2024-04-09T07:45:57-05:00 2023-06-30 410746749 CLIFTONLARSONALLEN LLP 600 WASHINGTON AVENUE SUITE 1800 ST LOUIS MO 63101 990 2022-07-01 311002846 WESTMINSTER VILLAGE WEST LAFAYETTE INC WEST 7654637546 2741 NORTH SALISBURY STREET WEST LAFAYETTE IN 47906 RICHARD BARHOLOMEW BOARD PRESIDENT 7654637546 2024-03-25 1 RICHARD BARHOLOMEW 999009999 0 AMBER ROGNAN-HAMILTON P01251012 3149254300 2024-03-25 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z BENJAMIN BLANKENSHIP 2741 NORTH SALISBURY STREET WEST LAFAYETTE IN 47906 27803782 0 X WWW.WVWL.ORG X 1976 IN PROVIDES RESIDENTIAL FACILITIES DESIGNED TO MEET THE NEEDS OF THE ELDERLY. 9 9 413 110 0 0 287751 289580 22714479 23755611 169116 58607 637270 651472 23808616 24755270 0 0 0 0 11620692 12666203 0 0 0 13953827 14906299 25574519 27572502 -1765903 -2817232 87230957 100146650 97088338 109634885 -9857381 -9488235 X PROVIDES RESIDENTIAL FACILITIES DESIGNED TO MEET THE NEEDS OF THE ELDERLY AND PROVIDE FOR THE PHYSICAL, MENTAL AND FINANCIAL WELL BEING OF ITS RESIDENTS. FINANCIAL ASSISTANCE IS PROVIDED TO THOSE RESIDENTS UNABLE TO MEET THEIR LIVING EXPENSES. 1 0 24145624 0 23755611 WESTMINSTER VILLAGE WEST LAFAYETTE, INC. IS A NOT-FOR-PROFIT, LIFE PLAN COMMUNITY LOCATED IN WEST LAFAYETTE, INDIANA. FACILITIES INCLUDE 109 RESIDENTIAL UNITS (INDEPENDENT LIVING CENTER), 54 INDEPENDENT LIVING COTTAGES, 54 HYBRID HOMES, A 72 BED COMPREHENSIVE CARE FACILITY (THE HEALTH CENTER), AND A 70 BED ASSISTED LIVING FACILITY. WESTMINSTER'S PRIMARY PURPOSE IS THE PROVISION OF CONTINUING CARE SERVICES TO THE CITIZENS OF WEST LAFAYETTE, INDIANA AND THE SURROUNDING COMMUNITIES. 0 0 0 THE VILLAGE PROVIDES CARE TO RESIDENTS WHO MEET CERTAIN CRITERIA UNDER ITS FINANCIAL ASSISTANCE POLICY WITHOUT CHARGE. THE KEY ELEMENT USED TO DETERMINE ELIGIBILITY IS THE RESIDENT'S INABILITY TO PAY THEIR MONTHLY CHARGES AS DOCUMENTED IN AN APPLICATION THAT REQUIRES THEM TO REPORT TOTAL MONTHLY INCOME AND TOTAL ASSETS AND IS APPROVED BY MANAGEMENT AND THE BOARD. BECAUSE THE VILLAGE DOES NOT PURSUE COLLECTION OF AMOUNTS DETERMINED TO QUALIFY FOR FINANCIAL ASSISTANCE, THEY ARE NOT REPORTED AS REVENUE. THE VILLAGE HAS ESTIMATED ITS DIRECT AND INDIRECT COSTS OF PROVIDING FINANCIAL ASSISTANCE UNDER ITS FINANCIAL ASSISTANCE POLICY. BECAUSE ALL OF THE FINANCIAL ASSISTANCE PROVIDED DURING THE PERIOD WHERE IN THE SKILLED NURSING SETTING, MANAGEMENT ESTIMATED THAT THE COST OF PROVIDING FINANCIAL ASSISTANCE IS APPROXIMATELY EQUAL TO THE RATES BEING FOREGONE. USING THIS METHODOLOGY, THE VILLAGE HAS ESTIMATED THE COSTS FOREGONE FOR SERVICES AND SUPPLIES FURNISHED UNDER THE VILLAGE'S FINANCIAL ASSISTANCE POLICY OF APPROXIMATELY $- AND $223,000 FOR THE YEARS ENDED JUNE 30, 2023 AND 2022, RESPECTIVELY. THIS AMOUNT IS INCLUDED AS AN OFFSET TO RESIDENT SERVICES REVENUE. 0 0 0 CONSISTENT WITH THE MISSION STATEMENT OF THE VILLAGE, THE VILLAGE IS COMMITTED TO PROVIDING PROGRAMS, SERVICES AND CONTRIBUTIONS (BOTH IN KIND AND FINANCIAL) THAT TARGET THE RESIDENT POPULATION AT THE VILLAGE, AS WELL AS TO BENEFIT THE BROADER COMMUNITY. IN ADDITION TO THE FINANCIAL ASSISTANCE, THE VILLAGE PROVIDES COMMUNITY SERVICES THAT INCLUDE, BUT ARE NOT LIMITED TO EDUCATIONAL PROGRAMS, TRANSPORTATION AND CHURCH RELATIONS ALL TARGETED TOWARDS ENHANCING THE QUALITY OF LIFE OF THE RESIDENTS. THE COST OF THESE PROGRAMS AND SERVICES ARE INCLUDED IN OPERATING EXPENSES. 24145624 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 1 34 0 413 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IN X JESSICA ARGERBRIGHT 7654637546 2741 NORTH SALISBURY WEST LAFAYETTE IN 47906 X SANDRA FIGHTS PRESIDENT 5.00 0.00 X X 0 0 0 RICHARD L BARTHOLOMEW VICE-PRESIDENT 3.00 0.00 X X 0 0 0 GLENN TOMPKINS TREASURER 5.00 0.00 X X 0 0 0 JANE SMITH SECRETARY 5.00 0.00 X X 0 0 0 BRAD DENO DIRECTOR 3.00 0.00 X 0 0 0 BRET HAWKS DIRECTOR 3.00 0.00 X 0 0 0 ANNA WILSON DIRECTOR 3.00 0.00 X 0 0 0 MARIANNE ROSE DIRECTOR 3.00 0.00 X 0 0 0 DON GENTRY DIRECTOR 3.00 0.00 X 0 0 0 BENJAMIN BLANKENSHIP EXECUTIVE DIRECTOR 40.00 0.00 X 0 0 0 JESSICA ARGERBRIGHT DIRECTOR OF ACCOUNTING 40.00 0.00 X 116992 0 14088 STEPHANIE SMITH SENIOR SALES COUNSELOR 40.00 0.00 X 112452 0 8876 CANDACE SWICK DIRECTOR OF MARKETING 40.00 0.00 X 116442 0 18964 PATRICIA O'SHAY MDS COORDINATOR 40.00 0.00 X 100219 0 3946 JENNIFER CLARK DIRECTOR OF NURSING 40.00 0.00 X 120918 0 17541 567023 0 63415 5 0 0 0 PEPPER CONSTRUCTION 643 NORTH ORLEANS STREET CHICAGO IL 606543608 CONSTRUCTION 6071815 LIFE CARE COMPANIES 400 LOCUST ST SUITE 820 DES MOINES IA 50309 MANAGEMENT COMPANY 1092097 SELECT REHABILITATION PO BOX 71985 CHICAGO IL 606930678 REHABILITATION SERVICES 1034072 RJG SERVICES LLC 1324 W CANDLEWICK LANE WEST LAFAYETTE IN 47906 CONSTRUCTION 501064 LAWN & SHRUB PO BOX 155 BUCK CREEK IN 479240155 LANDSCAPING 450996 15 203832 85748 289580 SERVICE FEES 623000 22693703 22693703 LIFE OCC. FEE AMORTIZATION 623000 1061908 1061908 23755611 240612 240612 2866507 3048512 -182005 -182005 -182005 31169 0 31169 31169 RESIDENT SERVICES 623000 211536 211536 GUEST ROOMS/MEALS 623000 163695 163695 BEAUTY SALON INCOME 623000 122014 122014 123058 123058 620303 24755270 23755611 0 710079 226580 226580 10230316 9306812 923504 169864 151179 18685 1317068 1181361 135707 722375 642765 79610 773745 773745 7357 7357 62446 62446 55719 55719 2311843 2266843 45000 147016 68145 78871 1055192 697622 357570 448951 156000 292951 1545622 1380581 165041 88467 16206 72261 1208008 1161046 46962 5347533 5139646 207887 415516 415516 FOOD 1172600 1134453 38147 EMPLOYEE RECRUITMENT 85872 14868 71004 DUES AND SUBSCRIPTIONS 48462 250 48212 UNIFORMS 45348 40360 4988 86602 13742 72860 27572502 24145624 3426878 0 78213 970561 8210941 7008837 740739 1107149 216602 123007 132581 61501 109275 127938245 53505426 64538272 74432819 9872448 10451508 3389234 5933920 87230957 100146650 3812502 2894406 5368435 6132176 35838611 47284948 9396000 9199000 42672790 44124355 97088338 109634885 X -9880009 -9510863 22628 22628 -9857381 -9488235 87230957 100146650 X -2817232 621139 2565239 X X 0 1 X 1 0 X 262783 752723 2188956 287751 289580 3781793 21311598 22079961 22054382 22714479 23755611 111916031 61879 33436 40817 569300 627382 1332814 21636260 22866120 24284155 23571530 24672573 117030638 192987 72906 265893 0 192987 72906 265893 116764745 72721 194307 232699 212298 240612 952637 72721 194307 232699 212298 240612 952637 723783 717027 396191 67970 24090 1929061 22432764 23777454 24913045 23851798 24937275 119912336 0.97380 0.96750 0.00790 0.00630 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: RESIDENT SERVICES - 2018 AMOUNT: $ 182,031. 2019 AMOUNT: $ 169,944. 2020 AMOUNT: $ 114,509. GUEST ROOMS/MEALS - 2018 AMOUNT: $ 279,218. 2019 AMOUNT: $ 230,794. 2020 AMOUNT: $ 95,212. OTHER INCOME - 2018 AMOUNT: $ 31,820. 2019 AMOUNT: $ 100,940. 2020 AMOUNT: $ 7,318. 2021 AMOUNT: $ 67,970. 2022 AMOUNT: $ 24,090. SALON - 2018 AMOUNT: $ 142,615. 2019 AMOUNT: $ 117,433. 2020 AMOUNT: $ 83,954. INTERNET AND IT SERVICES - 2018 AMOUNT: $ 55,530. 2019 AMOUNT: $ 66,392. 2020 AMOUNT: $ 69,386. PARKING EQUIPMENT RENTAL - 2018 AMOUNT: $ 32,569. 2019 AMOUNT: $ 31,524. 2020 AMOUNT: $ 25,812. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2939505 2939505 104509865 39432396 65077469 8251698 5705622 2546076 11337839 8367408 2970431 899338 899338 74432819 RESIDENT DEPOSITS 509989 REFUNDABLE LIFE OCCUPANCY FEES 43614366 44124355 X 27682657 621139 2565239 3186378 24496279 55719 203272 258991 24755270 27516783 0 27516783 55719 55719 27572502 PART X, LINE 2: WESTMINSTER VILLAGE WEST LAFAYETTE, INC. TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL, STATE AND LOCAL AUTHORITIES. THE VILLAGE IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE ITS TAX EXEMPT STATUS AND IS NOT AWARE OF ANY ACTIVITIES THAT ARE SUBJECT TO TAX ON UNRELATED BUSINESS INCOME OR EXCISE OR OTHER TAXES. PART XI, LINE 2D - OTHER ADJUSTMENTS: INTEREST RATE SWAP 2,565,239. PART XI, LINE 4B - OTHER ADJUSTMENTS: RELATED PARTY DONATION 203,272. A INDIANA FINANCE AUTHORITY 351602316 2021-06-04 50929000 REFUND OF SERIES 2014 BONDS ISSUED ON 08/7/14 AND RENOVATION OF FACILITIES 0 0 0 A 1609000 50929000 417147 13831659 35345552 1334642 2023 1 0 0 1 A 0 1 1 1 0 0.00160 0.00000 0.00160 0 0 1 A 0 1 0 0 1 1 TRUIST BANK 12.000000000000 0 0 0 0 1 A 1 PAGE 1, PART II, LINE 3 THE 2021 BONDS WERE ISSUED AS A DRAW-DOWN BOND. THE TOTAL AUTHORIZED AMOUNT IS EQUAL TO $50,929,000; HOWEVER $49,594,358 HAS BEEN ADVANCED AS OF 6/30/2023, WITH $12,238,990 DRAWN IN THE CURRENT YEAR. PAGE 1, PART III, LINE 2 THE INSTITUTION DOES REGULARLY "LEASE OR MAKES LIVING UNITS AVAILABLE FOR USE BY THE ELDERLY AS PART OF ITS TAX EXEMPT MISSION. KINSEY FOSTER DAUGHTER OF BOARD MEMBER BRAD DENO 35292 EMPLOYEE 0 FORM 990, PART III, LINE 2 THE ORGANIZATION UNDERTOOK PROGRAMMING CENTERED AROUND MEMORY CARE DURING THE YEAR THAT WAS NOT PREVIOUSLY REPORTED ON FORM 990. FORM 990, PART VI, SECTION A, LINE 3 THE VILLAGE IS MANAGED BY LIFE CARE SERVICES, LLC (LCS) UNDER AN AGREEMENT WITH AN EFFECTIVE DATE OF JANUARY 1, 2021, THAT EXTENDS THROUGH JUNE 30, 2026. UNDER THE TERMS OF THE AGREEMENT, THE MONTHLY MANAGEMENT FEE IS A PERCENTAGE OF GROSS OPERATING REVENUES BASED ON COMMUNITY OCCUPANCY LEVELS. THE BASE RATE PERCENTAGE FOR THE 2023 AND 2022 CALENDAR YEARS IS 3.00% AND MAY BE ADJUSTED UP OR DOWN BY NO MORE THAN 0.10% DEPENDING ON ACTUAL OCCUPANCY AS COMPARED TO BUDGETED OCCUPANCY. IN ADDITION TO THE FIXED MONTHLY FEE, LCS IS PAID 3% OF THE TOTAL FEE ELIGIBLE REVENUES OF THE COMMUNITY LESS THE FIXED FEE. THE TOTAL AMOUNTS PAID UNDER THE MANAGEMENT AGREEMENT RELATED TO THE FIXED AND VARIABLE MONTHLY FEE WERE APPROXIMATELY $706,000 AND $680,000 FOR THE YEARS ENDED JUNE 30, 2023 AND 2022, RESPECTIVELY. THE VILLAGE WILL ALSO REIMBURSE LCS FOR THE SALARIES AND BENEFITS OF THE EXECUTIVE DIRECTOR, THE HEALTH CENTER ADMINISTRATOR, AND OTHER VARIOUS SERVICES, INCLUDING TRAVEL, MARKETING, AND MISCELLANEOUS REIMBURSABLE EXPENSES. DURING THE CALENDAR YEAR, THE FOLLOWING INDIVIDUALS WERE COMPENSATED FOR PROVIDING SERVICES TO WESTMINSTER VILLAGE IN THE FOLLOWING AMOUNTS: BENJAMIN BLANKENSHIP, EXECUTIVE DIRECTOR: $226,580 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS FULLY REVIEWED AND APPROVED BY THE FINANCE AND MANAGEMENT COMMITTEE OF THE BOARD OF DIRECTORS, AND THEN A COPY OF THE FORM 990 IS PROVIDED TO EACH BOARD MEMBER PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD OF DIRECTORS ARE REQUIRED TO REVIEW AND SIGN A CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS. IF A POSSIBLE CONFLICT OF INTEREST DOES ARISE, THE ISSUE IS VOTED ON BY ALL BOARD MEMBERS THAT DO NOT HAVE AN INTEREST IN THE OUTCOME. FORM 990, PART VI, SECTION B, LINE 15 SALARY INFORMATION PROVIDED BY LIFE CARE SERVICES (LCS) IS USED FOR DETERMINING THE COMPENSATION OF ALL DIRECTOR POSITIONS. LCS REGIONAL HR STAFF AND DOM CONDUCT THE REVIEW FOR ALL DIRECTORS. THIS PROCESS WAS LAST CONDUCTED IN 7/1/2021. FORM 990, PART VI, SECTION C, LINE 19 ALTHOUGH NOT REQUIRED, THE ORGANIZATION WILL PROVIDE PHOTOCOPIES OF ITS FINANCIAL STATEMENTS TO ALL WHO REQUEST THEM. A COPY OF THE FINANCIAL STATEMENTS IS ALSO LOCATED IN THE WESTMINSTER VILLAGE LIBRARY. FORM 990, PART XI, LINE 9: UNREALIZED GAIN / (LOSS) ON SWAP 2,565,239. FORM 990, PAGE 12, PART XII, LINE 2C THE ORGANIZATION HAS A FINANCE AND MANAGEMENT COMMITTEE THAT IS RESPONSIBLE FOR OVERSIGHT OF THE AUDIT. THIS PRACTICE IS CONSISTENT WITH THE PRIOR YEARS. FORM 990, PAGE 7, PART VII AND PAGE 10, PART IX LINE 5 THE EXECUTIVE DIRECTOR AND HEALTH FACILITY ADMINISTRATOR'S (HFA) COMPENSATION IS PAID BY THE MANAGEMENT COMPANY AND REIMBURSED BY THE ORGANIZATION. THE MANAGEMENT COMPANY ISSUES THE W-2. AS A RESULT, COMPENSATION IS LISTED ON PAGE 10 LINE 5, BUT NOT INCLUDED ON PAGE 7. WESTMINSTER VILLAGE FOUNDATION OF WEST LAFAYETTE INDIANA INC 2741 N SALISBURY STREET WEST LAFAYETTE IN 47906 351537414 SUBSIDIZE EXEMPT ACTIVITIES IN 501(C)(3) LINE 12C, III-FI N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0