Civic Intelligence

Springshire Retirement Community Inc.

990 • Fiscal year 2018 • EIN 20-0715202

Jan 01, 2018 to Dec 31, 2018 • Filed on May 13, 2019

2304 Wesvill Court Rm/Ste 100Raleigh, NC 27607

(919) 783-0044

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

99th percentile

1.94x

Higher debt load relative to assets than 99% of similar nonprofits.

2018 filings • NTEE L • $10M-$25M nonprofits • Source year 2018

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2018

Net Margin

Score unavailable

No value available

Net margin requires both revenue and expenses on this filing.

Source year 2018

Top Officer Pay

25th percentile

$0

Higher top officer pay than 25% of similar nonprofits.

2018 filings • NTEE L • $10M-$25M nonprofits • Source year 2018

Asset Growth

3rd percentile

-14%

Faster asset growth than 3% of similar nonprofits.

2018 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2017 to 2018

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2017 to 2018

Assets

Down

$10,688,170

Down $1,782,393 (-14%) from 2017

Net Assets

Down

-$10,087,596

Down $3,928,240 (-64%) from 2017

Liabilities

Up

$20,775,766

Up $2,145,847 (+12%) from 2017

Revenue

Flat

$0

Flat from 2017

Expenses

Up

$1,190,808

Up $1,185,571 (+22638%) from 2017

Net Income

Down

-$1,190,808

Down $1,185,571 (-22638%) from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$40M$20M$0-$20MAssets 2011: $2,721,730Liabilities 2011: $7,723,321Net Assets 2011: -$5,001,5912011Assets 2012: $2,481,367Liabilities 2012: $8,800,818Net Assets 2012: -$6,319,4512012Assets 2013: $2,326,087Liabilities 2013: $10,158,052Net Assets 2013: -$7,831,9652013Assets 2014: $2,273,738Liabilities 2014: $11,850,805Net Assets 2014: -$9,577,0672014Assets 2015: $8,901,092Liabilities 2015: $15,051,631Net Assets 2015: -$6,150,5392015Assets 2016: $10,675,327Liabilities 2016: $16,829,446Net Assets 2016: -$6,154,1192016Assets 2017: $12,470,563Liabilities 2017: $18,629,919Net Assets 2017: -$6,159,3562017Assets 2018: $10,688,170Liabilities 2018: $20,775,766Net Assets 2018: -$10,087,5962018Assets 2019: $11,923,519Liabilities 2019: $22,937,044Net Assets 2019: -$11,013,5252019Assets 2020: $4,110,576Liabilities 2020: $23,705,655Net Assets 2020: -$19,595,0792020Assets 2021: $7,608,318Liabilities 2021: $18,325,000Net Assets 2021: -$10,716,6822021Assets 2022: $13,119,434Liabilities 2022: $23,825,000Net Assets 2022: -$10,705,5662022Assets 2023: $13,209,902Liabilities 2023: $23,825,000Net Assets 2023: -$10,615,0982023Assets 2024: $13,228,935Liabilities 2024: $23,825,000Net Assets 2024: -$10,596,0652024

Highlighted filing

2018

Assets$10,688,170
Liabilities$20,775,766
Net Assets-$10,087,596

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MRevenue 2011: $0Expenses 2011: $1,150,710Net Income 2011: -$1,150,7102011Revenue 2012: $0Expenses 2012: $1,317,860Net Income 2012: -$1,317,8602012Revenue 2013: $0Expenses 2013: $1,512,514Net Income 2013: -$1,512,5142013Revenue 2014: $0Expenses 2014: $1,745,102Net Income 2014: -$1,745,1022014Revenue 2015: $12,860Expenses 2015: $2,311Net Income 2015: $10,5492015Revenue 2016: $0Expenses 2016: $3,580Net Income 2016: -$3,5802016Revenue 2017: $0Expenses 2017: $5,237Net Income 2017: -$5,2372017Revenue 2018: $0Expenses 2018: $1,190,808Net Income 2018: -$1,190,8082018Revenue 2019: $0Expenses 2019: $925,929Net Income 2019: -$925,9292019Revenue 2020: $15,617Expenses 2020: $2,262,518Net Income 2020: -$2,246,9012020Revenue 2021: $8,880,419Expenses 2021: $2,022Net Income 2021: $8,878,3972021Revenue 2022: $13,138Expenses 2022: $2,022Net Income 2022: $11,1162022Revenue 2023: $109,243Expenses 2023: $2,022Net Income 2023: $107,2212023Revenue 2024: $12,711Expenses 2024: $2,022Net Income 2024: $10,6892024

Highlighted filing

2018

Revenue$0
Expenses$1,190,808
Net Income-$1,190,808
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
May 13, 2019
Return Version
2018v3.1
Gross Receipts
$0
Mission and Program Overview

Mission

The exempt purpose is to be a full service continuing care retirement community designed to meet the special needs of the elderly for housing, health care services and financial security.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,050,615$1,861,368▼ $189,247
Savings and Temporary Cash Investments$958,179$1,265,529▲ $307,350
Accounts Receivable$4,931$1,771▼ $3,160
Total Assets$12,470,563$10,688,170▼ $1,782,393
Other Assets Total$9,456,838$7,559,502▼ $1,897,336
Liabilities
Tax Exempt Bond Liabilities$10,135,745$11,584,599▲ $1,448,854
Accounts Payable and Accrued Expenses$4,353,000$4,676,629▲ $323,629
Other Liabilities$4,141,174$4,514,538▲ $373,364
Total Liabilities$18,629,919$20,775,766▲ $2,145,847
Net Assets / Fund Balance
Unrestricted Net Assets$-6,159,356$-10,087,596▼ $3,928,240
Total Net Assets Fund Balance$-6,159,356$-10,087,596▼ $3,928,240
Total Liabilities and Net Assets / Fund Balance$12,470,563$10,688,170▼ $1,782,393

Asset Categories

AssetBook ValueDepreciationBasis
Land$1,812,757-$1,812,757
Equipment$48,611$59,968$108,579
Other Assets Org$2,904,652--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Ernest R Carraway JrPresident
Rev Beth ThompsonSecretary/tr
Robert DeytonVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-1,190,808
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,190,808
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Advertising$675,527--$675,527
Interest$509,688--$509,688
Depreciation Depletion-$5,593-$5,593
Total Functional Expenses$1,185,215$5,593$0$1,190,808

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,190,808
Total Expenses per Audited Statements$1,190,808
Total Expenses per Form 990$1,190,808
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Note Payable$3,299,000
Resident Escrow Deposits$1,215,538

Bond Issues

BondIssuerIssuedIssue PricePurpose
APublic Finance Authority2015-12-30$14,825,000Purpose is to fund the pre-construction costs and expenses related to the

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$8,356,260$1,992,771-$167,125

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

The board is fully responsible for all aspects of the community, but has engaged retirement living associates, inc. To oversee the day to day operations of the development of the facility.

Form 990, Page 6, Part VI, Line 11B

Board reviews prior to filing.

Form 990, Page 6, Part VI, Line 12C

The board is responsible for ensuring there are no conflicts of interest with board members. Board members complete annual conflict of interest statements.

Form 990, Page 6, Part VI, Line 15A

The board reviews the management fee and compares it to industry standards.

Form 990, Page 6, Part VI, Line 19

Documents available upon request only

Filing and Contact Details

Filer

Filer Name
Springshire Retirement Community I
EIN
20-0715202
Address
2304 WESVILL COURT RM/STE 100, RALEIGH, NC 27607

Signing Officer

Name
Ernest R Carraway Jr
Title
President
Signed
2019-05-13

Organization Details

Principal Officer
Ernest R Carraway Jr
Formed
2004
Legal Domicile
Nc
Voting Board Members
3
Independent Board Members
3
Employees
0

Preparer

Firm
James a Lucas and Company Llp
Address
4909 WESTERN BLVD STE 200, RALEIGH, NC 27606-1749
Preparer
Joellen H Wilkes
Phone
9198514696
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

The exempt purpose is to be a full service continuing care retirement community designed to meet the special needs of the elderly for housing, health care services and financial security.

Form 990, Page 12, Part XII, Line 1

The organization adopted fasb asc 606 revenue from contracts with customers during the fiscal year ended december 31, 2018. The result of the cumulative effect decreased net assets by 1,576,193. In addition, capitalized cost and capitalized interest that were no longer in accordance with fasb 835-20-30 were restated resulting in a decrease in net assets of 1,161,239

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ProcsNonqualifiedBondRemdtdInd0false
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd0true
IRS990ScheduleK/TaxExemptBondsProceedsGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt04099084
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalizedInterestAmt0712999
IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd0false
IRS990ScheduleK/TaxExemptBondsProceedsGrp/IssuanceCostsFromProceedsAmt0167125
IRS990ScheduleK/TaxExemptBondsProceedsGrp/OtherSpentProceedsAmt01992771
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd0false
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd0false
IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr02015
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt08356260
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE EXEMPT PURPOSE IS TO BE A FULL SERVICE CONTINUING CARE RETIREMENT COMMUNITY DESIGNED TO MEET THE SPECIAL NEEDS OF THE ELDERLY FOR HOUSING, HEALTH CARE SERVICES AND FINANCIAL SECURITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD IS FULLY RESPONSIBLE FOR ALL ASPECTS OF THE COMMUNITY, BUT HAS ENGAGED RETIREMENT LIVING ASSOCIATES, INC. TO OVERSEE THE DAY TO DAY OPERATIONS OF THE DEVELOPMENT OF THE FACILITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BOARD REVIEWS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD IS RESPONSIBLE FOR ENSURING THERE ARE NO CONFLICTS OF INTEREST WITH BOARD MEMBERS. BOARD MEMBERS COMPLETE ANNUAL CONFLICT OF INTEREST STATEMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE BOARD REVIEWS THE MANAGEMENT FEE AND COMPARES IT TO INDUSTRY STANDARDS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5DOCUMENTS AVAILABLE UPON REQUEST ONLY
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE ORGANIZATION ADOPTED FASB ASC 606 REVENUE FROM CONTRACTS WITH CUSTOMERS DURING THE FISCAL YEAR ENDED DECEMBER 31, 2018. THE RESULT OF THE CUMULATIVE EFFECT DECREASED NET ASSETS BY 1,576,193. IN ADDITION, CAPITALIZED COST AND CAPITALIZED INTEREST THAT WERE NO LONGER IN ACCORDANCE WITH FASB 835-20-30 WERE RESTATED RESULTING IN A DECREASE IN NET ASSETS OF 1,161,239
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 12, PART XII, LINE 1
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0NA
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0SPRINGSHIRE RETIREMENT LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0200715337
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0NC
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0LIFE CARE
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt02304 WESVILL COURT SUITE 310
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm0RALEIGH
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd0NC
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd027607
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondLiabilitiesGrp/BOYAmt010135745
IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt011584599
IRS990/TaxExemptBondsInd0true
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt012470563
IRS990/TotalAssetsEOYAmt010688170
IRS990/TotalAssetsGrp/BOYAmt012470563
IRS990/TotalAssetsGrp/EOYAmt010688170
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt05593
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01185215
IRS990/TotalFunctionalExpensesGrp/TotalAmt01190808
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt018629919
IRS990/TotalLiabilitiesEOYAmt020775766
IRS990/TotalLiabilitiesGrp/BOYAmt018629919
IRS990/TotalLiabilitiesGrp/EOYAmt020775766
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-6159356
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-10087596
IRS990/TotalProgramServiceExpensesAmt01185215
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt012470563
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt010688170
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0-6159356
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-10087596
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt08396 SIX FORKS ROAD
IRS990/USAddress/CityNm0RALEIGH
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd027615
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0WWW.SPRINGSHIRE.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/PersonNm0ERNEST R CARRAWAY JR
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-05-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SPRINGSHIRE RETIREMENT COMMUNITY I
ReturnHeader/Filer/BusinessNameControlTxt0SPRI
ReturnHeader/Filer/EIN0200715202
ReturnHeader/Filer/USAddress/AddressLine1Txt02304 WESVILL COURT RM/STE 100
ReturnHeader/Filer/USAddress/CityNm0RALEIGH
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd027607
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId06432915AECFB292B455062822C9F530D42E0554E
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId06432915AECFB292B455062822C9F530D42E0554E
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt098.26.10.130
ReturnHeader/FilingSecurityInformation/IPDt02019-05-14
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm015:52:42
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0561137607
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0JAMES A LUCAS AND COMPANY LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt04909 WESTERN BLVD STE 200
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0RALEIGH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0276061749
ReturnHeader/PreparerPersonGrp/PhoneNum09198514696
ReturnHeader/PreparerPersonGrp/PreparationDt02019-05-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOELLEN H WILKES
ReturnHeader/ReturnTs02019-05-14T15:52:42-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-01-01
ReturnHeader/TaxPeriodEndDt02018-12-31
ReturnHeader/TaxYr02018

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.2$23.8$10.6$0.01$0.00$0.01
2023Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.2$23.8$10.6$0.11$0.00$0.11
2022Detailed filing. Detailed filing data is available for this year.$13.1$23.8$10.7$0.01$0.00$0.01
2021Detailed filing. Detailed filing data is available for this year.$7.61$18.3$10.7$8.88$0.00$8.88
2020Detailed filing. Detailed filing data is available for this year.$4.11$23.7$19.6$0.02$2.26$2.25
2019Detailed filing. Detailed filing data is available for this year.$11.9$22.9$11.0$0.00$0.93$0.93
2018Detailed filing. Detailed filing data is available for this year.$10.7$20.8$10.1$0.00$1.19$1.19
2017Detailed filing. Detailed filing data is available for this year.$12.5$18.6$6.16$0.00$0.01$0.01
2016Detailed filing. Detailed filing data is available for this year.$10.7$16.8$6.15$0.00$0.00$0.00
2015Detailed filing. Detailed filing data is available for this year.$8.90$15.1$6.15$0.01$0.00$0.01
2014Summary only. Only limited summary data is available for this year.$2.27$11.9$9.58$0.00$1.75$1.75
2013Summary only. Only limited summary data is available for this year.$2.33$10.2$7.83$0.00$1.51$1.51
2012Summary only. Only limited summary data is available for this year.$2.48$8.80$6.32$0.00$1.32$1.32
2011Summary only. Only limited summary data is available for this year.$2.72$7.72$5.00$0.00$1.15$1.15