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Nonprofiteer
← FOREST AT DUKE INC

Form 990 for tax year 2023

Filed by FOREST AT DUKE INC.

Totals

Total revenue
$31,345,461
Total expenses
$33,482,737
Contributions and grants received
$47,472
Grants paid
$1,213,144
Program service revenue
$28,607,518
Investment income
$2,481,184
Other revenue
$209,287
Total assets, end of year
$183,251,223
Total liabilities, end of year
$173,080,715
Net assets or fund balances, end of year
$10,170,508
Program services expenses (Part IX)
$28,768,396
Management and general expenses
$4,707,753
Fundraising expenses
$6,588
Program service expenses (Part III)
$28,768,396

Program services were 85.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $47,472

  • 2a · Program service revenue: Service Fees

    total $18,487,097 · related or exempt $18,487,097

  • 2b · Program service revenue: Clinic and Health Center

    total $5,315,095 · related or exempt $5,315,095

  • 2c · Program service revenue: Entrance Fees

    total $4,682,718 · related or exempt $4,682,718

  • 2d · Program service revenue: Dining Services

    total $62,008 · related or exempt $62,008

  • 2e · Program service revenue: Application Fees

    total $60,600 · related or exempt $60,600

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $1,315,356 · excluded $1,315,356

  • 4 · Income from investment of tax-exempt bond proceeds

    total $58,564 · excluded $58,564

  • 6a · Gross rents

    real property $5,246

  • 6c · Rental income or loss

    real property $5,246 · personal property $0

  • 6d · Net rental income or loss

    total $5,246 · excluded $5,246

  • 7a · Gross sales of assets other than inventory

    securities $7,708,409

  • 7b · Less cost or other basis and sales expenses

    securities $6,601,145

  • 7c · Gain or loss

    securities $1,107,264 · other assets $0

  • 7d · Net gain or loss

    total $1,107,264 · excluded $1,107,264

  • 10a · Gross sales of inventory

    $5,135

  • 10b · Cost of goods sold

    $1,395

  • 10c · Net income from sales of inventory

    total $3,740 · excluded $3,740

  • 11a · Other revenue: Auxiliary Services

    total $200,301 · excluded $200,301

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $200,301

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,213,144 · program services $1,213,144

  • 5 · Compensation of officers, directors and key employees

    total $496,095 · program services $99,219 · management and general $396,876

  • 7 · Other salaries and wages

    total $11,389,205 · program services $8,678,364 · management and general $2,710,841

  • 8 · Pension plan contributions

    total $257,485 · program services $212,324 · management and general $45,161

  • 9 · Other employee benefits

    total $1,753,949 · program services $1,446,322 · management and general $307,627

  • 10 · Payroll taxes

    total $867,948 · program services $754,368 · management and general $113,580

  • 11b · Fees: legal

    total $14,774 · management and general $14,774

  • 11c · Fees: accounting

    total $213,224 · management and general $213,224

  • 11e · Fees: professional fundraising services

    total $6,588 · fundraising $6,588

  • 11f · Fees: investment management

    total $158,760 · management and general $158,760

  • 11g · Fees: other

    total $1,485,840 · program services $1,397,074 · management and general $88,766 · fundraising $0

  • 12 · Advertising and promotion

    total $116,373 · program services $116,373

  • 13 · Office expenses

    total $2,324,706 · program services $1,730,742 · management and general $593,964

  • 14 · Information technology

    total $280,942 · program services $272,835 · management and general $8,107

  • 16 · Occupancy

    total $1,903,668 · program services $1,903,668

  • 17 · Travel

    total $141,207 · program services $94,879 · management and general $46,328

  • 20 · Interest

    total $2,021,373 · program services $2,021,373

  • 22 · Depreciation, depletion and amortization

    total $7,028,036 · program services $7,028,036

  • 23 · Insurance

    total $267,584 · program services $267,584

  • 24a · Other expenses: Food

    total $1,289,140 · program services $1,289,140

  • 24b · Other expenses: Medical Supplies

    total $242,951 · program services $242,951

  • 24c · Other expenses: Miscellaneous

    total $9,745 · management and general $9,745

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $20,013,581 · end of year $26,702,756

  • 4 · Accounts receivable

    beginning of year $806,541 · end of year $726,458

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 8 · Inventories for sale or use

    beginning of year $8,082

  • 9 · Prepaid expenses and deferred charges

    beginning of year $78,720 · end of year $103,551

  • 10a · Land, buildings and equipment: cost or other basis

    $189,462,743

  • 10b · Land, buildings and equipment: accumulated depreciation

    $67,636,084

  • 10c · Land, buildings and equipment, net

    beginning of year $94,525,870 · end of year $121,826,659

  • 11 · Investments: publicly traded securities

    beginning of year $29,944,045 · end of year $33,805,495

  • 12 · Investments: other securities

    beginning of year $963,245

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $86,304 · end of year $86,304

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,247,180 · end of year $1,523,557

  • 19 · Deferred revenue

    beginning of year $53,976,615 · end of year $59,706,595

  • 20 · Tax-exempt bond liabilities

    beginning of year $77,756,522 · end of year $104,972,382

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 25 · Other liabilities

    beginning of year $1,438,679 · end of year $6,878,181

  • 27 · Net assets without donor restrictions

    beginning of year $11,556,430 · end of year $9,773,237

  • 28 · Net assets with donor restrictions

    beginning of year $450,962 · end of year $397,271

Mission and programs · 2023

Mission

TO PROVIDE A CARING, RESPONSIBLE COMMUNITY THAT FOSTERS THE INDEPENDENCE OF RESIDENTS OF RETIREMENT AGE BY ENHANCING THEIR CAPABILITY TO LEAD PURPOSEFUL, ACTIVE, HEALTHY AND SECURE LIVES.

Activities or mission (Part I)

TO PROVIDE A CARING, RESPONSIBLE RETIREMENT COMMUNITY BY ENHANCING RESIDENTS' LIVES.

  • The Forest at Duke welcomed its first residents in 1992 with a mission to provide a caring, responsible community that fosters the independence of residents of retirement age by enhancing their ability to lead purposeful, active, healthy and secure lives. The 47-acre campus is home to approximately 400 residents and includes 235 independent living residences, 32 assisted living suites and 58 skilled nursing residences. In 2007, The Forest was awarded a BBB+ credit rating by Fitch Ratings, achieved national Commission on Accreditation of Rehabilitation Facilities/Continuing Care Accreditation Commission (CARF-CCAC) accreditation, and received another health center deficiency free survey from the NC Department of Health Regulators. In 2007, The Forest also chose to participate in the Medicare Part A program and gained certification under Medicare. In December 2022, The Forest at Duke was reviewed by CARF-CCAC and earned another five-year term as an accredited continuing retirement community. The Forest has completed the construction of 15 cottage homes and all were occupied by the end of fiscal year 2015. The renovation to the Community Center, including enlarging the Fitness Center, enhancing dining and other interior program modifications, was completed by the end of fiscal year 2016. In June 2021, The Forest completed the financing to build a new health center on its current campus. The facility will have 90 new units in the "small house" format in a five-story, approximately 110,000 square foot building. The small house model of care is designed around houses (or groups of rooms) in which each house has 10 private rooms each with a bathroom and all common spaces and support areas located within the house. The small house model will provide the same scope of services, each neighborhood will have a team that provides the care, residents will have short walking distances to increase level of independence, resident privacy, additional dining and fitness venues. The project is complete and the residents moved into the new health center in February 2023. In November 2022, The Forest completed the financing for Phase Two of the project. The project includes the addition of seventy-one (71) new independent living apartments and an expanded community center which connects the existing community center to the health center. The expanded community center also includes service and amenity spaces such as additional dining, fitness area, classroom, multipurpose rooms, a clinic and office spaces. The new apartments have an average of 1,450 square feet with spacious open-living design floorplans, ten foot ceilings, and finishes commensurate with high-end real estate in the market area. Other features include gourmet kitchens with stainless steel appliances, large covered balconies or ground level patios for outdoor living in each apartment home. Each apartment home is expected to include assigned underground parking. Site work began in May 2023 and is anticipated to be completed by summer 2025. The Forest at Duke takes seriously its commitment to social responsibility and leadership. Outreach includes major annual corporate financial assistance to the Durham Council for Senior Citizens, the Durham Center for Senior Life, the Senior PHARMAssist Program, and Rogers-Herr Middle School. Throughout the year, other local non-profits are helped with cash, in-kind and volunteer donations as well. More than 75,000 resident volunteer hours per year benefit local schools, churches, Duke Hospitals and other area service organizations. The Forest Employee Educational Assistance Fund continues to award monies to over 20 Forest staff each year to further their education. The Forest continues to have strong associations with educational and licensing institutions. The community serves as a training site for: * Geriatric Fellows - Duke University Medical Center * Internal Medicine Residents - Duke University Medical Center * Nursing students - Watts School of Nursing * Interns in the Leadership in Aging Program - Duke University * Therapeutic recreation interns from surrounding universities * Nursing Home Administrators - The North Carolina Board of Licensing of Nursing Home Administrators The Forest actively participates with its peers in the industry through Association involvement. Forest employees often serve in leadership and as presenters at state and national educational sessions. The Forest maintains memberships in the following professional associations: * LeadingAge * Leading Age North Carolina * North Carolina Health Care Association * American Health Care Association * Durham Chamber of Commerce * North Carolina Coalition for Long Term Care Enhancement * Society for the Advancement of Gerontological Environments

    Expenses $28,768,396 · Grants $1,213,144 · Revenue $28,607,518

As filed on the 2023 return.

Listed in Part VII

  • Chuck Kennedy

    Chairman

    Total calculated
    $0
    Hours/week
    4

  • Craig Lewis

    Vice Chairman

    Total calculated
    $0
    Hours/week
    4

  • Craig Daniels

    Board Member

    Total calculated
    $0
    Hours/week
    4

  • Denise Barnes

    Board Member

    Total calculated
    $0
    Hours/week
    4

  • Edward Embree

    Board Member

    Total calculated
    $0
    Hours/week
    4

  • George Brothers Jr

    Board Member

    Total calculated
    $0
    Hours/week
    4

  • Harvey Cohen

    Past Chairman

    Total calculated
    $0
    Hours/week
    4

  • James Freedman

    Board Member

    Total calculated
    $0
    Hours/week
    4

  • Julie Wells

    Board Member

    Total calculated
    $0
    Hours/week
    4

  • Kimberly Rehberg

    Board Member

    Total calculated
    $0
    Hours/week
    4

  • Larry Moneta

    Board Member

    Total calculated
    $0
    Hours/week
    4

  • Lynne Farber

    Board Member

    Total calculated
    $0
    Hours/week
    4

  • Anita L Holt

    President, CEO

    Total calculated
    $350,154
    From this org
    $315,308
    From related orgs
    $0
    Other
    $34,846
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $315,308
    Bonus
    $0
    Other
    $0
    Deferred
    $30,000
    Nontaxable benefits
    $4,846
    Filer's total
    $350,154

  • Karen E Henry

    CFO, Treasurer

    Total calculated
    $242,712
    From this org
    $210,164
    From related orgs
    $0
    Other
    $32,548
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $210,164
    Bonus
    $0
    Other
    $0
    Deferred
    $30,000
    Nontaxable benefits
    $2,548
    Filer's total
    $242,712

  • Lee Ann Bailey-Clayton

    Director of Health Services

    Total calculated
    $147,947
    From this org
    $137,222
    From related orgs
    $0
    Other
    $10,725
    Hours/week
    40

  • Nathan Summers

    Director of Community Services

    Total calculated
    $135,153
    From this org
    $132,128
    From related orgs
    $0
    Other
    $3,025
    Hours/week
    40

  • Sharon Pitt

    COO

    Total calculated
    $213,945
    From this org
    $187,627
    From related orgs
    $0
    Other
    $26,318
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $187,627
    Bonus
    $0
    Other
    $0
    Deferred
    $23,938
    Nontaxable benefits
    $2,380
    Filer's total
    $213,945

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2023
Filed
3 February 2025
IRS schema version
2023v6.0
Source object
202520349349300432

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