2025-09-13T08:53:57-05:00 2024-09-30 560571159 BERNARD ROBINSON & COMPANY LLP PO BOX 19608 GREENSBORO NC 274199608 990 2023-10-01 560564344 PRESBYTERIAN HOMES INC PRES 3368866553 5603 NEW GARDEN VILLAGE DRIVE GREENSBORO NC 27410 K ALAN TUTTEROW EXECUTIVE VP & CO-CFO 3368866553 2025-09-12 1 0 JOHN M ROBINSON P01281319 3362944494 2025-08-29 2023 2025-03-06 01:10:19Z X BRIGHTSPIRE INC RIVER LANDING AT SANDY RIDGE SCOTIA VILLAGE PHI MANAGEMENT SERVICES LLC PHI REHAB SERVICES LLC TIMOTHY J WEBSTER 5603 NEW GARDEN VILLAGE DRIVE GREENSBORO NC 27410 81196221 0 8627 X HTTPS://WWW.BRIGHTSPIRE.ORG/ X 1942 NC THE VISION OF THE PRESBYTERIAN HOMES INC DBA BRIGHTSPIRE IS TO CREATE AN INNOVATIVE, VIBRANT, AND DIVERSE CULTURE WHICH PROVIDES SECURITY AND ENHANCES QUALITY OF LIFE WHILE PROVIDING HOUSING AND SERVICE TO SENIOR ADULTS. 16 16 1549 177 0 0 1821427 3016109 62642744 65955906 709266 4235208 511676 289820 65685113 73497043 2098785 1751147 0 0 32853093 32257967 0 0 340664 25486898 25354000 60438776 59363114 5246337 14133929 244275349 262843503 152518383 146486113 91756966 116357390 X THE MISSION OF THE PRESBYTERIAN HOMES DBA BRIGHTSPIRE IS TO HONOR GOD BY ENRICHING THE LIVES AND TOUCHING THE HEARTS OF THOSE WE SERVE. THE PRESBYTERIAN HOMES DBA BRIGHTSPIRE PROVIDES SENIOR ADULTS WITH CARING AND HIGH QUALITY SERVICES IN SUPPORT OF THEIR PHYSICAL, INTELLECTUAL, SOCIAL AND SPIRITUAL WELL-BEING. 0 0 45369258 1751147 66137739 THE PRESBYTERIAN HOMES, INC. DBA BRIGHTSPIRE PROVIDES RESIDENTIAL ASSISTED LIVING AND NURSING CARE FOR APPROXIMATELY 886 SENIOR ADULT RESIDENTS. SERVICES INCLUDE HOUSEKEEPING, FOOD SERVICE, MEDICAL AND OTHER SUPPORT SERVICES IN A CONTINUING CARE COMMUNITY. 45369258 1 1 0 0 0 0 0 0 0 1 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 166 0 1 1549 1 0 0 0 0 0 0 0 0 0 0 0 0 X 16 16 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X X RHONDA CUMMONS 3368866553 5603 NEW GARDEN VILLAGE DRIVE GREENSBORO NC 27410 LORI HADDOCK CHAIRPERSON 1.00 X X 0 0 0 ALEXANDER L MAULTSBY VICE CHAIRPERSON 1.00 X X 0 0 0 WILLIAM C MCILWAIN SECRETARY 1.00 X X 0 0 0 LEIGH ANN KLEE TREASURER 1.00 X X 0 0 0 DAVID COULTER IMMEDIATE PAST CHAIR 1.00 X 0 0 0 DOUG BROWN BOARD MEMBER 1.00 X 0 0 0 ANGELA BUTLER BOARD MEMBER 1.00 X 0 0 0 MAC DOUBLES BOARD MEMBER 1.00 X 0 0 0 BUBBA JUDY BOARD MEMBER 1.00 X 0 0 0 CONNIE LASTER BOARD MEMBER 1.00 X 0 0 0 D HECTOR MCEACHERN BOARD MEMBER 1.00 X 0 0 0 CORINNE NICHOLSON BOARD MEMBER 1.00 X 0 0 0 STEVE ROYAL BOARD MEMBER 1.00 X 0 0 0 BILL SMITH BOARD MEMBER 1.00 X 0 0 0 CHRISTOPHER B TAYLOR BOARD MEMBER 1.00 X 0 0 0 EDDIE WILLIFORD BOARD MEMBER 1.00 X 0 0 0 TIMOTHY WEBSTER ASSISTANT SECRETARY - CEO 37.50 X 631310 0 36275 JULIA HANOVER ASSISTANT TREASURER - CFO 37.50 X 353787 0 29933 CREIGHTON LOVVORN VICE PRESIDENT - COO 37.50 X 430890 0 31687 MARK COLLINS VICE PRESIDENT - DIRECTOR 37.50 X 259930 0 25910 THOMAS SMITH EXECUTIVE DIRECTOR-RIVER L 37.50 X 264558 0 27511 ARNOLD THOMPSON EXECUTIVE DIRECTOR-FRIENDS 37.50 X 249538 0 33171 LAURA LOWE DIRECTOR OF MARKETING 37.50 X 258540 0 10356 TIFFANY ROBERSON DIRECTOR OF HEALTH SERVICE 37.50 X 231428 0 26197 2679981 0 221040 8 0 1 0 TRINITY REHAB LLC 113 S RAILROAD AVE DUNN NC 28334 THERAPY 2806089 ID COLLABORATIVE ACQUISITION LLC 201 STATE ST GREENSBORO NC 27408 INTERIOR DESIGN 1113979 STEELE GROUP ARCHITECTS PLLC 560 STAFFORDSHIRE RD WINSTON SALEM NC 27104 INTERIOR DESIGN 582278 J O F PAINTING LLC 101 WOOD HOLLOW DR CARY NC 27513 CONSTRUCTION 491218 JOHNATHAN RYAN LOCKLEAR 241 ROSE ROAD MAXTON NC 28364 CONSTRUCTION 383891 14 3016109 3016109 RESIDENT SERVICE FEES 623000 51184430 51184430 AMORTIZED ENTRY FEES 623000 8773239 8773239 MANAGEMENT FEES 623000 3973544 3973544 ANCILLARY SERVICES 623000 1575742 1575742 FOOD SERVICE INCOME 623000 448951 448951 65955906 2674674 2674674 107987 0 107987 107987 107987 9259712 7699178 1560534 1560534 1560534 GOLF CLUB REVENUE 623000 128802 128802 MISCELLANEOUS REVENUE 623000 46159 46159 BEAUTY SHOP REVENUE 623000 6872 6872 181833 73497043 66137739 0 4343195 X 1751147 1751147 2901022 2901022 24583141 20456230 3866864 260047 535124 444020 80693 10411 2286777 53072 2233371 334 1951903 1511690 421601 18612 36049 36049 76820 15030 61790 93914 93914 275130 153306 121824 222037 222037 4773222 3577852 1149447 45923 1221969 1220217 1752 4816307 4802413 13894 158974 102999 54209 1766 153868 87629 65559 680 6698125 6680392 17733 1061919 1061919 FOOD COST 3497835 3385342 112493 PURCHASED MEDICAL EXPEN 1506865 1506865 BAD DEBTS 916328 916328 OTHER EXPENSES 60287 46678 12470 1139 -215649 -215649 59363114 45369258 13653192 340664 2882419 4532361 3885965 3285067 108593 107721 535422 351172 252425895 96274274 155824801 156151621 65888670 81463649 12981000 13647000 2168479 3304912 244275349 262843503 7700631 8366021 58462547 58580574 83967491 77660098 2387714 1879420 152518383 146486113 X 90747201 115158848 1009765 1198542 91756966 116357390 244275349 262843503 X 14133929 12722709 -2256214 X 0 1 X 1 0 X 2441475 2930891 1895901 1821427 3016109 12105803 51273882 53605835 55417188 62642744 65955906 288895555 53715357 56536726 57313089 64464171 68972015 301001358 2058302 1688075 1895901 1821427 3016109 10479814 0 2058302 1688075 1895901 1821427 3016109 10479814 290521544 1534386 1454764 3177116 2663737 2782661 11612664 1534386 1454764 3177116 2663737 2782661 11612664 216652 117129 198914 412942 181833 1127470 55466395 58108619 60689119 67540850 71936509 313741492 0.92600 0.92990 0.03700 0.03630 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: GOLF CLUB REVENUE - 2019 AMOUNT: $ 29,763. 2020 AMOUNT: $ 39,613. 2021 AMOUNT: $ 74,234. 2022 AMOUNT: $ 83,830. 2023 AMOUNT: $ 128,802. MISCELLANEOUS REVENUE - 2019 AMOUNT: $ 153,714. 2020 AMOUNT: $ 40,067. 2021 AMOUNT: $ 73,613. 2022 AMOUNT: $ 273,427. 2023 AMOUNT: $ 46,159. BEAUTY SHOP REVENUE - 2019 AMOUNT: $ 33,175. 2020 AMOUNT: $ 37,449. 2021 AMOUNT: $ 51,067. 2022 AMOUNT: $ 55,685. 2023 AMOUNT: $ 6,872. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 38947754 739998 9429445 2527613 45684 46543900 35500236 283336 3713626 481501 67943 38947754 43151131 1835308 -6754920 2658369 72914 35500236 31283454 5292769 7964766 1373407 16451 43151131 1236960 29298119 1845566 1095870 1321 31283454 0.84400 0.15600 0.00000 0 1 1 4870832 4870832 227836741 85273101 142563640 12795904 8598505 4197399 6922418 2402668 4519750 156151621 RESERVES REQUIRED BY STATE STATUTE 13647000 F 13647000 DEPOSITS ON ADMISSION 1782700 RESIDENT CASH DEPOSITS 96720 1879420 X 80807287 12722709 -5412465 7310244 73497043 0 73497043 56206863 0 56206863 3156251 3156251 59363114 PART V, LINE 4: ENDOWMENT EARNINGS ARE USED TO FUND VARIOUS PROGRAM SERVICE COSTS SUCH AS RESIDENT SUBSIDIES. PART X, LINE 2: THE PRESBYTERIAN HOMES, INC. DBA BRIGHTSPIRE AND GLENAIRE, INC. ARE NONPROFIT ORGANIZATIONS EXEMPT FROM INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C)(3), AND THE PRESBYTERIAN HOMES FOUNDATION, INC. IS AN ORGANIZATION EXEMPT FROM INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(A). THE ORGANIZATION HAS DETERMINED THAT IT DOES NOT HAVE ANY MATERIAL UNRECOGNIZED TAX BENEFITS OR OBLIGATIONS AS OF SEPTEMBER 30, 2024. IT IS THE ORGANIZATION'S POLICY TO EVALUATE ALL TAX POSITIONS TO IDENTIFY ANY THAT MAY BE CONSIDERED UNCERTAIN. ALL IDENTIFIED MATERIAL TAX POSITIONS ARE ASSESSED AND MEASURED BY A MORE-LIKELY-THAN-NOT THRESHOLD TO DETERMINE IF THE TAX POSITION IS UNCERTAIN AND WHAT, IF ANY, THE EFFECT OF THE UNCERTAIN TAX POSITION MAY HAVE ON THE COMBINED FINANCIAL STATEMENTS. NO MATERIAL UNCERTAIN TAX POSITIONS WERE IDENTIFIED FOR 2024 AND 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: INTEREST RATE SWAP -2,499,676. TRANSFER OF ASSETS BETWEEN COMMUNITIES 243,462. FINANCIAL ASSISTANCE TO RESIDENTS INCLUDED IN REVENUE ON FINANCIALS -1,751,147. ALLOCATION OF EXPENSES - GLENAIRE INC AND PHI MANAGEMENT SERVICES, LLC -3,973,544. MANAGEMENT FEE ON PHI - PHI MANAGEMENT SERVICES, LLC 2,568,440. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE TO RESIDENTS INCLUDED IN REVENUE ON FINANCIALS 1,751,147. ALLOCATION OF EXPENSES - GLENAIRE INC AND PHI MANAGEMENT SERVICES, LLC 3,973,544. MANAGEMENT FEE TO PHI - PHI MANAGEMENT SERVICES, LLC -2,568,440. 1 FINANCIAL ASSISTANCE PROVIDED TO RESIDENTS 87 1751147 PART I, LINE 2: THE ORGANIZATION PROVIDES FINANCIAL ASSISTANCE TO RESIDENTS TO HELP SUBSIDIZE RESIDENT MONTHLY AND MOVE-IN FEES. GRANT APPLICATIONS ARE MADE TO THE EXECUTIVE DIRECTOR AND SCHOLARSHIPS ARE DISCUSSED WITH THE PRESBYTERIAN HOMES INC MANAGEMENT TEAM. RESIDENTS ON SCHOLARSHIP ARE ASKED TO UPDATE THEIR FINANCIAL INFORMATION ON AN ANNUAL BASIS. THE ORGANIZATION'S ACCOUNTING DEPARTMENT TRACKS THE NEED AND USE OF THIS ASSISTANCE. X X X X X X 0 0 0 0 0 0 0 1 0 TIMOTHY WEBSTER ASSISTANT SECRETARY - CEO 520925 0 110385 0 0 0 24624 0 11651 0 667585 0 0 0 CREIGHTON LOVVORN VICE PRESIDENT - COO 362030 0 68860 0 0 0 20079 0 11608 0 462577 0 0 0 JULIA HANOVER ASSISTANT TREASURER - CFO 302529 0 51258 0 0 0 18495 0 11438 0 383720 0 0 0 THOMAS SMITH EXECUTIVE DIRECTOR-RIVER L 229220 0 35338 0 0 0 16270 0 11241 0 292069 0 0 0 MARK COLLINS VICE PRESIDENT - DIRECTOR 220530 0 39400 0 0 0 14680 0 11230 0 285840 0 0 0 ARNOLD THOMPSON EXECUTIVE DIRECTOR-FRIENDS 217930 0 31608 0 0 0 21964 0 11207 0 282709 0 0 0 LAURA LOWE DIRECTOR OF MARKETING 225420 0 33120 0 0 0 8665 0 1691 0 268896 0 0 0 TIFFANY ROBERSON DIRECTOR OF HEALTH SERVICE 199908 0 31520 0 0 0 15030 0 11167 0 257625 0 0 0 PART I, LINE 3 THE VICE PRESIDENT OF HUMAN RESOURCES COMPILES COMPARABILITY DATA FROM AN INDEPENDENT SALARY CONSULTANT TO CALCULATE A WAGE FOR EXECUTIVE POSITIONS AND FROM AN INDEPENDENT SALARY SURVEY TO CALCULATE A WAGE AT MARKET AVERAGE FOR ALL OTHER POSITIONS. APART FROM PROVIDING A VEHICLE FOR THE ASSISTANT SECRETARY, VICE PRESIDENT OF OPERATIONS, EXECUTIVE DIRECTORS, AND DIRECTOR OF THE GOLF COURSE; ALL FRINGES OFFERED ARE EXACTLY THE SAME AS FOR ANY OTHER EMPLOYEE. THE BOARD MINUTES DOCUMENT THE BOARD APPROVAL OF THE ASSITANT SECRETARY'S COMPENSATION; OFFICER'S COMPENSATION PLAN; AND OVERALL WAGE BUDGET FOR ALL OTHER EMPLOYEES. PART I, LINE 7 SENIOR MANAGEMENT EARNS A BONUS BASED UPON COMPANY GOALS AND PERSONAL GOALS. THE BONUS POTENTIAL IS 10%- 30% OF WAGES AND THE 10% - 30% IS EARNED IN 20% INCREMENTS. THE 20% INCREMENTAL GOALS ARE NET OPERATING MARGIN, 5-STAR CMS RATING, INDEPENDENT LIVING AVERAGE DAILY OCCUPANCY, EMPLOYEE ENGAGEMENT AND A PERSONAL TARGET. A NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 2015-07-15 14712108 REFUNDING OF PRIOR BONDS ISSUED 0 0 0 B NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 2016-04-14 20000000 CONSTRUCTION 0 0 0 C NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 65821DVP3 2016-09-29 82512334 REFUNDING OF PRIOR BONDS ISSUED 0 0 0 D NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 65821DSX5 2020-10-01 188437120 CONSTRUCTION 0 0 0 A 9950219 14713839 131250 14580858 2003 1 0 1 1 B 14759148 20021546 218950 170944 19829056 2017 0 0 1 1 C 30936227 82564491 751205 81761129 2003 1 0 1 1 D 75153751 188563850 9358246 1844736 186592384 2023 0 0 0 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 C 0 0 0 0 0 0 0 D 0 0 0 0 0 0 0 A 0 1 0 0 0 0 0 0 0 B 0 0 1 0 1 1 BB&T 11.000000000000 1 0 0 0 0 C 0 0 1 0 1 1 BB&T 11.000000000000 1 0 0 0 0 D 0 1 0 0 0 0 0 0 0 A 0 B 0 C 0 D 0 FORM 990, PART IV, LINE 22 GLENAIRE INC PROVIDES ASSISTANCE TO RESIDENTS THROUGH REDUCED MONTHLY SERVICE AND MOVE-IN FEES; AND BY PARTICPATION IN MEDICAID. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PROVIDED TO EACH FINANCE COMMITTEE BOARD MEMBER PRIOR TO FILING. THE FINANCE COMMITTEE BOARD MEMBERS HAVE A QUESTION AND ANSWER PERIOD WITH MEMBERS OF MANAGEMENT AND VOTE TO APPROVE FORM 990. AFTER THE FINANCE COMMITTEE APPROVAL, FORM 990 IS ELECTRONICALLY SENT TO THE REMAINING BOARD MEMBERS. FULL BOARD APPROVAL OCCURS AFTER FORM 990 FILING. THE BOARD MINUTES INCLUDED DOCUMENTATION OF THE PROCESS AND DISCUSSION. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS PRESENTED TO THE BOARD MEMBERS ANNUALLY FOR REVIEW AND DATED SIGNATURE. BOARD MEMBERS AND MANAGEMENT UNDERSTAND THAT NO AGREEMENTS ARE ARRANGED TO CREATE A CONFLICT OF INTEREST. ANY NONCOMPLIANCE IS DISCUSSED AND NOTED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION B, LINE 15 THE VICE PRESIDENT OF HUMAN RESOURCES COMPLIES COMPARABILITY DATA FROM AN INDEPENDENT SALARY CONSULTANT TO CALCULATE A WAGE FOR EXECUTIVE POSITIONS AND FROM AN INDEPENDENT SALARY SURVEY TO CALCULATE A WAGE AT MARKET AVERAGE FOR ALL OTHER POSITIONS. APART FROM PROVIDING A VEHICLE FOR THE ASSISTANT SECRETARY, VICE PRESIDENT OF OPERATIONS, EXECUTIVE DIRECTORS AND DIRECTOR OF THE GOLF COURSE; ALL FRINGES OFFERED ARE EXACTLY THE SAME AS FOR ANY OTHER EMPLOYEE. THE BOARD MINUTES DOCUMENT THE BOARD APPROVAL OF THE ASSITANT SECRETARY'S COMPENSATION, OFFICER'S COMPENSATION PLAN, AND OVERALL WAGE BUDGET FOR ALL OTHER EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND CONFLICT OF INTEREST POLICY AVAILABLE UPON REQUEST AT THE HOME OFFICE. THE FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE ALSO AVAILABLE ONLINE AT WWW.NCDOI.GOV. FORM 990, PART IX, LINE 13 THIS INCLUDES MISCELLANEOUS EXPENSES SUCH AS CORPORATE ALLOCATION, MAINTENANCE AND REPAIR, AND COST OF THERAPIES. FORM 990, PART XI, LINE 9: INTEREST RATE SWAP -2,499,676. TRANSFERS OF ASSETS BETWEEN COMMUNITIES 243,462. PHI MANAGEMENT SERVICES LLC 5603 NEW GARDEN VILLAGE DRIVE GREENSBORO NC 27410 MANAGEMENT SERVICES NC 2568440 14241 PRESBYTERIAN HOMES INC PHI REHAB SERVICES LLC 5603 NEW GARDEN VILLAGE DRIVE GREENSBORO NC 27410 REHABILITATION SERVICES NC 0 803615 PRESBYTERIAN HOMES INC GLENAIRE INC 5603 NEW GARDEN VILLAGE DRIVE GREENSBORO NC 27410 561739542 CARE FOR THE ELDERLY NC 501(C)(3) LINE 10 PRESBYTERIAN HOMES INC 1 PRESBYTERIAN HOMES FOUNDATION INC 5603 NEW GARDEN VILLAGE DRIVE GREENSBORO NC 27410 582004356 SUPPORTING ORGANIZATION NC 501(C)(3) LINE 12A, I PRESBYTERIAN HOMES INC 1 0 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 PRESBYTERIAN HOMES FOUNDATION INC C 3016109 CASH PAID GLENAIRE INC O 21016372 CASH PAID GLENAIRE INC Q 2080791 CASH PAID