The Farms at Bailey Station

Legal name: Luke Inc

Nonprofit profile at a glance

EIN
203524338
IRS 990 coverage
2010–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024, Form 990-N 2008
Location
Collierville, TN, US
Phone
(901) 779-8200
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Senior Citizens' Housing/Retirement Communities

Official website

Reported finances

Revenue
$27,676,096
Expenses
$41,941,223
Assets
$244,258,314
Liabilities
$308,907,182

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

Leadership & pay

7 people listed

Executive titles in this filing

  • RUDOLF W HERZKE (PRESIDENT)

People named in this filing

  • DR JAMES LATIMER (CHAIRMAN/DIRECTOR)
  • BILL MCGAUGHEY (SECRETARY/TREASURER)
  • CINDY COX (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

To faithfully serve our residents by offering them security for life, excellence in all we do, respect for individual differences and a vibrant lifestyle in an enriching environment.

What it reported doing in 2024

Independent living in apartments, garden homes, and other long-term care

Operating model

Revenue model
Earned-program. 97% 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

STRONG - 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: 85
  • Transparency & Controls: 90
  • Accountability: 71
  • Sustainability: 37
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 87.3%; rating input score 87
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 71.4%; rating input score 71; 12th percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -51.5%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 5.82; rating input score 86; 86th percentile among comparable filings
  • Liabilities to assets ratio: 1.26; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 96; 96th percentile among comparable filings

Growth

  • Program expense growth: 39.3% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: 34.5% per year; rating input score 100; 97th percentile among comparable filings
  • Asset growth: 23.6% per year; rating input score 100; 93rd percentile among comparable filings

Details

  • What they do: Mission, programs, and operating context captured from the official website.
  • Where the money goes: 100% of revenue deployed · 87.3% of spending went to programs
  • Governance: 5 of 7 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $36.6M in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Highest-paid contractors: 5 contractors listed · $3.7M reported
  • Consistency: 29 of 29 current checks pass
  • Schedules: 5 filed schedules
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • 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: 2 of 7 not reported.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.