ThriveMore

Legal name: Baptist Retirement Homes of North Carolina Incorporated

Nonprofit profile at a glance

EIN
560562308
IRS 990 coverage
2009–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Winston-Salem, NC, US
Phone
(336) 725-0202
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Supportive Housing for Older Adults
Affiliation
Christianity

Official website

Reported finances

Revenue
$44,428,310
Expenses
$55,572,638
Assets
$232,106,035
Liabilities
$156,938,220

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

28 people listed

Executive titles in this filing

  • REED VANDERSLIK (CEO)
  • TATUM MYERS (EXECUTIVE DIRECTOR)
  • PAMELA PATE (EXECUTIVE DIRECTOR, ARDENWOODS)
  • CYNTHIA MOORE (EXECUTIVE DIRECTOR)

Highest reported compensation

  • REED VANDERSLIK (CEO): $457,109 total reported compensation
  • JESSICA MCCOLLUM (CHIEF OPERATING OFFICER): $289,781 total reported compensation
  • MICHAEL BRADY (CFO): $235,991 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

We partner with churches across North Carolina to provide benevolent care for older adults.

What it reported doing in 2024

Thrivemore is a not-for-profit corporation organized under the laws of the state of North Carolina. It is exempt from income tax under internal revenue code section 501[c][3] and a public charity under section 509[a][2]. The board of trustees of thrivemore has fiduciary responsibility for the operation of thrivemore. The mission of thrivemore is to provide quality residential and health care living options and services to North Carolina's older adult population. The provision of those services being offered to the poor elderly of the state as well as those older persons who do have the financial resources available to pay for the institutional services they need. (continued on schedule o)in addition to its program of benevolent funding to the poor elderly of the state, thrivemore also provides a special program designed to enhance the lifestyle of older adults with dementia related disorders like alzhemer's disease. Three such programs are operated by thrivemore. Thrivemore owns, maintains, and operates communities throughout North Carolina. Its current communities include 361 independent living homes and apartments, 136 assisted living residences, and 101 skilled nursing care rooms. Thrivemore receives support from individuals, businesses, foundations, churches, special offerings, and bequests from others to assist in the operation and administration of its communities.

Operating model

Revenue model
Earned-program. 93% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 99% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 82
  • Transparency & Controls: 88
  • Accountability: 100
  • Sustainability: 36
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 78%; rating input score 78
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -25.1%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 4.18; rating input score 82; 82nd percentile among comparable filings
  • Liabilities to assets ratio: 0.68; rating input score 19; 19th percentile among comparable filings
  • Officer compensation ratio: 3.3%; rating input score 65; 65th percentile among comparable filings

Growth

  • Program expense growth: 7.5% per year; rating input score 100; 58th percentile among comparable filings
  • Revenue growth: 4.1% per year; rating input score 100; 35th percentile among comparable filings
  • Asset growth: 6% per year; rating input score 100; 42nd percentile among comparable filings

Details

  • What they do: 8 programs and campaigns described on the official site · 4 operating locations identified
  • Where the money goes: 100% of revenue deployed · 78% of spending went to programs
  • Governance: 20 of 20 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $43.3M in reported program spending
  • Leadership: top reported pay $457K · 28 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $12.3M reported
  • Consistency: 37 of 37 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 8 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Sustainability: Operating margin scored 4/100.
  • High — Sustainability: Liabilities to assets ratio scored 19/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.