Civic Intelligence

Samaritan Housing Foundation Inc.

990 • Fiscal year 2023 • EIN 31-1644805

Jan 01, 2023 to Dec 31, 2023 • Filed on Jan 23, 2025

Organization Profilewww.searstone.com

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17001 Searstone DriveCary, NC 27513

(866) 261-1814

Siviq Scores

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

Liabilities / Assets

97th percentile

1.30x

Higher debt load relative to assets than 97% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Liabilities / Revenue

98th percentile

22.35x

Higher debt load relative to revenue than 98% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Net Margin

10th percentile

-22%

Higher net margin than 10% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Top Officer Pay

12th percentile

$309,625

Higher top officer pay than 12% of similar nonprofits.

Top officer pay equals 1.7% of source-year revenue.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Asset Growth

29th percentile

0.4%

Faster asset growth than 29% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Revenue Growth

87th percentile

27%

Faster revenue growth than 87% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets97th percentile

Assets

Up

$317,862,620

Up $1,273,586 (+0.4%) from 2022

Net Assets

Down

-$94,787,338

Down $8,281,894 (-9.6%) from 2022

Liabilities

Up

$412,649,958

Up $9,555,480 (+2.4%) from 2022

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin10th percentile

Revenue

Up

$18,465,739

Up $3,973,102 (+27%) from 2022

Expenses

Up

$22,582,981

Up $2,257,670 (+11%) from 2022

Net Income

Up

-$4,117,242

Up $1,715,432 (+29%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth29th percentile

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

$600M$400M$200M$0-$200MAssets 2013: $177,088,122Liabilities 2013: $204,621,017Net Assets 2013: -$27,532,8952013Assets 2020: $137,509,038Liabilities 2020: $213,400,327Net Assets 2020: -$75,891,2892020Assets 2021: $309,375,809Liabilities 2021: $389,208,617Net Assets 2021: -$79,832,8082021Assets 2022: $316,589,034Liabilities 2022: $403,094,478Net Assets 2022: -$86,505,4442022Assets 2023: $317,862,620Liabilities 2023: $412,649,958Net Assets 2023: -$94,787,3382023Assets 2024: $325,212,213Liabilities 2024: $425,575,075Net Assets 2024: -$100,362,8622024

Highlighted filing

2023

Assets$317,862,620
Liabilities$412,649,958
Net Assets-$94,787,338
Open 2023 Filing

Operations Trend

Revenue Growth87th percentile

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

$40M$30M$20M$10M$0-$10MRevenue 2013: $404,984Expenses 2013: $2,551,470Net Income 2013: -$2,146,4862013Revenue 2020: $13,730,529Expenses 2020: $18,171,029Net Income 2020: -$4,440,5002020Revenue 2021: $14,744,618Expenses 2021: $18,969,886Net Income 2021: -$4,225,2682021Revenue 2022: $14,492,637Expenses 2022: $20,325,311Net Income 2022: -$5,832,6742022Revenue 2023: $18,465,739Expenses 2023: $22,582,981Net Income 2023: -$4,117,2422023Revenue 2024: $27,836,580Expenses 2024: $32,815,986Net Income 2024: -$4,979,4062024

Highlighted filing

2023

Revenue$18,465,739
Expenses$22,582,981
Net Income-$4,117,242
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jan 23, 2025
Return Version
2023v6.0
Gross Receipts
$19,691,531
Mission and Program Overview

Mission

Life care for residents of sixty-two plus (62+) years of age, while emphasizing an active lifestyle, individual independence, personal dignity, designed to meet their special needs for housing, healthcare, and financial security.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$171,746,896$238,688,778▲ $66,941,882
Investments in Publicly Traded Securities$135,408,062$71,279,232▼ $64,128,830
Cash and Non-Interest-Bearing Accounts$3,067,145$809,979▼ $2,257,166
Accounts Receivable$378,917$541,330▲ $162,413
Prepaid Expenses and Deferred Charges$281,472$236,526▼ $44,946
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities$0--
Investments Program Related$0--
Loans From Officers Directors-$0-
Total Assets$316,589,034$317,862,620▲ $1,273,586
Other Assets Total$5,706,542$6,306,775▲ $600,233
Liabilities
Tax Exempt Bond Liabilities$260,217,496$265,148,738▲ $4,931,242
Other Liabilities$120,431,193$120,171,646▼ $259,547
Accounts Payable and Accrued Expenses$10,217,116$15,063,896▲ $4,846,780
Deferred Revenue$12,228,673$12,265,678▲ $37,005
Total Liabilities$403,094,478$412,649,958▲ $9,555,480
Net Assets / Fund Balance
Net Assets With Donor Restrictions$407,041$480,922▲ $73,881
Net Assets Without Donor Restrictions$-86,912,485$-95,268,260▼ $8,355,775
Total Net Assets Fund Balance$-86,505,444$-94,787,338▼ $8,281,894
Total Liabilities and Net Assets / Fund Balance$316,589,034$317,862,620▲ $1,273,586

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$175,361,093$25,176,591$200,537,684
Leasehold Improvements$38,685,553$5,554,084$44,239,637
Land$21,257,868-$21,257,868
Equipment$2,324,117$333,674$2,657,791
Other Land Buildings$1,060,147$152,205$1,212,352
Compensation and Service Providers
Top Officer Pay12th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
-PresidentPT$285,224$24,401$309,625
-Executive DirectorFT$192,197$3,592$195,789
-CFOFT$167,392$13,963$181,355
-Director of MarketingFT$154,435$9,185$163,620
-AdministratorFT$114,591$7,191$121,782
-Director of NursingFT$101,863-$101,863
-Special Advisor-$10,200-$10,200
-Director-$9,050-$9,050

Highest Paid Contractors

ContractorServicesLocationCompensation
Clancy & Theys Construction CompanyConstruction Contractor516 W Cabarrus St, Raleigh, NC 27603$57,469,125
Bridget Bohacz & AssociatesInterior Design1743 Dorsey Road, Hanover, MD 21076$1,693,713
Sodexo Inc & AffilatesFood ServicePO Box 360170, Pittsburgh, PA 15251$1,380,063
K&L Gates LLPLegal ServicesPO Box 830304, Philadelphia, PA 19182$930,647
Grreenbrier Development LLCProject Management3232 McKinney Avenue, Dallas, TX 75204$861,541
Revenue and Support

Revenue Composition

Contributions and Grants
$78,881
Program Service Revenue
$16,114,075
Investment Income
$2,272,783
Other Revenue
$0
All Other Contributions
$78,881
Change in Net Assets
$-4,117,242

Audited Revenue Reconciliation

Revenue per Audited Statements
$18,465,739
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-4,164,652
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$14,301,087
Total Revenue per Form 990
$18,465,739
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$15,873,083
Salaries, Compensation, and Employee Benefits$5,906,535
Grants and Similar Amounts Paid$803,363
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$5,661,334--$5,661,334
Other Salaries and Wages$4,272,469--$4,272,469
Depreciation Depletion$3,593,757--$3,593,757
Fees for Services Other$1,033,560$258,390$0$1,291,950
Fees for Services Legal-$1,075,935-$1,075,935
Office Expenses$709,194$177,299-$886,493
Occupancy$652,588$163,147-$815,735
Grants to Domestic Orgs$803,363--$803,363
Current Officers, Directors, Trustees, and Key Employees$0$644,813$0$644,813
Other Employee Benefits$456,026$114,007-$570,033
Fees for Services Management-$466,267-$466,267
Advertising-$417,688-$417,688
Payroll Taxes$328,103$82,026-$410,129
Insurance$292,239--$292,239
Other Expenses$203,974$50,993-$254,967
Information Technology$167,569$41,892-$209,461
Fees for Services Accounting-$119,097-$119,097
Travel$61,924$15,481-$77,405
Conferences and Meetings$14,974$3,744-$18,718
Pension Plan Contributions$7,273$1,818-$9,091
Total Functional Expenses$18,950,384$3,632,597$0$22,582,981

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$22,582,981
Total Expenses per Audited Statements$22,582,981
Total Expenses per Form 990$22,582,981
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Lutheran Services CarolinasSalisbury, NC501(c)(3)Assistance to other not for profits that meet our charitable purpose$803,363
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$0-
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Advance Fees$91,660,161
Subordinate Obligations$15,554,075
Resident Deposits$12,957,410

Bond Issues

BondIssuerIssuedIssue PricePurpose
APublic Finance Authority2021-11-10$172,635,237Revenue bonds (searstone ccrc project) series 2021 a-b and refunding
CPublic Finance Authority2023-03-03$77,797,207Revenue Bonds (SearStone CCRC Project) Series 2017
BPublic Finance Authority2022-03-03$8,499,510Revenue bonds (searstone ccrc project) series 2022a

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$172,635,237$15,620,294$25,000$5,037,944
C$77,797,207$77,797,207--
B$8,499,510$8,499,510-$135,187

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
Yes
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
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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
Yes
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, Part VI, Line 3 Delegation of management duties

“Samaritan housing foundation delegated its usual management duties to searstone-rla the tax year. The total amount of the transaction is $396,000”

Form 990, Part VI, Line 11B Review of form 990 by governing body

“The 990-preparation file is completed by the cfo. The cfo reviews it and provides it to the board, ssrla, management and the corporate attorney for comment. The final 990 is distributed to the board and filed with the irs.”

Form 990, Part VI, Line 12C Conflict of interest policy

“Yearly, the policy is issued to the board at a regular board meeting. The members are asked to review and then complete the yearly statement. The statements are kept by the administrative assistant.”

Form 990, Part VI, Line 15A Process to establish compensation of top management official

“The President and Chief Executive Officer's Compensation is fixed pursuant to an Employment Agreement approved by the Compensation Committee of the organization's Board of Directors, which is comprised of independent members of the organization's Board of Directors.”

Form 990, Part VI, Line 15B Process to establish compensation of other employees

“The hr manager obtains pay information for all positions including top personnel. She reviews our salaries and makes recommendations to searstone-rla and senior management for adjustments to the pay band. Searstone-rla and management reviews the recommendations and make appropriate changes. The changes are made in the next fiscal year budget.”

Form 990, Part VI, Line 19 Required documents available to the public

“The organization provides copies of its financial statements and governing documents upon request at its offices.”

Filing and Contact Details

Filer

Filer Name
Samaritan Housing Foundation Inc
EIN
31-1644805
Phone
8662611814
Address
17001 Searstone Drive, Cary, NC 27513

Signing Officer

Name
Stanley Brading
Title
President
Phone
8662611814
Signed
2025-01-23
Discuss with paid preparer
Yes

Organization Details

Legal Domicile
Nc
Voting Board Members
8
Independent Board Members
8
Employees
290
Volunteers
0

Preparer

Firm
Forvis Mazars LLP
Address
500 Ridgefield Court, Asheville, NC 28806
Preparer
Amy Bibby
Phone
8282542254
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

“Loss on early extinguishment of bonds - -4691292;”

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

“The corporation is exempt from federal income taxes under section 501(c)(3) of the internal revenue code; accordingly, the accompanying financial statements do not reflect a provision or liability for federal and state income taxes. The corporation has determined that it does not have any material unrecognized tax benefits or obligations as of 2023 or 2022.”

Schedule D, Part XI, Line 2(D) Other revenues in audited financial statements not in form 990

“Loss on early extinguishment of bonds - -4691292”

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IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt0Charles Henderson
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt1Charles Norman
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt2Darryl Mills
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt3James Pierce
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt4Linda Coleman
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt5Mack Leath
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt6Marc Hewitt
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt7Tom Beebe
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt8Kenneth L Bullock
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt9Stanley G Brading
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt10W Derrick Moore
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$317,862,620
Liabilities
$412,649,958
Net assets
-$94,787,338
Revenue
$18,465,739
Expenses
$22,582,981
Net income
-$4,117,242
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$325$426$100$27.8$32.8$4.98
2023Detailed filing. Detailed filing data is available for this year.$318$413$94.8$18.5$22.6$4.12
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$317$403$86.5$14.5$20.3$5.83
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$309$389$79.8$14.7$19.0$4.23
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$138$213$75.9$13.7$18.2$4.44
2013Detailed filing. Detailed filing data is available for this year.$177$205$27.5$0.40$2.55$2.15