Civic Intelligence

Laurel Crest Retirement Community

990 • Fiscal year 2019 • EIN 82-2636406

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 12, 2020

Organization ProfileN/A
2817 Ashland RoadColumbia, SC 29210-5009

(803) 772-5885

Siviq Scores

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

Liabilities / Assets

88th percentile

0.88x

Higher debt load relative to assets than 88% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Liabilities / Revenue

92nd percentile

4.04x

Higher debt load relative to revenue than 92% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Net Margin

23rd percentile

-4.2%

Higher net margin than 23% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Top Officer Pay

68th percentile

$333,046

Higher top officer pay than 68% of similar nonprofits.

Top officer pay equals 4.8% of source-year revenue.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Asset Growth

28th percentile

-0.7%

Faster asset growth than 28% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2018 to 2019

Revenue Growth

7th percentile

-39%

Faster revenue growth than 7% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets88th percentile

Assets

Down

$32,141,501

Down $220,662 (-0.7%) from 2018

Net Assets

Down

$4,009,755

Down $295,588 (-6.9%) from 2018

Liabilities

Up

$28,131,746

Up $74,926 (+0.3%) from 2018

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin23rd percentile

Revenue

Down

$6,955,288

Down $4,401,981 (-39%) from 2018

Expenses

Up

$7,250,876

Up $205,298 (+2.9%) from 2018

Net Income

Down

-$295,588

Down $4,607,279 (-107%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth28th percentile

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

$40M$30M$20M$10M$0-$10MAssets 2017: $18,912,037Liabilities 2017: $18,918,385Net Assets 2017: -$6,3482017Assets 2018: $32,362,163Liabilities 2018: $28,056,820Net Assets 2018: $4,305,3432018Assets 2019: $32,141,501Liabilities 2019: $28,131,746Net Assets 2019: $4,009,7552019Assets 2020: $30,032,378Liabilities 2020: $26,293,796Net Assets 2020: $3,738,5822020Assets 2021: $30,245,637Liabilities 2021: $26,960,858Net Assets 2021: $3,284,7792021Assets 2022: $0Liabilities 2022: $0Net Assets 2022: $02022

Highlighted filing

2019

Assets$32,141,501
Liabilities$28,131,746
Net Assets$4,009,755
Open 2019 Filing

Operations Trend

Revenue Growth7th percentile

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

$15M$10M$5.0M$0-$5.0MRevenue 2017: $0Expenses 2017: $6,348Net Income 2017: -$6,3482017Revenue 2018: $11,357,269Expenses 2018: $7,045,578Net Income 2018: $4,311,6912018Revenue 2019: $6,955,288Expenses 2019: $7,250,876Net Income 2019: -$295,5882019Revenue 2020: $7,310,400Expenses 2020: $7,581,573Net Income 2020: -$271,1732020Revenue 2021: $7,008,293Expenses 2021: $7,462,096Net Income 2021: -$453,8032021Revenue 2022: $7,351,578Expenses 2022: $7,950,263Net Income 2022: -$598,6852022

Highlighted filing

2019

Revenue$6,955,288
Expenses$7,250,876
Net Income-$295,588
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 12, 2020
Return Version
2019v5.1
Gross Receipts
$6,955,288
Mission and Program Overview

Mission

Laurel crest retirement community is a not-for-profit life plan community that offers a variety of lifestyle choices to meet the diverse and changing needs of today's seniors. 2017 was the year of formation of the organization; operations will commence in 2018.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$24,609,623$24,237,572▼ $372,051
Cash and Non-Interest-Bearing Accounts$2,280,474$3,302,294▲ $1,021,820
Accounts Receivable$129,074$61,259▼ $67,815
Prepaid Expenses and Deferred Charges-$14,685-
Total Assets$32,362,163$32,141,501▼ $220,662
Other Assets Total$5,342,992$4,525,691▼ $817,301
Liabilities
Mortgage Notes Payable Secured by Investment Property$12,270,000$12,030,000▼ $240,000
Tax Exempt Bond Liabilities$7,450,732$7,331,396▼ $119,336
Deferred Revenue$5,907,758$6,030,439▲ $122,681
Accounts Payable and Accrued Expenses$1,262,101$1,441,865▲ $179,764
Other Liabilities$1,166,229$1,298,046▲ $131,817
Total Liabilities$28,056,820$28,131,746▲ $74,926
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,305,343$4,009,755▼ $295,588
Total Net Assets Fund Balance$4,305,343$4,009,755▼ $295,588
Total Liabilities and Net Assets / Fund Balance$32,362,163$32,141,501▼ $220,662

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$23,303,100$1,689,971$24,993,071
Leasehold Improvements$901,204$65,357$966,561
Other Land Buildings$33,268$2,413$35,681
Other Assets Org$1,728,702--
Compensation and Service Providers
Top Officer Pay68th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
W Chad MelvenCFO/treasurer (beg July 1st)--$135,131$135,131
Ashley C Taylor CPACFO/treasurer (through July 1st)--$128,116$128,116
James F DeelExecutive DirectorFT$116,978$3,810$120,788

Board Members and Trustees

NameTitle
Dr Stacey V BrennanBoard Chair
Rev Dr Eric SkidmoreBoard Chair
Katherine R LigonCEO/president
Mr Julian J NexsenBoard Vice Chair
Dr Patricia HoltzclawBoard Member
Dr Richard MccainBoard Member
John LongBoard Member
Mr Joel D LedbetterBoard Member
Mr Mark ClaryBoard Member
Mr Wally GravesBoard Member
Mr William F HalliganBoard Member
Mr William HancockBoard Member
Mrs Robin L GormanBoard Member
Rev Dr Gordon Wg RaynalBoard Member
Rev Dr R Dan HollowayBoard Member
Anthony G FountainCOO

Highest Paid Contractors

ContractorServicesLocationCompensation
Mclaurin's Painting LLCPainting & Construction Contracting244 MERCHANTS DRIVE, Columbia, SC 29212$152,550
Revenue and Support

Revenue Composition

Contributions and Grants
$62,927
Program Service Revenue
$6,822,891
Investment Income
$26,753
Other Revenue
$42,717
All Other Contributions
$62,927
Change in Net Assets
$-295,588
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,575,461
Salaries, Compensation, and Employee Benefits$2,675,415
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,887,569$425,318-$2,312,887
Fees for Services Other$1,167,151--$1,167,151
Depreciation Depletion$1,043,253--$1,043,253
Interest$1,014,044--$1,014,044
Occupancy$337,337--$337,337
Payroll Taxes$136,528$30,676-$167,204
Other Employee Benefits$128,387$12,988-$141,375
Insurance$105,982--$105,982
Pension Plan Contributions$43,262$10,687-$53,949
Other Expenses$21,370--$21,370
Total Functional Expenses$6,771,207$479,669$0$7,250,876
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
Refundable Resident Entrance Fees$896,572
Accrued Interest$293,869
Resident Deposits and Refunds$70,338
Asset Retirement Obligation$37,267

Bond Issues

BondIssuerIssuedIssue PricePurpose
ASouth Carolina Jobs-economic Development Authority2017-12-28$8,870,000Refund and capital project - series 2017a, b, and c

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$8,936,983$1,803,038$145,000$157,516

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
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“The organization's sole member is the presbyterian home of south carolina.”

Form 990, Part VI, Section A, Line 7A

“An election of all directors by the presbyterian home of south carolina shall be held at each annual meeting.”

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

“It is management's intent to provide the full board with a copy of the form 990 for review prior to filing. A copy of the return is provided to the entire board.”

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

“Written conflict of interest is placed on the agenda at each board meeting and trustees are required to declare conflict of any issue that arises. Should a conflict of interest exist, the board member is required to recuse him/herself from voting.”

Form 990, Part VI, Section B, Line 15A

“A conflict-free board relying on comparable salary information from similar organizations in the same geographic location votes on compensation adjustments for the ceo.”

Form 990, Part VI, Section C, Line 18

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request from the administrative office.”

Filing and Contact Details

Filer

Filer Name
Laurel Crest Retirement Community
EIN
82-2636406
Phone
8037725885
Address
2817 ASHLAND ROAD, COLUMBIA, SC 29210-5009

Signing Officer

Name
W Chad Melven
Title
CFO
Phone
8037725885
Signed
2020-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Katherine R Ligon
Formed
2017
Legal Domicile
Sc
Voting Board Members
14
Independent Board Members
14
Employees
148
Volunteers
10

Preparer

Firm
Dixon Hughes Goodman Llp
Address
500 RIDGEFIELD COURT, ASHEVILLE, NC 28806
Preparer
Amy Bibby
Phone
8282542254
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Dining services: program service expenses 698,410. Management and general expenses 0. Fundraising expenses 0. Total expenses 698,410. Building and maintenance services: program service expenses 249,489. Management and general expenses 0. Fundraising expenses 0. Total expenses 249,489. Contract therapy services: program service expenses 219,252. Management and general expenses 0. Fundraising expenses 0. Total expenses 219,252.”

FORM 990, PART XII, LINE 2C:

“The process has not changed from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“Presbyterian communities of south carolina, pcsc foundation, laurel crest retirement community, and laurel crest foundation are tax-exempt under internal revenue code section 501(c)(3) and, accordingly, no provision for income tax is recorded in the accompanying consolidated financial statements. Presbyterian properties, llc's taxable income or loss is allocated to the members in accordance with the operating agreement and is reflected in their income taxes; accordingly, the accompanying consolidated financial statements do not reflect a provision or liability for federal and state income taxes. The organization has determined that it does not have any material unrecognized tax benefits or obligations as of december 31, 2019.”

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IRS990/ActivityOrMissionDesc0LAUREL CREST RETIREMENT COMMUNITY IS A NOT-FOR-PROFIT LIFE PLAN COMMUNITY THAT OFFERS A VARIETY OF LIFESTYLE CHOICES TO MEET THE DIVERSE AND CHANGING NEEDS OF TODAY'S SENIORS. 2017 WAS THE YEAR OF FORMATION OF THE ORGANIZATION; OPERATIONS WILL COMMENCE IN 2018.
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IRS990/GrantToRelatedPersonInd00
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IRS990/GroupReturnForAffiliatesInd00
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IRS990/LobbyingActivitiesInd00
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IRS990/MembersOrStockholdersInd01
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IRS990/MinutesOfCommitteesInd01
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IRS990/MissionDesc0LAUREL CREST RETIREMENT COMMUNITY IS A NOT-FOR-PROFIT LIFE PLAN COMMUNITY THAT OFFERS A VARIETY OF LIFESTYLE CHOICES TO MEET THE DIVERSE AND CHANGING NEEDS OF TODAY'S SENIORS. 2017 WAS THE YEAR OF FORMATION OF THE ORGANIZATION; OPERATIONS WILL COMMENCE IN 2018.
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IRS990/OnBehalfOfIssuerInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
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IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt012988
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0128387
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0141375
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IRS990/OtherExpensesGrp/Desc2PROFESSIONAL FEES
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IRS990/OtherExpensesGrp/ProgramServicesAmt140508
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IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt030676
IRS990/PayrollTaxesGrp/ProgramServicesAmt0136528
IRS990/PayrollTaxesGrp/TotalAmt0167204
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt010687
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IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt014685
IRS990/PrincipalOfficerNm0KATHERINE R LIGON
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt226288
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt31269230
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt41728702
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0ASSETS LIMITED AS TO USE
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc2SUPPLIES
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2896572
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt337267
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ACCRUED INTEREST

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Filings

Displayed year

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

Open filing
Assets
$32,141,501
Liabilities
$28,131,746
Net assets
$4,009,755
Revenue
$6,955,288
Expenses
$7,250,876
Net income
-$295,588
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$7.35$7.95$0.60
2021Detailed filing. Detailed filing data is available for this year.$30.2$27.0$3.28$7.01$7.46$0.45
2020Detailed filing. Detailed filing data is available for this year.$30.0$26.3$3.74$7.31$7.58$0.27
2019Detailed filing. Detailed filing data is available for this year.$32.1$28.1$4.01$6.96$7.25$0.30
2018Detailed filing. Detailed filing data is available for this year.$32.4$28.1$4.31$11.4$7.05$4.31
2017Detailed filing. Detailed filing data is available for this year.$18.9$18.9$0.01$0.00$0.01$0.01