Grace Lifecare Inc
- Assets
- $25.5m
- Revenue
- $10.8m
- Investments
- $4.6m
- Employees
- 94
- Location
- Morganton, NC
- Founding
- 03/1992
- Data as of
- 12/2021
- EIN
- 56-1722754
Organization Overview
Grace Lifecare Inc is located in Morganton, NC. The organization was established in 1992. 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, Grace Lifecare Inc employed 94 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grace Lifecare 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 12/2021, Grace Lifecare Inc generated $10.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $10.8m during the year ending 12/2021. While expenses have increased by 2.9% 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
COMMITTED TO IMPROVING THE HEALTH OF OUR COMMUNITIES WITH EXCELLENT & COMPASSIONATE CARE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION OPERATES A RETIREMENT COMMUNITY CONSISTING OF INDEPENDENT LIVING QUARTERS, A HEALTH FACILITY, AND OTHER AMENITIES FOR RETIREMENT LIVING.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher Romick Executive Director | 50 | $163,502 | |
Nancy Lovelace Administrator Ltc | 50 | $115,779 | |
J Michael Bridges Chairman | OfficerTrustee | 1 | $0 |
M H Mccrary Vice-Chairman | OfficerTrustee | 1 | $0 |
Kathy Bailey President & CEO | Officer | 1 | $0 |
Patricia Moll CFO | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $720,773 |
| All other contributions, gifts, grants, and similar amounts not included above | $22,901 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $743,674 |
| Total Program Service Revenue | $9,673,063 |
| Investment income | $343,525 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $16,345 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,776,607 |
| 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 | $4,746,832 |
| Pension plan accruals and contributions | $55,931 |
| Other employee benefits | $210,298 |
| Payroll taxes | $226,203 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $64,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,774,436 |
| Advertising and promotion | $371,524 |
| Office expenses | $19,240 |
| Information technology | $127,861 |
| Royalties | $0 |
| Occupancy | $586,025 |
| Travel | $9,065 |
| 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 | $996,922 |
| Insurance | $52,638 |
| All other expenses | $148,622 |
| Total functional expenses | $10,794,934 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $600 |
| Savings and temporary cash investments | $284,395 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $167,068 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $36,343 |
| Prepaid expenses and deferred charges | $107,303 |
| Net Land, buildings, and equipment | $17,691,816 |
| Investments—publicly traded securities | $1,573,004 |
| Investments—other securities | $4,600,000 |
| Investments—program-related | $0 |
| Intangible assets | $1,013,373 |
| Other assets | $2,409 |
| Total assets | $25,476,311 |
| Accounts payable and accrued expenses | $1,141,684 |
| Grants payable | $0 |
| Deferred revenue | $10,570,859 |
| 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 | $11,605,126 |
| Total liabilities | $23,317,669 |
| Net assets without donor restrictions | $2,158,642 |
| Net assets with donor restrictions | $0 |
| 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 | $25,476,311 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Grace Lifecare Inc has recieved totaling $8,672.
| Awarding Organization | Amount |
|---|---|
Blue Ridge Healthcare Foundation Inc Morganton, NC PURPOSE: SUPPORT | $8,672 |
Endowment Analysis
| Beg. Balance | $26,771 |
| Other Expense | $26,771 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Lenbrook Square Foundation Inc Atlanta, GA | $291,448,667 | $46,078,205 |
Southminster Inc Charlotte, NC | $251,267,272 | $46,562,509 |
Sunnyside Presbyterian Home Harrisonburg, VA | $146,625,946 | $50,868,403 |
Bishop Gadsden Episcopal Retirement Community Charleston, SC | $293,506,409 | $50,827,097 |
Carolina Meadows Inc Chapel Hill, NC | $159,623,308 | $43,472,709 |
Springmoor Inc Raleigh, NC | $57,744,266 | $37,768,204 |
Williamsburg Landing Inc Williamsburg, VA | $188,766,508 | $45,342,775 |
Moravian Home Incorporated Winstonsalem, NC | $135,166,146 | $36,716,865 |
Lakewood Manor Baptist Retirement Community Inc Glen Allen, VA | $206,811,940 | $42,484,506 |