Overview
What is Well-Spring Retirement Community Inc?
Well-Spring Retirement Community Inc, a North Carolina nonprofit corporation based at 4100 Well Spring Drive in Greensboro, NC (27410), was established to manage a continuing care retirement community. The organization is overseen by a board of trustees, composed of 17 civic leaders who serve without compensation for staggered three-year terms. Initially sponsored and led by a multidenominational group of churches in Greensboro, Well-Spring adheres to the requirements set forth in Rev. Rul. 72-124 to qualify for Section 501(c) 3 exemption. Dedicated to providing retirement living services, Well-Spring is a not-for-profit organization that offers aging-adult services, creating a rich experience tailored to the evolving needs of older adults. The organization, also known as Well-Spring A Life Plan Community, employs a total of 668 individuals.
Official website here: www.well-spring.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star rating)
Well-Spring Retirement Community Inc has earned a commendable Three-Star rating from Charity Navigator, with an overall score of 81%. This rating reflects a strong emphasis on Accountability and Finance, indicating the organization’s commitment to maintaining transparency and responsible financial management.
The nonprofit boasts a fully independent board of directors, with 100% of its members meeting this criterion. It demonstrates solid governance practices, evidenced by high scores in various accountability metrics, including an audit and oversight committee, and comprehensive policies for conflict of interest and whistleblowing. The high program expense ratio of 89.52% signifies that the majority of its funds are directed towards its mission-driven services rather than administrative costs.
Despite the positive ratings, some may argue that the reliance on a single beacon score could limit a more rounded assessment of the organization’s impact. However, the strengths highlighted in governance and financial integrity present a favorable image of Well-Spring Retirement Community Inc as a responsible steward of the resources it manages.
This AI summary has been generated from information found on Charity Navigator.
Is Well-Spring Retirement Community Inc legitimate?
Well-Spring Retirement Community Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Well-Spring Retirement Community Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $14,156,317
For more financial information, click here
Official website here: www.well-spring.org
What is the mission statement of Well-Spring Retirement Community Inc?
Well-Spring Retirement Community Inc is a North Carolina-based not-for-profit organization dedicated to providing top-tier aging-adult services. Their mission goes beyond just retirement living, aiming to exceed the needs of an evolving population of older adults. Governed by a board of trustees, consisting of local community leaders, Well-Spring was originally sponsored and led by a multidenominal group of churches. To qualify for tax-exempt status as a "home for the aged," they must meet certain requirements set by the Internal Revenue Service. Among these are satisfying the need for housing and addressing the emotional, recreational, social, and religious needs of the aged population.
Official website here: www.well-spring.org
Who is the CEO of Well-Spring Retirement Community Inc?
Stephen P Fleming is the President/Ceo of Well-Spring Retirement Community Inc. The CEO's salary of Well-Spring Retirement Community Inc is $0 and their total compensation is $445,603.
Official website here: www.well-spring.org
What is the revenue of Well-Spring Retirement Community Inc?
Well-Spring Retirement Community Inc's revenue in 2022 was $36,704,666.
Official website here: www.well-spring.org
Who are the executives of Well-Spring Retirement Community Inc and what are their salaries?
The average compensation at Well-Spring Retirement Community Inc during 2022 was $21,192. There are 668 employees at Well-Spring Retirement Community Inc.
Here are 30 key members and their salaries (Well-Spring Retirement Community Inc's CEO's salary is $0 and their total compensation is $445,603):
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- Related: $409,612
- Other: $35,991
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- Other: $32,184
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- Other: $16,235
- Compensation: $196,300
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- Compensation: $126,406
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- Compensation: $116,366
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- Compensation: $115,331
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- Other: $7,675
- Compensation: $101,235
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- Other: $17,314
Official website here: www.well-spring.org
Where can I find the form 990 for Well-Spring Retirement Community Inc?
Well-Spring Retirement Community Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.well-spring.org
Learn more at the official website: www.well-spring.org
Mission Statement of Well-Spring Retirement Community Inc
Well-Spring Retirement Community, a North Carolina-based nonprofit organization, is dedicated to providing exceptional aging-adult services that cater to the evolving needs of older adults. The mission of Well-Spring is to create an experience that goes beyond just housing for the elderly, encompassing emotional, recreational, social, and religious needs.
Governed by a board of trustees, consisting of civic leaders who serve without compensation for staggered three-year terms, Well-Spring was initially sponsored and led by a multidenominal group of churches. This not-for-profit corporation adheres to the requirements outlined in Rev. Rul. 72-124, 1972-1 C.B. 145, set by the Internal Revenue Service for organizations seeking Section 501(c) 3 exemption as a "home for the aged." By focusing on the essential needs of the aging population, Well-Spring ensures that its residents receive more than just shelter; they are provided with a community that nurtures their emotional wellbeing, encourages social interaction, and offers opportunities for spiritual growth.
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Impact
October, 2024
Well-Spring Retirement Community Inc significantly impacts the lives of older adults by providing comprehensive retirement living services designed to address their diverse needs. By operating a continuing care retirement community in Greensboro, North Carolina, Well-Spring fosters an environment that prioritizes not just the physical well-being of its residents, but also their emotional, recreational, social, and spiritual needs.
The community is governed by a dedicated board of trustees comprised of civic leaders, ensuring that decisions are made with the community's best interests in mind. This governance structure reflects a commitment to quality and meaningful engagement with residents. Well-Spring's multifaceted approach creates an enriching atmosphere where older adults can remain active and socially connected, thereby enhancing their quality of life.
By catering to the evolving needs of aging adults, Well-Spring not only meets housing demands but also plays a crucial role in addressing broader issues of social isolation and emotional well-being among seniors. The emphasis on a supportive community highlights the importance of connection and care in the later stages of life, making Well-Spring a vital resource for both residents and their families.
This information is meant to be a general summary of Well-Spring Retirement Community Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $1,416,879
- Program Service Revenue: $34,365,310
- Gross Receipts: $36,704,666
Assets and Liabilities:
- Total Assets: $137,378,238
- Total Liabilities: $98,561,523
- Net Assets: $38,816,715
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RESIDENT FEES
Revenue
$33,105,220
HEALTH CARE SERVICES
Revenue
$318,891
Organization Details
Founding Year
1987
Phone
(336) 545-5421Principal Officer
Stephen P Fleming
Main Address
4100 WELL SPRING DRIVE, GREENSBORO, NC, 27410
Website
www.well-spring.orgNTEE Category
Code: P750 - Human services
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