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Nonprofiteer
← COVENANT LIVING AT SHANNONDALE

Form 990 for tax year 2023

Filed by COVENANT LIVING AT SHANNONDALE.

Totals

Total revenue
$28,942,212
Total expenses
$40,968,001
Contributions and grants received
$935,225
Grants paid
$0
Program service revenue
$27,895,895
Investment income
$11,393
Other revenue
$99,699
Total assets, end of year
$95,903,221
Total liabilities, end of year
$121,950,809
Net assets or fund balances, end of year
-$26,047,588
Program services expenses (Part IX)
$34,105,180
Management and general expenses
$6,862,821
Fundraising expenses
$0
Program service expenses (Part III)
$34,105,180

Program services were 83.2% 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.

  • 1e · Government grants (contributions)

    $366,877

  • 1f · All other contributions, gifts and grants

    $568,348

  • 2a · Program service revenue: GENERAL SERVICE FEES

    total $23,342,762 · related or exempt $23,342,762

  • 2b · Program service revenue: OTHER PATIENT SERVICES

    total $4,553,133 · related or exempt $4,553,133

  • 3 · Investment income

    total $11,717 · excluded $11,717

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

    other assets $324

  • 7c · Gain or loss

    other assets -$324

  • 7d · Net gain or loss

    total -$324 · excluded -$324

  • 11a · Other revenue: ENTRANCE FEES

    total $70,783 · related or exempt $70,783

  • 11b · Other revenue: MEALS - GUEST MEALS

    total $15,799 · related or exempt $15,799

  • 11c · Other revenue: VENDING

    total $13,117 · related or exempt $13,117

  • 11e · Other revenue, total

    $99,699

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $545,443 · management and general $545,443

  • 7 · Other salaries and wages

    total $15,464,949 · program services $14,286,189 · management and general $1,178,760

  • 8 · Pension plan contributions

    total -$417,906 · program services -$417,906

  • 9 · Other employee benefits

    total $2,387,103 · program services $2,353,367 · management and general $33,736

  • 10 · Payroll taxes

    total $1,182,730 · program services $1,055,359 · management and general $127,371

  • 11b · Fees: legal

    total $213,784 · management and general $213,784

  • 11c · Fees: accounting

    total $93,437 · management and general $93,437

  • 11g · Fees: other

    total $1,678,586 · program services $1,183,363 · management and general $495,223

  • 12 · Advertising and promotion

    total $97,804 · program services $97,804

  • 13 · Office expenses

    total $196,047 · program services $55,470 · management and general $140,577

  • 14 · Information technology

    total $252,364 · program services $4,437 · management and general $247,927

  • 16 · Occupancy

    total $4,029,192 · program services $4,029,192

  • 17 · Travel

    total $26,837 · program services $26,837

  • 19 · Conferences, conventions and meetings

    total $11,299 · program services $11,299

  • 20 · Interest

    total $3,479,981 · program services $3,062,380 · management and general $417,601

  • 22 · Depreciation, depletion and amortization

    total $4,489,893 · program services $4,040,904 · management and general $448,989

  • 24a · Other expenses: MEDICAL SUPPLIES/DRUGS

    total $2,171,542 · program services $2,171,542

  • 24b · Other expenses: FOOD COSTS

    total $1,423,413 · program services $1,423,413

  • 24c · Other expenses: BAD DEBT

    total $721,530 · program services $721,530

  • 24d · Other expenses: LICENSES & DUES

    total $706,877 · management and general $706,877

  • 24e · All other expenses

    total $2,213,096 · management and general $2,213,096

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $2,078,488

  • 2 · Savings and temporary cash investments

    beginning of year $3,519,269 · end of year $1,716,427

  • 4 · Accounts receivable

    beginning of year $894,843 · end of year $2,071,974

  • 8 · Inventories for sale or use

    beginning of year $275,751 · end of year $228,681

  • 9 · Prepaid expenses and deferred charges

    beginning of year $42,277 · end of year $8,688

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

    $156,437,926

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

    $66,793,081

  • 10c · Land, buildings and equipment, net

    beginning of year $91,966,242 · end of year $89,644,845

  • 12 · Investments: other securities

    beginning of year $323,430 · end of year $87,391

  • 15 · Other assets

    beginning of year $57,064 · end of year $66,727

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,676,061 · end of year $5,764,145

  • 19 · Deferred revenue

    beginning of year $53,957,915 · end of year $57,051,024

  • 20 · Tax-exempt bond liabilities

    beginning of year $53,847,911 · end of year $50,569,805

  • 23 · Secured mortgages and notes payable

    end of year $7,934,667

  • 25 · Other liabilities

    beginning of year $2,050,171 · end of year $631,168

  • 27 · Net assets without donor restrictions

    beginning of year -$15,724,430 · end of year -$26,518,322

  • 28 · Net assets with donor restrictions

    beginning of year $271,248 · end of year $470,734

Mission and programs · 2023

Mission

THE ORGANIZATION IS AN EXEMPT ORGANIZATION RELATED TO THE PRESBYTERIAN CHURCH OF TN. THE ORGANIZATION OWNS AND OPERATES TWO CONTINUING CARE RETIREMENT COMMUNITIES CONSISTING OF RESIDENTIAL RETIREMENT COMPLEXES, ASSISTED LIVING FACILITIES, AND SKILLED NURSING FACILITIES.

  • OUR HEALTH CARE CENTER COMMUNITIES IN KNOXVILLE AND MARYVILLE PROVIDE A SAFE AND LOVING ENVIRONMENT FOR SENIORS IN NEED OF MEDICAL ASSISTANCE AND MONITORING IN THE COMFORT OF A PRIVATE ROOM. WITH CONVENIENCES LIKE AN ON-SITE PHARMACY, BARBER/BEAUTY SALON AND REHABILITATION SERVICES TO ENHANCE WELL-BEING AND RECOVERY, SENIORS FEEL MORE AT HOME.FEATURES AND AMENITIES:- EMERGENCY CALL SYSTEM IN EVERY ROOM- A WIDE VARIETY OF SOCIAL ACTIVITIES- PHYSICAL, OCCUPATIONAL AND SPEECH THERAPY- BEAUTY AND BARBER SALON WITH PROFESSIONAL STYLISTS (KNOXVILLELOCATION)- ON-SITE PHARMACY- DENTAL AND PODIATRY SERVICESAT SHANNONDALE, WE OFFER INDEPENDENT LIVING OPTIONS NESTLED IN THE FOOTHILLS OF THE GREAT SMOKY MOUNTAINS IN BOTH KNOXVILLE AND MARYVILLE. HERE, RESIDENTS RETAIN THE INDEPENDENCE OF LIVING IN THEIR OWN PRIVATE HOME WITHOUT THE WORRIES OF MAINTAINING A HOME. OUR RESIDENCY AGREEMENT OFFERS LIFETIME USE OF THE RESIDENCE WITH ASSURED MAINTENANCE ANDSENIORS IN ASSISTED LIVING HAVE THIER OWN PRIVATE ROOMS WITH A CARING SECURITY WITH USE OF HIGHER LEVELS OF CARE, IF NEEDED. RESIDENTS CAN MOVE EASILY BETWEEN THE LEVEL OF CARE THEY MAY NEED AT THE TIME, FROM SHORT-TERM REHAB TO ASSISTED OR SKILLED NURSING.FEATURES AND AMENITIES:- HOME MAINTENANCE- TRANSPORTATION- COMMUNITY CLUBHOUSE- FULL SLATE OF SOCIAL EVENTS- FITNESS PROGRAMS- MEDICAL ASSISTANCE- DINING OPTIONS- EMERGENCY CALL SYSTEM- INDOOR POOL ON CAMPUSSENIORS IN ASSISTED LIVING HAVE THIER OWN PRIVATE ROOMS WITH A CARING STAFF WITHIN A BUTTON'S REACH AWAY. ASSISTED LIVING IS BEST FOR SENIORS WHO MAY NEED A PARTNER TO HELP WITH DAILY TASKS OF LIVING, FROM SIMPLE HOUSEKEEPING AND NUTRITIOUS MEALS TO HYGIENE, HEALTH CARE, AND MEDICATION MANAGEMENT. THE KNOXVILLE AND MARYVILLE CAMPUSES ARE BOTH LOCATED NEAR PARKS, SHOPPING CENTERS, HOSPITALS, CHURCHES AND MORE, WITH TRANSPORTATION ASSISTANCE AVAILABLE WHEN NEEDED. THE COMMUNITIES PROVIDE QUIET, PEACEFUL, PRIVATE ENVIRONMENTS, WHERE RESIDENTS CAN RECEIVE THE PERSONAL AND MEDICAL ASSISTANCE THEY MAY NEED, WHILE STILL MAINTAINING A PLEASANT AND SOCIALLY ENGAGING LIFESTYLE. LICENSED NURSES AND NURSING ASSISTANTS ARE AVAILABLE ANY TIME OF DAY OR NIGHT TO PROVIDE PERSONAL, MEDICAL AND EMERGENCY CARE. AN EMERGENCY CALL SYSTEM IS IN EACH BEDROOM AND BATHROOM, SHOULD A MEDICAL NEED ARISE. RESIDENTS CAN ALSO EASILY TRANSITION BETWEEN THE SHANNONDALE HEALTH CARE CENTER AND ASSISTED LIVING CENTER WHEN AN INCREASED LEVEL OF MEDICAL CARE IS NEEDED. RESIDENTS LIVE AN INDEPENDENT LIFESTYLE WITH ALL THE AMENITIES NEEDED TO MAKE LIFE AS EASY AND CAREFREE AS POSSIBLE. THREE DELICIOUS MEALS ARE SERVED EACH DAY IN THE BEAUTIFUL DINING ROOM AND WEEKLY HOUSEKEEPING IS OFFERED SO RESIDENTS CAN SPEND TIME PURSUING HOBBIES OR VISITING WITH FRIENDS. A FULL CALENDAR OF WELLNESS AND SOCIAL ACTIVITIES ARE PROVIDED BY THE CARING AND EXPERIENCED STAFF SO RESIDENTS CAN DESIGN THEIR OWN DAY.

    Expenses $34,105,180 · Revenue $27,995,594

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Melinda Booker

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Sandra Martin

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Rick Shepard

    BOARD CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Dale Keasling

    TREASURER (END 03/2023)

    Total calculated
    $0
    Hours/week
    1

  • Rebecca Criswell

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Joe Colquitt

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Roy Michael Dalton

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Deborah Jones

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Michael Miller

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Susan Seagraves

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Charles West

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Rufus King

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Craig Jarvis

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Charles Mulligan

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Alice Ann Moore

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Todd Taylor

    PRESIDENT/CEO (END 06/23)

    Total calculated
    $206,852
    From this org
    $206,852
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $206,852
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $206,852

  • Erik Hockman

    CHIEF FINANCIAL OFFICER

    Total calculated
    $156,873
    From this org
    $156,873
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,213
    Bonus
    $0
    Other
    $17,660
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $156,873

  • Keith McCord

    VICE PRESIDENT

    Total calculated
    $181,718
    From this org
    $181,718
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,642
    Bonus
    $0
    Other
    $16,076
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $181,718

  • Wynne Shelton

    DIRECTOR OF PHARMACY

    Total calculated
    $145,001
    From this org
    $135,037
    From related orgs
    $0
    Other
    $9,964
    Hours/week
    40

  • Clay Fiegle

    DIRECTOR OF REHAB

    Total calculated
    $132,722
    From this org
    $115,857
    From related orgs
    $0
    Other
    $16,865
    Hours/week
    40

  • Sandra Franklin

    DIRECTOR OF NURSING

    Total calculated
    $130,771
    From this org
    $120,807
    From related orgs
    $0
    Other
    $9,964
    Hours/week
    40

  • Deanna Evans

    OCCUPATIONAL THERAPIST

    Total calculated
    $119,085
    From this org
    $101,425
    From related orgs
    $0
    Other
    $17,660
    Hours/week
    40

  • David Maxwell

    VICE PRESIDENT

    Total calculated
    $138,480
    From this org
    $138,480
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

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 · Compensation committee
  • 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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
8 November 2024
IRS schema version
2023v5.1
Source object
202433169349302013

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