2026-06-12T14:20:46-05:00 2025-12-31 410746749 CLIFTONLARSONALLEN LLP 14815 BALLANTYNE VILLAGE WAY SUITE 300 CHARLOTTE NC 28277 990 2025-01-01 581598135 THE PINES AT DAVIDSON INC PINE 7048961100 400 AVINGER LANE DAVIDSON NC 28036 DAVID A GENTRY VICE PRESIDENT AND CFO 7048961100 2026-06-04 1 KATHERINE A WARLICK P02065266 7049985200 2026-06-04 2025 2025-03-06 01:10:19Z DAVID A GENTRY 400 AVINGER LANE DAVIDSON NC 28036 47990437 0 X WWW.THEPINESATDAVIDSON.ORG X 1983 NC EMPOWERING OLDER ADULTS AND THOSE WHO CARE FOR THEM TO LIVE THEIR BEST LIVES. 18 18 542 40 0 0 1204586 4021155 37616984 38786624 1668789 5182658 66641 0 40557000 47990437 969786 855545 0 0 18566345 19470930 0 0 190162 16415193 17119764 35951324 37446239 4605676 10544198 169656920 180927488 118132524 119464347 51524396 61463141 X THE MISSION OF THE PINES ADOPTED BY THE ORGANIZATION'S GOVERNING BODY IN 2024 IS, "EMPOWERING OLDER ADULTS AND THOSE WHO CARE FOR THEM TO LIVE THEIR BEST LIVES."(CONTINUED ON SCHEDULE O)WE ARE PASSIONATE ABOUT:SERVICE: WE FOSTER A SPIRIT OF CARE AND SUPPORT.SAFETY: WE FOCUS ON SAFETY AND SECURITY TO CREATE A STABLE FOUNDATION THAT SUPPORTS ALL ASPECTS OF OUR COMMUNITY.WELL-BEING: WE NOURISH THE PHYSICAL, SOCIAL, EDUCATIONAL, AND SPIRITUAL DIMENSIONS OF WELL-BEING FOR OUR RESIDENTS WHILE STRIVING TO BE THE BEST PLACE FOR OUR TEAM MEMBERS TO THRIVE.STEWARDSHIP: WE EXEMPLIFY DILIGENCE, INTEGRITY, AND ACCOUNTABILITY IN OPTIMIZING OUR RESOURCES TO ENSURE A SUSTAINABLE FUTURE.COMMUNITY: WE CULTIVATE AN INCLUSIVE AND COLLABORATIVE ENVIRONMENT WHERE EVERY RESIDENT, FAMILY MEMBER, AND TEAM MEMBER IS VALUED AND CONNECTED TO ONE ANOTHER AND TO THE GREATER COMMUNITY. 1 0 10512224 0 18130898 PROVISION OF HOUSING AND RELATED SERVICES TO RESIDENTS 9504701 0 11351022 PHYSICIAN SERVICES AND NURSING CARE - PROVIDES MEDICAL CARE TO RESIDENTS INCLUDING SERVICES DESIGNED TO ENHANCE THE QUALITY OF OLDER ADULTS' LIVES 7114982 855545 9048770 ALL OTHER SERVICES TO MEET THE PHYSICAL, EMOTIONAL, INTELLECTUAL AND SPIRITUAL NEEDS OF RESIDENTS INCLUDING MAINTENANCE, SECURITY, HOUSEKEEPING AND LAUNDRY 6846770 0 255934 CULINARY AND DINING SERVICES - PROVIDES WELL-BALANCED, NUTRITIOUS MEALS TO RESIDENTS AND THEIR GUESTS 6846770 0 255934 33978677 1 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 1 78 0 1 542 1 0 0 0 0 0 0 0 0 0 1 0 0 0 X 18 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X DAVID A GENTRY 7048961100 400 AVINGER LANE DAVIDSON NC 28036 JOSEPH L TRASK CHAIRPERSON 1.00 0.00 X X 0 0 0 MARY WEEKS FOUNTAIN VICE CHAIRPERSON 1.00 0.00 X X 0 0 0 LINDA NEED SECRETARY 1.00 0.00 X X 0 0 0 AMELIA T BEZANSON DIRECTOR 1.00 0.00 X 0 0 0 SARAH P BOEHMLER DIRECTOR 1.00 0.00 X 0 0 0 LEAMON BRICE DIRECTOR 1.00 0.00 X 0 0 0 KATHERINE BUNN DIRECTOR 1.00 0.00 X 0 0 0 JOHN N GILBERT III DIRECTOR 1.00 0.00 X 0 0 0 JOHN GRIFFITH RESIDENT DIRECTOR 1.00 0.00 X 0 0 0 EMMIE HANCOCK RESIDENT DIRECTOR 1.00 0.00 X 0 0 0 REV PETER J M HENRY DIRECTOR, EX OFFICIO 1.00 0.00 X 0 0 0 DOUG HICKS DIRECTOR, EX OFFICIO 1.00 0.00 X 0 0 0 JOSEPH C KONEN DIRECTOR 1.00 0.00 X 0 0 0 SCOTT LAWS DIRECTOR 1.00 0.00 X 0 0 0 RICHARD V LOCKRIDGE DIRECTOR 1.00 0.00 X 0 0 0 GRACE MITCHELL RESIDENT DIRECTOR 1.00 0.00 X 0 0 0 CARRANZA M PRYOR DIRECTOR 1.00 0.00 X 0 0 0 JON RIDGWAY DIRECTOR 1.00 0.00 X 0 0 0 VERNON M BAKER PRESIDENT, CEO 50.00 0.00 X 380335 0 40284 DAVID A GENTRY VICE PRESIDENT/CFO 50.00 0.00 X 286430 0 41266 LESLEY A CHAMBLESS DIRECTOR OF HUMAN RESOURCES 50.00 0.00 X 182848 0 25955 GRETCHEN KIMBERLY LIKINS DIRECTOR OF SALES, MKTG & COMMUNICATIONS 50.00 0.00 X 172565 0 14255 CHRIS HINSON DIRECTOR OF FACILITIES SERVICES 50.00 0.00 X 170625 0 10995 ELYSE M PISCITELLI HEALTH CENTER ADMINISTRATOR 50.00 0.00 X 162513 0 24234 MOTRIA S PROCYK DIRECTOR OF DEVELOPMENT & COMMUNITY RELATIONS 50.00 0.00 X 136528 0 5982 1491844 0 162971 14 0 1 0 US FOODS PO BOX 602292 CHARLOTTE NC 28260 FOOD PROVIDER 1490894 CAROUSEL INDUSTRIES OF NORTH AMERICA LLC 659 SOUTH COUNTY TRAIL EXETER RI 02822 ACCESS CONTROL SYSTEMS DESIGN, INSTALL, 1120876 OTIS ELEVATOR PO BOX 73579 CHICAGO IL 60673 ELEVATOR UPGRADE, REPAIR, & MAINTENANCE 911349 WESTPORT FLOORING PO BOX 217 DENVER NC 28037 CONSTRUCTION SERVICES 882598 DECKER INSPECTIONS AND CONTRACTING SERVI 15105 D JOHN DELANEY SUITE 347 CHARLOTTE NC 28277 CONSTRUCTION SERVICES 719746 30 X 3073707 947448 44387 4021155 HOUSING & RELATED 721310 18130898 18130898 PHYSICIAN & NURSING 713990 11351022 11351022 CULINARY & DINING 721310 255934 255934 9048770 9048770 38786624 2749614 2749614 2433044 0 2433044 2433044 2433044 47990437 38786624 0 5182658 480000 480000 375545 375545 760366 446640 238303 75423 15036801 13800100 1209151 27550 213456 171483 41973 2260959 1998878 262081 1199348 1029294 160808 9246 199033 146024 53009 95221 95221 2313961 1692544 548712 72705 74952 13027 61925 243366 185922 52206 5238 1729039 1729039 45189 23599 21590 96825 67998 28827 2319937 2301300 18637 6145324 6095953 49371 MISCELLANEOUS SUPPLIES 2034267 1965135 69132 UNIFORMS, LINEN & LAUND 342504 342504 PHYSICIAN SERVICES 216857 216857 CABLE TV, BEAUTY PARLOR 74225 74225 1189064 822610 366454 37446239 33978677 3277400 190162 6680574 5235116 1050815 1086215 142045 590304 494095 959094 175585954 71463882 102819586 104122072 39924843 44204306 18415441 24664111 129521 66270 169656920 180927488 2350241 4206892 49463373 49801925 59460062 57958205 6858848 7497325 118132524 119464347 X 34218673 42139487 17305723 19323654 51524396 61463141 169656920 180927488 X 10544198 518738 -1124191 X X 0 1 X 1 0 X 2033707 531852 736820 1204586 947448 5454413 27156273 31224602 34593150 37616984 38786624 169377633 29189980 31756454 35329970 38821570 39734072 174832046 84068 175947 292825 317938 122318 993096 0 84068 175947 292825 317938 122318 993096 173838950 924153 1050290 1432580 1738609 2749614 7895246 924153 1050290 1432580 1738609 2749614 7895246 30114133 32806744 36762550 40560179 42483686 182727292 0.95140 0.95700 0.04320 0.03750 X SCHEDULE A, PART VI, LIST OF UNUSUAL GRANTS: DESCRIPTION: EMPLOYEE RETENTION CREDIT DATE: 07/29/25 AMOUNT: 3073707. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8117286 8117286 140262816 56739499 83523317 23376986 14724383 8652603 3828866 3828866 104122072 CASH EQUIVALENT - UNRESTRICTED 5097687 F RESTRICTED INVESTMENTS 10717957 F CHANGE IN FAIR VALUE 7629370 F BOND INTEREST 1219097 F 24664111 INTEREST PAYABLE 1219111 REFUNDABLE ENTRANCE FEES AND DEPOSITS 6278214 7497325 X PART X, LINE 2: THE PINES IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE PINES QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 170 AND HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(2). THE PINES FILES AS A TAX-EXEMPT ORGANIZATION. MANAGEMENT IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE TAX-EXEMPT STATUS OF THE ORGANIZATION. MANAGEMENT IS NOT AWARE OF ANY SIGNIFICANT ACTIVITIES THAT ARE SUBJECT TO TAX ON UNRELATED BUSINESS INCOME OR EXCISE OR OTHER TAXES FOR THE ORGANIZATION. THE PINES FOLLOWS GUIDANCE ON THE INCOME TAX STANDARD REGARDING THE RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. THE IMPLEMENTATION HAS HAD NO IMPACT ON THE PINES' CONSOLIDATED FINANCIAL STATEMENTS. 1 TOWN OF DAVIDSON PO BOX 579 DAVIDSON NC 28036 566001212 115 180000 0 VOLUNTARY CONTRIBUTION MECKLENBURG COUNTY PO BOX 34486 CHARLOTTE NC 28234 566000319 115 300000 0 VOLUNTARY CONTRIBUTION 1 0 RESIDENT SUPPORT 4 375545 PART I, LINE 2: NOTWITHSTANDING THE FACT THAT THE PINES IS EXEMPT FROM PROPERTY TAXES, THE PINES MAKES VOLUNTARY CONTRIBUTIONS TO THE TOWN OF DAVIDSON AND MECKLENBURG COUNTY TO HELP OFFSET THE COST OF SERVICES PROVIDED TO THE PINES BY SUCH GOVERNMENTAL ENTITIES. AS A GENERAL RULE SUCH CONTRIBUTIONS ARE UNRESTRICTED AND REQUIRE NO MONITORING. IN THE EVENT SUCH CONTRIBUTIONS ARE RESTRICTED FOR A SPECIFIC PURPOSE OR USE, SUCH AS BY THE FIRE DEPARTMENT, THE ORGANIZATION RELIES UPON COMMUNICATIONS WITH APPROPRIATE GOVERNMENT OFFICIALS TO VERIFY SUCH CONTRIBUTIONS ARE USED FOR THE RESTRICTED PURPOSE. A RESIDENT MAY MAKE APPLICATION FOR ASSISTANCE WITH MONTHLY FEES. THE PINES RECONCILES A RESIDENT'S NET WORTH AS REPORTED AT THE TIME OF ADMISSION TO THE PINES TO CONFIDENTIAL FINANCIAL STATEMENT SUBMITTED AT THE TIME OF APPLICATION FOR ASSISTANCE TO THE PINES TO DETERMINE IF THE DEPLETION OF THE RESIDENT'S FINANCIAL RESOURCES HAS BEEN FOR REASONABLE AND JUSTIFIABLE REASONS. DOCUMENTATION REQUIRED MAY INCLUDE BUT IS NOT LIMITED TO PAST AND PRESENT TAX RETURNS, STATEMENTS FROM BROKERAGE/INVESTMENT ACCOUNTS, BANK ACCOUNT STATEMENTS, SETTLEMENT STATEMENT FOR SALE OF RESIDENCE. ALL APPLICANTS GO THROUGH THIS PROCESS AND ARE TREATED CONSISTENTLY. X X X X X X 0 0 0 0 0 0 0 1 0 VERNON M BAKER PRESIDENT, CEO 298027 0 82308 0 0 0 10500 0 29784 0 420619 0 0 0 DAVID A GENTRY VICE PRESIDENT/CFO 216430 0 70000 0 0 0 9048 0 32218 0 327696 0 0 0 LESLEY A CHAMBLESS DIRECTOR OF HUMAN RESOURCES 157740 0 25108 0 0 0 5746 0 20209 0 208803 0 0 0 GRETCHEN KIMBERLY LIKINS DIRECTOR OF SALES, MKTG & COMMUNICAT 148457 0 24108 0 0 0 2406 0 11849 0 186820 0 0 0 ELYSE M PISCITELLI HEALTH CENTER ADMINISTRATOR 149905 0 12608 0 0 0 5383 0 18851 0 186747 0 0 0 CHRIS HINSON DIRECTOR OF FACILITIES SERVICES 165625 0 5000 0 0 0 0 0 10995 0 181620 0 0 0 PART I, LINE 7 ALL BONUSES ARE DISCRETIONARY AND BASED ON INDIVIDUAL AND OVERALL COMPANY PERFORMANCE. FOR FURTHER INFORMATION ABOUT HOW THE PINES SETS COMPENSATION, SEE PAGE 2 OF SCHEDULE O UNDER THE HEADING "FORM 990, PART VI, SECTION B, LINE 15". A NC MEDICAL CARE COMMISSION 521309402 2013-09-17 14645000 FACILITY EXPANSION 0 0 0 B NC MEDICAL CARE COMMISSION 521309402 2015-10-07 11125000 REFUNDING 0 0 0 C NC MEDICAL CARE COMMISSION 521309402 65820YQG4 2019-03-28 57575241 FACILITY EXPANSION 0 0 0 A 4685000 14645000 512324 292900 13839776 2014 0 0 1 1 B 6700000 11125000 171586 10953414 1 0 1 1 C 15250241 57575241 2665146 885423 48406793 2022 0 0 0 1 A 0 0 1 0 0 0 0 0 B 0 0 1 0 0 0 0 0 C 0 0 1 0 0 0 0 0 A 0 0 0 1 1 0 0 0 0 B 0 0 0 1 1 0 0 0 0 C 0 0 0 1 0 0 0 0 0 A 0 B 0 C 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: NC MEDICAL CARE COMMISSION DATE THE REBATE COMPUTATION WAS PERFORMED: 03/11/2026 ISSUER NAME: NC MEDICAL CARE COMMISSION DATE THE REBATE COMPUTATION WAS PERFORMED: 03/11/2026 ISSUER NAME: NC MEDICAL CARE COMMISSION DATE THE REBATE COMPUTATION WAS PERFORMED: 03/11/2026 X 4 13190 OPINIONS OF EXPERTS X 500 COMPARABLE SALE X 600 COMPARABLE SALE X 5 30000 SELLING PRICE X GOLF BALLS 1 97 ACTUAL COST 0 0 0 0 PART I, COLUMN (B): COLUMN B REPORTS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART III, LINE 2 THE ORGANIZATION LAUNCHED THE EARLY ADVANTAGE PROGRAM, DESIGNED TO PROVIDE INDIVIDUALS ON THE FUTURE RESIDENCY LIST WITH A FLEXIBLE PATHWAY TO RESIDENCY AT THE PINES AT DAVIDSON. UNDER THIS PROGRAM, PARTICIPANTS ARE ACCEPTED INTO THE COMMUNITY WHILE CONTINUING TO RESIDE IN THEIR OWN HOMES, ALLOWING THEM TO DEFER A MOVE TO INDEPENDENT LIVING OR TRANSITION DIRECTLY TO A HIGHER LEVEL OF CARE AS THEIR NEEDS EVOLVE. PARTICIPANTS IN THE EARLY ADVANTAGE PROGRAM ARE GRANTED ACCESS TO CAMPUS AMENITIES AND SERVICES, INCLUDING DINING VENUES, FITNESS AND WELLNESS FACILITIES, THE HEALTH CENTER, AND VARIOUS SOCIAL AND EDUCATIONAL PROGRAMS. THE PROGRAM ALSO PROVIDES OPPORTUNITIES TO ENGAGE IN THE ORGANIZATION'S RECREATIONAL, CULTURAL, AND COMMUNITY ACTIVITIES, SUPPORTING CONTINUED CONNECTION AND WELL-BEING PRIOR TO FULL RESIDENCY. FORM 990, PART VI, SECTION A, LINE 1A EX OFFICIO MEMBERS DO NOT HAVE VOTING RIGHTS FORM 990, PART VI, SECTION A, LINE 1A THE PURPOSE OF THE EXECUTIVE COMMITTEE SHALL BE TO ASSIST THE BOARD OF DIRECTORS IN THE MANAGEMENT AND GOVERNANCE OF THE PINES. TO THE EXTENT PROVIDED BY SECTION 1 OF ARTICLE II OF THE BYLAWS, DURING INTERVALS BETWEEN MEETINGS OF THE BOARD OF DIRECTORS, AND SUBJECT TO SUCH LIMITATIONS AS MAY BE REQUIRED BY LAW (INCLUDING THE LIMITATIONS CONTAINED IN 55A-8-25(E) OF THE NORTH CAROLINA NONPROFIT CORPORATION ACT) OR BY RESOLUTION OF THE BOARD OF DIRECTORS, THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ALL OF THE AUTHORITY OF THE BOARD OF DIRECTORS. IN ADDITION TO AND WITHOUT LIMITATION OF THE POWER AND AUTHORITY SET FORTH IN THE BYLAWS, THE EXECUTIVE COMMITTEE SHALL HAVE THE POWER AND THE AUTHORITY OF THE FULL BOARD OF DIRECTORS TO ACT ON MATTERS THAT (A) IN THE COMMITTEE'S REASONABLE JUDGMENT, DO NOT REQUIRE THE APPROVAL OF THE FULL BOARD, (B) ARE SUBJECT TO TIME CONSTRAINTS THAT REQUIRE AN ACTION OR DECISION BEFORE A BOARD MEETING CAN REASONABLY BE CONVENED, AND/OR (C) ARE SPECIFICALLY DELEGATED TO IT BY THE BOARD. THE EXECUTIVE COMMITTEE SHALL RECOMMEND TO THE BOARD FOR ADOPTION ANY POLICIES THAT DO NOT FALL WITHIN THE PURVIEW OF THE OTHER COMMITTEES OF THE BOARD. THE EXECUTIVE COMMITTEE SHALL REGULARLY MONITOR THE PROGRESS OF THE PINES WITH RESPECT TO THE ACHIEVEMENT OF THE BOARD-APPROVED GOALS AND OBJECTIVES RELEVANT TO THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS OF THE PINES AT DAVIDSON MAINTAINS A FINANCE COMMITTEE AS ONE OF ITS STANDING COMMITTEES. ALL MEMBERS OF THE FINANCE COMMITTEE ARE VOLUNTEER DIRECTORS WHO ARE INDEPENDENT OF MANAGEMENT. ALL MEMBERS OF THE FINANCE COMMITTEE ARE EXPERIENCED BUSINESS PEOPLE OR CPAS. THE CHAIRPERSON ALSO SERVES AS A MEMBER OF THE EXECUTIVE COMMITTEE OF THE ORGANIZATION'S BOARD OF DIRECTORS AND REPORTS AS NEEDED DIRECTLY TO THE BOARD OF DIRECTORS. THE FINANCE COMMITTEE MEETS AT LEAST ANNUALLY IN EXECUTIVE SESSION WITH THE AUDITORS WITHOUT MANAGEMENT PRESENT. CLIFTONLARSONALLEN AUDITS THE ORGANIZATION AND ALSO PREPARES ITS FORM 990 BASED ON INFORMATION PROVIDED BY THE PINES' MANAGEMENT. PRIOR TO FILING THE FORM 990 TAX RETURN THE FORM 990 IS REVIEWED BY THE FINANCE COMMITTEE. A COPY OF THE FORM 990 IS ALSO PROVIDED TO ALL DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION MONITORS THE CONFLICT OF INTEREST POLICY BY SENDING A QUESTIONNAIRE PREPARED BY THE ORGANIZATION'S ATTORNEY AT LEAST ANNUALLY TO ALL DIRECTORS. THE DIRECTORS RETURN THE SIGNED QUESTIONNAIRES. MANAGEMENT OF THE PINES WORKS CLOSELY WITH ITS LEGAL AND TAX ADVISORS IN THE EVENT ANY DIRECTORS INDICATE POTENTIAL CONFLICTS AND PROVIDE ASSISTANCE IN DETERMINING PROPER TREATMENT AND DISCLOSURE. THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS AND/OR THE BOARD OF DIRECTORS IS ALSO APPRISED OF ANY POTENTIAL CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE PINES' BOARD OF DIRECTORS ("BOARD") SERVES AS THE COMPENSATION COMMITTEE, EVALUATING PERFORMANCE AND SETTING COMPENSATION FOR THE PRESIDENT/CEO. THE EXECUTIVE COMMITTEE IS COMPRISED OF THOSE DIRECTORS OF THE CORPORATION WHO ARE THE CHAIRPERSON, VICE CHAIRPERSON, SECRETARY OF THE CORPORATION, AND THE CHAIRPERSONS OF THE COMMITTEES OF THE BOARD OF DIRECTORS. THE COMPENSATION COMMITTEE MEETS AT LEAST ANNUALLY. LEADERS AT THE PINES SET ANNUAL GOALS THAT SUPPORT THE ADVANCEMENT OF THE STRATEGIC PLAN, ENSURING ALIGNMENT WITH THE ORGANIZATION'S MISSION, VISION, AND VALUES. THESE GOALS ARE REGULARLY EVALUATED BY THE BOARD, APPROPRIATE COMMITTEES, AND EXECUTIVE MANAGEMENT. ACHIEVEMENT OF THESE GOALS IS DIRECTLY LINKED TO EACH LEADER'S AT-RISK COMPENSATION. THE COMPENSATION COMMITTEE CONSIDERS COMPENSATION FOR SIMILAR POSITIONS AT OTHER NONPROFIT ORGANIZATIONS IN THE SAME INDUSTRY WITH COMPARABLE TOTAL REVENUES. THE PINES' INDEPENDENT COMPENSATION CONSULTANT GATHERS SUCH INFORMATION ON OTHER NONPROFIT CONTINUING CARE RETIREMENT COMMUNITIES (MAINLY IN NC, SC, AND VA). THE COMPENSATION COMMITTEE ALSO CONSIDERS A NATIONAL COMPENSATION SURVEY DONE FOR LEADING AGE THAT PROVIDES REGIONAL AND NATIONAL COMPENSATION DATA FOR SIMILAR POSITIONS AT APPROXIMATELY 350 NONPROFIT CONTINUING CARE RETIREMENT COMMUNITIES. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2025. FORM 990, PART VI, SECTION C, LINE 19 FORM 990 AS WELL AS THE CONFLICT OF INTEREST POLICY AND THE CORPORATE BYLAWS ARE AVAILABLE ON REQUEST AT THE BUSINESS OFFICE OF THE PINES. THE AUDITED FINANCIAL STATEMENTS ARE ALSO AVAILABLE ON REQUEST AND A COPY IS KEPT IN THE LIBRARY OF THE PINES AT DAVIDSON. THE ORGANIZATION FILES A DISCLOSURE STATEMENT ANNUALLY WITH THE NORTH CAROLINA DEPARTMENT OF INSURANCE AND IS AVAILABLE ON THE NCDOI WEBSITE. SUCH DISCLOSURE STATEMENT CONTAINS SIGNIFICANT INFORMATION ABOUT THE STATUS AND OPERATIONS OF THE PINES. SUCH DISCLOSURE STATEMENT IS ALSO AVAILABLE IN THE LIBRARY OF THE PINES AND IS DISTRIBUTED TO ALL APPLICANTS FOR RESIDENCE. FORM 990 PART VIII, LINE 1E DURING FISCAL YEAR 2025, THE ORGANIZATION RECEIVED AN EMPLOYEE RETENTION CREDIT (ERC) FROM THE US DEPARTMENT OF THE TREASURY FOR $3,073,707. FORM 990, PART XI, LINE 9: NET ASSET RELEASED FROM RESTRICTION FOR BUILDINGS AND EQUIPMENT 194,990. NET ASSETS RELEASED FROM DONOR RESTRICTIONS -1,354,581. CHANGE IN VALUE OF PLEDGES WITH DONOR RESTRICTIONS 35,400. FORM 990, PART XII, LINE 2C: NO CHANGE IN METHOD SINCE THE PRIOR YEAR. FORM 990, PART I, LINE 19 RECONCILIATION THE REVENUE LESS EXPENSES FOR THE FISCAL YEAR 2025, AS REPORTED ON PART I, LINE 19 OF THE FORM 990, RECONCILES TO THE ORGANIZATION'S AUDITED FINANCIAL STATEMENTS IN THE FOLLOWING MANNER: TOTAL OPERATING REVENUE AND SUPPORT 43,066,571 TOTAL OPERATING EXPENSES 36,975,474 INCREASE IN UNRESTRICTED NET ASSETS 6,091,097 FORM 990, PART I, LINE 19 -- REVENUE LESS EXPENSES 10,448,977 RESTRICTED CONTRIBUTIONS (929,575) UNRESTRICTED CONTRIBUTIONS (17,873) RESTRICTED INTEREST INCOME (1,072,609) RESTRICTED REALIZED GAIN 2,433,044 PER AUDITED FINANCIAL STATEMENTS 5,995,876 AS OF MAY 19, 2026, FITCH CONFIRMED THE PINES' BBB+ STATUS WITH A STABLE OUTLOOK. MECKLENBURG REAL ESTATE HOLDINGS LLC PO BOX 33429 CHARLOTTE NC 28233 471154878 REAL ESTATE INVESTMENTS NC 0 183806 THE PINES AT DAVIDSON INC SDK ENTERPRISES PO BOX 33429 CHARLOTTE NC 28233 842170164 REAL ESTATE INVESTMENTS NC 0 695000 THE PINES AT DAVIDSON INC