Cypress Of Charlotte Club Inc
- Assets
- $10.0m
- Revenue
- $25.1m
- Investments
- $0.0
- Employees
- 554
- Location
- Charlotte, NC
- Founding
- 01/2002
- Data as of
- 12/2022
- EIN
- 56-2103741
Organization Overview
Cypress Of Charlotte Club Inc, operating under the name The Cypress Of Charlotte, is located in Charlotte, NC. The organization was established in 2002. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Cypress Of Charlotte employed 554 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cypress Of Charlotte is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2022, Cypress Of Charlotte generated $25.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $21.2m during the year ending 12/2022. While expenses have increased by 3.6% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE CYPRESS OF CHARLOTTE CLUB, INC WAS ESTABLISHED AS A NON-PROPIETARY, NON-SHAREHOLDER, NOT-FOR-PROFIT MUTUAL BENEFIT CORPORATION UNDER THE LAWS OF NC, EXCLUSIVELY TO MAINTAIN HOUSING FOR ELDERLY, TO DIRECTLY PROVIDE HEALTHCARE FOR THE PHYSICAL AND MENTAL WELL-BEING OF ITS RESIDENTS, TO PROVIDE FINANCIAL SECURITY FOR ITS RESIDENTS WITH POLICIES PERMITTING RESIDENTS TO REMAIN AT THE CYPRESS EVEN THOUGH THEY MAY RUN OUT OF FUNDS, AND TO OPERATE THE FACILITY AT ITS LOWEST FEASIBLE AND ACCEPTABLE COST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CYPRESS OF CHARLOTTE CLUB PROVIDES SERVICES TO ELDERLY RESIDENTS LIVING IN 310 PRIVATELY OWNED RESIDENTIAL UNITS. RESIDENTS RECEIVED ASSISTED LIVING, INCLUDING HEALTHCARE, FOR PHYSICAL AND MENTAL WELL BEING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marc Puntereri President | OfficerTrustee | 20 | $0 |
James P Coleman Vice President & Treasurer | OfficerTrustee | 5 | $0 |
Michael J Harrison Director | Trustee | 0.3 | $0 |
Dr Robert Higgins Director | Trustee | 0.3 | $0 |
Michelle Fish Director | Trustee | 0.3 | $0 |
Marty Jensen Exec Dir/treasurer/secretary | OfficerTrustee | 40 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Choate Construction Construction Contract | 12/30/22 | $4,965,246 |
Life Care Companies Llc Management Services | 12/30/22 | $1,601,231 |
Sysco Food Service Food Services | 12/30/22 | $1,505,186 |
Arthur J Gallagher Risk Management Servi Management Services | 12/30/22 | $631,223 |
The Cypress Of Charlotte Llc Contractual Overhead | 12/30/22 | $1,491,515 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,467,907 |
| 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 | $4,467,907 |
| Total Program Service Revenue | $20,635,027 |
| Investment income | $5,009 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $25,107,943 |
| 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 | $10,193,676 |
| Pension plan accruals and contributions | $84,444 |
| Other employee benefits | $1,821,720 |
| Payroll taxes | $883,918 |
| Fees for services: Management | $1,411,526 |
| Fees for services: Legal | $53,373 |
| Fees for services: Accounting | $62,029 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,797,503 |
| Advertising and promotion | $0 |
| Office expenses | $708,806 |
| Information technology | $215,674 |
| Royalties | $0 |
| Occupancy | $543,698 |
| Travel | $20,476 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $45,359 |
| Interest | $101,204 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $76,524 |
| Insurance | $393,883 |
| All other expenses | $33,936 |
| Total functional expenses | $21,158,936 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $682,218 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $799,164 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $141,708 |
| Prepaid expenses and deferred charges | $403,441 |
| Net Land, buildings, and equipment | $654,080 |
| Investments—publicly traded securities | $2,368,496 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,912,147 |
| Total assets | $9,961,254 |
| Accounts payable and accrued expenses | $3,323,178 |
| Grants payable | $0 |
| Deferred revenue | $59,500 |
| 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 | $10,027,923 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $552,213 |
| Total liabilities | $13,962,814 |
| Net assets without donor restrictions | -$4,001,560 |
| 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 | $9,961,254 |