Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $0

• 1b · Membership dues

  $0

• 1c · Fundraising events

  $0

• 1d · Related organizations

  $883,847

• 1e · Government grants (contributions)

  $0

• 1f · All other contributions, gifts and grants

  $73,628

• 1g · Noncash contributions included above

  $0

• 2a · Program service revenue: RESIDENT FEES

  total $37,832,774 · related or exempt $37,832,774 · unrelated business $0 · excluded $0

• 2b · Program service revenue: HEALTH CARE SERVICES

  total $320,245 · related or exempt $320,245 · unrelated business $0 · excluded $0

• 2c · Program service revenue

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

• 2d · Program service revenue

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

• 2e · Program service revenue

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

• 2f · All other program service revenue

  total $720,022 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $2,159,621 · related or exempt $0 · unrelated business $0 · excluded $2,159,621

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

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

• 5 · Royalties

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

• 6a · Gross rents

  real property $110,536 · personal property $0

• 6b · Less rental expenses

  real property $0 · personal property $0

• 6c · Rental income or loss

  real property $110,536 · personal property $0

• 6d · Net rental income or loss

  total $110,536 · related or exempt $0 · unrelated business $0 · excluded $110,536

• 7a · Gross sales of assets other than inventory

  securities $877,658 · other assets $0

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

  securities $0 · other assets $0

• 7c · Gain or loss

  securities $877,658 · other assets $0

• 7d · Net gain or loss

  total $877,658 · related or exempt $0 · unrelated business $0 · excluded $877,658

• 8a · Fundraising events: gross income

  $0

• 8a · Fundraising events: contributions included on line 1c

  $0

• 8b · Fundraising events: direct expenses

  $0

• 8c · Net income from fundraising events

  total $0 · unrelated business $0 · excluded $0

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

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

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

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

• 11a · Other revenue

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

• 11b · Other revenue

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

• 11c · Other revenue

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

• 11d · All other revenue

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

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $973,627 · program services $973,627

• 2 · Grants to domestic individuals

  total $0 · program services $0

• 3 · Grants to foreign organizations and individuals

  total $0 · program services $0

• 4 · Benefits paid to or for members

  total $0 · program services $0

• 5 · Compensation of officers, directors and key employees

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

• 6 · Compensation of disqualified persons

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

• 7 · Other salaries and wages

  total $17,352,618 · program services $15,736,697 · management and general $1,615,921 · fundraising $0

• 8 · Pension plan contributions

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

• 9 · Other employee benefits

  total $2,362,765 · program services $2,109,269 · management and general $253,496 · fundraising $0

• 10 · Payroll taxes

  total $1,113,412 · program services $965,994 · management and general $147,418 · fundraising $0

• 11a · Fees: management

  total $1,253,766 · program services $0 · management and general $1,175,005 · fundraising $78,761

• 11b · Fees: legal

  total $26,915 · program services $0 · management and general $26,915 · fundraising $0

• 11c · Fees: accounting

  total $98,139 · program services $0 · management and general $98,139 · fundraising $0

• 11d · Fees: lobbying

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

• 11e · Fees: professional fundraising services

  total $0 · fundraising $0

• 11f · Fees: investment management

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

• 11g · Fees: other

  total $1,053,398 · program services $1,051,384 · management and general $0 · fundraising $2,014

• 12 · Advertising and promotion

  total $232,480 · program services $19,250 · management and general $213,230 · fundraising $0

• 13 · Office expenses

  total $833,929 · program services $827,257 · management and general $6,672 · fundraising $0

• 14 · Information technology

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

• 15 · Royalties

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

• 16 · Occupancy

  total $1,924,341 · program services $1,908,946 · management and general $15,395 · fundraising $0

• 17 · Travel

  total $32,622 · program services $27,990 · management and general $4,632 · fundraising $0

• 18 · Travel or entertainment for public officials

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

• 19 · Conferences, conventions and meetings

  total $55,429 · program services $47,558 · management and general $7,871 · fundraising $0

• 20 · Interest

  total $1,240,517 · program services $1,240,517 · management and general $0 · fundraising $0

• 21 · Payments to affiliates

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

• 22 · Depreciation, depletion and amortization

  total $7,329,520 · program services $7,270,521 · management and general $58,999 · fundraising $0

• 23 · Insurance

  total $429,049 · program services $425,617 · management and general $3,432 · fundraising $0

• 24a · Other expenses: EQUIP. RENTAL & MAINT.

  total $2,144,496 · program services $2,144,496 · management and general $0 · fundraising $0

• 24b · Other expenses: FOOD

  total $2,231,533 · program services $2,231,533 · management and general $0 · fundraising $0

• 24c · Other expenses: MAINT. & HORTICULTURE

  total $434,424 · program services $434,424 · management and general $0 · fundraising $0

• 24d · Other expenses: RESIDENT ACTIVITIES

  total $181,651 · program services $181,651 · management and general $0 · fundraising $0

• 24e · All other expenses

  total $103,345 · program services $103,345 · management and general $0 · fundraising $0

• 26 · Joint costs (an allocation of the lines above)

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

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,032,897 · end of year $2,824,608

• 2 · Savings and temporary cash investments

  beginning of year $0 · end of year $0

• 3 · Pledges and grants receivable

  beginning of year $771,870 · end of year $300,000

• 4 · Accounts receivable

  beginning of year $685,020 · end of year $594,370

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $108,851 · end of year $69,641

• 9 · Prepaid expenses and deferred charges

  beginning of year $212,068 · end of year $71,246

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

  $141,812,251

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

  $63,331,801

• 10c · Land, buildings and equipment, net

  beginning of year $82,287,010 · end of year $78,480,450

• 11 · Investments: publicly traded securities

  beginning of year $0 · end of year $0

• 12 · Investments: other securities

  beginning of year $34,662,209 · end of year $35,690,305

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $18,970,743 · end of year $21,095,569

• 17 · Accounts payable and accrued expenses

  beginning of year $3,559,022 · end of year $3,090,479

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $48,918,536 · end of year $48,165,432

• 20 · Tax-exempt bond liabilities

  beginning of year $42,763,442 · end of year $40,981,089

• 21 · Escrow or custodial account liability

  beginning of year $0 · end of year $0

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $1,352,105 · end of year $1,239,921

• 27 · Net assets without donor restrictions

  beginning of year $40,707,798 · end of year $44,145,875

• 28 · Net assets with donor restrictions

  beginning of year $1,429,765 · end of year $1,503,393

The filer's explanations (Part III)

Part I

| PartandLinenumber:,Explanation:|Part I Line 3,COMPENSATION FOR OFFICERS LISTED IN PART VII AND SCHEDULE J PART II WAS PAID BY A RELATED ORGANIZATION. THE PROCEDURES THAT THE RELATED ORGANIZATION FOLLOWS FOR SETTING COMPENSATION ARE AS FOLLOWS: 1. A BOARD OF TRUSTEES COMPENSATION COMMITTEE SHALL BE APPOINTED ANNUALLY BY THE BOARD CHAIR. THE COMMITTEE SHALL BE COMPRISED OF THE CURRENT CHAIR, IMMEDIATE PAST CHAIR, CHAIR-ELECT (IF ANY) AND 1-2 TRUSTEES AT LARGE. 2. THE COMMITTEE SHALL MEET APPROXIMATELY THIRTY DAYS PRIOR TO THE END OF THE WELL-SPRING RETIREMENT COMMUNITY'S FISCAL YEAR. 3. PRIOR TO THE MEETING, THE PRESIDENT/CEO SHALL PROVIDE COMPARABLE SALARY AND BENEFIT DATA THROUGH EXTERNAL SOURCES SUCH AS: THE CEMO SALARY AND BENEFIT REPORT, LEADING AGE NC WAGE SURVEY, PUBLIC RECORD IRS FORM 990S, AND INDEPENDENT SURVEYS. 4. PRIOR TO THE MEETING, THE PRESIDENT/CEO SHALL PROVIDE A STATEMENT OF ACHIEVEMENTS COMPARED TO GOALS FOR THE CURRENT YEAR AND A PRELIMINARY LIST OF PERFORMANCE GOALS FOR THE SUCCEEDING YEAR.|

Part I & Part II

| PartandLinenumber:,Explanation:| Part I Line 3,5. AT THE MEETING THE PRESIDENT CEO SHALL INFORM THE COMMITTEE OF PROPOSED SALARY ADJUSTMENTS FOR SENIOR MANAGEMENT FOR THE SUCCEEDING YEAR. THE PRESIDENT CEO MAY PRESENT COMPARABLE SALARY DATA FOR SENIOR MANAGEMENT AT THE COMMITTEES DISCRETION. 6. AT THE MEETING AND AFTER PRESENTING YEAR-END RESULTS AND SUCCEEDING YEAR GOALS THE COMMITTEE MAY EXCUSE THE PRESIDENT CEO ENTER INTO EXECUTIVE SESSION AND DISCUSS THE PRESIDENT CEOS PERFORMANCE AND COMPENSATION. 7. AT THE CONCLUSION OF THE MEETING THE BOARD OF TRUSTEES CHAIR SHALL MEET WITH THE PRESIDENT CEO IN ORDER TO REVIEW THE COMMITTEES ASSESSMENT OF PERFORMANCE AND SALARY. SALARY ADJUSTMENTS TO THE PRESIDENT CEOS COMPENSATION SHALL BE AUTHORIZED BY SIGNATURE OF THE BOARD CHAIR OR VICE CHAIR ONLY.|Part I Line 3,8. AT THE FIRST BOARD OF TRUSTEES MEETING FOLLOWING THE COMPENSATION COMMITTEES MEETING THE BOARD OF TRUSTEES CHAIR SHALL REPORT THE COMMITTEES FINDINGS AND THE COMMITTEES ACTIONS REGARDING EMPLOYMENT STATUS RECOMMENDATIONS AND SALARY OR BENEFIT ADJUSTMENTS FOR THE PRESIDENT CEO. EXECUTIVE MANAGERS COMPENSATION PHILOSOPHY OBJECTIVE: THE COMPENSATION COMMITTEE BELIEVES THAT THE PRIMARY OBJECTIVES OF WELL-SPRINGS EXECUTIVE COMPENSATION POLICIES SHOULD BE: - TO ATTRACT AND RETAIN TALENTED EXECUTIVES BY PROVIDING COMPENSATION THAT IS OVERALL HIGHLY COMPETITIVE WITH THE COMPENSATION PROVIDED TO EXECUTIVES AT COMPANIES OF COMPARABLE POSITION IN THE CONTINUING CARE RETIREMENT COMMUNITY FIELD WHILE MAINTAINING COMPENSATION WITHIN LEVELS THAT ARE CONSISTENT WITH WELL-SPRINGS ANNUAL BUDGET FINANCIAL OBJECTIVES OPERATING PERFORMANCE AND RESIDENT AND STAFF SATISFACTION;|Part I Line 3,AND - TO PROVIDE APPROPRIATE INCENTIVES FOR EXECUTIVES TO WORK TOWARD THE ACHIEVEMENT OF WELL-SPRINGS ANNUAL FINANCIAL PERFORMANCE AND BUSINESS GOALS BASED ON WELL-SPRINGS ANNUAL BUDGET. THE COMPENSATION COMMITTEE REVIEWS EXECUTIVE COMPENSATION POLICIES ANNUALLY TAKING INTO CONSIDERATION WELL-SPRINGS FINANCIAL PERFORMANCE ITS ANNUAL BUDGET ITS POSITION IN THE INDUSTRY AND WELL-SPRINGS MISSION STATEMENT AND CORE VALUES. THE COMPENSATION COMMITTEE BELIEVES THAT IN ADDITION TO CORPORATE PERFORMANCE IT IS APPROPRIATE IN SETTING AND REVIEWING EXECUTIVE COMPENSATION TO CONSIDER THE LEVEL OF EXPERIENCE AND RESPONSIBILITIES OF EACH EXECUTIVE OFFICER AS WELL AS THE PERSONAL CONTRIBUTIONS A PARTICULAR INDIVIDUAL MAY MAKE TO THE SUCCESS OF WELL-SPRING RETIREMENT COMMUNITY INC. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024.|

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• WELL SPRING MANAGEMENT AND DEVELOPMENT COMPANY INC

  C-Corporation · MANAGEMENT SERVICES · NC · 0% owned · share of income $0 · share of assets $0

  Directly controlled by WELL-SPRING SERVICES