Meadow Lake Senior Living

Legal name: Sears Plains Retirement Corporation

Nonprofit profile at a glance

EIN
752768233
IRS 990 coverage
2010–2013
Official website data refreshed
Sep 2026
Forms available
Form 990 2013
Location
Tyler, TX, US
Phone
(903) 593-7373
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Supportive Housing for Older Adults
Affiliation
Christianity

Official website

Reported finances

Revenue
$8,699,797
Expenses
$8,540,671
Assets
$12,907,773
Liabilities
$10,289,375

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

Leadership & pay

23 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, 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 2013

Sears Plains Retirement Corporation, DBA: Garrison Geriatric Education and Care Center owns and operates a senior living facility. The facility provides nursing home and dementia care. It also provides long-term nursing care to elderly as well as a Medicare skilled care unit for rehabilitation. The facility consists of a 120 bed skilled nursing facility and also serves as a place of instruction for health students from the Texas Tech Health Sciences Center.

Operating model

Revenue model
Earned-program. 90% 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: 71
  • Transparency & Controls: 76
  • Accountability: 90
  • Sustainability: 45
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 79.6%; rating input score 80
  • Program expense ratio: 81.1%; rating input score 81
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 14th 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: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 65th 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: 1.8%; rating input score 45; 45th percentile among comparable filings
  • Total-asset coverage ratio: 1.51; rating input score 58; 58th percentile among comparable filings
  • Liabilities to assets ratio: 0.8; rating input score 14; 14th percentile among comparable filings
  • Officer compensation ratio: 5.4%; rating input score 43; 43rd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -0.5% per year; rating input score 0; 28th percentile among comparable filings
  • Asset growth: -4.1% per year; rating input score 0; 17th percentile among comparable filings

Details

  • What they do: 7 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 79.6% of revenue deployed · 81.1% of spending went to programs
  • Governance: 9 of 9 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $6.9M in reported program spending
  • Leadership: top reported pay $451K · 23 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.5M reported
  • Consistency: 29 of 30 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors 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.
  • Moderate — Sustainability: Operating margin scored 45/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Review — Sustainability: Total-asset coverage ratio scored 58/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 14/100.
  • Moderate — Sustainability: Officer compensation ratio scored 43/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.