Lake Prince Center Inc
- Assets
- $22.1m
- Revenue
- $13.8m
- Investments
- $0.0
- Employees
- 226
- Location
- Newton, NC
- Founding
- 11/1999
- Data as of
- 09/2022
- EIN
- 56-2151716
Organization Overview
Lake Prince Center Inc is located in Newton, NC. The organization was established in 1999. 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 09/2022, Lake Prince Center Inc employed 226 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Prince Center 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 09/2022, Lake Prince Center Inc generated $13.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $14.5m during the year ending 09/2022. While expenses have increased by 2.6% per year over the past 7 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
A CHRISTIAN MINISTRY PROVIDING VIBRANT LIVING, DIVERSE PROGRAMS OF OUTREACH AND COMPASSIONATE SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONTINUING CARE RETIREMENT COMMUNITY IN SUFFOLK, VA. PROVIDING LONG TERM CARE FOR THE ELDERLY CONSISTING OF NURSING, MEALS, LAUNDRY, RECREATION, AND OTHER SERVICES FOR RESIDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Judy Raymond Executive Director | Officer | 40 | $194,860 |
Jeffrey S Gilliam Finance Committee Chair | OfficerTrustee | 1 | $0 |
Brad Thie Vice Chair | OfficerTrustee | 1 | $0 |
Brenda C Eckard Secretary | OfficerTrustee | 1 | $0 |
Linda J Morris Past Board Chair | OfficerTrustee | 1 | $0 |
Parker D Howell III Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Senior Options Llc Consulting And Administrative Services | 9/29/22 | $172,274 |
Select Rehabilitation Inc Therapies | 9/29/22 | $603,288 |
Wc Carpenter Llc Construction | 9/29/22 | $224,236 |
Riddick Building Corporation Construction | 9/29/22 | $921,578 |
Sfcs Inc Architects | 9/29/22 | $734,250 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $173,206 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $175,206 |
| Total Program Service Revenue | $12,039,746 |
| Investment income | $8,549 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,912 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,762,352 |
| 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. | $200,698 |
| Compensation of current officers, directors, key employees. | $200,698 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,840,086 |
| Pension plan accruals and contributions | $131,570 |
| Other employee benefits | $860,670 |
| Payroll taxes | $420,331 |
| Fees for services: Management | $854,840 |
| Fees for services: Legal | $413 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $96,645 |
| Office expenses | $141,815 |
| Information technology | $171,145 |
| Royalties | $0 |
| Occupancy | $1,549,446 |
| Travel | $37,188 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $659,589 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,740,145 |
| Insurance | $108,264 |
| All other expenses | $359,838 |
| Total functional expenses | $14,535,261 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,000 |
| Savings and temporary cash investments | $38,646 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $709,398 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $32,007 |
| Prepaid expenses and deferred charges | $80,831 |
| Net Land, buildings, and equipment | $16,873,111 |
| Investments—publicly traded securities | $1,436,065 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,934,525 |
| Total assets | $22,105,583 |
| Accounts payable and accrued expenses | $1,389,039 |
| Grants payable | $0 |
| Deferred revenue | $17,108,228 |
| Tax-exempt bond liabilities | $18,316,588 |
| 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 | $3,626,027 |
| Total liabilities | $40,439,882 |
| Net assets without donor restrictions | -$18,334,299 |
| 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 | $22,105,583 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lake Prince Center Inc has recieved totaling $173,206.
| Awarding Organization | Amount |
|---|---|
Everyage Foundation Newton, NC PURPOSE: PROGRAM SERVICES | $173,206 |
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 |