Presbyterian Homes Inc
- Assets
- $216.2m
- Revenue
- $28.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Colfax, NC
- Founding
- 08/1991
- Data as of
- 09/2021
- EIN
- 56-1739542
Organization Overview
Presbyterian Homes Inc is located in Colfax, NC. The organization was established in 1991. 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 a subordinate organization within an affiliated group for tax-exemption purposes. Presbyterian Homes 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 09/2021, Presbyterian Homes Inc generated $28.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $24.4m during the year ending 09/2021. While expenses have increased by 4.7% per year over the past 6 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE VISION OF GLENAIRE INC IS PROVIDING A COMMUNITY OF EXCELLENCE AND INNOVATION IN A STABLE AND COMPASSIONATE ENVIRONMENT.
Describe the Organization's Program Activity:
GLENAIRE INC, PROVIDES RESIDENTIAL, ASSISTED LIVING AND NURSING CARE FOR APPROXIMATELY 418 SENIOR ADULT RESIDENTS. SERVICES INCLUDE HOUSEKEEPING, FOOD SERVICE, MEDICAL AND OTHER SUPPORT SERVICES IN A CONTINUING CARE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jean Gregg Exec Dir | Officer | 37.5 | $0 |
Julia Hanover Asst Treas/cfo | Officer | 0 | $0 |
Timothy Webster Asst Sec/ceo | Officer | 0 | $0 |
Gordon Brown Board Member | Trustee | 1 | $0 |
Mike Condrey Board Member | Trustee | 1 | $0 |
Debra Pappas President | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $402,331 |
| Government grants | $603,737 |
| 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 | $1,006,068 |
| Total Program Service Revenue | $25,374,356 |
| Investment income | $436,100 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $50,374 |
| Net Gain/Loss on Asset Sales | $1,729,043 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,625,246 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $605,679 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,075,069 |
| Compensation of current officers, directors, key employees. | $855,392 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,164,650 |
| Pension plan accruals and contributions | $188,413 |
| Other employee benefits | $1,267,048 |
| Payroll taxes | $735,599 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,832 |
| Fees for services: Accounting | $30,174 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $39,560 |
| Fees for services: Other | $488,627 |
| Advertising and promotion | $92,837 |
| Office expenses | $4,660,593 |
| Information technology | $306,809 |
| Royalties | $0 |
| Occupancy | $993,280 |
| Travel | $28,002 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $36,847 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,104,886 |
| Insurance | $276,033 |
| All other expenses | $0 |
| Total functional expenses | $24,357,631 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $10,181,756 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,902,497 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $11,973 |
| Prepaid expenses and deferred charges | $240,520 |
| Net Land, buildings, and equipment | $113,779,997 |
| Investments—publicly traded securities | $83,980,166 |
| Investments—other securities | $0 |
| Investments—program-related | $6,034,000 |
| Intangible assets | $0 |
| Other assets | $34,652 |
| Total assets | $216,165,561 |
| Accounts payable and accrued expenses | $6,166,630 |
| Grants payable | $0 |
| Deferred revenue | $25,037,838 |
| Tax-exempt bond liabilities | $117,838,824 |
| 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 | $10,736,797 |
| Total liabilities | $159,780,089 |
| Net assets without donor restrictions | $56,385,472 |
| 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 | $216,165,561 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Presbyterian Homes Inc has recieved totaling $114,753.
| Awarding Organization | Amount |
|---|---|
Kathrine Dick White For Presbyterian Home Inc Las Vegas, NV PURPOSE: GENERAL OPERATION | $50,000 |
Ruby & C P Robertson Trust Las Vegas, NV PURPOSE: GENERAL OPERATING | $35,000 |
Frances M & W W Rankin Memorial Tr 053191 - 32-4777700 Las Vegas, NV PURPOSE: GENERAL OPERATING | $9,338 |
Mary Lynn Richardson Fund Greensboro, NC PURPOSE: TO ASSIST ORGANIZATION IN CARRYING OUT ITS EXEMPT PURPOSE. | $8,000 |
Williams Memorial Fund 009428 Cincinnati, OH PURPOSE: ANNUAL FUND | $7,136 |
J Richard And Sybel F Hayworth Foundation Incorporated Orlando, FL PURPOSE: GENERAL OPERATING | $5,000 |
Endowment Analysis
| Beg. Balance | $3,656,303 |
| Earnings | $802,347 |
| Net Contributions | $339,613 |
| Grants | $136,542 |
| Ending Balance | $4,661,721 |
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 |