Civic Intelligence

Bishop Gadsden Episcopal Retirement Community

EIN 57-0337132 • 501(c)3 • Charleston, SC

Profile

Founded by the fourth episcopal bishop of south carolina in 1850 , bishop gadsden episcopal retirement community upholds the tradition of a faith-based, not-for-profit organization dedicated to the well-being of those persons, who because of age, personal conditions, health and their express desire, chose to reside in a retirement community. Bishop gadsden is a mission-driven, not profit driven, organization. It has a long-term obligation to its residents. It is committed to removing financial barriers to residency. Its roots in the greater charleston community span over 160 years, and, through the years, it has responded to specific needs of the greater community. It has long been open to all men and women without regard to race, creed, religions, sexual preference or national origin.

1 Bishop Gadsden WayCharleston, SC 29412

www.bishopgadsden.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

84th percentile

0.82x

Higher debt load relative to assets than 84% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

91st percentile

3.97x

Higher debt load relative to revenue than 91% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Net Margin

25th percentile

-2.5%

Higher net margin than 25% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

23rd percentile

$415,107

Higher top officer pay than 23% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

501(c)3 • $250M-$1B nonprofits • Source year 2022

Asset Growth

66th percentile

8.9%

Faster asset growth than 66% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

62nd percentile

11%

Faster revenue growth than 62% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Assets

Up

$337,102,076

Up $27,616,486 (+8.9%) from 2023

Liabilities

Up

$277,967,681

Up $25,707,560 (+10%) from 2023

Net Assets

Up

$59,134,395

Up $1,908,926 (+3.3%) from 2023

Revenue

Up

$70,071,826

Up $6,854,856 (+11%) from 2023

Expenses

Up

$71,844,613

Up $4,672,238 (+7.0%) from 2023

Net Income

Up

-$1,772,787

Up $2,182,618 (+55%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$400M$300M$200M$100M$0Assets 2010: $128,455,524Liabilities 2010: $110,971,327Net Assets 2010: $17,484,1972010Assets 2011: $128,018,302Liabilities 2011: $109,766,714Net Assets 2011: $18,251,5882011Assets 2012: $128,267,639Liabilities 2012: $105,727,327Net Assets 2012: $22,540,3122012Assets 2013: $134,360,370Liabilities 2013: $105,005,247Net Assets 2013: $29,355,1232013Assets 2014: $152,135,498Liabilities 2014: $119,756,554Net Assets 2014: $32,378,9442014Assets 2015: $175,171,600Liabilities 2015: $142,891,084Net Assets 2015: $32,280,5162015Assets 2016: $172,287,131Liabilities 2016: $137,942,518Net Assets 2016: $34,344,6132016Assets 2017: $175,231,710Liabilities 2017: $133,871,982Net Assets 2017: $41,359,7282017Assets 2018: $173,478,933Liabilities 2018: $132,780,319Net Assets 2018: $40,698,6142018Assets 2019: $240,251,184Liabilities 2019: $186,514,941Net Assets 2019: $53,736,2432019Assets 2020: $253,426,353Liabilities 2020: $198,704,947Net Assets 2020: $54,721,4062020Assets 2021: $293,506,409Liabilities 2021: $226,350,163Net Assets 2021: $67,156,2462021Assets 2022: $292,676,122Liabilities 2022: $237,362,196Net Assets 2022: $55,313,9262022Assets 2023: $309,485,590Liabilities 2023: $252,260,121Net Assets 2023: $57,225,4692023Assets 2024: $337,102,076Liabilities 2024: $277,967,681Net Assets 2024: $59,134,3952024

Highlighted filing

2024

Assets$337,102,076
Liabilities$277,967,681
Net Assets$59,134,395

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$80M$60M$40M$20M$0-$20MExpenses 2010: $24,397,3562010Expenses 2011: $24,571,1192011Revenue 2012: $26,631,477Expenses 2012: $25,473,926Net Income 2012: $1,157,5512012Revenue 2013: $32,396,952Expenses 2013: $25,909,173Net Income 2013: $6,487,7792013Revenue 2014: $31,067,337Expenses 2014: $27,310,916Net Income 2014: $3,756,4212014Revenue 2015: $30,463,553Expenses 2015: $27,911,958Net Income 2015: $2,551,5952015Revenue 2016: $33,657,327Expenses 2016: $32,947,765Net Income 2016: $709,5622016Revenue 2017: $37,149,611Expenses 2017: $35,026,510Net Income 2017: $2,123,1012017Revenue 2018: $39,768,263Expenses 2018: $36,110,128Net Income 2018: $3,658,1352018Revenue 2019: $44,144,815Expenses 2019: $38,535,071Net Income 2019: $5,609,7442019Revenue 2020: $45,090,062Expenses 2020: $40,756,595Net Income 2020: $4,333,4672020Revenue 2021: $50,827,097Expenses 2021: $43,478,904Net Income 2021: $7,348,1932021Revenue 2022: $48,387,457Expenses 2022: $55,493,685Net Income 2022: -$7,106,2282022Revenue 2023: $63,216,970Expenses 2023: $67,172,375Net Income 2023: -$3,955,4052023Revenue 2024: $70,071,826Expenses 2024: $71,844,613Net Income 2024: -$1,772,7872024

Highlighted filing

2024

Revenue$70,071,826
Expenses$71,844,613
Net Income-$1,772,787

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$337$278$59.1$70.1$71.8$1.77
2023Summary only. Only limited summary data is available for this year.$309$252$57.2$63.2$67.2$3.96
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$293$237$55.3$48.4$55.5$7.11
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$294$226$67.2$50.8$43.5$7.35
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$253$199$54.7$45.1$40.8$4.33
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$240$187$53.7$44.1$38.5$5.61
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$173$133$40.7$39.8$36.1$3.66
2017Summary only. Only limited summary data is available for this year.$175$134$41.4$37.1$35.0$2.12
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$172$138$34.3$33.7$32.9$0.71
2015Summary only. Only limited summary data is available for this year.$175$143$32.3$30.5$27.9$2.55
2014Detailed filing. Detailed filing data is available for this year.$152$120$32.4$31.1$27.3$3.76
2013Detailed filing. Detailed filing data is available for this year.$134$105$29.4$32.4$25.9$6.49
2012Summary only. Only limited summary data is available for this year.$128$106$22.5$26.6$25.5$1.16
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$128$110$18.3$24.6
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$128$111$17.5$24.4
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2022 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 1, 2023
Return Version
2022v5.0
Gross Receipts
$52,956,984
Mission and Program Overview

Mission

Bishop gadsden, a life care retirement community, embraces god's call to ministry. We affirm positive living for all who live and work here. We serve with integrity. We exercise wise stewardship. We reach out with a generous spirit.

Operation of a faith-based retirement facility providing housing and health care services

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$199,940,385$212,278,361▲ $12,337,976
Investments in Publicly Traded Securities$81,000,792$58,625,122▼ $22,375,670
Cash and Non-Interest-Bearing Accounts$4,612,236$11,640,642▲ $7,028,406
Accounts Receivable$2,225,675$2,129,601▼ $96,074
Prepaid Expenses and Deferred Charges$319,780$573,679▲ $253,899
Savings and Temporary Cash Investments$4,803,239$357,046▼ $4,446,193
Inventories for Sale or Use$180,546$288,536▲ $107,990
Pledges and Grants Receivable$423,756$67,760▼ $355,996
Total Assets$293,506,409$292,676,122▼ $830,287
Other Assets Total$0$6,715,375▲ $6,715,375
Liabilities
Tax Exempt Bond Liabilities$119,680,263$132,991,752▲ $13,311,489
Deferred Revenue$53,147,856$56,389,404▲ $3,241,548
Other Liabilities$44,157,919$42,181,485▼ $1,976,434
Accounts Payable and Accrued Expenses$9,364,125$5,799,555▼ $3,564,570
Total Liabilities$226,350,163$237,362,196▲ $11,012,033
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$44,299,343$41,670,258▼ $2,629,085
Net Assets With Donor Restrictions$22,856,903$13,643,668▼ $9,213,235
Total Net Assets Fund Balance$67,156,246$55,313,926▼ $11,842,320
Total Liabilities and Net Assets / Fund Balance$293,506,409$292,676,122▼ $830,287

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$179,563,389$74,498,289$254,061,678
Equipment$21,239,205$12,950,027$34,189,232
Land$7,092,053-$7,092,053
Other Land Buildings$4,383,714$682,120$5,065,834

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$7,316,274$66,408▼ $758,790-$6,615,642
2021$6,806,517$102,905▲ $414,352-$7,316,274
2020$6,252,315$38,914▲ $522,788-$6,806,517
2019$5,733,820$71,295▲ $574,700-$6,252,315
2018$5,854,200$47,233▼ $159,613-$5,733,820
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Sarah E H TiptonCEO/presidentFT$283,701$131,406$415,107
Lynne L KerrisonEvp/CFOFT$274,888$123,246$398,134
Aaron D RoopSr. VPFT$193,898$80,913$274,811
Daniel F LarrabeeVP of Environmental ServicesFT$131,058$71,732$202,790
Jonna CookVP of Health ServicesFT$149,826$48,313$198,139
Kimberly BortsVP of Mission and CommunicationsFT$126,663$62,891$189,554
James a EpperVP of Culinary ServicesFT$136,229$41,965$178,194
Laura WilsonVP of MarketingFT$124,514$47,333$171,847
Katherine JayneVP of Community Life ServicesFT$119,828$45,022$164,850
S Lewis Rice-boydDirector of NursingFT$133,385$15,964$149,349
Ryan BentleyAd of Culinary ServicesFT$115,364$24,227$139,591

Board Members and Trustees

NameTitle
Robert VingiChair
Barbara ChristieBoard Member
David AdamsBoard Member
Heyward Carter JrBoard Member
Joanne M HillBoard Member
Katherine RobinsonBoard Member
Melinda Lucka KelleyBoard Member
Nadine LomaxBoard Member
Patrick J KellyBoard Member
Rev Gregory SmithBoard Member
Robert BaldwinBoard Member
Rt Rev Ruth Woodliff-stanleyBoard Member
Brian HussainSecretary/treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
S K Burt Construction LLCConstruction Services201 BAYBERRY RUN, Summerville, SC 29485$2,304,313
Turf Techs LLCLandscaping Services127 HAMPTON HALL LN, Moncks Corner, SC 29461$1,022,704
Rlps ArchitectsArchitects250 VALLEYBROOK DR, Lancaster, PA 17601$911,034
Thrivewell TechConsulting Services5285 WESTVIEW DR STE 200, Frederick, MD 21703$332,321
Bcg ConsultantsProject Consulting76 HAGOOD AVE, Charleston, SC 29403$248,438
Revenue and Support

Revenue Composition

Contributions and Grants
$3,376,388
Program Service Revenue
$43,315,096
Investment Income
$1,491,860
Other Revenue
$204,113
All Other Contributions
$3,372,388
Change in Net Assets
$-7,106,228

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 Traded6$335,702Nyse
Total Noncash Contributions6$335,702-

Audited Revenue Reconciliation

Revenue per Audited Statements
$48,477,863
Revenue Not Reported on Financial Statements
$-90,406
Revenue Not Reported on Form 990
$-5,337,502
Other Revenue Adjustments
$-90,406
Total Revenue per Audited Statements
$43,140,361
Total Revenue per Form 990
$48,387,457
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$30,921,166
Salaries, Compensation, and Employee Benefits$23,918,082
Grants and Similar Amounts Paid$654,437
Total Fundraising Expense$181,316
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$15,425,807$2,117,448$110,055$17,653,310
Depreciation Depletion$8,728,803$319,457-$9,048,260
Occupancy$4,303,673$1,725-$4,305,398
Interest$2,733,764--$2,733,764
Office Expenses$1,943,387$526,633$15,446$2,485,466
Payroll Taxes$1,853,885$254,477$13,227$2,121,589
Other Employee Benefits$1,760,300$241,631$12,559$2,014,490
Insurance-$1,764,318-$1,764,318
Current Officers, Directors, Trustees, and Key Employees$1,456,810$199,971$10,394$1,667,175
Fees for Services Other$1,036,222$504,791-$1,541,013
All Other Expenses$301,561$328,057$3,707$633,325
Information Technology$2,718$522,081$176$524,975
Grants to Domestic Orgs$474,515--$474,515
Pension Plan Contributions$403,285$55,356$2,877$461,518
Advertising-$280,227-$280,227
Other Expenses$242,886$247,274$500$242,886
Grants to Domestic Individuals$179,922--$179,922
Travel$78,991$55,845$2,185$137,021
Fees for Service Investment Mgmnt Fees-$126,895-$126,895
Fees for Services Accounting-$55,500-$55,500
Fees for Services Legal-$5,512-$5,512
Fees for Services Lobbying-$778-$778
Total Functional Expenses$44,228,639$11,083,730$181,316$55,493,685

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$55,493,685
Total Expenses per Audited Statements$54,982,681
Expenses per Audited Statements$54,892,275
Expenses Not Reported on Financial Statements$601,410
Other Expense Adjustments$601,410
Expenses Not Reported on Form 990$90,406
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Barrier Island Free Medical ClinicJohns Island, SC501(c)(3)General Community Support$132,100
Lowcountry Food BankCharleston, SC501(c)(3)General Community Support$132,100
James Island OutreachCharleston, SC501(c)(3)General Community Support$80,100
Lowcountry Orphan ReliefN Charleston, DC501(c)(3)General Community Support$80,100
MY SISTER'S HOUSENorth Charleston, SC501(c)(3)General Community Support$0
One-eighty PlaceCharleston, SC501(c)(3)General Community Support$0
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
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Entrance Fees$41,367,149
Other Liabilities$510,391
Gift Annuities$303,945

Bond Issues

BondIssuerIssuedIssue PricePurpose
DSc Jobs - Economic Development Authority2019-12-20$105,981,487Construction costs associated with repositioning project
ASc Jobs - Economic Development Authority2014-05-07$56,563,209Refunding of series 2002 and construction of quay apartment buildings
CSc Jobs - Economic Development Authority2017-04-03$12,015,486Refunding of series 2007 bond issue
BSc Jobs - Economic Development Authority2016-07-28$11,162,500To refund the series 2002f1 bonds

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
D$106,081,806$1,257,718-$1,398,828
A$56,563,209$13,111,426$37,840,054$660,000
C$12,015,486$11,850,000$5,636,424$165,486
B$11,162,500$11,000,319$5,705,659$162,181

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
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
Yes
Audit committee
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

Governance Explanations

Form 990, Part VI, Section B, Line 11B

An internal review was performed by the organization's administrative team. A copy of form 990 was provided to the governing body for their review before filing the form 990 with the internal revenue service.

Form 990, Part VI, Section B, Line 12C

All members of the board of trustees are required to complete a conflict of interest statement annually. The policy covers families and business relationships as potential sources of conflict. After the statements are turned in, they are reviewed by the chairman of the board and the president/ceo. Should a conflict be noted, the chairman and president/ceo either ask the board member to resolve the conflict or recuse him or herself from voting on matters where the conflict exists.

Form 990, Part VI, Section B, Line 15

To ensure compensation is within fair market value for the senior living industry, the board of trustees reviews 990 data and association publications. The board also questions leading consultants in our industry and performs salary reviews. A formal compensation study was performed for top executives in 2022, with board approval for compensation that went into effect on january 1, 2023. All discussions regarding compensation are documented in board minutes.

Form 990, Part VI, Section C, Line 19

The conflict of interest policy and the financial statements are made available to the public upon request. The financial statements are also posted on the organization's website.

Filing and Contact Details

Filer

Filer Name
Bishop Gadsden Episcopal Retirement
EIN
57-0337132
Phone
8434066298
Address
1 BISHOP GADSDEN WAY, CHARLESTON, SC 29412

Signing Officer

Name
Sarah Tipton
Title
President/CEO
Phone
8434066298
Signed
2023-11-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Sarah Tipton
Formed
1943
Legal Domicile
Sc
Voting Board Members
13
Independent Board Members
13
Employees
807
Volunteers
20

Preparer

Firm
Baker Tilly US Llp
Address
1570 FRUITVILLE PIKE SUITE 400, LANCASTER, PA 17601
Preparer
Kerri N Bogda CPA
Phone
7177404863
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in value of split-interest agreements -9,506. Fair value adjustment of derivative financial instruments 7,431,612. Resident grant support to outside organizations 474,515.

Financial Statement Notes

PART V, LINE 4:

The endowment assets are invested in a manner that is intended to preserve and grow capital, strive for consistent absolute returns, preserve purchasing power by striving for long-term returns which either match or exceed the set payout, control fees and inflation without putting the principal value at excessive risk, and diversify investments consistent with commonly accepted industry standards to minimize the risk of large losses.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Change in value of split interest agreements -9,506. Investment fees -126,895. Fair value adjustment of derivative financial instruments 7,431,612.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Cost of goods sold -90,406.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Cost of goods sold 90,406.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Investment fees 126,895. Resident grant support to outside organizations 474,515.

Raw XML AppendixShowing 400 of 1,253 raw XML fields

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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IRS990/Desc0FOUNDED BY THE FOURTH EPISCOPAL BISHOP OF SOUTH CAROLINA IN 1850, BISHOP GADSDEN EPISCOPAL RETIREMENT COMMUNITY UPHOLDS THE TRADITION OF FAITH-BASED, NOT-FOR-PROFIT ORGANIZATIONS DEDICATED TO THE WELL-BEING OF THOSE PERSONS WHO, BECAUSE OF AGE, PERSONAL CONDITIONS, HEALTH AND THEIR EXPRESS DESIRE, CHOOSE TO RESIDE IN A RETIREMENT COMMUNITY. BISHOP GADSDEN IS A MISSION-DRIVEN, NON-PROFIT-DRIVEN, ORGANIZATION. IT HAS A LONG-TERM OBLIGATION TO ITS RESIDENTS AND IS COMMITTED TO REMOVING FINANCIAL BARRIERS TO RESIDENCY. ITS ROOTS IN THE GREATER CHARLESTON COMMUNITY SPAN OVER 172 YEARS AND, THROUGH THE YEARS, IT HAS RESPONDED TO SPECIFIC NEEDS OF THE GREATER COMMUNITY. IT HAS LONG BEEN OPEN TO ALL MEN AND WOMEN WITHOUT REGARD TO RACE, CREED, RELIGION, SEXUAL PREFERENCE, OR NATIONAL ORIGIN.RETIREMENT COMMUNITY: BISHOP GADSDEN SERVES APPROXIMATELY 500 SENIOR ADULTS, 62 YEARS OF AGE AND OLDER, RESIDING IN FOUR LEVELS OF CARE: INDEPENDENT COMMUNITY (268 UNITS), ASSISTED LIVING (79 UNITS), MEMORY SUPPORT (32 BEDS), AND SKILLED NURSING CARE (100 BEDS). BISHOP GADSDEN OPERATES TO MEET THE PRIMARY NEEDS OF SENIOR CITIZENS BY PROVIDING (1) RESIDENTIAL FACILITIES DESIGNED TO MEET PHYSICAL, EMOTIONAL, RECREATIONAL, SOCIAL, RELIGIOUS, AND SIMILAR NEEDS OF THE ELDERLY, (2) ACCESS TO HEALTH CARE SERVICES AS NEEDED, (3) ASSURANCE THAT THE ORGANIZATION IS RUN IN A FISCALLY RESPONSIBLE MANNER, AND (4) THE COMMITMENT OF FINANCIAL SECURITY TO ANY RESIDENT WHO RUNS OUT OF MONEY THROUGH NO FAULT OF HIS/HER OWN.
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