Carmel Hills Retirement Comm
- Assets
- $3.4m
- Revenue
- $4.0m
- Investments
- $0.0
- Employees
- 74
- Location
- Charlotte, NC
- Founding
- 03/1978
- Data as of
- 04/2024
- EIN
- 58-1307937
Organization Overview
Carmel Hills Retirement Comm is located in Charlotte, NC. The organization was established in 1978. 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 04/2024, Carmel Hills Retirement Comm employed 74 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Carmel Hills Retirement Comm 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 04/2024, Carmel Hills Retirement Comm generated $4.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $3.7m during the year ending 04/2024. While expenses have increased by 4.4% per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE MAIN OBJECTIVE OF CARMEL HILLS IS TO MAINTAIN AND OPERATE A RETIREMENT HOME BY CARRYING OUT EDUCATIONAL, RELIGIOUS, RECREATIONAL AND OTHER PROGRAMS. CARMEL HILLS ALSO MAINTAINS A HEALTH CARE CENTER AND CARRIES ON SUCH OTHER WORK IN THE OVERALL CHARITABLE FIELD OF SERVICES TO THE AGED AS MAY BE APPROPRIATE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF THIS CORPORATION ARE EXCLUSIVELY CHARITABLE AND EDUCATIONAL IN NATURE WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, INCLUDING A HOME FOR THE AGED. CARMEL HILLS HAS BEEN DESIGNED TO PROVIDE COMFORTABLE SURROUNDINGS FOR A LOW COST WHERE OLDER PEOPLE MAY LIVE IN PEACE AND CONTENTMENT IN CHRISTIAN NEIGHBORLINESS. THE MISSION OF CARMEL HILLS IS TO PROVIDE A RETIREMENT COMMUNITY TO CARE FOR AND ENCOURAGE THE LORD'S PEOPLE. WE SERVED AND PROVIDED CARE FOR AN AVERAGE OF 36 INDEPENDENT RESIDENTS AND AN AVERAGE OF 27 ASSISTED LIVING RESIDENTS DURING THE YEAR. WE OFFER CHARITY CARE THROUGH THE RESIDENT ASSISTANCE FUND (RAF) WHERE POSSIBLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gabriel Iorga Administrator | Officer | 50 | $102,210 |
Robert Mcgarty Director | Trustee | 1 | $0 |
Steve Mcdonald President | OfficerTrustee | 1 | $0 |
Larry Stassel Director | Trustee | 1 | $0 |
Sam Jeanjaquet Director | Trustee | 1 | $0 |
Joe Youannas Assistant Treas | OfficerTrustee | 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 | $363,654 |
| Noncash contributions included in lines 1a–1f | $15,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $363,654 |
| Total Program Service Revenue | $3,531,394 |
| Investment income | $73,253 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$412 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,987,744 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $17,000 |
| Grants and other assistance to domestic individuals. | $176,339 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $102,210 |
| Compensation of current officers, directors, key employees. | $23,478 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,763,161 |
| Pension plan accruals and contributions | $6,374 |
| Other employee benefits | $140,819 |
| Payroll taxes | $134,993 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $29,709 |
| Fees for services: Accounting | $22,763 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $144,501 |
| Advertising and promotion | $62,811 |
| Office expenses | $17,335 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $115,784 |
| Travel | $18,190 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $18,650 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $208,127 |
| Insurance | $109,675 |
| All other expenses | $84,794 |
| Total functional expenses | $3,718,387 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,141,048 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,182 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $17,426 |
| Prepaid expenses and deferred charges | $52,379 |
| Net Land, buildings, and equipment | $1,409,849 |
| Investments—publicly traded securities | $808,567 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,442,451 |
| Accounts payable and accrued expenses | $191,701 |
| Grants payable | $0 |
| Deferred revenue | $81,049 |
| 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 | $288,500 |
| Other liabilities | $2,050,608 |
| Total liabilities | $2,611,858 |
| Net assets without donor restrictions | $589,067 |
| Net assets with donor restrictions | $241,526 |
| 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 | $3,442,451 |
Grants Awarded
Over the last fiscal year, Carmel Hills Retirement Comm has awarded $17,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ALONGSIDE FAMILIES PURPOSE: General Support | $10,000 |
ON EAGLES WINGS PURPOSE: General Support | $7,000 |