AND SALISBURY; AN ASSISTED LIVING RESIDENCE IN CLEMMONS; AND AN ADULT DAY SERVICES PROGRAM IN SALISBURY. PLEASE SEE SCHEDULE O FOR A CONTINUATION OF PROGRAM SERVICE ACCOMPLISHMENTS.LSA ALSO PROVIDES GERIATRIC ARE MANAGEMENT, HOME CARE, AND INFORMATION AND REFERRAL SERVICES. THE FOUNDATION SHARES LSA'S MINISTRY TO PROVIDE CHRISTIAN CARE TO THOSE SEEKING SERVICES REGARDLESS OF FAITH, DISABILITY OR ECONOMIC STATUS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ted Goins Ceo/president | OfficerTrustee | 1 | $0 |
Gregory Hudgins Chair | Trustee | 1 | $0 |
Cary M Grant Vice Chair | Trustee | 1 | $0 |
Karen Maddry Secretary | Officer | 1 | $0 |
Kirby Nickerson Chief Financial Officer | Officer | 1 | $0 |
Heidi Rixman Chief Development Officer | Officer | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lutheran Family Services Retirement Community Services | 9/29/22 | $1,166,581 |
Trinity Oaks Retirement Retirement Community Services | 9/29/22 | $106,585 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $193,818 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $51,219 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $245,037 |
| Total Program Service Revenue | $0 |
| Investment income | $215,607 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$6,068 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $454,576 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $25,878 |
| Fees for services: Other | $3,908 |
| Advertising and promotion | $0 |
| Office expenses | $8,098 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $45 |
| Total functional expenses | $37,929 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,065,052 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $8,646,264 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,711,316 |
| Accounts payable and accrued expenses | $6,611 |
| Grants payable | $0 |
| Deferred revenue | $7,393 |
| 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 | $940,752 |
| Total liabilities | $954,756 |
| Net assets without donor restrictions | $2,847,169 |
| Net assets with donor restrictions | $5,909,391 |
| 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 | $9,711,316 |
Grants Awarded
Over the last fiscal year, Foundation For Abundant Living has awarded $173,913 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
LUTHERAN HOME AT TRINITY OAKS PURPOSE: OPERATIONAL SUPPORT | $6,332 |
LUTHERAN RETIREMENT CENTER SALISBURY PURPOSE: OPERATIONAL SUPPORT | $144,507 |
LUTHERAN HOME HICKORY PURPOSE: OPERATIONAL SUPPORT | $23,074 |