ANNUAL REPORT
We are thankful for a year full of accomplishment and true community. Download your own personal version of the 2024 Annual Report.
We are thankful for a year full of accomplishment and true community. Download your own personal version of the 2024 Annual Report.
WELCOME TO THE 2024 ANNUAL REPORT
Galloway Ridge saw another successful year in 2024. Independent Living occupancy averaged over 95% for the year. Due to pandemic-era delayed moves to healthcare, there was also an uptick in unit turnover. This resulted in a nineteen percent increase in earned entrance fees. Overall, total revenue increased by $4.1 million or eleven percent when compared to the prior year. Operating expenses rose by 4.6 percent driven by higher wage and benefit expense particularly in healthcare. Overall, a net operating surplus of $4.6 million was realized and the accumulated net deficit was reduced by $5.2 million. Over $11 million was spent on capital improvements with the bulk of that being used to continue the major renovation of the dining spaces.
WELCOME TO THE 2024 ANNUAL REPORT
Galloway Ridge saw another successful year in 2024. Independent Living occupancy averaged over 95% for the year. Due to pandemic-era delayed moves to healthcare, there was also an uptick in unit turnover. This resulted in a nineteen percent increase in earned entrance fees. Overall, total revenue increased by $4.1 million or eleven percent when compared to the prior year. Operating expenses rose by 4.6 percent driven by higher wage and benefit expense particularly in healthcare. Overall, a net operating surplus of $4.6 million was realized and the accumulated net deficit was reduced by $5.2 million. Over $11 million was spent on capital improvements with the bulk of that being used to continue the major renovation of the dining spaces.
a bit about us
Galloway Ridge is a Life Plan Community that blends Southern hospitality and wordly sophistication. Our residents enjoy independent living as well as an array of activities and progressive health programs where employees and neighbors alike truly care for one another. We are a vibrant community of diverse individuals and have the stats to show it!
A NOTE FROM Leadership
As I reflect on the past year, I am inspired by the energy, compassion, and commitment that define the Galloway Ridge community. In 2024, we not only sustained our mission—to inspire meaningful and engaged lives and to assure each resident a superior quality of life and care—but expanded it in ways that touch every corner of our campus and reach far beyond it.
This was a year of achievement and generosity. Our residents once again demonstrated the deep sense of purpose and connection that makes Galloway Ridge so unique. Through their leadership, participation, and giving spirit, we raised nearly $1 million across our charitable funds—an extraordinary accomplishment that reflects both our values and our collective impact.
Each fund tells a story:
The Residents’ Benevolent Care Fund provided peace of mind to neighbors facing financial uncertainty, ensuring no one has to leave their home due to hardship.
The Employee Appreciation Fund, fueled by heartfelt gratitude, delivered over $464,000 in holiday support to the team members who make daily life here so meaningful.
The Employee Scholarship Fund continued to invest in the futures of our staff, enabling them to pursue degrees and certifications—many thanks to residents who mentored, encouraged, and celebrated their achievements.
The Special Events and Library Funds brought art, culture, and enrichment to campus life—just ask any resident who attended one of our events or borrowed a favorite new book.
Through the Galloway Ridge Charitable Fund, we extended our reach into Chatham County, granting over $143,000 to 20 local nonprofits and schools.
Every dollar raised tells a story of generosity, and every initiative is powered by the relationships and trust that make this community so strong.
We also achieved national recognition for our wellness culture and workplace environment. Honors like the ICAA NuStep Beacon Award, the Best of Chatham wins for our fitness and wellness programs, and placement on Fortune’s Best Workplaces in Aging Services list are not just accolades—they are reflections of our shared commitment to excellence.
Financially, Galloway Ridge remains strong and forward-focused. With independent living occupancy at over 95%, a healthy net operating surplus, and over $11 million reinvested into our physical spaces—including transformative renovations to our dining venues—we are building a community ready for tomorrow.
To every resident who contributed, led, volunteered, participated, or cheered from the sidelines—thank you. Your presence and passion are the reason this community flourishes. And to our staff, Board, families, and supporters—your work and trust continue to shape Galloway Ridge into a place that is not only beautiful and secure, but profoundly human.
Here’s to another year of growth, purpose, and shared success.
Bob Zimmer
Executive Director/CEO
