Laurel Crest Retirement Community

Nonprofit profile at a glance

EIN
822636406
IRS 990 coverage
2017–2022
Forms available
Form 990 2022
Location
Columbia, SC, USA
Phone
8037725885
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Senior Citizens' Housing/Retirement Communities
Affiliation
Christianity

Reported finances

Revenue
$7,351,578
Expenses
$7,950,263
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

18 people listed

Executive titles in this filing

  • LUTHER F FANT (CEO)
  • JAMES DEEL (EXECUTIVE DIRECTOR)

Highest reported compensation

  • LUTHER F FANT (CEO): $347,628 total reported compensation
  • AMANDA STAMPER (COO): $232,479 total reported compensation
  • W CHAD MELVEN CPA (CFO): $183,249 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

See schedule o: 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.

What it reported doing in 2022

The organization operates a single campus retirement community in west columbia , South Carolina providing independent living accommodations, assisted living , memory care and a skilled nursing facility. In 2022, over 100 residents were served across the continuum of care.operations merged into presbyterian communities of South Carolina effective 01/01/2023.

Operating model

Revenue model
Earned-program. 99% 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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 61
  • Accountability: 86
  • Sustainability: 16
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 99.2%; rating input score 99
  • Program expense ratio: 91.8%; rating input score 92
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 9th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: No; rating input score 0

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -8.1%; rating input score 16; 16th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 2.4%; rating input score 73; 73rd percentile among comparable filings

Growth

  • Program expense growth: 20.6% per year; rating input score 100; 86th percentile among comparable filings
  • Revenue growth: 11.7% per year; rating input score 100; 74th percentile among comparable filings
  • Asset growth: -18.7% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 99.2% of revenue deployed · 91.8% of spending went to programs
  • Governance: 14 of 14 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $7.3M in reported program spending
  • Leadership: top reported pay $348K · 18 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 21 of 22 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes executive pay
  • Filing history: 5 filing years from 2017 to 2022
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 3 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.

  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • High — Sustainability: Operating margin scored 16/100.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.