Grace Lifecare Inc

Nonprofit profile at a glance

EIN
561722754
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Morganton, NC, USA
Phone
8285805000
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Supportive Housing for Older Adults

Official website

Reported finances

Revenue
$14,226,382
Expenses
$12,395,886
Assets
$24,291,892
Liabilities
$23,841,917

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

Leadership & pay

15 people listed

Executive titles in this filing

  • KATHY BAILEY (PRESIDENT & CEO)
  • GARY PAXSON (PRESIDENT & CEO)
  • MCKAYLA VANCE (EXECUTIVE DIRECTOR)

Highest reported compensation

  • KATHY BAILEY (PRESIDENT & CEO): $836,819 total reported compensation
  • GANDHARI LOOMIS MD (BOARD MEMBER): $471,311 total reported compensation
  • PATRICIA MOLL (CFO): $460,952 total reported compensation

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

Overview

Mission

Grace lifecare is committed to improving the health of our communities by providing excellent and compassionate care.

What it reported doing in 2024

The organization operates a retirement community consisting of independent living quarters, a health facility, and other amenities for retirement living.

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% 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

SUPPORTED - The filed numbers largely add up and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 59
  • Transparency & Controls: 65
  • Accountability: 94
  • Sustainability: 61
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 62.5%; rating input score 63
  • Program expense ratio: 72.7%; rating input score 73
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 90%; rating input score 90; 22nd 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: 12.9%; rating input score 73; 73rd percentile among comparable filings
  • Total-asset coverage ratio: 1.96; rating input score 61; 61st percentile among comparable filings
  • Liabilities to assets ratio: 0.98; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 2.8%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 2.9% per year; rating input score 100; 25th percentile among comparable filings
  • Revenue growth: 3.8% per year; rating input score 100; 33rd percentile among comparable filings
  • Asset growth: 1% per year; rating input score 100; 14th percentile among comparable filings

Details

  • Where the money goes: 62.5% of revenue deployed · 72.7% of spending went to programs
  • Governance: 9 of 10 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $9M in reported program spending
  • Leadership: top reported pay $837K · 15 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 8 filed related-organization links
  • 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.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.