Civic Intelligence

Laurel Crest Retirement Community

990 • Fiscal year 2020 • EIN 82-2636406

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 15, 2021

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

(803) 772-5885

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Flat

$30,032,378

Flat from 2020

Net Assets

Flat

$3,738,582

Flat from 2020

Liabilities

Flat

$26,293,796

Flat from 2020

Revenue And Expenses

Revenue

Flat

$7,310,400

Flat from 2020

Expenses

Flat

$7,581,573

Flat from 2020

Net Income

Flat

-$271,173

Flat from 2020

Historical Trend

Balance Sheet Trend

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 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

2020

Assets$30,032,378
Liabilities$26,293,796
Net Assets$3,738,582
Open 2020 Filing

Operations Trend

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 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

2020

Revenue$7,310,400
Expenses$7,581,573
Net Income-$271,173
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 15, 2021
Return Version
2020v4.1
Gross Receipts
$7,310,400
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.

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. Their mission statement: we are a compassionate christian ministry dedicated to enriching the quality of life for seniors of all faiths.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$24,237,572$24,701,028▲ $463,456
Cash and Non-Interest-Bearing Accounts$3,302,294$1,861,356▼ $1,440,938
Intangible Assets-$1,153,845-
Accounts Receivable$61,259$69,772▲ $8,513
Prepaid Expenses and Deferred Charges$14,685$9,132▼ $5,553
Total Assets$32,141,501$30,032,378▼ $2,109,123
Other Assets Total$4,525,691$2,237,245▼ $2,288,446
Liabilities
Mortgage Notes Payable Secured by Investment Property$12,030,000$11,780,000▼ $250,000
Tax Exempt Bond Liabilities$7,331,396$7,617,061▲ $285,665
Deferred Revenue$6,030,439$4,993,634▼ $1,036,805
Other Liabilities$1,298,046$1,131,754▼ $166,292
Accounts Payable and Accrued Expenses$1,441,865$771,347▼ $670,518
Total Liabilities$28,131,746$26,293,796▼ $1,837,950
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,009,755$3,738,582▼ $271,173
Total Net Assets Fund Balance$4,009,755$3,738,582▼ $271,173
Total Liabilities and Net Assets / Fund Balance$32,141,501$30,032,378▼ $2,109,123

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$23,796,490$2,642,807$26,439,297
Equipment$877,146$97,415$974,561
Other Land Buildings$27,392-$27,392
Other Assets Org$748,184--
Compensation and Service Providers

Employees

NameTitleBaseOtherTotal
James F DeelExecutive Director$128,153$33,473$161,626
Mrs CastoBoard Member-$112,540$112,540

Board Members and Trustees

NameTitle
Mr Julian J Nexsen JrChair
Katherine R LigonCEO/president
Rev Dr Luther F Fant JrCEO/president
The Reverend Dr R D HollowayVice Chair
Dr Priscilla W HoltzclawBoard Member
Dr Richard S MccainBoard Member
Dr Stacey Van Pelt BrennanBoard Member
Mr Joel D LedbetterBoard Member
Mr John S LongBoard Member
Mr Mark ClaryBoard Member
Mr Wally GravesBoard Member
Mr William F HalliganBoard Member
Mr William H Hancock CPABoard Member
The Reverend Dr Eric SkidmoreBoard Member
The Reverend Gordon W G RaynalBoard Member
W Chad Melven CPACFO/treasurer
Tony G FountainCOO
Mrs Robin L GormanSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$115,017
Program Service Revenue
$7,190,289
Investment Income
$4,706
Other Revenue
$388
All Other Contributions
$63,517
Change in Net Assets
$-271,173
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,430,872
Salaries, Compensation, and Employee Benefits$3,150,701
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,994,059$498,531-$2,492,590
Depreciation Depletion$1,097,867--$1,097,867
Interest$1,006,554--$1,006,554
Fees for Services Other$917,937--$917,937
Other Employee Benefits$335,329$82,915-$418,244
Occupancy$346,381--$346,381
Payroll Taxes$145,804$36,729-$182,533
Insurance$154,812--$154,812
Pension Plan Contributions$45,976$11,358-$57,334
Other Expenses$25,573--$25,573
Total Functional Expenses$6,952,040$629,533$0$7,581,573
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$787,256
Accrued Interest$288,854
Asset Retirement Obligation$39,130
Resident Deposits and Refunds$16,514

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$290,000$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
2021-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
L Franklin Fant
Formed
2017
Legal Domicile
Sc
Voting Board Members
15
Independent Board Members
15
Employees
160
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 650,437. Management and general expenses 0. Fundraising expenses 0. Total expenses 650,437. Building and maintenance services: program service expenses 264,964. Management and general expenses 0. Fundraising expenses 0. Total expenses 264,964. Contract therapy services: program service expenses 1,111. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,111. Professional fees: program service expenses 1,425. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,425.”

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, 2020.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt15CEO/PRESIDENT
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IRS990/LandBldgEquipCostOrOtherBssAmt027441250
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IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
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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. THEIR MISSION STATEMENT: WE ARE A COMPASSIONATE CHRISTIAN MINISTRY DEDICATED TO ENRICHING THE QUALITY OF LIFE FOR SENIORS OF ALL FAITHS.
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt0418244
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IRS990/OtherExpensesGrp/Desc1COVID-19 EXPENSES
IRS990/OtherExpensesGrp/Desc2MEDICAL SUPPLIES
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IRS990/PayrollTaxesGrp/ProgramServicesAmt0145804
IRS990/PayrollTaxesGrp/TotalAmt0182533
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt011358
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IRS990/PrincipalOfficerNm0L FRANKLIN FANT
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IRS990ScheduleA/Total509Grp/TotalAmt014191124
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IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt014265688
IRS990/ScheduleBRequiredInd00
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc1OTHER RECEIVABLES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2SUPPLIES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3DUE TO/FROM RELATED ORGANIZATION
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt027392

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$30,032,378
Liabilities
$26,293,796
Net assets
$3,738,582
Revenue
$7,310,400
Expenses
$7,581,573
Net income
-$271,173
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
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