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Nonprofiteer
← VALDESE NURSING HOME INC COLLEGE PINES NURSING CENTER

Form 990 for tax year 2022

Filed by VALDESE NURSING HOME INC COLLEGE PINES NURSING CENTER.

What the amendment changed

Compared with the return it replaced , filed 26 April 2023. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Total revenue
$341,640 changed to $683,280
Total expenses
$62,575 changed to $132,225
Program service revenue
$341,640 changed to $683,280
Total assets, end of year
$936,860 changed to $821,488
Total liabilities, end of year
$2,609,008 changed to $1,942,581
Net assets or fund balances, end of year
-$1,672,148 changed to -$1,121,093
Program services expenses
$61,486 changed to $124,248
Management and general expenses
$1,089 changed to $7,977
Program service expenses (Part III)
$61,486 changed to $124,248

Listed only on the earlier return

  • Felicia Simmons

Listed only on the later return

  • Andrew Brant MD
  • David Bennett
  • Gandhari Loomis MD
  • Tea Yang

Totals

Total revenue
$683,280
Total expenses
$132,225
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$683,280
Investment income
$0
Other revenue
$0
Total assets, end of year
$821,488
Total liabilities, end of year
$1,942,581
Net assets or fund balances, end of year
-$1,121,093
Program services expenses (Part IX)
$124,248
Management and general expenses
$7,977
Fundraising expenses
$0
Program service expenses (Part III)
$124,248

Program services were 94.0% 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.

  • 2a · Program service revenue: OTHER

    total $683,280 · related or exempt $683,280

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $1,963 · management and general $1,963

  • 11g · Fees: other

    total $6,109 · program services $4,887 · management and general $1,222

  • 22 · Depreciation, depletion and amortization

    total $114,273 · program services $114,273

  • 23 · Insurance

    total $4,792 · management and general $4,792

  • 24a · Other expenses: INTERCOMPANY EXPENSE

    total $5,088 · program services $5,088

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,418 · end of year $306

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

    $4,001,494

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

    $3,180,330

  • 10c · Land, buildings and equipment, net

    beginning of year $935,435 · end of year $821,164

  • 15 · Other assets

    beginning of year $7 · end of year $18

  • 17 · Accounts payable and accrued expenses

    beginning of year $20 · end of year $31

  • 25 · Other liabilities

    beginning of year $2,608,988 · end of year $1,942,550

  • 27 · Net assets without donor restrictions

    beginning of year -$1,672,148 · end of year -$1,121,093

Mission and programs · 2022

Mission

VALDESE NURSING HOME, INC. IS DEDICATED TO PROVIDING EXCELLENT CARE AND HELPING EACH RESIDENT ACHIEVE AN OPTIMAL QUALITY OF LIFE.

Activities or mission (Part I)

TO PROVIDE HEALTHCARE TO THE ELDERLY AND AGING.

  • VALDESE NURSING HOME, INC. PROVIDES INTERMEDIATE AND ASSISTED LIVING, AND PROVIDES COMPLETE REHABILITATION SERVICES WITH A FOCUS ON FOSTERING INDEPENDENCE WITHIN THE FACILITY. VALDESE NURSING HOME PROVIDES A COMPLETE RANGE OF THERAPY SERVICES UTILIZING BOTH CONTRACTED AND LICENSED THERAPISTS; THESE SERVICES INCLUDE: OCCUPATIONAL, PHYSICAL, RESPIRATORY AND SPEECH THERAPY. VALDESE NURSING HOME OPERATES A 104 BED FACILITY TO MEET THE LONG-TERM AND SHORT-TERM CARE NEEDS OF ITS RESIDENTS.ON 7/1/19 SANSTONE HEALTH & REHABILITATION TOOK OVER OPERATIONS OF THE FACILITY. VALDESE NURSING CENTER LEASES THE BUILDING AND EQUIPMENT TO SANSTONE.

    Expenses $124,248 · Revenue $683,280

As filed on the 2022 return.

Listed in Part VII

  • J Michael Bridges

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.2 + 1.8 related

  • M H McCrary

    VICE-CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.2 + 1.8 related

  • Sherrod Salsbury

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.2 + 1.8 related

  • Jeff Carswell

    TREASURER

    Total calculated
    $0
    Hours/week
    0.2 + 1.8 related

  • John Branstrom

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.2 + 1.8 related

  • Alan Griffin

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.2 + 1.8 related

  • Susan Haire

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.2 + 1.8 related

  • Alan Vannoppen

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.2 + 1.8 related

  • David Bennett

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.2 + 1.8 related

  • Tea Yang

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.2 + 1.8 related

  • Gandhari Loomis MD

    BOARD MEMBER

    Total calculated
    $337,860
    From this org
    $0
    From related orgs
    $317,688
    Other
    $20,172
    Hours/week
    0.2 + 50.8 related

    Schedule J breakdown matched by us

    Base
    $0 + $226,399 related
    Bonus
    $0 + $91,098 related
    Other
    $0 + $191 related
    Deferred
    $0 + $9,031 related
    Nontaxable benefits
    $0 + $11,141 related
    Filer's total
    $0 + $337,860 related

  • Andrew Brant MD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.2 + 1.8 related

  • Patricia Moll

    CFO

    Total calculated
    $430,768
    From this org
    $0
    From related orgs
    $387,359
    Other
    $43,409
    Hours/week
    1 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $245,224 related
    Bonus
    $0 + $129,512 related
    Other
    $0 + $12,623 related
    Deferred
    $0 + $7,940 related
    Nontaxable benefits
    $0 + $35,469 related
    Filer's total
    $0 + $430,768 related

  • Kathy Bailey

    PRESIDENT & CEO

    Total calculated
    $979,442
    From this org
    $0
    From related orgs
    $965,485
    Other
    $13,957
    Hours/week
    1 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $600,355 related
    Bonus
    $0 + $362,492 related
    Other
    $0 + $2,638 related
    Deferred
    $0 + $3,664 related
    Nontaxable benefits
    $0 + $10,293 related
    Filer's total
    $0 + $979,442 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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
ALL BENEFITS PROVIDED TO OFFICERS FACILITATE BUSINESS RELATIONSHIPS. BRHC PAID THE CLUB DUES FOR KATHY BAILEY.
PART I, LINE 3
IN 2021, THE ORGANIZATION TERMINATED THE MANAGEMENT SERVICES CONTRACT WITH ATRIUM HEALTH (FORMERLY CAROLINAS HEALTHCARE SYSTEM) AND ENTERED INTO A MANAGEMENT SERVICES CONTRACT WITH UNC HEALTH. THE ORGANIZATION COMPENSATION COMMITTEE REVIEWS AND APPROVES THE COMPENSATION PACKAGE.
PART I, LINE 4B
DURING THE YEAR, THE FOLLOWING INDIVIDUALS PARTICIPATED IN A SECTION 457(F) PLAN: PATRICIA MOLL $ 11,792
PART I, LINE 6
BONUSES ARE PAID IF THE ORGANIZATION'S RESULTS MEET CERTAIN PERFORMANCE INDICATORS.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

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

  • GRACE HEALTH VENTURES INC

    C · RELATED · NC

    Directly controlled by BLUE RIDGE HEALTHCARE SYSTEM

Provenance

Return type
form_990
Tax year
2022
Filed
25 April 2024
IRS schema version
2022v5.0
Source object
202431239349300203

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