Springshire Retirement Community Inc

Nonprofit profile at a glance

EIN
200715202
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Greensboro, NC, USA
Phone
9194683118
Rating
48
Verdict
MIXED
Rating confidence
Moderate
Sector
Senior Citizens' Housing/Retirement Communities

Official website

Reported finances

Revenue
$12,711
Expenses
$2,022
Assets
$13,228,935
Liabilities
$23,825,000

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

Leadership & pay

3 people listed

People named in this filing

  • DIETRICH M EVEGE (SECRETARY/TR)
  • GEORGE O'GARRO (CHAIR)
  • PATRICIA SINGLETON (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

Originally formed to operate as a continuing care retirement facility licensed under the laws of the state of North Carolina, springshire changed its mission by moving from a continuing care retirement facility concept in favor of senior living retirement center. Springshire will continue to operate as a tax exempt facility pursuant to rev ruling 72-124 and rev ruling 79-18. As a major component of operating the senior living retirement facility, springshire wants to conduct activities and programs that are intergenerational in conjunction with a charter school. This will include programs and activities that will be an important aspect of greenville preparatory academy, its subsidiary, which will operate as a charter school, with obligations to provide intergenerational programs required from both communities.

What it reported doing in 2024

To conduct activities and programs that are intergenerational in conjunction with a charter school. This will include programs and activities that will be an important aspect of greenville preparatory academy, its subsidiary, which will operate as a charter school, with obligations to provide intergenerational programs required from both communities.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 90
  • Accountability: 70
  • Sustainability: 82
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 84.1%; rating input score 97; 97th percentile among comparable filings
  • Total-asset coverage ratio: 6,542.5; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 1.8; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: -7.8% per year; rating input score 0; 32nd percentile among comparable filings
  • Revenue growth: 18.4% per year; rating input score 100; 93rd percentile among comparable filings
  • Asset growth: 3% per year; rating input score 100; 57th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 3 of 3 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 14 of 14 current checks pass
  • Schedules: 5 filed schedules
  • Filing history: 10 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 2 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 — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.