Civic Intelligence

Laurel Crest Retirement Community

990 • Fiscal year 2021 • EIN 82-2636406

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 14, 2022

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

91st percentile

0.89x

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

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Liabilities / Revenue

93rd percentile

3.85x

Higher debt load relative to revenue than 93% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Net Margin

12th percentile

-6.5%

Higher net margin than 12% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Top Officer Pay

68th percentile

$329,250

Higher top officer pay than 68% of similar nonprofits.

Top officer pay equals 4.7% of source-year revenue.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Asset Growth

22nd percentile

0.7%

Faster asset growth than 22% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Revenue Growth

22nd percentile

-4.1%

Faster revenue growth than 22% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets91st percentile

Assets

Up

$30,245,637

Up $213,259 (+0.7%) from 2020

Net Assets

Down

$3,284,779

Down $453,803 (-12%) from 2020

Liabilities

Up

$26,960,858

Up $667,062 (+2.5%) from 2020

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin12th percentile

Revenue

Down

$7,008,293

Down $302,107 (-4.1%) from 2020

Expenses

Down

$7,462,096

Down $119,477 (-1.6%) from 2020

Net Income

Down

-$453,803

Down $182,630 (-67%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth22nd 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

2021

Assets$30,245,637
Liabilities$26,960,858
Net Assets$3,284,779
Open 2021 Filing

Operations Trend

Revenue Growth22nd 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

2021

Revenue$7,008,293
Expenses$7,462,096
Net Income-$453,803
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 14, 2022
Return Version
2021v4.2
Gross Receipts
$7,008,293
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$24,701,028$24,002,392▼ $698,636
Cash and Non-Interest-Bearing Accounts$1,861,356$3,291,591▲ $1,430,235
Intangible Assets$1,153,845$1,038,460▼ $115,385
Accounts Receivable$69,772$81,976▲ $12,204
Prepaid Expenses and Deferred Charges$9,132$16,188▲ $7,056
Total Assets$30,032,378$30,245,637▲ $213,259
Other Assets Total$2,237,245$1,815,030▼ $422,215
Liabilities
Mortgage Notes Payable Secured by Investment Property$11,780,000$11,520,000▼ $260,000
Tax Exempt Bond Liabilities$7,617,061$7,492,725▼ $124,336
Deferred Revenue$4,993,634$5,985,007▲ $991,373
Other Liabilities$1,131,754$1,061,922▼ $69,832
Accounts Payable and Accrued Expenses$771,347$901,204▲ $129,857
Total Liabilities$26,293,796$26,960,858▲ $667,062
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,738,582$3,284,779▼ $453,803
Total Net Assets Fund Balance$3,738,582$3,284,779▼ $453,803
Total Liabilities and Net Assets / Fund Balance$30,032,378$30,245,637▲ $213,259

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$23,118,930$3,614,865$26,733,795
Equipment$854,931$133,677$988,608
Other Land Buildings$28,531-$28,531
Other Assets Org$60,789--
Compensation and Service Providers
Top Officer Pay68th percentile

Employees

NameTitleBaseOtherTotal
James F DeelExecutive Director$126,926$25,846$152,772

Board Members and Trustees

NameTitle
Julian J Nexsen JrChair
Rev Dr Luther F Fant JrCEO/president
Reverend Dr R D HollowayVice Chair
Dr Priscilla W HoltzclawBoard Member
Dr Richard S MccainBoard Member
Joel D LedbetterBoard Member
John S LongBoard Member
Mark ClaryBoard Member
Martha CastoBoard Member
Paige Parsons-lewisBoard Member
Reverend Dr Deborah FosterBoard Member
Reverend Dr Eric SkidmoreBoard Member
William F HalliganBoard Member
William H Hancock CPABoard Member
W Chad Melven CPACFO/treasurer
Amanda StamperCOO (3/5/2021)
Wally GravesSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$87,650
Program Service Revenue
$6,906,836
Investment Income
$80
Other Revenue
$13,727
All Other Contributions
$85,746
Change in Net Assets
$-453,803
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,584,999
Salaries, Compensation, and Employee Benefits$2,877,097
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,016,298$504,075-$2,520,373
Depreciation Depletion$1,123,705--$1,123,705
Fees for Services Other$1,026,038--$1,026,038
Interest$986,891--$986,891
Occupancy$322,558--$322,558
Insurance$197,801--$197,801
Payroll Taxes$150,570$37,642-$188,212
Other Employee Benefits$89,178$22,294-$111,472
Pension Plan Contributions$45,632$11,408-$57,040
Other Expenses$28,156--$28,156
Total Functional Expenses$6,886,677$575,419$0$7,462,096
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$501,372
Accrued Interest$283,375
Resident Deposits and Refunds$236,089
Asset Retirement Obligation$41,086

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$450,000$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
2022-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
L Franklin Fant
Formed
2017
Legal Domicile
Sc
Voting Board Members
14
Independent Board Members
14
Employees
175
Volunteers
10

Preparer

Firm
Forvis 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 725,305. Management and general expenses 0. Fundraising expenses 0. Total expenses 725,305. Building and maintenance services: program service expenses 299,593. Management and general expenses 0. Fundraising expenses 0. Total expenses 299,593. Professional fees: program service expenses 1,140. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,140.”

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, 2021.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt11SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14CEO/PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt15COO (3/5/2021)
IRS990/Form990PartVIISectionAGrp/TitleTxt16CFO/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt17EXECUTIVE DIRECTOR
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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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/NondeductibleContributionsInd00
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IRS990/OccupancyGrp/TotalAmt0322558
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IRS990/OnBehalfOfIssuerInd00
IRS990/OperateHospitalInd00
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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt089178
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0111472
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IRS990/OtherExpensesGrp/Desc1COVID-19 EXPENSES
IRS990/OtherExpensesGrp/Desc2MEDICAL SUPPLIES
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IRS990/PayrollTaxesGrp/ProgramServicesAmt0150570
IRS990/PayrollTaxesGrp/TotalAmt0188212
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IRS990/PYOtherRevenueAmt0388
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IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
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IRS990/RelatedOrganizationsAmt01904
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
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IRS990ScheduleA/First5Years509Ind0X
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt062927
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IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportTotal509Amt021185610
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IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt07008293
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IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt023118930
IRS990ScheduleD/BuildingsGrp/DepreciationAmt03614865
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt026733795
IRS990ScheduleD/EquipmentGrp/BookValueAmt0854931
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0133677
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt360789
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0ASSETS LIMITED AS TO USE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1OTHER RECEIVABLES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2SUPPLIES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3DUE TO/FROM RELATED ORGANIZATION
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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$30,245,637
Liabilities
$26,960,858
Net assets
$3,284,779
Revenue
$7,008,293
Expenses
$7,462,096
Net income
-$453,803
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