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Nonprofiteer
← SHARON TOWERS FOUNDATION

Form 990 for tax year 2023

Filed by SHARON TOWERS FOUNDATION.

Totals

Total revenue
$1,105,395
Total expenses
$85,600
Contributions and grants received
$1,000,200
Grants paid
$0
Program service revenue
$0
Investment income
$105,195
Other revenue
$0
Total assets, end of year
$3,135,705
Total liabilities, end of year
$192,990
Net assets or fund balances, end of year
$2,942,715
Program services expenses (Part IX)
$78,820
Management and general expenses
$0
Fundraising expenses
$6,780
Program service expenses (Part III)
$78,820

Program services were 92.1% 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

    $1,000,000

  • 1f · All other contributions, gifts and grants

    $200

  • 3 · Investment income

    total $105,195 · excluded $105,195

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $74,723 · program services $74,723

  • 10 · Payroll taxes

    total $4,097 · program services $4,097

  • 11g · Fees: other

    total $6,780 · fundraising $6,780

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,030,311

  • 2 · Savings and temporary cash investments

    end of year $3,135,705

  • 17 · Accounts payable and accrued expenses

    beginning of year $107,391 · end of year $192,990

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $1,922,920 · end of year $2,942,715

Mission and programs · 2023

Mission

SHARON TOWERS FOUNDATION EXISTS SOLELY FOR THE BENEFIT OF THE PRESBYTERIAN HOME AT CHARLOTTE, INC., (D/B/A SHARON TOWERS) AND ITS RESIDENTS.

Activities or mission (Part I)

THE FOUNDATION PROVISION OF GOODS, SERVICES, OR FUNDS IS LIMITED TO SHARON TOWERS AND ITS RESIDENTS.

  • THE SHARON FOUNDATION WAS ESTABLISHED AS A SUPPORTING ORGANIZATION THAT SUPPORTS THE MISSION OF THE PRESBYTERIAN HOME AT CHARLOTTE, INC. (THE SHARON AT SOUTHPARK) BY FURTHERING ITS FINANCIAL ASSISTANCE AND FUNDRAISING GOALS.

    Expenses $78,820

As filed on the 2023 return.

Listed in Part VII

  • NED MCCONNELL

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • VINCENT PRATT

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • KELLY GRAVES

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • KATHERINE RICHARDS

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • ANGELA RIGSBEE

    PRESIDENT & CEO

    Total calculated
    $289,109
    From this org
    $0
    From related orgs
    $260,954
    Other
    $28,155
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $238,942 related
    Bonus
    $0 + $20,000 related
    Other
    $0 + $2,012 related
    Deferred
    $0 + $9,220 related
    Nontaxable benefits
    $0 + $18,935 related
    Filer's total
    $0 + $289,109 related

  • CHARLES GASKINS

    CFO

    Total calculated
    $261,628
    From this org
    $0
    From related orgs
    $228,727
    Other
    $32,901
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $200,637 related
    Bonus
    $0 + $17,423 related
    Other
    $0 + $10,667 related
    Deferred
    $0 + $8,022 related
    Nontaxable benefits
    $0 + $24,879 related
    Filer's total
    $0 + $261,628 related

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

  • 5b · Pay contingent on a related organization's revenues
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments

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
  • 6a · Pay contingent on this organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
COMPENSATION FOR THE PRESIDENT/CEO AND THE CFO IS SET BY A RELATED ORGANIZATION, SHARON TOWERS. SHARON TOWERS DOES NOT HAVE AN EXTERNAL REVIEW, HOWEVER, THE EXECUTIVE COMMITTEE OF THE SHARON TOWERS BOARD SERVES AS THE COMPENSATION COMMITTEE. THE COMMITTEE IS GIVEN A WAGE AND SALARY SURVEY CONDUCTED ANNUALLY BY THE LEADINGAGE NATIONAL AND THE HOSPITAL AND HEALTH CARE COMPENSATION SERVICE. THE SURVEY CONSISTS OF DATA FROM OTHER CONTINUING CARE RETIREMENT COMMUNITIES (CCRC'S) FOR THE ENTIRE COUNTRY. THE DELIBERATION AND DECISION IS THEN DOCUMENTED AND PLACED IN THE CEO'S FILE HELD BY THE BOARD CHAIR. A COPY IS ALSO KEPT IN THE SHARON TOWER'S HUMAN RESOURCES RECORDS.
PART I, LINE 5
CEO, CFO, & VP'S HAD CERTAIN TARGETS TO ATTAIN INCLUDING "INCOME AVAILABLE FOR DEBT SERVICE" COMPARED TO FORECASTED FIGURES TO EARN A PORTION OF THEIR BONUS.
PART I, LINE 6
CEO, CFO, & VP'S HAD CERTAIN TARGETS TO ATTAIN INCLUDING "INCOME AVAILABLE FOR DEBT SERVICE" COMPARED TO FORECASTED FIGURES TO EARN A PORTION OF THEIR BONUS.
PART I, LINE 7
CEO, CFO, AND VP'S HAD CERTAIN NON-FINANCIAL GOALS TO MEET IN ORDER TO RECEIVE A PORTION OF THEIR BONUS

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.

Provenance

Return type
form_990
Tax year
2023
Filed
1 November 2024
IRS schema version
2023v5.1
Source object
202433069349301443

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