Civic Intelligence

Memorycare Inc

990 • Fiscal year 2019 • EIN 56-2178294

Jan 01, 2019 to Dec 31, 2019 • Filed on Jun 26, 2020

Organization Profilewww.memorycare.org

View Organization Page

100 Far Horizons LaneAsheville, NC 28803

(828) 771-2219

Siviq Scores

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

Liabilities / Assets

12th percentile

0.02x

Higher debt load relative to assets than 12% of similar nonprofits.

2019 filings • NTEE E • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

20th percentile

0.10x

Higher debt load relative to revenue than 20% of similar nonprofits.

2019 filings • NTEE E • $10M-$25M nonprofits • Source year 2019

Net Margin

88th percentile

27%

Higher net margin than 88% of similar nonprofits.

2019 filings • NTEE E • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

21st percentile

$188,255

Higher top officer pay than 21% of similar nonprofits.

Top officer pay equals 7.7% of source-year revenue.

2019 filings • NTEE E • $10M-$25M nonprofits • Source year 2019

Asset Growth

70th percentile

14%

Faster asset growth than 70% of similar nonprofits.

2019 filings • NTEE E • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

45th percentile

1.6%

Faster revenue growth than 45% of similar nonprofits.

2019 filings • NTEE E • $10M-$25M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets12th percentile

Assets

Up

$10,992,403

Up $1,352,656 (+14%) from 2018

Net Assets

Up

$10,735,845

Up $1,130,330 (+12%) from 2018

Liabilities

Up

$256,558

Up $222,326 (+649%) from 2018

Revenue And Expenses
Liabilities / Revenue20th percentileNet Margin88th percentile

Revenue

Up

$2,459,138

Up $38,465 (+1.6%) from 2018

Expenses

Up

$1,789,464

Up $200,648 (+13%) from 2018

Net Income

Down

$669,674

Down $162,183 (-19%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth70th percentile

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

$20M$15M$10M$5.0M$0Assets 2011: $4,222,761Liabilities 2011: $58,488Net Assets 2011: $4,164,2732011Assets 2012: $5,224,402Liabilities 2012: $10,226Net Assets 2012: $5,214,1762012Assets 2013: $5,541,518Liabilities 2013: $23,146Net Assets 2013: $5,518,3722013Assets 2014: $5,885,733Liabilities 2014: $16,103Net Assets 2014: $5,869,6302014Assets 2015: $5,859,614Liabilities 2015: $21,407Net Assets 2015: $5,838,2072015Assets 2016: $7,284,953Liabilities 2016: $25,240Net Assets 2016: $7,259,7132016Assets 2017: $9,123,209Liabilities 2017: $20,998Net Assets 2017: $9,102,2112017Assets 2018: $9,639,747Liabilities 2018: $34,232Net Assets 2018: $9,605,5152018Assets 2019: $10,992,403Liabilities 2019: $256,558Net Assets 2019: $10,735,8452019Assets 2020: $13,114,913Liabilities 2020: $232,094Net Assets 2020: $12,882,8192020Assets 2021: $14,980,122Liabilities 2021: $279,167Net Assets 2021: $14,700,9552021Assets 2022: $13,991,458Liabilities 2022: $248,556Net Assets 2022: $13,742,9022022Assets 2023: $15,689,996Liabilities 2023: $310,971Net Assets 2023: $15,379,0252023Assets 2024: $16,644,020Liabilities 2024: $256,949Net Assets 2024: $16,387,0712024

Highlighted filing

2019

Assets$10,992,403
Liabilities$256,558
Net Assets$10,735,845
Open 2019 Filing

Operations Trend

Revenue Growth45th percentile

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

$4.0M$3.0M$2.0M$1.0M$0Revenue 2011: $1,121,233Expenses 2011: $1,013,515Net Income 2011: $107,7182011Expenses 2012: $1,123,7972012Revenue 2013: $1,611,108Expenses 2013: $1,229,785Net Income 2013: $381,3232013Revenue 2014: $1,503,763Expenses 2014: $1,221,948Net Income 2014: $281,8152014Revenue 2015: $1,477,730Expenses 2015: $1,418,735Net Income 2015: $58,9952015Revenue 2016: $2,692,174Expenses 2016: $1,414,866Net Income 2016: $1,277,3082016Revenue 2017: $2,814,759Expenses 2017: $1,500,073Net Income 2017: $1,314,6862017Revenue 2018: $2,420,673Expenses 2018: $1,588,816Net Income 2018: $831,8572018Revenue 2019: $2,459,138Expenses 2019: $1,789,464Net Income 2019: $669,6742019Revenue 2020: $3,661,833Expenses 2020: $2,112,798Net Income 2020: $1,549,0352020Revenue 2021: $3,451,184Expenses 2021: $2,218,981Net Income 2021: $1,232,2032021Revenue 2022: $3,073,049Expenses 2022: $2,437,381Net Income 2022: $635,6682022Revenue 2023: $3,173,181Expenses 2023: $2,540,724Net Income 2023: $632,4572023Revenue 2024: $3,194,171Expenses 2024: $2,794,369Net Income 2024: $399,8022024

Highlighted filing

2019

Revenue$2,459,138
Expenses$1,789,464
Net Income$669,674
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Jun 26, 2020
Return Version
2019v5.1
Gross Receipts
$2,459,138
Mission and Program Overview

Mission

MemoryCare's mission is three-fold: to provide specialized medical care to older adults with cognitive loss; to support caregivers with education, counseling, and improved access to services; and to provide community education.

MemoryCare's mission is three-fold: to provide specialized medical care to older adults with cognitive loss; to support caregivers with education, counseling and...(See entire mission statement on page 2)

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,707,254$3,554,386▼ $152,868
Investments Other Securities$501,159$1,047,803▲ $546,644
Savings and Temporary Cash Investments$837,833$767,219▼ $70,614
Pledges and Grants Receivable$100,867$413,698▲ $312,831
Accounts Receivable$99,866$98,625▼ $1,241
Cash and Non-Interest-Bearing Accounts$108,420$58,644▼ $49,776
Prepaid Expenses and Deferred Charges$45,426$44,411▼ $1,015
Total Assets$9,639,747$10,992,403▲ $1,352,656
Other Assets Total$4,238,922$5,007,617▲ $768,695
Liabilities
Deferred Revenue-$225,536-
Accounts Payable and Accrued Expenses$34,232$31,022▼ $3,210
Total Liabilities$34,232$256,558▲ $222,326
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$9,397,385$10,008,842▲ $611,457
Net Assets With Donor Restrictions$208,130$727,003▲ $518,873
Total Net Assets Fund Balance$9,605,515$10,735,845▲ $1,130,330
Total Liabilities and Net Assets / Fund Balance$9,639,747$10,992,403▲ $1,352,656

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,351,411$183,577$3,534,988
Equipment$172,340$128,785$301,125
Other Land Buildings$30,635$3,958$34,593
Land$0--
Other Assets Org$5,007,617--
Other Securities$1,047,803--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$4,238,922$299,895▲ $766,411$273,487$5,007,617
2018$4,475,767-▼ $213,476-$4,238,922
2017$4,224,298$250▲ $624,375$350,000$4,475,767
2016$4,664,677-▲ $261,401$677,628$4,224,298
2015$4,780,052-▲ $22,609$112,149$4,664,677
Compensation and Service Providers
Top Officer Pay21st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
David C Johnson MDEmployeeFT$155,915$32,340$188,255
David C Johnson MD--$155,915$32,340$188,255
Amy Cohen MDEmployeeFT$168,169$11,977$180,146
Amy Cohen MD--$168,169$11,977$180,146
Virginia Templeton MDExecutive DirectorFT$162,253$14,929$177,182
Virginia Templeton MD--$162,253$14,929$177,182
Thomas S Kaluzynski MDEmployeeFT$104,023$4,231$108,254
Margaret Noel MD - Ex OfficioFounderFT$88,240$11,968$100,208

Board Members and Trustees

NameTitle
Gerald De LandPresident
Rebekah Lowe CLC ACCVice-President
Andrew Atherton EsqBoard Member
Becky AndersonBoard Member
Carol LawrenceBoard Member
Caroline Knox EsqBoard Member
Claire SmithBoard Member
David Key CPABoard Member
Janet Moore MPS APRBoard Member
Sharon Wilcox MouldsBoard Member
Tom OwensTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,470,983
Program Service Revenue
$868,780
Investment Income
$111,980
Other Revenue
$7,395
All Other Contributions
$1,459,487
Change in Net Assets
$669,674

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded7$36,635Fair Market Value
Other Non Cash Contri Table19$2,292Fair Market Value
Total Noncash Contributions26$38,927-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,459,138
Revenue Not Reported on Form 990
$796,200
Total Revenue per Audited Statements
$3,255,338
Total Revenue per Form 990
$2,459,138
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,414,904
Other Expenses$374,560
Total Fundraising Expense$79,188
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$988,415$27,721$36,415$1,052,551
Current Officers, Directors, Trustees, and Key Employees$134,979$21,857$20,346$177,182
Depreciation Depletion$147,896$16,433$0$164,329
Payroll Taxes$77,180$3,362$3,902$84,444
Other Employee Benefits$64,656$2,814$3,243$70,713
Insurance$37,557$416$481$38,454
All Other Expenses$11,812$21,135$157$33,104
Pension Plan Contributions$27,458$1,193$1,363$30,014
Office Expenses$27,279$1,187$1,292$29,758
Information Technology$25,495$1,111$1,289$27,895
Occupancy$10,795$470$546$11,811
Fees for Services Accounting$0$11,200$0$11,200
Fees for Services Other$668$6,469$0$7,137
Travel$2,610$0$0$2,610
Other Expenses$1,368$0$0$1,368
Total Functional Expenses$1,592,651$117,625$79,188$1,789,464

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,935,196
Expenses per Audited Statements$1,789,464
Total Expenses per Form 990$1,789,464
Expenses Not Reported on Form 990$145,732
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
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
No
Filing and Contact Details

Filer

Filer Name
MemoryCare Inc
EIN
56-2178294
Phone
8287712219
Address
100 Far Horizons Lane, Asheville, NC 28803

Signing Officer

Name
Virginia Templeton MD
Title
Executive Director
Phone
8287712219
Signed
2020-06-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Virginia Templeton MD
Formed
2000
Legal Domicile
Nc
Voting Board Members
12
Independent Board Members
11
Employees
22
Volunteers
16

Preparer

Firm
Corliss & Solomon Pllc
Address
242 CHARLOTTE ST SUITE 1, ASHEVILLE, NC 28801
Preparer
Stephen C Corliss
Phone
8282360206
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“The board received a copy of the 990 and had an opportunity to have questions addressed prior to the 990 filing.”

Pt VI, Line 12C

“Board members are made aware of the conflict of interest policy by instruction at MemoryCare's annual meeting and the requirement that members sign a conflict of interest form annually.”

Pt VI, Line 15A

“The process for determining compensation for the executive director involves review of a regional medical salary and benefits survey and salary surveys from the NC Center for Nonprofits and NC Medical Group Managers.”

Pt VI, Line 15B

“The process for determining compensation for highly compensated employees involves review of a regional medical salary and benefits survey and salary surveys from the NC Center for Nonprofits and NC Medical Group Managers.”

Pt VI, Line 18

“Forms 1023 and 990 are made available upon request.”

Pt VI, Line 19

“Governing documents, conflict of interest policy and audited financial statements are made available upon request. The Form 990 is available on the GuideStar website.”

Pt XI

“The Organization has adopted the new standard for revenue recognition for calendar 2019, with retrospective application to 2018. Accordingly, the summarized prior period comparative statements for 2018 have been adjusted, resulting in an $189,812 increase in deferred revenue and a corresponding decrease in net assets without donor restrictions on the 2018 statement of financial position.”

Financial Statement Notes

Pt X, Line 2

“MemoryCare is exempt from federal income taxes under 501(c)(3) of the Internal Revenue Code. Under the Code, however, income from certain activities not related to the organization's tax-exempt purpose may be subject to taxation as unrelated business income. The organization had no income from unrelated business activities in 2019 and was, therefore, not required to file Federal Form 990-T (Exempt Organization Business Income Tax Return). The organization believes that it has appropriate support for all tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements.”

Pt V, Line 4

“The "MemoryCare Flexible Endowment Fund" is a quasi-endowment designated by the Board of Directors to provide investment income for MemoryCare's operations.”

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IRS990/Desc0MemoryCare was established as a community-based, charitable non-profit organization to address the need for excellent dementia care for people with dementia that includes families throughout the process of their care. Now in our 20th year, we are nationally recognized pioneers in dementia care, supporting families since 2000. MemoryCare is an out-patient, consultative program with goal that all impacted by dementia can have the highest possible quality of life. We remain the only program in western North Carolina that integrates family support and education with the medical care of adults with dementia. Dementia is a chronic, progressive illness that currently has no cure or viable treatment. All with the disease will eventually require the help of others who need support and education to manage it well. Utilizing our multidisciplinary, holistic approach, our care teams provide diagnostic work-up, disease management planning,
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IRS990/Form990PartVIISectionAGrp/PersonNm0Gerald De Land
IRS990/Form990PartVIISectionAGrp/PersonNm1Rebekah Lowe CLC ACC
IRS990/Form990PartVIISectionAGrp/PersonNm2Tom Owens
IRS990/Form990PartVIISectionAGrp/PersonNm3Andrew Atherton Esq
IRS990/Form990PartVIISectionAGrp/PersonNm4Becky Anderson
IRS990/Form990PartVIISectionAGrp/PersonNm5David Key CPA
IRS990/Form990PartVIISectionAGrp/PersonNm6Caroline Knox Esq
IRS990/Form990PartVIISectionAGrp/PersonNm7Carol Lawrence
IRS990/Form990PartVIISectionAGrp/PersonNm8Janet Moore MPS APR
IRS990/Form990PartVIISectionAGrp/PersonNm9Claire Smith
IRS990/Form990PartVIISectionAGrp/PersonNm10Sharon Wilcox Moulds
IRS990/Form990PartVIISectionAGrp/PersonNm11Margaret Noel MD - Ex Officio
IRS990/Form990PartVIISectionAGrp/PersonNm12Virginia Templeton MD
IRS990/Form990PartVIISectionAGrp/PersonNm13Amy Cohen MD
IRS990/Form990PartVIISectionAGrp/PersonNm14Thomas S Kaluzynski MD
IRS990/Form990PartVIISectionAGrp/PersonNm15David C Johnson MD
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IRS990/Form990PartVIISectionAGrp/TitleTxt7Board Member
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IRS990/MissionDesc0MemoryCare's mission is three-fold: to provide specialized medical care to older adults with cognitive loss; to support caregivers with education, counseling, and improved access to services; and to provide community education.
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IRS990/ProgSrvcAccomActy2Grp/Desc0training and medical assistance to handle challenging behaviors, caregiver training, counseling and support. We help coordinate available community resources, assist low income older adults with applications for medication assistance, and counsel individuals/families about end of life decision making. All families are provided a detailed written care plan that is amended as the illness progresses and have full access to our resource library and staff for educational material. MemoryCare staff is devoted to providing community education on dementia, caregiving, and aging-related health issues. We teach professional health care providers on these topics as well . . In 2019, MemoryCare provided comprehensive services to 1020 patients and 3372 caregivers. One hundred percent of caregivers surveyed expressed satisfaction with MemoryCare's
IRS990/ProgSrvcAccomActy3Grp/Desc0Program and 100% said they would recommend MemoryCare to others. Families were seen in our Asheville office, rural satellite clinics in Burnsville and Waynesville, and through our home visit program in Buncombe County. Our community education and outreach efforts to students, community members, and healthcare professionals reached 2336 individuals and our family caregiver education program, "Caregiver College," reached 165 individuals in person and 57 through the online professional version. Our MemoryCaregivers Network continued to offer three peer caregiver support groups to all caregivers of a loved one with dementia in the community and our electronic newsletter was sent to over 2,700 individuals. We maintain a Resource Library for the public with information about dementia, dementia care, healthy aging, and more.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0Other Income Part III, Line 12 Description: Other Income 2015: 2382. 2016: 1909. 2017: 2028. 2018: 4604. 2019: 6395.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Pt III Ln 12
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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,992,403
Liabilities
$256,558
Net assets
$10,735,845
Revenue
$2,459,138
Expenses
$1,789,464
Net income
$669,674
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$16.6$0.26$16.4$3.19$2.79$0.40
2023Summary only. Only limited summary data is available for this year.$15.7$0.31$15.4$3.17$2.54$0.63
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.0$0.25$13.7$3.07$2.44$0.64
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$15.0$0.28$14.7$3.45$2.22$1.23
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.1$0.23$12.9$3.66$2.11$1.55
2019Detailed filing. Detailed filing data is available for this year.$11.0$0.26$10.7$2.46$1.79$0.67
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.64$0.03$9.61$2.42$1.59$0.83
2017Summary only. Only limited summary data is available for this year.$9.12$0.02$9.10$2.81$1.50$1.31
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.28$0.03$7.26$2.69$1.41$1.28
2015Summary only. Only limited summary data is available for this year.$5.86$0.02$5.84$1.48$1.42$0.06
2014Detailed filing. Detailed filing data is available for this year.$5.89$0.02$5.87$1.50$1.22$0.28
2013Detailed filing. Detailed filing data is available for this year.$5.54$0.02$5.52$1.61$1.23$0.38
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.22$0.01$5.21$1.12
2011Summary only. Only limited summary data is available for this year.$4.22$0.06$4.16$1.12$1.01$0.11