Well-spring Retirement Community Inc

Nonprofit profile at a glance

EIN
561497371
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Greensboro, NC, USA
Phone
3365455421
Rating
80
Verdict
STRONG
Rating confidence
Standard
Sector
Supportive Housing for Older Adults

Reported finances

Revenue
$42,978,331
Expenses
$41,407,976
Assets
$139,126,189
Liabilities
$93,476,921

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

Leadership & pay

24 people listed

Executive titles in this filing

  • STEPHEN P FLEMING (PRESIDENT CEO)
  • MISTI RIDENOUR (EXECUTIVE DIRECTOR)

Highest reported compensation

  • STEPHEN P FLEMING (PRESIDENT CEO): $583,772 total reported compensation
  • K ALAN TUTTEROW (SECRETARY INTERIM TREAS): $447,875 total reported compensation
  • MISTI RIDENOUR (EXECUTIVE DIRECTOR): $277,963 total reported compensation

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

Overview

Mission

Well-spring is a not-for-profit organization providing aging-adult services which create an experience that exceeds the needs of an evolving population of older adults.

What it reported doing in 2024

Well-spring retirement community inc well-spring a North Carolina nonprofit corporation was organized for the purpose of operating a continuing care retirement community. Well-spring is governed by a board of trustees composed of civic leaders currently consisting of 25 individuals who serve without compensation for staggered three-year terms. A multi-denominational group of churches in greensboro North Carolina initially sponsored and provided leadership to well-spring. Rev. Rul. 72-124 1972-1 c.b. 145 sets out requirements that home for the aged must meet to qualify for section 501c 3 exemption. The internal revenue service provided the following requirements: 1 satisfaction of the need for housing through the provision of emotional recreational social religious and similar needs of aged.

Operating model

Revenue model
Other-operating. 93% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 97% 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 most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 60
  • Accountability: 100
  • Sustainability: 57
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.1%; rating input score 90
  • Program expense ratio: 91%; rating input score 91
  • Fundraising efficiency: $11.85 raised per $1 spent on fundraising; rating input score 43; 43rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 88.2%; rating input score 88; 2nd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 52.1%; rating input score 52; 12th 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; 66th 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: 3.7%; rating input score 49; 49th percentile among comparable filings
  • Total-asset coverage ratio: 3.36; rating input score 78; 78th percentile among comparable filings
  • Liabilities to assets ratio: 0.67; rating input score 19; 19th percentile among comparable filings
  • Officer compensation ratio: 2.5%; rating input score 73; 73rd percentile among comparable filings

Growth

  • Program expense growth: 6.9% per year; rating input score 100; 55th percentile among comparable filings
  • Revenue growth: 5.2% per year; rating input score 100; 46th percentile among comparable filings
  • Asset growth: 7.1% per year; rating input score 100; 50th percentile among comparable filings

Details

  • Where the money goes: 90.1% of revenue deployed · 91% of spending went to programs
  • Governance: 25 of 25 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $37.7M in reported program spending
  • Leadership: top reported pay $584K · 24 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.4M reported
  • Consistency: 46 of 48 current checks pass · 2 findings to review
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 15 filed money-flow records
  • Related organizations: 16 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Transparency & Controls: Grant itemization coverage scored 52/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 43/100.
  • Moderate — Sustainability: Operating margin scored 49/100.
  • High — Sustainability: Liabilities to assets ratio scored 19/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.