Lutheran Home Albemarle Property Inc

EIN: 201457273 501(c)(3)

Salisbury, NC

Total Revenue
$377,408
Total Expenses
$780,752
Total Assets
$7,648,095
Net Assets
$3,607,971
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
2004
Legal Domicile
NC
Phone
7046372870
Tax Period
2023-10-01 to 2024-09-30

Lutheran Home Albemarle Property Inc, founded in 2004, is a small nonprofit that reported $377K in total revenue in fiscal year 2023. Revenue decreased 8% compared to the prior year. Expenses of $781K exceeded revenue, resulting in a 107% operating deficit.

Mission

EMPOWERED BY CHRIST, WE WALK TOGETHER WITH ALL WE SERVE.

Program Service Accomplishments

Program 1
Expenses: $759,125 Revenue: $385,000

LUTHERAN HOME ALBEMARLE PROPERTY, INC. OWNS THE LAND LOCATED AT 24724 HWY 52 SOUTH IN ALBEMARLE, NC. THE CORPORATION LEASES THAT BUILDING TO LUTHERAN HOME - ALBEMARLE, INC., WHICH STRIVES TO BE A...

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LUTHERAN HOME ALBEMARLE PROPERTY, INC. OWNS THE LAND LOCATED AT 24724 HWY 52 SOUTH IN ALBEMARLE, NC. THE CORPORATION LEASES THAT BUILDING TO LUTHERAN HOME - ALBEMARLE, INC., WHICH STRIVES TO BE A TRUE HOME FOR ITS RESIDENTS, A PLACE OF COMFORT, SECURITY AND BELONGING. AS LESSOR, LUTHERAN HOME ALBEMARLE PROPERTY, INC. CHARGES REASONABLE LEASE PAYMENTS SUFFICIENT TO PROVIDE ON-GOING UPKEEP OF THE FACILITY.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $385,000
Investment Income $-7,592
Other Revenue $0
TOTAL REVENUE $377,408

Expense Breakdown

Grants Paid $0
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $759,125
Other Expenses $780,752
TOTAL EXPENSES $780,752

Year-over-Year Comparison

2023 2022 Change
Revenue $377,408 $409,672 -0.1%
Expenses $780,752 $694,743 +0.1%
Net Income $-403,344 $-285,071 +0.4%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
3
Independent Members
2
Employees
N/A
Volunteers
N/A

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
3
$825,640
Total Directors
3
$429,211
Key Employees
1
$295,440
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Ted Goins President/CEO 1.0
Officer Director
$0 $13,158 $429,211
Cary M Grant Vice Chair 1.0
Director
$0 $0 $0
Gregory Hudgins Chair 1.0
Director
$0 $0 $0
Karen Maddry Secretary 1.0
Officer
$0 $10,047 $94,526
Kirby Nickerson Chief Financial Officer 1.0
Officer
$0 $15,848 $301,903
Kesha Smith Chief Operating Officer 1.0
Key Emp
$0 $14,715 $295,440
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $377,408 $780,752 $7,648,095 $-403,344
2023 $409,672 $694,743 $7,768,428 $-285,071
2022 $410,330 $701,083 $7,974,365 $-290,753
2021 $547,753 $558,427 $8,531,184 $-10,674
2020 $439,569 $286,770 $8,513,636 $152,799
2019 $229,906 $182,906 $4,808,836 $47,000
2018 $228,027 $199,137 $3,111,106 $28,890
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