Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $2,148,549

• 2a · Program service revenue: RESIDENT SERVICE FEES

  total $53,358,987 · related or exempt $53,358,987

• 2b · Program service revenue: AMORTIZED ENTRY FEES

  total $9,343,588 · related or exempt $9,343,588

• 2c · Program service revenue: MANAGEMENT FEES

  total $4,236,196 · related or exempt $4,236,196

• 2d · Program service revenue: ANCILLARY SERVICES

  total $1,446,624 · related or exempt $1,446,624

• 2e · Program service revenue: FOOD SERVICE INCOME

  total $499,918 · related or exempt $499,918

• 3 · Investment income

  total $2,273,737 · excluded $2,273,737

• 6a · Gross rents

  real property $106,594

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $106,594

• 6d · Net rental income or loss

  total $106,594 · excluded $106,594

• 7a · Gross sales of assets other than inventory

  securities $15,268,631

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

  securities $12,244,748

• 7c · Gain or loss

  securities $3,023,883

• 7d · Net gain or loss

  total $3,023,883 · excluded $3,023,883

• 11a · Other revenue: REHAB SERVICES REVENUE

  total $377,000 · related or exempt $377,000

• 11b · Other revenue: GOLF CLUB REVENUE

  total $126,170 · related or exempt $126,170

• 11c · Other revenue: MISCELLANEOUS REVENUE

  total $87,301 · related or exempt $87,301

• 11d · All other revenue

  total $7,563 · related or exempt $7,563

• 11e · Other revenue, total

  $598,034

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $1,818,756 · program services $1,818,756

• 5 · Compensation of officers, directors and key employees

  total $4,406,508 · management and general $4,406,508

• 7 · Other salaries and wages

  total $23,820,868 · program services $22,415,284 · management and general $1,290,584 · fundraising $115,000

• 8 · Pension plan contributions

  total $397,508 · program services $382,334 · management and general $6,209 · fundraising $8,965

• 9 · Other employee benefits

  total $2,847,008 · program services $66,644 · management and general $2,779,945 · fundraising $419

• 10 · Payroll taxes

  total $1,965,773 · program services $1,717,051 · management and general $248,722

• 11b · Fees: legal

  total $71,817 · management and general $71,817

• 11c · Fees: accounting

  total $79,638 · program services $15,746 · management and general $63,892

• 11f · Fees: investment management

  total $104,692 · program services $104,692

• 11g · Fees: other

  total $133,788 · program services $100,343 · management and general $33,445

• 12 · Advertising and promotion

  total $268,381 · management and general $268,381

• 13 · Office expenses

  total $4,023,649 · program services $3,465,586 · management and general $558,063

• 14 · Information technology

  total $1,661,285 · management and general $1,661,285

• 16 · Occupancy

  total $4,676,175 · program services $4,676,175

• 17 · Travel

  total $107,416 · program services $89,974 · management and general $17,442

• 19 · Conferences, conventions and meetings

  total $67,422 · program services $31,734 · management and general $35,688

• 22 · Depreciation, depletion and amortization

  total $7,308,081 · program services $7,277,384 · management and general $30,697

• 23 · Insurance

  total $881,798 · management and general $881,798

• 24a · Other expenses: FOOD COST

  total $3,694,279 · program services $3,583,392 · management and general $110,887

• 24b · Other expenses: PURCHASED MEDICAL EXPEN

  total $1,562,683 · program services $1,562,683

• 24c · Other expenses: BAD DEBTS

  total $281,765 · program services $281,765

• 24d · Other expenses: OTHER EXPENSES

  total $76,842 · program services $49,928 · management and general $26,914

• 24e · All other expenses

  total -$221,832 · program services -$221,832

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $4,532,361 · end of year $5,864,671

• 4 · Accounts receivable

  beginning of year $3,285,067 · end of year $3,315,911

• 8 · Inventories for sale or use

  beginning of year $107,721 · end of year $126,529

• 9 · Prepaid expenses and deferred charges

  beginning of year $351,172 · end of year $708,563

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

  $256,861,026

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

  $102,000,863

• 10c · Land, buildings and equipment, net

  beginning of year $156,151,621 · end of year $154,860,163

• 11 · Investments: publicly traded securities

  beginning of year $81,463,649 · end of year $87,924,984

• 13 · Investments: program-related

  beginning of year $13,647,000 · end of year $15,482,000

• 15 · Other assets

  beginning of year $3,304,912 · end of year $2,349,925

• 17 · Accounts payable and accrued expenses

  beginning of year $8,366,021 · end of year $7,863,716

• 19 · Deferred revenue

  beginning of year $58,580,574 · end of year $58,126,637

• 20 · Tax-exempt bond liabilities

  beginning of year $77,660,098 · end of year $68,841,003

• 25 · Other liabilities

  beginning of year $1,879,420 · end of year $2,653,545

• 27 · Net assets without donor restrictions

  beginning of year $115,158,848 · end of year $132,843,438

• 28 · Net assets with donor restrictions

  beginning of year $1,198,542 · end of year $304,407

The filer's explanations (Part III)

PART I, LINE 3

THE PROCEDURES THAT THE 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 FISCAL YEAR. 3. PRIOR TO THE MEETING, THE PRESIDENT/CEO SHALL PROVIDE COMPARABLE SALARY AND BENEFIT DATA THROUGH EXTERNAL SOURCES SUCH AS THE CEO 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. 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 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 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. THE COMPENSATION COMMITTEE BELIEVES THAT THE PRIMARY OBJECTIVES OF KINTURA'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 ORGANIZATION'S ANNUAL BUDGET, FINANCIAL OBJECTIVES, OPERATING PERFORMANCE AND RESIDENT AND STAFF SATISFACTION; - TO PROVIDE APPROPRIATE INCENTIVES FOR EXECUTIVES TO WORK TOWARD THE ACHIEVEMENT OF THE ORGANIZATION'S ANNUAL FINANCIAL PERFORMANCE AND BUSINESS GOALS BASED ON THE ORGANIZATION'S ANNUAL BUDGET. THE COMPENSATION COMMITTEE REVIEWS EXECUTIVE COMPENSATION POLICIES ANNUALLY TAKING INTO CONSIDERATION THE ORGANIZATION'S FINANCIAL PERFORMANCE, ANNUAL BUDGET, POSITION IN THE INDUSTRY, 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 THE ORGANIZATION. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2025.

PART I, LINE 7

SENIOR MANAGEMENT EARNS A BONUS BASED UPON COMPANY GOALS AND PERSONAL GOALS. THE BONUS POTENTIAL IS 10%- 30% OF WAGES AND THE 10% - 30% IS EARNED IN 20% INCREMENTS. THE 20% INCREMENTAL GOALS ARE NET OPERATING MARGIN, 5-STAR CMS RATING, INDEPENDENT LIVING AVERAGE DAILY OCCUPANCY, EMPLOYEE ENGAGEMENT AND A PERSONAL TARGET.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• PHI MANAGEMENT SERVICES LLC

  MANAGEMENT SERVICES · NC · income $7,293,700 · assets $816,497

  Directly controlled by PRESBYTERIAN HOMES INC

• PHI REHAB SERVICES LLC

  REHABILITATION SERVICES · NC · assets $802,725

  Directly controlled by PRESBYTERIAN HOMES INC