Lutheran Retirement Center Wilmington Inc
- Assets
- $82.6m
- Revenue
- $410.1k
- Investments
- $0.0
- Employees
- 4
- Location
- Salisbury, NC
- Founding
- 08/1963
- Data as of
- 09/2021
- EIN
- 56-1500308
Organization Overview
Lutheran Retirement Center Wilmington Inc is located in Salisbury, NC. The organization was established in 1963. 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 09/2021, Lutheran Retirement Center Wilmington Inc employed 4 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Lutheran Retirement Center Wilmington Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
EMPOWERED BY CHRIST, WE WALK TOGETHER WITH ALL WE SERVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LUTHERAN RETIREMENT CENTER - WILMINGTON, INC. WILL PROVIDE RETIREMENT LIVING SERVICES TO THE AGING POPULATION IN THE WILMINGTON AREA. THE CORPORATION IS AN AFFILIATE OF LUTHERAN SERVICES FOR THE AGING, INC. WHICH IS A SOCIAL MINISTRY OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA.DURING THE FISCAL YEAR THE ORGANIZATION CONTINUED CONSTRUCTION ON THE PROPERTY AND MADE PLANS TO ADD PHASE II CONSRUCTION OF 24 ADDITIONAL UNITS TO THE PHASE I UNITS OF 184. THE FULL CAMPUS OF 208 UNITS IS PANNED TO OPEN IN AUGUST 2022. PERMANENT FINANCING WAS RECEIVED THROUGH A 2021 BOND ISSUE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John C Frye Jr Top 5 Highest Paid | 40 | $141,575 | |
Ann Pressly Top 5 Highest Paid | 40 | $115,412 | |
Ted Goins Ceo/president | OfficerTrustee | 1 | $0 |
Karen Maddry Secretary | Officer | 1 | $0 |
Kesha Smith COO - Senior Services | Officer | 1 | $0 |
Kirby Nickerson Chief Financial Officer | Officer | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Interscapes Inc Architectural Services | 9/29/21 | $840,337 |
Love & Company Inc Marketing Services | 9/29/21 | $313,963 |
Cape Fear Public Utility Authority Utility Provider | 9/29/21 | $150,690 |
Wm Jordan Company Pre-construction Services | 9/29/21 | $17,411,100 |
Sfcs Inc Architect And Engineer Services | 9/29/21 | $236,890 |
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 | $0 |
| Investment income | $410,132 |
| 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 | $410,132 |
| 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 | $275,805 |
| Pension plan accruals and contributions | $8,604 |
| Other employee benefits | -$1,048 |
| Payroll taxes | $38,308 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $2,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $289,191 |
| Advertising and promotion | $159,513 |
| Office expenses | $42,023 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $13,712 |
| Travel | $2,938 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,439 |
| Interest | $76,327 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $21,821 |
| Insurance | $108 |
| All other expenses | $0 |
| Total functional expenses | $936,741 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,995,925 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $936,825 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $72,535,102 |
| Investments—publicly traded securities | $5,112,369 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $565 |
| Total assets | $82,580,786 |
| Accounts payable and accrued expenses | $6,543,085 |
| Grants payable | $0 |
| Deferred revenue | $5,040,030 |
| Tax-exempt bond liabilities | $70,247,259 |
| 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 | $8,256,362 |
| Total liabilities | $90,086,736 |
| Net assets without donor restrictions | -$7,505,950 |
| 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 | $82,580,786 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Arbor Acres United Methodist Retirement Community Inc Winstonsalem, NC | $155,220,604 | $40,394,713 |
Chapel Hill Residential Retirement Center Inc Chapel Hill, NC | $120,640,930 | $31,949,437 |
Carolina Village Inc Hendersonville, NC | $124,169,436 | $34,185,742 |
Galloway Ridge Inc Pittsboro, NC | $130,866,786 | $36,150,184 |
Virginia Lutheran Homes Inc Roanoke, VA | $83,707,371 | $28,580,430 |
The Glebe Inc Glen Allen, VA | $79,347,451 | $20,057,701 |
Cypress Of Charlotte Club Inc Charlotte, NC | $4,602,507 | $19,033,502 |
Lavender Mountain Senior Living Inc Mount Berry, GA | $141,195,331 | $5,176,789 |
Cypress Club Inc Hilton Head Island, SC | $31,122,152 | $20,067,120 |
Alliance Foundation Of Florida Inc Fairfax, VA | $3,980,019 | $2,209,632 |
Skidaway Health And Living Services Inc Savannah, GA | $89,340,251 | $17,567,308 |
Lake Prince Center Inc Newton, NC | $22,105,583 | $13,762,352 |