Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $124,797

• 1d · Related organizations

  $308,713

• 1f · All other contributions, gifts and grants

  $512,739

• 3 · Investment income

  total $114,968 · excluded $114,968

• 7a · Gross sales of assets other than inventory

  securities $530,988

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

  securities $516,597

• 7c · Gain or loss

  securities $14,391

• 7d · Net gain or loss

  total $14,391 · excluded $14,391

• 8a · Fundraising events: gross income

  $7,275

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

  $124,797

• 8b · Fundraising events: direct expenses

  $49,664

• 8c · Net income from fundraising events

  total -$42,389 · excluded -$42,389

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $414,402 · program services $414,402

• 11f · Fees: investment management

  total $12,423 · management and general $12,423

• 11g · Fees: other

  total $53,400 · fundraising $53,400

• 12 · Advertising and promotion

  total $5,020 · management and general $1,188 · fundraising $3,832

• 17 · Travel

  total $8,924 · management and general $8,924

• 24a · Other expenses: DUES, BOOKS, & SUBSCRIP

  total $4,221 · fundraising $4,221

• 24b · Other expenses: OTHER EXPENSES

  total $357 · management and general $309 · fundraising $48

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $24,808 · end of year $222,045

• 3 · Pledges and grants receivable

  beginning of year $506,199 · end of year $506,199

• 4 · Accounts receivable

  beginning of year $17,832 · end of year $17,832

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

  $56,867

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

  $56,867

• 10c · Land, buildings and equipment, net

  beginning of year $0 · end of year $0

• 11 · Investments: publicly traded securities

  beginning of year $12,325,436 · end of year $12,197,178

• 17 · Accounts payable and accrued expenses

  beginning of year $43,964 · end of year $39,715

• 27 · Net assets without donor restrictions

  beginning of year $9,892,500 · end of year $8,287,825

• 28 · Net assets with donor restrictions

  beginning of year $2,937,811 · end of year $4,615,714

The filer's explanations (Part III)

PART I, LINE 3

EXECUTIVE SALARIES ARE DETERMINED BY A MARKET ANALYSIS INVOLVING COMPARABILITY DATA, INDUSTRY STANDARDS, AND LOCAL ECONOMICS. THE CEO'S SALARY IS A CONDITION OF THE MANAGEMENT AGREEMENT BETWEEN THE BOARD OF DIRECTORS AND CAPE FEAR VALLEY MEDICAL CENTER. THE BOARD HAS INDIRECT APPROVAL OVER THE COMPENSATION PAID TO THE CEO THROUGH THIS AGREEMENT, AND HAS APPROVAL OVER ANY ADDITIONAL AMOUNTS AND INCREASES. CAPE FEAR PREPARES A COMPENSATION STUDY FOR OFFICERS AND KEY EMPLOYEES EXCLUDING THE CEO AND MAKES THE RECOMMENDATIONS TO THE CEO OF HARNETT HEALTH SYSTEM. THOSE RECOMMENDATIONS, INCLUDING ANY AMOUNTS ALLOCATED FOR RAISES AND INCENTIVES, ARE INCLUDED IN THE ANNUAL BUDGET PROCESS WHICH IS APPROVED BY THE FINANCE COMMITIEE OF THE BOARD.

Related partnerships

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

• THE MED IMAGING CENTER LLC

  HEALTHCARE · NC

Related corporations and trusts

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

• HIGHSMITH-RAINEY MED ARTS CENTER ASSOCIATION

  C · RENTAL ASSOC. · NC

• CUMBERLAND HLTH PARTNERS INC (INACTIVE)

  C · BEHAVIORAL HEALTH · NC

• CAPE FEAR INSURANCE LTD

  C · INSURANCE · CJ