Grace Lifecare Inc
- Assets
- $23.9m
- Revenue
- $5.0m
- Investments
- $5.3m
- Employees
- 0
- Location
- Morganton, NC
- Founding
- 03/1992
- Data as of
- 06/2022
- 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. 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 06/2022, Grace Lifecare Inc generated $5.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (7.1%) each year. All expenses for the organization totaled $6.0m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (4.7%) 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
2022
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
J Michael Bridges Chairman | OfficerTrustee | 1 | $0 |
M H Mccrary Vice-Chairman | OfficerTrustee | 1 | $0 |
Sherrod Salsbury Secretary | OfficerTrustee | 1 | $0 |
Jeff Carswell Treasurer | OfficerTrustee | 1 | $0 |
John Branstrom Board Member | Trustee | 1 | $0 |
Alan Griffin Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $4,894,057 |
| Investment income | $48,544 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $26,373 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,983,135 |
| 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 | $2,611,541 |
| Pension plan accruals and contributions | $26,767 |
| Other employee benefits | $106,980 |
| Payroll taxes | $112,442 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $36,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,028,968 |
| Advertising and promotion | $204,576 |
| Office expenses | $13,363 |
| Information technology | $51,471 |
| Royalties | $0 |
| Occupancy | $309,545 |
| Travel | $5,695 |
| 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 | $756,585 |
| Insurance | $34,332 |
| All other expenses | $81,236 |
| Total functional expenses | $6,016,644 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $600 |
| Savings and temporary cash investments | $222,646 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $229,031 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $38,331 |
| Prepaid expenses and deferred charges | $86,071 |
| Net Land, buildings, and equipment | $16,966,665 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,313,000 |
| Investments—program-related | $0 |
| Intangible assets | $1,013,373 |
| Other assets | $1,673 |
| Total assets | $23,871,390 |
| Accounts payable and accrued expenses | $746,181 |
| Grants payable | $0 |
| Deferred revenue | $10,741,407 |
| 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 | $12,266,983 |
| Total liabilities | $23,754,571 |
| Net assets without donor restrictions | $116,819 |
| 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 | $23,871,390 |