2025-11-13T11:36:56-05:00 2024-12-31 990 2024-01-01 561497371 WELL-SPRING RETIREMENT COMMUNITY INC WELL 3365455421 5603 NEW GARDEN VILLAGE DR GREENSBORO NC 27410 RHONDA CUMMONS CO DIRECTOR OF FINANCE 3364589117 2025-11-13 2024 2025-03-06 01:10:19Z X STEPHEN P FLEMING 5603 NEW GARDEN VILLAGE DR GREENSBORO NC 27410 42978331 false X X 1987 NC TO PROVIDE RETIREMENT LIVING SERVICES. 25 25 646 17 0 0 1360486 957475 36937797 38873041 1515409 3037279 112402 110536 39926094 42978331 1729878 973627 0 0 19145525 20828795 0 0 80775 20235990 19605554 41111393 41407976 -1185299 1570355 138730668 139126189 96593105 93476921 42137563 45649268 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. false false 37700076 973627 38873041 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. 0 0 0 0 0 0 0 0 0 37700076 true true false false false false false false false false true true false true true true true true false false false false false false false false false true false true true false false false false false false false false false false false false true true false false false true 124 0 false 646 true false false false false false false false 0 false false false false false 25 25 false false false false false false false true true false false true true true true true true true true false X THE ORGANIZATION 3365455421 5603 NEW GARDEN VILLAGE DRIVE GREENSBORO NC 27410 KENNETH BOGGS VICE-CHAIR IMM PAST CHAI 1.00 2.00 X X 0 0 0 KATHRYN COOKIE BILLINGS CHAIR 1.00 2.00 X X 0 0 0 JERRY BAILEY BOARD MEMBER 1.00 2.00 X 0 0 0 JEAN DAVISON ASSISTANT SECRETARY 1.00 2.00 X X 0 0 0 ANTHONY BOYD BOARD MEMBER 1.00 2.00 X 0 0 0 CHRIS BROWN BOARD MEMBER 1.00 2.00 X 0 0 0 WARREN WEBSTER BOARD MEMBER 1.00 2.00 X 0 0 0 BARRY CANNER BOARD MEMBER 1.00 2.00 X 0 0 0 BOB CHANDLER BOARD MEMBER 1.00 2.00 X 0 0 0 TIM CLONTZ BOARD MEMBER 1.00 2.00 X 0 0 0 SALLY CONE BOARD MEMBER 1.00 2.00 X 0 0 0 WENDY GATLIN BOARD MEMBER 1.00 2.00 X 0 0 0 JENNIFER KOENIG BOARD MEMBER 1.00 2.00 X 0 0 0 BONNIE MCALISTER BOARD MEMBER 1.00 2.00 X 0 0 0 BOB POWELL BOARD MEMBER 1.00 2.00 X 0 0 0 SUSAN SHUMAKER BOARD MEMBER 1.00 2.00 X 0 0 0 BEN ZURAW BOARD MEMBER 1.00 2.00 X 0 0 0 STEPHEN P FLEMING PRESIDENT CEO 5.00 40.00 X 0 534571 49201 K ALAN TUTTEROW SECRETARY INTERIM TREAS 5.00 40.00 X 0 410135 37740 MISTI RIDENOUR EXECUTIVE DIRECTOR 40.00 2.00 X 236213 0 41750 TODD DUMKE DIRECTOR OF DINING SERVICES 40.00 0.00 X 141889 0 16690 PHILIP JOHNSON DIRECTOR OF FACILITIES 40.00 0.00 X 126277 0 9786 SUSAN SUEK DIRECTOR OF NURSING 40.00 0.00 X 140490 0 19930 MICHAEL JONES DIRECTOR OF HEALTH SERVICES 40.00 0.00 X 171264 0 30408 816133 944706 205505 7 false true false ALVAREZ LANDSCAPE & LAWN MAINTENANCE 381 FRIDDLE RD STOKESDALE NC 27357 LANDSCAPE 353788 AMERICAN IDUSTRIAL LLC PO BOX 16224 GREENSBORO NC 27416 CONSTRUCTION 312082 BOULTON CREATIVE 601 WEST SMITH ST GREENSBORO NC 27401 MARKETING 150873 YELLOWSTONE LANDSCAPE PO BOX 936347 ATLANTA NC 31193 LANDSCAPE 194748 RIGHT TOUCH INTERIORS LLC 807 POST ST GREENSBORO NC 27405 FLOORING 366790 8 0 0 0 883847 0 73628 0 957475 RESIDENT FEES 623990 37832774 37832774 0 0 HEALTH CARE SERVICES 623990 320245 320245 0 0 0 0 0 0 0 0 0 0 0 0 0 0 720022 0 0 0 38873041 2159621 0 0 2159621 0 0 0 0 0 0 0 0 110536 0 0 0 110536 0 110536 0 0 110536 877658 0 0 0 877658 0 877658 0 0 877658 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 42978331 38153019 0 3147815 973627 973627 0 0 0 0 0 0 0 0 0 0 0 0 0 0 17352618 15736697 1615921 0 0 0 0 0 2362765 2109269 253496 0 1113412 965994 147418 0 1253766 0 1175005 78761 26915 0 26915 0 98139 0 98139 0 0 0 0 0 0 0 0 0 0 0 1053398 1051384 0 2014 232480 19250 213230 0 833929 827257 6672 0 0 0 0 0 0 0 0 0 1924341 1908946 15395 0 32622 27990 4632 0 0 0 0 0 55429 47558 7871 0 1240517 1240517 0 0 0 0 0 0 7329520 7270521 58999 0 429049 425617 3432 0 EQUIP. RENTAL & MAINT. 2144496 2144496 0 0 FOOD 2231533 2231533 0 0 MAINT. & HORTICULTURE 434424 434424 0 0 RESIDENT ACTIVITIES 181651 181651 0 0 103345 103345 0 0 41407976 37700076 3627125 80775 0 0 0 0 1032897 2824608 0 0 771870 300000 685020 594370 0 0 0 0 0 0 108851 69641 212068 71246 141812251 63331801 82287010 78480450 0 0 34662209 35690305 0 0 0 0 18970743 21095569 138730668 139126189 3559022 3090479 0 0 48918536 48165432 42763442 40981089 0 0 0 0 0 0 0 0 1352105 1239921 96593105 93476921 X 40707798 44145875 1429765 1503393 42137563 45649268 138730668 139126189 1570355 1447588 0 0 0 493762 X X false true X true false X 671683 2051625 825163 1360486 1640940 6549897 30357277 31548311 34365310 36937797 38873041 172081736 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 31028960 33599936 35190473 38298283 40513981 178631633 609187 654497 0 162184 0 1425868 0 0 0 0 0 0 609187 654497 0 162184 0 1425868 177205765 1503428 2124238 1489647 1601648 2270157 8989118 0 0 0 0 0 0 1503428 2124238 1489647 1601648 2270157 8989118 0 0 0 0 0 0 0 0 0 0 0 0 32532388 35724174 36680120 39899931 42784138 187620751 0.9445 0.9299 0.0479 0.0457 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 34024720 3402472 90635381 40244378 50391003 29440889 15137231 14303658 17670570 7950192 9720378 662939 662939 78480450 INVESTMENTS 35690305 F 35690305 REFUNDABLE ENTRANCE FEES 355996 ADMISSIONS DEPOSITS 797660 OTHER ASSETS 704140 STATUTORY OPERATING RESERVE 9400000 DUE FROM RELATED PARTY 215323 EXTERNALLY RESTRICTED UNDER DONORS RESTRICTIONS 1451079 BOARD DESIGNATED 3900000 INTEREST RATE SWAP AGREEMENT 4271371 21095569 REFUNDABLE FEES 355996 REFUNABLE RESERVATION FEE 797660 DUE TO RELATED PARTY 86265 1239921 X 43468444 1447588 683465 2131053 41337391 1640940 1640940 42978331 41407976 0 41407976 0 41407976 Part X, line 2 THE COMMUNITY IS A NOT-FOR-PROFIT ORGANIZATION EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501C3. THE COMMUNITY FILES AS A TAX-EXEMPT ORGANIZATION. SHOULD ANY STATUS BE CHALLENGED IN THE FUTURE THE COMMUNITY IS OPEN FOR EXAMINATION BY FEDERAL STATE AND LOCAL AUTHORITIES. MANAGEMENT IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE THE TAX-EXEMPT STATUS OF THE COMMUNITY. MANAGEMENT IS NOT AWARE OF ANY SIGNIFICANT ACTIVITIES THAT ARE SUBJECT TO TAX ON UNRELATED BUSINESS INCOME OR EXCISE OR OTHER TAXES FOR THE COMMUNITY. THE COMMUNITY HAS ADOPTED GUIDANCE ON THE INCOME TAX STANDARD REGARDING THE RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. THE IMPLEMENTATION HAS HAD NO IMPACT ON THE COMMUNITYS FINANCIAL STATEMENTS. Part XI, line 2d NET ASSETS RELEASED FROM RESTRICTIONS FOR USE IN OPERATIONS $683,465 Part XI, line 4b CONTRIBUTION FROM RELATED ORGANIZATION: $883,847 DONOR RESTRICTED CONTRIBUTIONS: $757,093 true ADULT CENTER FOR ENRICHMENT INC 4100 WELL SPRING DR GREENSBORO NC 27410 561599072 501(c)(3) 328000 0 N A N A GENERAL SUPPORT ALZHEIMER S ASSOCIATION 225 N MICHIGAN ST CHICAGO IL 60601 561440727 501(c)(3) 7500 0 N A N A GENERAL SUPPORT AUTHORACARE FOUNDATION 2500 SUMMIT AVE GREENSBORO NC 27405 471169471 501(c)(3) 47500 0 N A N A GENERAL SUPPORT CONE HEALTH 1200 NORTH ELM ST GREENSBORO NC 27401 581588823 501(c)(3) 75000 0 N A N A GENERAL SUPPORT GREENSBORO SYMPHONY ORCHESTRA 200 NORTH DAVIE ST BOX 10 GREENSBORO NC 27401 566063111 501(c)(3) 10000 0 N A N A GENERAL SUPPORT NORTH CAROLINA FOR COMMUNITY AND JUSTICE INC 713 N GREENE ST GREENSBORO NC 27401 061753756 501(c)(3) 6000 0 N A N A GENERAL SUPPORT DOWNTOWN GREENWAY 122 N ELM ST STE 110 GREENSBORO NC 27401 562251250 501(c)(3) 13500 0 N A N A GENERAL SUPPORT APPALACHIAN STATE UNIVERSITY FOUNDATION BOX 32156 BOONE NC 28608 237099379 501(c)(3) 10000 0 N A N A GENERAL SUPPORT BETH DAVID SYNAGOGUE 804 WINVIEW DR GREENSBORO NC 27410 274100215 501(c)(3) 5000 0 N A N.A GENERAL SUPPORT GREENSBORO LITERARY ORGANIZATION PO BOX 5256 GREENSBORO NC 27435 821231324 501(c)(3) 5000 0 N A N A GENERAL SUPPORT 10 0 Part I Line 2 WELL-SPRING RETIREMENT COMMUNITY RECEIVES PERIODIC REPORTS FOR THE ORGANIZATION TO WHOM FUNDS WERE DONATED TO ESTABLISH SCHOLARSHIPS. false false false false false false false false false STEPHEN P FLEMING PRESIDENT CEO 0 441171 0 93400 0 0 0 45316 0 3885 0 583772 0 0 K ALAN TUTTEROW SECRETARY INTERIM TREAS 0 348747 0 61388 0 0 0 34130 0 3610 0 447875 0 0 MISTI RIDENOUR EXECUTIVE DIRECTOR 207771 0 28442 0 0 0 39076 0 2674 0 277963 0 0 0 MICHAEL JONES DIRECTOR OF HEALTH SERVICES 149575 0 21689 0 0 0 28831 0 1577 0 201672 0 0 0 Part I | PartandLinenumber:,Explanation:|Part I Line 3,COMPENSATION FOR OFFICERS LISTED IN PART VII AND SCHEDULE J PART II WAS PAID BY A RELATED ORGANIZATION. THE PROCEDURES THAT THE RELATED ORGANIZATION FOLLOWS FOR SETTING COMPENSATION ARE AS FOLLOWS: 1. A BOARD OF TRUSTEES COMPENSATION COMMITTEE SHALL BE APPOINTED ANNUALLY BY THE BOARD CHAIR. THE COMMITTEE SHALL BE COMPRISED OF THE CURRENT CHAIR, IMMEDIATE PAST CHAIR, CHAIR-ELECT (IF ANY) AND 1-2 TRUSTEES AT LARGE. 2. THE COMMITTEE SHALL MEET APPROXIMATELY THIRTY DAYS PRIOR TO THE END OF THE WELL-SPRING RETIREMENT COMMUNITY'S FISCAL YEAR. 3. PRIOR TO THE MEETING, THE PRESIDENT/CEO SHALL PROVIDE COMPARABLE SALARY AND BENEFIT DATA THROUGH EXTERNAL SOURCES SUCH AS: THE CEMO SALARY AND BENEFIT REPORT, LEADING AGE NC WAGE SURVEY, PUBLIC RECORD IRS FORM 990S, AND INDEPENDENT SURVEYS. 4. PRIOR TO THE MEETING, THE PRESIDENT/CEO SHALL PROVIDE A STATEMENT OF ACHIEVEMENTS COMPARED TO GOALS FOR THE CURRENT YEAR AND A PRELIMINARY LIST OF PERFORMANCE GOALS FOR THE SUCCEEDING YEAR.| Part I & Part II | PartandLinenumber:,Explanation:| Part I Line 3,5. AT THE MEETING THE PRESIDENT CEO SHALL INFORM THE COMMITTEE OF PROPOSED SALARY ADJUSTMENTS FOR SENIOR MANAGEMENT FOR THE SUCCEEDING YEAR. THE PRESIDENT CEO MAY PRESENT COMPARABLE SALARY DATA FOR SENIOR MANAGEMENT AT THE COMMITTEES DISCRETION. 6. AT THE MEETING AND AFTER PRESENTING YEAR-END RESULTS AND SUCCEEDING YEAR GOALS THE COMMITTEE MAY EXCUSE THE PRESIDENT CEO ENTER INTO EXECUTIVE SESSION AND DISCUSS THE PRESIDENT CEOS PERFORMANCE AND COMPENSATION. 7. AT THE CONCLUSION OF THE MEETING THE BOARD OF TRUSTEES CHAIR SHALL MEET WITH THE PRESIDENT CEO IN ORDER TO REVIEW THE COMMITTEES ASSESSMENT OF PERFORMANCE AND SALARY. SALARY ADJUSTMENTS TO THE PRESIDENT CEOS COMPENSATION SHALL BE AUTHORIZED BY SIGNATURE OF THE BOARD CHAIR OR VICE CHAIR ONLY.|Part I Line 3,8. AT THE FIRST BOARD OF TRUSTEES MEETING FOLLOWING THE COMPENSATION COMMITTEES MEETING THE BOARD OF TRUSTEES CHAIR SHALL REPORT THE COMMITTEES FINDINGS AND THE COMMITTEES ACTIONS REGARDING EMPLOYMENT STATUS RECOMMENDATIONS AND SALARY OR BENEFIT ADJUSTMENTS FOR THE PRESIDENT CEO. EXECUTIVE MANAGERS COMPENSATION PHILOSOPHY OBJECTIVE: THE COMPENSATION COMMITTEE BELIEVES THAT THE PRIMARY OBJECTIVES OF WELL-SPRINGS EXECUTIVE COMPENSATION POLICIES SHOULD BE: - TO ATTRACT AND RETAIN TALENTED EXECUTIVES BY PROVIDING COMPENSATION THAT IS OVERALL HIGHLY COMPETITIVE WITH THE COMPENSATION PROVIDED TO EXECUTIVES AT COMPANIES OF COMPARABLE POSITION IN THE CONTINUING CARE RETIREMENT COMMUNITY FIELD WHILE MAINTAINING COMPENSATION WITHIN LEVELS THAT ARE CONSISTENT WITH WELL-SPRINGS ANNUAL BUDGET FINANCIAL OBJECTIVES OPERATING PERFORMANCE AND RESIDENT AND STAFF SATISFACTION;|Part I Line 3,AND - TO PROVIDE APPROPRIATE INCENTIVES FOR EXECUTIVES TO WORK TOWARD THE ACHIEVEMENT OF WELL-SPRINGS ANNUAL FINANCIAL PERFORMANCE AND BUSINESS GOALS BASED ON WELL-SPRINGS ANNUAL BUDGET. THE COMPENSATION COMMITTEE REVIEWS EXECUTIVE COMPENSATION POLICIES ANNUALLY TAKING INTO CONSIDERATION WELL-SPRINGS FINANCIAL PERFORMANCE ITS ANNUAL BUDGET ITS POSITION IN THE INDUSTRY AND WELL-SPRINGS MISSION STATEMENT AND CORE VALUES. THE COMPENSATION COMMITTEE BELIEVES THAT IN ADDITION TO CORPORATE PERFORMANCE IT IS APPROPRIATE IN SETTING AND REVIEWING EXECUTIVE COMPENSATION TO CONSIDER THE LEVEL OF EXPERIENCE AND RESPONSIBILITIES OF EACH EXECUTIVE OFFICER AS WELL AS THE PERSONAL CONTRIBUTIONS A PARTICULAR INDIVIDUAL MAY MAKE TO THE SUCCESS OF WELL-SPRING RETIREMENT COMMUNITY INC. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024.| A PUBLIC FINANCE AUTHORITY 273866124 NONEAVAIL 2016-10-18 9205000 CURRENT REFUNDING OF SERIES 2003 BONDS AND TAX false false false B PUBLIC FINANCE AUTHORITY 273866124 NONEAVAIL 2016-11-03 30795000 FUND EXPANSION AND RENOVATION OF RESIDENT false false false C PUBLIC FINANCE AUTHORITY 273866124 NONEAVAIL 2020-03-01 22410000 CONSTRUCTION OF NEW APARTMENTS false false false A 7343333 0 9205000 0 0 0 0 99535 0 0 9105465 0 true false true true B 4860416 0 30795000 0 0 0 0 329122 0 30465878 0 0 2019 false false true true C 8985000 0 22410000 0 0 0 0 314627 0 217720745 3634 0 2023 false false false true A false false false false false false true B false false false false false false true C false false false false false false true A false true false false true true BB&T 9.9 false false false true B false true false false true true BB&T 5.0 false false false true C false true false false false true BB&t 13.3 false false false true A true B true C true Part I General A ISSUER NAME: PUBLIC FINANCE AUTHORITY F DESCRIPTION OF PURPOSE: CURRENT REFUNDING OF SERIES 2003 BONDS AND TAXABLE VARIABLE RATE DEBT; A ISSUER NAME: PUBLIC FINANCE AUTHORITY F DESCRIPTION OF PURPOSE: FUND EXPANSION AND RENOVATION OF RESIDENT AMENITIES AS NEEDED Part VI, Line 11a THE RETURN IS EMAILED TO EACH BOARD MEMBER. MEMBERS OF FINANCE STAFF ARE AVAILABLE TO RESPOND TO ANY QUESTIONS OR ADDRESS ANY ISSUES. BOARD MEMBERS APPROVED THE RETURN VIA AN EMAIL VOTE. Part VI, Line 12c THE TRUSTEES SHALL COMPLETE AND RETURN TO THE SECRETARY AN ANNUAL STATEMENT THAT EACH OF THEM: A HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY; B HAS READ AND UNDERSTANDS THE POLICY; C AGREES TO COMPLY WITH THIS POLICY; D UNDERSTANDS THAT THE POLICY APPLIES TO ALL COMMITTEES; AND E UNDERSTANDS THAT THE ORGANIZATION IS A CHARITABLE ORGANIZATION AND MUST CONTINUOUSLY ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. Part VI, Line 15 PRESIDENT CEO COMPENSATION: IT SHALL BE THE POLICY OF WELL-SPRING RETIREMENT COMMUNITY TO ANNUALLY REVIEW THE PERFORMANCE OF THE PRESIDENT AND CEO UNLESS CIRCUMSTANCES DEMAND MORE FREQUENT REVIEW INTERVALS. THE PRESIDENT CEOS REVIEW SHALL BE CONDUCTED BY THE BOARD OF TRUSTEES; HOWEVER THE BOARD OF TRUSTEES MAY DELEGATE THIS FUNCTION TO ITS COMPENSATION COMMITTEE. PROCEDURES FOR SETTING COMPENSATION: 1. A BOARD OF TRUSTEES COMPENSATION COMMITTEE SHALL BE APPOINTED ANNUALLY BY THE BOARD CHAIR. THE COMMITTEE SHALL BE COMPRISED OF THE CURRENT CHAIR IMMEDIATE PAST CHAIR CHAIR-ELECT IF ANY AND 1-2 TRUSTEES AT LARGE. 2. THE COMMITTEE SHALL MEET APPROXIMATELY THIRTY DAYS PRIOR TO THE END OF THE WELL-SPRING RETIREMENT COMMUNITYS FISCAL YEAR. 3. PRIOR TO THE MEETING THE PRESIDENT CEO SHALL PROVIDE COMPARABLE SALARY AND BENEFIT DATA THROUGH EXTERNAL SOURCES SUCH AS: THE CEMO SALARY AND BENEFIT REPORT LEADING AGE NC WAGE SURVEY PUBLIC RECORD IRS FORM 990S AND INDEPENDENT SURVEYS. 4. PRIOR TO THE MEETING THE PRESIDENT CEO SHALL PROVIDE A STATEMENT OF ACHIEVEMENTS COMPARED TO GOALS FOR THE CURRENT YEAR AND A PRELIMINARY LIST OF PERFORMANCE GOALS FOR THE SUCCEEDING YEAR. 5. AT THE MEETING THE PRESIDENT CEO SHALL INFORM THE COMMITTEE OF PROPOSED SALARY ADJUSTMENTS FOR SENIOR MANAGEMENT FOR THE SUCCEEDING YEAR. THE PRESIDENT CEO MAY PRESENT COMPARABLE SALARY DATA FOR SENIOR MANAGEMENT AT THE COMMITTEES DISCRETION. 6. AT THE MEETING AND AFTER PRESENTING YEAR-END RESULTS AND SUCCEEDING YEAR GOALS THE COMMITTEE MAY EXCUSE THE PRESIDENT CEO ENTER INTO EXECUTIVE SESSION AND DISCUSS THE PRESIDENT CEOS PERFORMANCE AND COMPENSATION. 7. AT THE CONCLUSION OF THE MEETING THE BOARD OF TRUSTEES CHAIR SHALL MEET WITH THE PRESIDENT CEO IN ORDER TO REVIEW THE COMMITTEES ASSESSMENT OF PERFORMANCE AND SALARY. SALARY ADJUSTMENTS TO THE PRESIDENT CEOS COMPENSATION SHALL BE AUTHORIZED BY SIGNATURE OF THE BOARD CHAIR OR VICE CHAIR ONLY. 8. AT THE FIRST BOARD OF TRUSTEES MEETING FOLLOWING THE COMPENSATION COMMITTEES MEETING THE BOARD OF TRUSTEES CHAIR SHALL REPORT THE COMMITTEES FINDINGS AND THE COMMITTEES ACTIONS REGARDING EMPLOYMENT STATUS RECOMMENDATIONS AND SALARY OR BENEFIT ADJUSTMENTS FOR THE PRESIDENT CEO. EXECUTIVE MANAGERS COMPENSATION PHILOSOPHY OBJECTIVE: THE COMPENSATION COMMITTEE BELIEVES THAT THE PRIMARY OBJECTIVES OF WELL-SPRINGS EXECUTIVE COMPENSATION POLICIES SHOULD BE: - TO ATTRACT AND RETAIN TALENTED EXECUTIVES BY PROVIDING COMPENSATION THAT IS OVERALL HIGHLY COMPETITIVE WITH THE COMPENSATION PROVIDED TO EXECUTIVES AT COMPANIES OF COMPARABLE POSITION IN THE CONTINUING CARE RETIREMENT COMMUNITY FIELD WHILE MAINTAINING COMPENSATION WITHIN LEVELS THAT ARE CONSISTENT WITH WELL-SPRINGS ANNUAL BUDGET FINANCIAL OBJECTIVES OPERATING PERFORMANCE AND RESIDENT AND STAFF SATISFACTION; AND - TO PROVIDE APPROPRIATE INCENTIVES FOR EXECUTIVES TO WORK TOWARD THE ACHIEVEMENT OF WELL-SPRINGS ANNUAL FINANCIAL PERFORMANCE AND BUSINESS GOALS BASED ON WELL-SPRINGS ANNUAL BUDGET. THE COMPENSATION COMMITTEE REVIEWS EXECUTIVE COMPENSATION POLICIES ANNUALLY TAKING INTO CONSIDERATION WELL-SPRINGS FINANCIAL PERFORMANCE ITS ANNUAL BUDGET ITS POSITION IN THE INDUSTRY AND WELL-SPRINGS MISSION STATEMENT AND CORE VALUES. THE COMPENSATION COMMITTEE BELIEVES THAT IN ADDITION TO CORPORATE PERFORMANCE IT IS APPROPRIATE IN SETTING AND REVIEWING EXECUTIVE COMPENSATION TO CONSIDER THE LEVEL OF EXPERIENCE AND RESPONSIBILITIES OF EACH EXECUTIVE OFFICER AS WELL AS THE PERSONAL CONTRIBUTIONS A PARTICULAR INDIVIDUAL MAY MAKE TO THE SUCCESS OF WELL-SPRING RETIREMENT COMMUNITY INC. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. Part VI, Line 19 WELL-SPRING RETIREMENT COMMUNITYS FINANCIAL STATEMENTS ARE PART OF WELL-SPRINGS ANNUAL DISCLOSURE STATEMENT WHICH IS FILED WITH THE NC DEPARTMENT OF INSURANCE. THE NC DEPARTMENT OF INSURANCE POSTS ALL DISCLOSURE STATEMENTS ON THEIR WEB SITE. THE FINANCIAL STATEMENTS ARE FILED ANNUALLY WITH THE SEC VIA EMMA ELECTRONIC MUNICIPAL MARKET ACCESS. ADDITIONALLY COPIES OF GOVERNING DOCUMENTS OUR CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. Part XII, Line 2c THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THE ORGANIZATION HAS NOT CHANGED ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. Part XI, Line 9 | Description:, Explanation:, Amount:| CHANGE IN NET ASSETS, CHANGE IN VALUE OF INTEREST RATE SWAP, $493762| Part VII General | Explanation:| AVERAGE HOURS PER WEEK LISTED IN COLUMN B INCLUDE HOURS UTILIZED TOWARDS BOTH THE FILING ORGANIZATION AND RELATED ORGANIZATIONS. PACE OF GUILFORD & ROCKINGHAM COUNTIES INC 721 GREEN VALLEY ROAD GREENSBORO NC 27408 271560334 ALL INCLUSIVE ELDERLY CARE NC 501(C)(3) Charity Status 10 N/A false WELL SPRING FOUNDATION 5603 NEW GARDEN VILLAGE DRIVE GREENSBORO NC 27410 562217797 FUNDRAISING NC 501(C)(3) Charity Status 12a WELL SPRING SERVICES true WELL SPRING SERVICES INC 5603 NEW GARDEN VILLAGE DRIVE GREENSBORO NC 27410 900885759 HOLDING COMPANY NC 501(C)(3) Charity Status 10 N/A false ADULT CENTER FOR ENRICHMENT INC 5603 NEW GARDEN VILLAGE GREENSBORO NC 27410 561599072 ADULT CARE CENTER NC 501(C)(3) Charity Status 10 N/A false ALAMANCE EXTENDED CARE 5603 NEW GARDEN VILLAGE DRIVE GREENSBORO NC 27410 581681364 CCRC NC 501(C)(3) Charity Status 10 N/A false WELL SPRING MANAGEMENT AND DEVELOPMENT COMPANY INC 5603 NEW GARDEN VILLAGE DRIVE GREENSBORO NC 27410 460944965 MANAGEMENT SERVICES NC WELL-SPRING SERVICES C-Corporation 0 0 0 false true true true true false false false false false false false true false true true true true true true WELLSPRING FOUNDATION C 675244 CASH ADULT CENTER FOR ENRICHMENT B 328000 CASH