Sears Brazos Retirement Corporation

Nonprofit profile at a glance

EIN
010598053
IRS 990 coverage
2010–2012
Forms available
Form 990 2012
Location
Abilene, TX, USA
Phone
3256915519
Rating confidence
Limited
Sector
Senior Citizens' Housing/Retirement Communities
Affiliation
Christianity

Official website

Reported finances

Revenue
$60
Expenses
$959
Assets
$100
Liabilities
$4,476

Source: IRS Form 990. Selected filing: tax year 2012. Amounts in USD.

Leadership & pay

35 people listed

Source: IRS Form 990. Selected filing: tax year 2012. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of Sears is to provide leadership in response to the needs of our aging population. We believe we have a responsibility for studying, analyzing, planning, developing, and implementing quality service to the aging where appropriate needs are found for Health Care and residential living services and can be provided in a Christian environment.

What it reported doing in 2012

Sears Brazos Retirement Corporation, a non-profit 501(c)(3) corporation, owned and operated Wesley Woods Alzheimer's Care Center in Waco, Texas. Wesley Woods was a 120 bed nursing facility. The facility provided nursing home and dementia care operations. The facility also provided long-term nursing care to the elderly as well as a Medicare Part B care for rehabilitation. In 2011, the System sold the assets and ceased operating Wesley Woods. The proceeds of the sale of the property were used to pay down debt with the remaining proceeds paid to the System to pay transaction costs and provide additional cash to the System.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 71
  • Accountability: 100
  • Sustainability: 3
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 60th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Pass
    • 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: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 65th 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: -1,498.3%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 0.1; rating input score 6; 6th percentile among comparable filings
  • Liabilities to assets ratio: 44.76; rating input score 0; 0th percentile among comparable filings
  • Officer compensation ratio: 16,060.5%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -119.8% per year; rating input score 0; 6th percentile among comparable filings
  • Asset growth: -145.3% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 10 of 10 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $445K · 35 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 10 of 10 current checks pass
  • Schedules: 6 filed schedules · includes executive pay
  • Filing history: 3 filing years from 2010 to 2012
  • Related organizations: 11 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 — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 3/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 6/100.
  • High — Sustainability: Liabilities to assets ratio scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 0/100.