Civic Intelligence

Memorycare Inc

990 • Fiscal year 2023 • EIN 56-2178294

Jan 01, 2023 to Dec 31, 2023 • Filed on Oct 17, 2024

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

18th percentile

0.02x

Higher debt load relative to assets than 18% of similar nonprofits.

2023 filings • NTEE E • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

22nd percentile

0.10x

Higher debt load relative to revenue than 22% of similar nonprofits.

2023 filings • NTEE E • $10M-$25M nonprofits • Source year 2023

Net Margin

84th percentile

20%

Higher net margin than 84% of similar nonprofits.

2023 filings • NTEE E • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

31st percentile

$233,608

Higher top officer pay than 31% of similar nonprofits.

Top officer pay equals 7.4% of source-year revenue.

2023 filings • NTEE E • $10M-$25M nonprofits • Source year 2023

Asset Growth

72nd percentile

12%

Faster asset growth than 72% of similar nonprofits.

2023 filings • NTEE E • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

45th percentile

3.3%

Faster revenue growth than 45% of similar nonprofits.

2023 filings • NTEE E • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets18th percentile

Assets

Flat

$15,689,996

Flat from 2023

Net Assets

Flat

$15,379,025

Flat from 2023

Liabilities

Flat

$310,971

Flat from 2023

Revenue And Expenses
Liabilities / Revenue22nd percentileNet Margin84th percentile

Revenue

Flat

$3,173,181

Flat from 2023

Expenses

Flat

$2,540,724

Flat from 2023

Net Income

Flat

$632,457

Flat from 2023

Historical Trend

Balance Sheet Trend

Asset Growth72nd 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 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

2023

Assets$15,689,996
Liabilities$310,971
Net Assets$15,379,025
Open 2023 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 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

2023

Revenue$3,173,181
Expenses$2,540,724
Net Income$632,457
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Oct 17, 2024
Return Version
2023v5.1
Gross Receipts
$3,173,181
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.

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,116,748$2,962,973▼ $153,775
Investments Other Securities$1,230,394$1,589,321▲ $358,927
Cash and Non-Interest-Bearing Accounts$507,437$542,633▲ $35,196
Pledges and Grants Receivable$233,321$264,338▲ $31,017
Savings and Temporary Cash Investments$172,375$237,591▲ $65,216
Accounts Receivable$59,836$121,560▲ $61,724
Prepaid Expenses and Deferred Charges$55,393$77,501▲ $22,108
Investments in Publicly Traded Securities$108,690$6,212▼ $102,478
Total Assets$13,991,458$15,689,996▲ $1,698,538
Other Assets Total$8,507,264$9,887,867▲ $1,380,603
Liabilities
Deferred Revenue$243,188$304,078▲ $60,890
Accounts Payable and Accrued Expenses$5,368$6,893▲ $1,525
Total Liabilities$248,556$310,971▲ $62,415
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$13,550,485$15,071,178▲ $1,520,693
Net Assets With Donor Restrictions$192,417$307,847▲ $115,430
Total Net Assets Fund Balance$13,742,902$15,379,025▲ $1,636,123
Total Liabilities and Net Assets / Fund Balance$13,991,458$15,689,996▲ $1,698,538

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,878,659$683,422$3,562,081
Equipment$84,314$287,108$371,422
Land$0--
Other Assets Org$9,887,867--
Other Securities$1,589,321--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$8,507,264$423,241▲ $1,285,968$260,000$9,887,867
2022$8,860,666$960,937▼ $1,250,441-$8,507,264
2021$7,280,168$692,768▲ $946,877-$8,860,666
2020$5,007,617$1,470,396▲ $846,219-$7,280,168
2019$4,238,922$299,895▲ $766,411$273,487$5,007,617
Compensation and Service Providers
Top Officer Pay31st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Virginia Templeton MDCo-Executive DirectorFT$214,714$18,894$233,608
Virginia Templeton MD--$200,637$32,971$233,608
Carlton D Johnson MDEmployeeFT$165,944$27,664$193,608
Carlton D Johnson MD--$161,444$32,164$193,608
Amy Cohen--$144,260$23,141$167,401
Della SimonEmployeeFT$149,474$16,236$165,710
Della Simon--$145,475$20,235$165,710
Amy CohenEmployeeFT$146,260$19,141$165,401
Margaret Noel Morris MD - Ex OfficiFounderFT$130,077$15,509$145,586
Elizabeth Stavish MDCo-Executive DirectorFT$86,574$14,771$101,345

Board Members and Trustees

NameTitle
Andrew Atherton EsqPresident
Sherri MetzgerVice-President
Becky AndersonBoard Member
David WhildenBoard Member
Faith DoyleBoard Member
Georgia Crump LPNBoard Member
Janet Moore MPS APRBoard Member
Nancy LaufferBoard Member
Ryan HarmanBoard Member
Laura MehergSecretary
Noel Swartz CPATreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,699,356
Program Service Revenue
$1,094,170
Investment Income
$358,436
Other Revenue
$21,219
All Other Contributions
$1,623,811
Change in Net Assets
$632,457

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,104,575
Revenue Not Reported on Financial Statements
$68,606
Revenue Not Reported on Form 990
$1,107,175
Total Revenue per Audited Statements
$4,211,750
Total Revenue per Form 990
$3,173,181
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,016,473
Other Expenses$524,251
Total Fundraising Expense$158,798
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,280,807$57,622$69,617$1,408,046
Current Officers, Directors, Trustees, and Key Employees$230,423$52,137$52,393$334,953
Depreciation Depletion$149,023$16,558$0$165,581
Payroll Taxes$109,310$7,943$8,825$126,078
Other Employee Benefits$90,668$6,597$7,379$104,644
Fees for Service Investment Mgmnt Fees$0$68,606$0$68,606
Fees for Services Other$64,012$719$0$64,731
Pension Plan Contributions$37,067$2,693$2,992$42,752
Office Expenses$35,727$1,958$2,002$39,687
Information Technology$31,535$852$852$33,239
Insurance$29,454$0$0$29,454
Occupancy$25,302$1,569$1,721$28,592
All Other Expenses$13,025$11,815$282$25,122
Fees for Services Accounting$0$14,550$0$14,550
Travel$2,088$0$0$2,088
Other Expenses$1,892$0$0$1,892
Total Functional Expenses$2,135,685$246,241$158,798$2,540,724

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,575,627
Total Expenses per Form 990$2,540,724
Expenses per Audited Statements$2,472,118
Expenses Not Reported on Form 990$103,509
Expenses Not Reported on Financial Statements$68,606
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
Chrissie Gulden
Title
Executive Director
Phone
8287712219
Signed
2024-10-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Elizabeth Stavish MD
Formed
2000
Legal Domicile
Nc
Voting Board Members
11
Independent Board Members
11
Employees
27
Volunteers
15

Preparer

Firm
Corliss & Solomon Pllc
Address
242 CHARLOTTE ST SUITE 1, ASHEVILLE, NC 28801
Preparer
Todd Oldenburg
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 MemoryCares 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 990 are available on the IRS website and the website of many charity watch organizations, such as Guidestar. Form 990s and the organizations 1023 is available upon request.”

Pt VI, Line 19

“Governing documents, conflict of interest policy and audited financial statements are made available upon request.”

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 organizations tax-exempt purpose may be subject to taxation as unrelated business income. The organization had no income from unrelated business activities in 2023 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 MemoryCares operations.”

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IRS990/Desc0MemoryCare was established as a community-based, charitable non-profit organization to address the need for integrated care for people with dementia that includes families throughout the process of their care. Now in our 24th year, we are nationally recognized as pioneers in dementia care, and remain the only program in Western Carolina that integrates family support and education with expert medical care of adults with dementia.
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IRS990/ProgSrvcAccomActy2Grp/Desc0MemoryCare is an out-patient, consultative program with the goal that families impacted by dementia have the best possible quality of life. Dementia is a chronic, progressive illness that currently has no cure. All with the disease eventually require the help of others who themselves need support and education to manage as well as possible. Utilizing a multidisciplinary approach, our care teams provide diagnostic work-up, disease management planning, training and medical assistance to handle challenging behaviors and safety concerns, and caregiver education, 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.
IRS990/ProgSrvcAccomActy3Grp/Desc0In 2023, our staff provided comprehensive services to 1,138 patients and 3,462 caregivers through our core clinical program. Families were seen in our Asheville office, our rural satellite clinic in Waynesville, and through our home visit program in Buncombe and Haywood Counties. 42% of clients were low income by federal poverty standards. We are devoted to providing community education about dementia, caregiving, and aging-related health issues and teach professional health care students and providers on these topics as well. In 2023, we facilitated 149 presentations and reached 1,582 individuals through our educational programs. Our MemoryCaregivers Network continued to offer four monthly peer caregiver support groups to all caregivers of a loved one with dementia in the community. Our electronic newsletter with information about caregiving, resources, and local events was sent to 4,467 individuals, and we maintain a Resource Library for the public with information about dementia, dementia care, healthy aging, and more.
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Filings

Displayed year

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

Open filing
Assets
$15,689,996
Liabilities
$310,971
Net assets
$15,379,025
Revenue
$3,173,181
Expenses
$2,540,724
Net income
$632,457
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
2023Detailed filing. Detailed filing data is available for this year.$15.7$0.31$15.4$3.17$2.54$0.63
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
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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