Galloway Ridge INC

Tax-deductible

Pittsboro, NC501(c)(3)Since 2001HousingEIN 56-2277623

Operation of continuing care retirement community

501(c)(3) charity; gifts are tax-deductible.
79¢ of each $1 spent went to programs.
Run by 12 volunteers and 337 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $5.0M a year · 13% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
79%
of spending
Looks good: 79% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.2M
to officers and key staff · 3% of spending
Top officer’s pay higher than 80% of similar orgs
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.5 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $16K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$165.1M
115% of total assets
Concern: liabilities are 115% of assets; over 80%.
Pt X · Ln 26
Independent board members
12
of 12 voting members
Looks good: 12 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$42.4M
+13% vs prior year
Spent
$36.2M
To programs
79%
Net assets
−$21.9M
By yearFY2020–FY2024
Revenue
$42.4M
FY2024▲ +13%
Revenue by fiscal year
FY2020$34.6M
FY2021$36.2M
FY2022$35.7M
FY2023$37.4M
FY2024$42.4M
Expenses
$36.2M
FY2024▲ +4%
Expenses by fiscal year
FY2020$29.5M
FY2021$29.3M
FY2022$31.4M
FY2023$34.7M
FY2024$36.2M
Net assets
−$21.9M
FY2024▲ +19%
Net assets by fiscal year
FY2020−$35.8M
FY2021−$29.6M
FY2022−$29.9M
FY2023−$27.1M
FY2024−$21.9M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 2005.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

79 cents of each dollar spent went to programs.

Program services 79% · $28.7M Management & general 21% · $7.4M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Who runs it and what they're paid

19 people listed on the 990; $1.2M paid to officers and key staff.

Part VII, Section A · reportable compensation
CEO/Executive Director
$308,052Pt VII · Sec A
SR. Director of Marketing
$151,439Pt VII · Sec A
SR Director of Healthcare Services
$142,761Pt VII · Sec A
Director of Human Resources & Admin Services
$140,594Pt VII · Sec A
SR. Director of Finance
$137,356Pt VII · Sec A
Executive Chef
$137,283Pt VII · Sec A
SR Director of Facilities & Technology
$134,539Pt VII · Sec A
Board Member
$0Pt VII · Sec A

Robert Zimmer’s $308K as CEO/Executive Director is at the 80th percentile of top reported officer pay among 676 $10–100M housing nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Robert Zimmer$308,052$289,343$276,354$260,948$260,948
Adam Melton—$154,099$161,390$156,743$151,132
Melissa Johnson$151,439$148,451$143,597$129,198$113,252
Arvilla Johnson$142,761$132,892———
Kimberly Hutter$140,594$123,685$116,296$113,022—
Dana Boylan-Walker$137,356$129,612$127,846$124,753$124,118
Ryan Payne$137,283$130,522$127,260$124,615$112,261
Adrian Jackson$134,539————

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Galloway Ridge INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides housing and care for seniors in a supportive community.

Provided by the organization

This section is blank until Galloway Ridge INC claims this page.

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1 program service account for $28.7M of program spending, described in the organization's own filed words · FY2024.
01

Galloway ridge, inc. Provided housing, healthcare, and other related services to residents through the operation of a resident facility containing 301 independent living units, 22 assisted living units, 14 multi-unit assisted housing units, 20 memory care units, and 40 skilled nursing units.

$28.7Mprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 1 funder$16K
Grants paid · 43 grants · $361K · 2020–2024
Love ChathamFY2024$10,000
Chatham Trades INCNC · FY2024$10,000
Triangle Youth Music INCNC · FY2024$8,000
Learning Trail INCNC · FY2024$8,000
El FuturoNC · FY2024$7,000
The Confidence Project INCNC · FY2024$5,794
Jordan-Matthews High School Arts FoundationFY2024$5,758
El FuturoNC · FY2023$7,000
See all 43 grants →

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$42.4M
Ln 12
Fees for servicesLn 2g$39.3M
Investment incomeLn 3$1.9M
Gifts and grantsLn 1h$1.0M
Money outPt IX
$36.2M
Ln 25
Programscol B$28.7M
Managementcol C$7.4M
Owns and owesPt X
−$21.9M
net assets · Ln 32
Cash and savingsLn 1–2$1.6M
Total assetsLn 16$143.2M
LiabilitiesLn 26$165.1M
PeoplePt VI, VII
19
listed · VII A
PaidVII A7
Voting boardVI 1a12
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.0M
Noncash giftsLn 1g$14K
Fees for servicesLn 2g$39.3M
Investment incomeLn 3$1.9M
Other incomeLn 4–11$90K
Total revenueLn 12$42.4M
Assets in detailPt X, end of year
CashLn 1$702K
SavingsLn 2$915K
Cash and savings togetherLn 1–2$1.6M
InvestmentsLn 11–13$23.9M
Land, buildings, equipmentLn 10c$101.9M
Other assetsLn 15$7.3M
Total assetsLn 16$143.2M
LiabilitiesLn 26$165.1M
Net assetsLn 32−$21.9M
OperationsPt I, VI
EmployeesI 5337
VolunteersI 612
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$379K$1.6M
InvestmentsLn 11–13$31.1M$23.9M
Land, buildings, equipmentLn 10c$93.6M$101.9M
Total assetsLn 16$140.0M$143.2M
LiabilitiesLn 26$167.0M$165.1M
Net assetsLn 32−$27.1M−$21.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$136K$136K
Pay of current officers, directors and key staffLn 5$459K$459K
Other salaries and wagesLn 7$13.7M$11.4M$2.3M
Pension plan contributionsLn 8$127K$104K$23K
Other employee benefitsLn 9$2.6M$2.1M$494K
Payroll taxesLn 10$1.0M$836K$198K
Legal feesLn 11b$8K$8K
Accounting feesLn 11c$130K$130K
Other fees for servicesLn 11g$2.8M$2.2M$588K
Advertising and promotionLn 12$155K$155K
Office expensesLn 13$441K$51K$390K
Information technologyLn 14$434K$342K$92K
OccupancyLn 16$2.1M$1.7M$453K
TravelLn 17$99K$78K$21K
Conferences, conventions and meetingsLn 19$137K$137K
InterestLn 20$2.3M$1.7M$581K
Depreciation, depletion and amortizationLn 22$4.4M$3.3M$1.1M
InsuranceLn 23$636K$501K$135K
Other expenses (24a–d)Ln 24$4.5M$4.2M$227K
All other expensesLn 24e$4K$3K$810
Total functional expensesLn 25$36.2M$28.7M$7.4M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $42.4M$36.2M$6.2M−$21.9M 990 PDF
FY2023 $37.4M$34.7M$2.7M−$27.1M 990 PDF
FY2022 $35.7M$31.4M$4.2M−$29.9M 990 PDF
FY2021 $36.2M$29.3M$6.9M−$29.6M 990 PDF
FY2020 $34.6M$29.5M$5.0M−$35.8M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (4 parts)
Part VIII · Statement of revenue $42,369,020 across 7 lines filed
VIII-1f All other contributions, gifts and grants$1,016,364
VIII-1g Noncash contributions (included above)$14,500
VIII-1h Total contributions, gifts and grants$1,016,364
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $39,315,018$39,315,018
VIII-3 Investment incomeExcluded from tax $1,947,640$1,947,640
VIII-6 Net rental income or lossExcluded from tax $89,998$89,998
VIII-12 Total revenueRelated to mission $39,315,018 · Unrelated business $0 · Excluded from tax $2,037,638$42,369,020
Part IX · Statement of functional expenses $36,173,854 across 20 lines filed
IX-1 Grants to domestic organizationsPrograms $136,052$136,052
IX-5 Pay of current officers, directors and key staffManagement $458,547$458,547
IX-7 Other salaries and wagesPrograms $11,416,575 · Management $2,258,054$13,674,629
IX-8 Pension plan contributionsPrograms $103,718 · Management $22,937$126,655
IX-9 Other employee benefitsPrograms $2,133,945 · Management $493,805$2,627,750
IX-10 Payroll taxesPrograms $836,206 · Management $198,015$1,034,221
IX-11b Legal feesManagement $7,710$7,710
IX-11c Accounting feesManagement $130,054$130,054
IX-11g Other fees for servicesPrograms $2,181,801 · Management $588,108$2,769,909
IX-12 Advertising and promotionManagement $154,931$154,931
IX-13 Office expensesPrograms $51,484 · Management $389,600$441,084
IX-14 Information technologyPrograms $342,078 · Management $92,207$434,285
IX-16 OccupancyPrograms $1,679,420 · Management $452,690$2,132,110
IX-17 TravelPrograms $77,754 · Management $20,959$98,713
IX-19 Conferences, conventions and meetingsManagement $137,079$137,079
IX-20 InterestPrograms $1,737,373 · Management $581,122$2,318,495
IX-22 Depreciation, depletion and amortizationPrograms $3,311,518 · Management $1,084,051$4,395,569
IX-23 InsurancePrograms $500,880 · Management $135,013$635,893
IX-24 Other expenses (24a–d)Programs $4,228,938 · Management $227,413$4,456,351
IX-24e All other expensesPrograms $3,007 · Management $810$3,817
IX-25 Total functional expensesPrograms $28,740,749 · Management $7,433,105 · Fundraising $0$36,173,854
Part X · Balance sheet $143,230,394 assets, 20 lines filed
X-1 Cash, non-interest-bearingStart of year $373,918$701,780
X-2 Savings and temporary cash investmentsStart of year $4,813$914,749
X-4 Accounts receivableStart of year $862,404$1,511,443
X-8 Inventories for sale or useStart of year $344,920$237,031
X-9 Prepaid expenses and deferred chargesStart of year $310,737$222,134
X-10c Land, buildings and equipment, netStart of year $93,555,342$101,908,673
X-11 Publicly traded securitiesStart of year $31,103,526$23,861,431
X-14 Intangible assetsStart of year $6,086,286$6,554,767
X-15 Other assetsStart of year $7,332,856$7,318,386
X-16 Total assetsStart of year $139,974,802$143,230,394
X-17 Accounts payable and accrued expensesStart of year $6,256,975$5,766,804
X-19 Deferred revenueStart of year $91,849,404$92,328,749
X-20 Tax-exempt bond liabilitiesStart of year $68,674,176$66,635,181
X-24 Unsecured notes and loans payableStart of year $243,674$379,168
X-25 Other liabilitiesStart of year $3,446$4,206
X-26 Total liabilitiesStart of year $167,027,675$165,114,108
X-27 Net assets without donor restrictionsStart of year −$32,064,525−$27,436,631
X-28 Net assets with donor restrictionsStart of year $5,011,652$5,552,917
X-32 Total net assets or fund balancesStart of year −$27,052,873−$21,883,714
X-33 Total liabilities and net assetsStart of year $139,974,802$143,230,394
Part XI · Reconciliation of net assets −$21,883,714 net assets at year end
XI-1 Total revenue$42,369,020
XI-2 Total expenses$36,173,854
XI-3 Revenue less expenses$6,195,166
XI-4 Net assets at start of year−$27,052,873
XI-5 Net unrealized gains (losses) on investments−$80,418
XI-9 Other changes in net assets−$945,589
XI-10 Net assets at end of year−$21,883,714

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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