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← LAUREL CREST RETIREMENT COMMUNITY

Form 990 for tax year 2022

Filed by LAUREL CREST RETIREMENT COMMUNITY.

Totals

Total revenue
$7,351,578
Total expenses
$7,950,263
Contributions and grants received
$82,631
Grants paid
$0
Program service revenue
$7,252,432
Investment income
$11,866
Other revenue
$4,649
Total assets, end of year
$0
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$0
Program services expenses (Part IX)
$7,296,126
Management and general expenses
$654,137
Fundraising expenses
$0
Program service expenses (Part III)
$7,296,126

Program services were 91.8% 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.

  • 1d · Related organizations

    $4,191

  • 1f · All other contributions, gifts and grants

    $78,440

  • 2a · Program service revenue: RESIDENT SERVICE REVEN

    total $6,070,365 · related or exempt $6,070,365

  • 2b · Program service revenue: AMORTIZATION OF FEES

    total $1,182,067 · related or exempt $1,182,067

  • 3 · Investment income

    total $11,866 · excluded $11,866

  • 11a · Other revenue: OTHER INCOME

    total $4,649 · excluded $4,649

  • 11e · Other revenue, total

    $4,649

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $2,888,162 · program services $2,310,530 · management and general $577,632

  • 8 · Pension plan contributions

    total $223 · program services $178 · management and general $45

  • 9 · Other employee benefits

    total $158,160 · program services $126,528 · management and general $31,632

  • 10 · Payroll taxes

    total $224,139 · program services $179,311 · management and general $44,828

  • 11g · Fees: other

    total $964,948 · program services $964,948

  • 16 · Occupancy

    total $373,612 · program services $373,612

  • 20 · Interest

    total $956,224 · program services $956,224

  • 22 · Depreciation, depletion and amortization

    total $1,167,100 · program services $1,167,100

  • 23 · Insurance

    total $177,001 · program services $177,001

  • 24a · Other expenses: OTHER OPERATING EXPENSE

    total $1,007,258 · program services $1,007,258

  • 24b · Other expenses: MEDICAL SUPPLIES

    total $29,135 · program services $29,135

  • 24c · Other expenses: COVID-19 EXPENSES

    total $4,301 · program services $4,301

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,291,591 · end of year $0

  • 2 · Savings and temporary cash investments

    end of year $0

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $81,976 · end of year $0

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    end of year $0

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $16,188 · end of year $0

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $24,002,392 · end of year $0

  • 11 · Investments: publicly traded securities

    end of year $0

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    beginning of year $1,038,460 · end of year $0

  • 15 · Other assets

    beginning of year $1,815,030 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $901,204

  • 19 · Deferred revenue

    beginning of year $5,985,007

  • 20 · Tax-exempt bond liabilities

    beginning of year $7,492,725

  • 23 · Secured mortgages and notes payable

    beginning of year $11,520,000

  • 25 · Other liabilities

    beginning of year $1,061,922 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $3,284,779 · end of year $0

Mission and programs · 2022

Mission

SEE SCHEDULE O:LAUREL CREST RETIREMENT COMMUNITY IS A NOT-FOR-PROFIT LIFE PLAN COMMUNITY THAT OFFERS A VARIETY OF LIFESTYLE CHOICES TO MEET THE DIVERSE AND CHANGING NEEDS OF TODAY'S SENIORS. THEIR MISSION STATEMENT: WE ARE A COMPASSIONATE CHRISTIAN MINISTRY DEDICATED TO ENRICHING THE QUALITY OF LIFE FOR SENIORS OF ALL FAITHS.

Activities or mission (Part I)

LAUREL CREST RETIREMENT COMMUNITY IS A NOT-FOR-PROFIT LIFE PLAN COMMUNITY THAT OFFERS A VARIETY OF LIFESTYLE CHOICES TO MEET THE DIVERSE AND CHANGING NEEDS OF TODAY'S SENIORS. THEIR MISSION STATEMENT: WE ARE A COMPASSIONATE CHRISTIAN MINISTRY DEDICATED TO ENRICHING THE QUALITY OF LIFE FOR SENIORS OF ALL FAITHS.

  • THE ORGANIZATION OPERATES A SINGLE CAMPUS RETIREMENT COMMUNITY IN WEST COLUMBIA ,SOUTH CAROLINA PROVIDING INDEPENDENT LIVING ACCOMMODATIONS, ASSISTED LIVING , MEMORY CARE AND A SKILLED NURSING FACILITY. IN 2022, OVER 100 RESIDENTS WERE SERVED ACROSS THE CONTINUUM OF CARE.OPERATIONS MERGED INTO PRESBYTERIAN COMMUNITIES OF SOUTH CAROLINA EFFECTIVE 01/01/2023.

    Expenses $7,296,126 · Revenue $7,252,432

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Julian J Nexsen Jr

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Reverend Dr R D Holloway

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Wally Graves

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Dr Priscilla W Holtzclaw

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dr Richard S McCain

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Joel D Ledbetter

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • John S Long

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mark Clary

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Martha Casto

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Paige Parsons-Lewis

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Reverend Dr Deborah Foster

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Reverend Dr Eric Skidmore

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • William F Halligan

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • William H Hancock CPA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Luther F Fant

    CEO

    Total calculated
    $347,628
    From this org
    $0
    From related orgs
    $333,310
    Other
    $14,318
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $326,680 related
    Bonus
    $0
    Other
    $0 + $6,630 related
    Deferred
    $0 + $8,304 related
    Nontaxable benefits
    $0 + $6,014 related
    Filer's total
    $0 + $347,628 related

  • Amanda Stamper

    COO

    Total calculated
    $232,479
    From this org
    $0
    From related orgs
    $220,342
    Other
    $12,137
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $220,342 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $6,116 related
    Nontaxable benefits
    $0 + $6,021 related
    Filer's total
    $0 + $232,479 related

  • W Chad Melven CPA

    CFO

    Total calculated
    $183,249
    From this org
    $0
    From related orgs
    $177,622
    Other
    $5,627
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $177,622 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,329 related
    Nontaxable benefits
    $0 + $298 related
    Filer's total
    $0 + $183,249 related

  • James Deel

    EXECUTIVE DIRECTOR

    Total calculated
    $158,124
    From this org
    $147,648
    From related orgs
    $0
    Other
    $10,476
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $147,648
    Bonus
    $0
    Other
    $0
    Deferred
    $4,430
    Nontaxable benefits
    $6,046
    Filer's total
    $158,124

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

  • 1a · Housing allowance or residence for personal use
  • 3 · Approval by the board or compensation committee

Answered no

  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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

The filer's explanations (Part III)

PART I, LINE 1A
HOUSING ALLOWANCE IS PROVIDED TO CEO WHO IS ORDAINED MINISTER OF THE PRESBYTERIAN CHURCH (USA). AMOUNT IS DETERMINED AND PRESCRIBED BY BOARD OF TRUSTEES.

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

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

Provenance

Return type
form_990
Tax year
2022
Filed
7 November 2023
IRS schema version
2022v5.0
Source object
202303129349301900

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