Sears Panhandle Retirement Corporation

Nonprofit profile at a glance

EIN
752503233
IRS 990 coverage
2010–2013
Forms available
Form 990 2013
Location
Abilene, TX, USA
Phone
3256915519
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Supportive Housing for Older Adults
Affiliation
Christianity

Official website

Reported finances

Revenue
$13,299,424
Expenses
$11,563,503
Assets
$28,371,720
Liabilities
$12,404,296

Source: IRS Form 990. Selected filing: tax year 2013. Amounts in USD.

Leadership & pay

24 people listed

Executive titles in this filing

  • Keith Perry (President, CEO and Ex-Officio Trustee)
  • Terry Myers (Senior Vice President & CFO)
  • Gary Anderson (Executive Vice President & COO)
  • Michael Sims (Senior Vice President - Operations)
  • Kenneth Fincher (Senior Vice President and Director of Sears Method)
  • Windell Hawkins (Senior Vice President - Risk Management)

Highest reported compensation

  • Keith Perry (President, CEO and Ex-Officio Trustee): $451,025 total reported compensation
  • Terry Myers (Senior Vice President & CFO): $299,066 total reported compensation
  • Michael Sims (Senior Vice President - Operations): $254,111 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2013. 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, 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 2013

Sears Panhandle Retirement Corporation is a non-profit 501(c)(3) organization, which consists of 173 independent living and cottages and 40 assisted living units as well as a 120 bed long term care skilled nursing and dementia care community. The facility provides nursing home and dementia care operations. It also provides long-term nursing care to elderly as well as a Medicare skilled unit for rehabilitation.

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. Revenue has declined or grown slowly and assets have declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 67
  • Transparency & Controls: 83
  • Accountability: 90
  • Sustainability: 69
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 71.5%; rating input score 72
  • Program expense ratio: 82.3%; rating input score 82
  • 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: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 69th 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; 69th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 13.1%; rating input score 80; 80th percentile among comparable filings
  • Total-asset coverage ratio: 2.45; rating input score 73; 73rd percentile among comparable filings
  • Liabilities to assets ratio: 0.44; rating input score 41; 41st percentile among comparable filings
  • Officer compensation ratio: 4%; rating input score 45; 45th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -0.7% per year; rating input score 0; 22nd percentile among comparable filings
  • Asset growth: -3.7% per year; rating input score 0; 13th percentile among comparable filings

Details

  • Where the money goes: 71.5% of revenue deployed · 82.3% of spending went to programs
  • Governance: 9 of 9 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $9.5M in reported program spending
  • Leadership: top reported pay $451K · 24 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.6M reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 4 filing years from 2010 to 2013
  • Contacts: How to reach this organization
  • 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.

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 — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Moderate — Sustainability: Liabilities to assets ratio scored 41/100.
  • Moderate — Sustainability: Officer compensation ratio scored 45/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.