Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $100

• 2a · Program service revenue: RESIDENT FEES

  total $2,562,126 · related or exempt $2,562,126

• 2b · Program service revenue: HEALTH CARE SERVICES

  total $202,310 · related or exempt $202,310

• 2f · All other program service revenue

  total $138,824 · related or exempt $138,824

• 3 · Investment income

  total $771 · excluded $771

• 6a · Gross rents

  real property $6,068

• 6b · Less rental expenses

  real property $7,756

• 6c · Rental income or loss

  real property -$1,688

• 6d · Net rental income or loss

  total -$1,688 · excluded -$1,688

Functional expenses

Part IX, the statement of functional expenses.

• 7 · Other salaries and wages

  total $1,385,954 · program services $1,136,482 · management and general $249,472

• 8 · Pension plan contributions

  total $36,425 · program services $30,597 · management and general $5,828

• 9 · Other employee benefits

  total $34,610 · program services $29,072 · management and general $5,538

• 10 · Payroll taxes

  total $108,358 · program services $91,021 · management and general $17,337

• 11a · Fees: management

  total $68,831 · program services $4,130 · management and general $64,701

• 11b · Fees: legal

  total $1,584 · management and general $1,584

• 11c · Fees: accounting

  total $104,920 · management and general $104,920

• 11g · Fees: other

  total $48,059 · program services $22,107 · management and general $25,952

• 12 · Advertising and promotion

  total $54,947 · program services $1,099 · management and general $53,848

• 13 · Office expenses

  total $239,966 · program services $160,777 · management and general $79,189

• 16 · Occupancy

  total $192,176 · program services $192,176

• 20 · Interest

  total $302,465 · program services $299,440 · management and general $3,025

• 22 · Depreciation, depletion and amortization

  total $642,956 · program services $636,526 · management and general $6,430

• 23 · Insurance

  total $235,444 · program services $235,444

• 24a · Other expenses: EQUIPMENT RENTAL AND MA

  total $163,522 · program services $160,252 · management and general $3,270

• 24b · Other expenses: RESIDENT ACTIVITIES

  total $2,670 · program services $27 · management and general $2,643

• 24e · All other expenses

  total $256,189 · program services $238,256 · management and general $17,933

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,840,562 · end of year $2,936,202

• 4 · Accounts receivable

  beginning of year $1,288,834 · end of year $351,695

• 8 · Inventories for sale or use

  beginning of year $22,542 · end of year $20,373

• 9 · Prepaid expenses and deferred charges

  beginning of year $175,564 · end of year $39,750

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

  $68,338,653

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

  $25,082,944

• 10c · Land, buildings and equipment, net

  beginning of year $43,325,608 · end of year $43,255,709

• 15 · Other assets

  beginning of year $7,724,637 · end of year $4,735,740

• 17 · Accounts payable and accrued expenses

  beginning of year $5,718,249 · end of year $5,148,945

• 19 · Deferred revenue

  beginning of year $15,035,110 · end of year $16,413,617

• 24 · Unsecured notes and loans payable

  beginning of year $24,427,726 · end of year $24,358,356

• 25 · Other liabilities

  beginning of year $5,063,650 · end of year $4,543,669

• 27 · Net assets without donor restrictions

  beginning of year $4,891,979 · end of year $605,142

• 28 · Net assets with donor restrictions

  beginning of year $241,033 · end of year $269,740

The filer's explanations (Part III)

PART I, LINE 3

COMPENSATION FOR OFFICERS LISTED IN PART VII AND SCHEDULE J PART II WERE 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 AAHSA SALARY AND BENEFIT REPORT, NCANPHA 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. 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 COMMITTEE'S 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/CEO'S 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 COMMITTEE'S ASSESSMENT OF PERFORMANCE AND SALARY. SALARY ADJUSTMENTS TO THE PRESIDENT/CEO'S COMPENSATION SHALL BE AUTHORIZED BY SIGNATURE OF THE BOARD CHAIR OR VICE CHAIR ONLY. 8. AT THE FIRST BOARD OF TRUSTEES' MEETING FOLLOWING THE COMPENSATION COMMITTEE'S MEETING, THE BOARD OF TRUSTEES' CHAIR SHALL REPORT THE COMMITTEE'S FINDINGS AND THE COMMITTEE'S 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-SPRING'S 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-SPRING'S ANNUAL BUDGET, FINANCIAL OBJECTIVES, OPERATING PERFORMANCE AND RESIDENT AND STAFF SATISFACTION; AND - TO PROVIDE APPROPRIATE INCENTIVES FOR EXECUTIVES TO WORK TOWARD THE ACHIEVEMENT OF WELL-SPRING'S ANNUAL FINANCIAL PERFORMANCE AND BUSINESS GOALS BASED ON WELL-SPRING'S ANNUAL BUDGET. THE COMPENSATION COMMITTEE REVIEWS EXECUTIVE COMPENSATION POLICIES ANNUALLY TAKING INTO CONSIDERATION WELL-SPRING'S FINANCIAL PERFORMANCE, ITS ANNUAL BUDGET, ITS POSITION IN THE INDUSTRY AND WELL-SPRING'S 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 2022

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• WELL-SPRING MANAGEMENT AND DEVELOPMENT COMPANY INC

  MANAGEMENT SERVICES · NC

  Directly controlled by WELL-SPRING SERVICES