2024-08-14T16:11:12-05:00 2023-09-30 410746749 CLIFTONLARSONALLEN LLP 420 SOUTH ORANGE AVENUE SUITE 900 ORLANDO FL 32801 990 2022-10-01 650610085 CYPRESS COVE AT HEALTHPARK FLORIDA INC CYPR 2394890023 16451 HEALTHPARK COMMONS DRIVE FORT MYERS FL 33908 CHARLES EDWARDS SR CHAIRMAN 2394890023 2024-08-08 1 1 LACEY M QUATSOE P01300865 4078021200 2024-08-08 2022 2024-08-08 14:25:15Z X CHARLES EDWARDS SR 16451 HEALTHPARK COMMONS DRIVE FORT MYERS FL 33908 52763210 0 X HTTPS://CYPRESSCOVELIVING.ORG/ X 2007 FL CREATE & SUSTAIN A CONTINUING CARE RETIREMENT COMMUNITY AT HEALTHPARK, FL AT A REASONABLE COST. 8 8 533 197 0 0 6432926 3475455 42402369 42614349 -9340696 859916 1100000 4660849 40594599 51610569 90123 563278 0 0 17606093 18153015 0 0 242579 29915222 33850381 47611438 52566674 -7016839 -956105 238772906 312147126 279235164 349192357 -40462258 -37045231 X TO CREATE AND SUSTAIN A CONTINUING CARE RETIREMENT COMMUNITY AT HEALTHPARK, FL AT A REASONABLE COST, AN ENVIRONMENT OF VITALITY WHILE COMFORTABLE AND SECURE. CYPRESS COVE OFFERS THE SECURITY OF CONTINUING CARE WHEREBY RESIDENTS WHO HAVE QUALIFIED (CONTINUED ON SCHEDULE O)BOTH FINANCIALLY AND PHYSICALLY, CAN LIVE WITHIN THE COMMUNITY AND, IF NEEDED, RECEIVE ASSISTED LIVING AND SKILLED CARE FOR THE CONTRACTUAL MONTHLY FEE FOR THE DURATION OF THEIR LIVES. CYPRESS COVE WILL NOT DISMISS OR TERMINATE THE RESIDENT SOLELY BECAUSE OF FINANCIAL INABILITY TO PAY ALL OR A PART OF THE CONTRACTED MONTHLY SERVICE FEE. RESIDENTS CONTINUE THEIR ACTIVE AND INDEPENDENT LIFESTYLES, AGING WITH DIGNITY AND ADDED PEACE OF MIND. 0 0 37232151 563278 32960031 PROVIDING A CONTINUING CARE COMMUNITY INCLUDING 333 INDEPENDENT LIVING APARTMENTS AND 44 VILLAS TOGETHER WITH APPROPRIATE COMMON AND AMENITY AREAS SITUATED ON 48 ACRES OF THE HEALTHPARK FLORIDA CAMPUS, LOCATED IN LEE COUNTY, FL. WE OFFER A HOLISTIC APPROACH TO LIFE BY PROVIDING THE FINEST RESORT STYLE AMENITIES, SERVICES AND A WELLNESS ENVIRONMENT PLACING A STRONG EMPHASIS ON PREVENTIVE CARE AND MAINTAINING GOOD HEALTH. WE FULFILL OUR MISSION BY: 1) CREATING A CONTINUING CARE COMMUNITY THAT ENCOURAGES ACTIVITY AND PERSONAL GROWTH 2) PROVIDING DINING SERVICES OFFERING A BROAD, SATISFYING, AND NUTRITIOUS ARRAY OF CHOICES EVERY DAY 3) BY PROVIDING HOUSEKEEPING AND TRANSPORTATION, FREEING RESIDENT'S TIME, AND ENERGY 4) DEVELOPING A NEIGHBORHOOD WHICH FOSTERS NEW FRIENDSHIPS 5) PROVIDING GOOD BUSINESS PRACTICES 6) EXCEEDING RESIDENT EXPECTATIONS WHILE ATTENDING TO THEIR EMOTIONAL AND SPIRITUAL NEEDS. 10740675 0 9654318 OUR HEALTH CENTER PROVIDES 44 ASSISTED LIVING UNITS, 44 MEMORY CARE ASSISTED LIVING UNITS AND 64 SKILLED NURSING UNITS, AS WELL AS A MODERN REHAB THERAPY GYM. WE FULFILL OUR MISSION BY: 1) MAINTAINING A HIGH QUALITY CONTINUING CARE PROGRAM WITH PROVISIONS FOR ASSISTED LIVING AND NURSING CARE AS IS APPROPRIATE, CONSIDERING THE NEEDS OF THE INDIVIDUAL RESIDENT 2) OFFERING AN ENVIRONMENT WHERE RESIDENTS ARE RESPONSIBLE FOR ORGANIZING THEIR OWN LIVES, YET KNOW THAT SHOULD THEY NEED IT, SUPPORT IS AVAILABLE 3) PROMOTING INNOVATIVE PROGRAMS AND SERVICES, WELLNESS, HEALTHFUL LIVING AND THE OPPORTUNITY FOR RESIDENTS TO LIVE LONGER, HEALTHIER AND MORE FULFILLING LIVES. 47972826 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 94 0 1 533 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 1 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 FL X JEFFREY T DUNKLE 2394890023 16451 HEALTHPARK COMMONS DRIVE FORT MYERS FL 33908 MARY E FRANKLIN EXECUTIVE DIRECTOR 40.00 0.00 X 263664 0 23363 MATTHEW B LESSIG ASSOCIATE EXECUTIVE DIRECTOR 40.00 0.00 X 178796 0 17598 MAUREEN V ORAVEC SALES MANAGER 40.00 0.00 X 129873 0 11224 RAYMOND S BERRY DIRECTOR OF FACILITIES 40.00 0.00 X 121696 0 11067 PAUL DANIEL DIRECTOR DINING SERVICES 40.00 0.00 X 161216 0 15239 JENNIFER PORR ASST. DIR. OF FACILITIES 40.00 0.00 X 109306 0 8291 AMY STROUD RETIREMENT COUNSELOR 40.00 0.00 X 108053 0 3782 KIMBERLY A SCOTT SKILLED NURSING DIRECTOR OF NURSING 40.00 0.00 X 106357 0 16364 CHARLES EDWARDS SR CHAIRMAN 2.00 2.00 X X 0 0 0 DAN ADAMS VICE CHAIR 2.00 2.00 X X 0 0 0 JOE CATTI TREASURER 2.00 2.00 X X 0 0 0 DAWSON MCDANIEL SECRETARY 2.00 2.00 X X 0 0 0 CLAUDIA COWART DIRECTOR 2.00 2.00 X 0 0 0 DOROTHY FITZGERALD DIRECTOR 2.00 2.00 X 0 0 0 RITA MCSHARRY DIRECTOR 2.00 2.00 X 0 0 0 WILL PRATHER DIRECTOR (THRU 4/2023) 2.00 2.00 X 0 0 0 BRUCE STRAYHORN DIRECTOR 2.00 2.00 X 0 0 0 1178961 0 106928 9 0 1 0 LEE FP INC 16451 HEALTHPARK COMMONS DRIVE FORT MYERS FL 33908 MANAGEMENT FEES 1741235 SHORELINE PROPERTY COMPANY LLC 2514 SE 24 AVE CAPE CORAL FL 33904 BUILDING 1371084 KEY BENEFIT ADMINISTRATORS INC 8330 ALLISON POINT TRAIL INDIANAPOLIS IN 46250 HEALTHCARE 1000053 AEGIS THERAPIES INC PO BOX 936653 ATLANTA GA 31193 THERAPY SERVICES 828285 SENIOROI LLC 4335 TAGGART CREEK RD STE A CHARLOTTE NC 28208 MARKETING 199511 6 104900 2751409 619146 3475455 INDEPENDENT LIVING 623000 21910218 21910218 ENTRANCE FEES 623000 11049813 11049813 SKILLED NURSING 623000 5080239 5080239 MEMORY CARE 623000 2459288 2459288 ASSISTED LIVING 623000 2114791 2114791 42614349 1965409 1965409 47148 794126 358515 -794126 -311367 -1105493 -1105493 INSURANCE REIMBURSMENT 900099 4660849 4660849 4660849 51610569 42614349 0 5520765 563278 563278 885403 824289 50161 10953 14494371 13629111 685908 179352 371109 326591 39932 4586 1263782 1114238 133929 15615 1138350 1005799 118485 14066 1741235 423200 1318035 551384 551384 247349 247349 177623 177623 479315 478809 506 966220 602240 363980 350533 158443 187387 4703 615680 483077 127736 4867 7025314 6995286 30028 56069 18062 38007 122077 23988 96174 1915 3272690 3239963 32727 7812138 7734017 78121 2331191 2306356 21530 3305 HURRICANE-RELATED EXP. 3943846 3943846 FOOD AND BEVERAGE 2422650 2422650 ANCILLARY EXP./SUPPORT 756306 756306 DEPARTMENT SUPPLIES 683750 682446 1304 295011 240831 52773 1407 52566674 47972826 4351269 242579 44785175 42659446 1945160 1142961 4671400 5295400 177554 181108 1535315 2008746 240147675 72031691 99389684 168115984 72177420 38813082 14091198 53930399 238772906 312147126 8078651 17771482 63703531 68969020 168180870 168555061 2530000 868786 1155206 35873326 92741588 279235164 349192357 X -42264803 -38621601 1802545 1576370 -40462258 -37045231 238772906 312147126 X -956105 3552899 820233 X 0 1 X 1 0 X 9469942 9641261 1232923 6432926 3475455 30252507 32198468 29752074 39730290 42402369 42614349 186697550 41668410 39393335 40963213 48835295 46089804 216950057 0 0 0 216950057 623718 678308 436343 1016768 1965409 4720546 623718 678308 436343 1016768 1965409 4720546 1250 1100000 4660849 5762099 42292128 40072893 41399556 50952063 52716062 227432702 0.95390 0.97920 0.02080 0.01560 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2019 AMOUNT: $ 1,250. INSURANCE REIMBURSEMENT - 2021 AMOUNT: $ 1,100,000. 2022 AMOUNT: $ 4,660,849. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1059905 1059905 215961956 63902119 152059837 4180602 1753662 2426940 15149741 6324285 8825456 3795471 51625 3743846 168115984 SECURITY AND UTILITY DEPOSITS 18044 INTEREST RATE SWAP 14934330 RIGHT OF USE ASSETS 38978025 53930399 DEFERRED GRANT REVENUE 2668839 REFUNDABLE ENTRANCE FEES 26890777 DEFERRED REFUND 1796019 CHARITABLE GIFT ANNUITY OBLIGATION 37021 SUBORDINATED DEFERRED GROUND LEASE 3533679 LINE OF CREDIT 12209828 LONG-TERM LEASE OBLIGATION 41763525 REFUNDABLE DEPOSITS 3841900 92741588 52214543 3552899 -3082669 470230 51744313 177623 -311367 -133744 51610569 48797516 352311 352311 48445205 177623 3943846 4121469 52566674 PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN ON INTEREST RATE SWAP 861,177. HURRICANE-RELATED EXPENSES NETTED AGAINST HURRICANE FUNDING -3,943,846. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF FIXED ASSETS -311,367. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF FIXED ASSETS 311,367. PROVISION FOR DOUBTFUL ACCOUNTS 40,944. PART XII, LINE 4B - OTHER ADJUSTMENTS: HURRICANE-RELATED EXPENSES NETTED AGAINST HURRICANE FUNDING 3,943,846. 1 SCHOLARSHIPS 90 563278 BOOK N/A X X X X 0 0 0 0 0 0 0 0 0 MARY E FRANKLIN EXECUTIVE DIRECTOR 208871 0 54461 0 332 0 9723 0 13640 0 287027 0 0 0 MATTHEW B LESSIG ASSOCIATE EXECUTIVE DIRECTOR 145493 0 30451 0 2852 0 6603 0 10995 0 196394 0 0 0 PAUL DANIEL DIRECTOR DINING SERVICES 129668 0 31500 0 48 0 5625 0 9614 0 176455 0 0 0 PART I, LINE 7 THE BOARD APPROVES A BONUS PLAN EACH YEAR WITH A MIX OF GOALS. A LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 591793462 000000000 2020-10-01 20540000 REFUND PRIOR TAXABLE BONDS ISSUED ON 5/12/17 AND FUND CAPITAL IMPROVEMENTS 0 0 0 B LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 591793462 52349EEL0 2022-04-27 68663555 CONSTRUCTION OF 48 NEW UNITS AND OTHER CAPITAL IMPROVEMENTS 0 0 0 C LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 591793462 000000000 2022-07-06 85035000 TO REFUND PRIOR TAXABLE BONDS ISSUED ON OCTOBER 15, 2020 0 0 0 A 360000 20565419 1175675 380052 11787569 7196704 0 1 0 1 B 68866190 3131601 1373271 64158683 2024 0 0 0 1 C 2345000 85035000 85035000 0 1 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 1 1 HANCOCK WHITNEY 10.000000000000 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 1 0 0 1 0 0 0 1 A 1 B 1 C 1 SCHEDULE K, PAGE 1, PART II, COLUMN A, LINE 3 LINE 3 IS GREATER THAN THE ISSUE PRICE DUE TO CUMULATIVE INVESTMENT EARNINGS ON THE BOND ISSUANCE PROCEEDS. SCHEDULE K, PAGE 1, PART II, COLUMN B, LINE 3 LINE 3 IS GREATER THAN THE ISSUE PRICE DUE TO CUMULATIVE INVESTMENT EARNINGS ON THE BOND ISSUANCE PROCEEDS. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL BE A STANDING COMMITTEE OF THE CORPORATION AND SHALL CONSIST OF THE CHAIR/PRESIDENT/CEO, VICE CHAIR/VICE PRESIDENT, SECRETARY AND TREASURER OF THE CORPORATION. THE EXECUTIVE COMMITTEE SHALL STUDY, ADVISE, AND MAKE RECOMMENDATIONS TO THE BOARD ON MATTERS RELATED TO LEGAL AND EXECUTIVE MANAGEMENT AND PROVIDE THE EXECUTIVE STAFF WITH ADVICE, COUNSELING, AND THE OPPORTUNITY FOR CONFIDENTIAL COMMUNICATION. BETWEEN BOARD MEETINGS, THE EXECUTIVE COMMITTEE IS AUTHORIZED TO TAKE ANY REQUIRED ACTION OF THE CORPORATION WHEN CALLING A SPECIAL MEETING OF THE BOARD IS NOT REASONABLY PRACTICAL GIVEN THE CIRCUMSTANCES OF THE REQUIRED ACTION AND TO TAKE ANY ACTION SPECIFICALLY DELEGATED TO IT BY THE BOARD. THE EXECUTIVE COMMITTEE SHALL REPORT THOSE ACTIONS TAKEN PURSUANT TO THE PRECEDING SENTENCE TO THE BOARD AT THE NEXT BOARD MEETING. ADDITIONALLY, THE EXECUTIVE COMMITTEE SHALL RECOMMEND TO THE FULL BOARD, ANY ACTIONS OR CHANGES DEEMED BENEFICIAL TO THE CORPORATION REGARDING ITS OPERATIONAL, LEGAL, AND ADMINISTRATIVE STRUCTURE OR FUNCTIONS INCLUDING, BUT NOT LIMITED TO, CHANGES TO CORPORATE MANAGEMENT AGREEMENTS AND COMPENSATION. FORM 990, PART VI, SECTION A, LINE 3 MANAGEMENT DELEGATED LEE FP, INC. (DBA CYPRESS LIVING), A RELATED ORGANIZATION, AS THE MANAGEMENT COMPANY OF CYPRESS COVE. CALENDAR YEAR 2022 FEES TOTALED $1,741,235. FORM 990, PART VI, SECTION A, LINE 6 LEE MEMORIAL HOSPITAL, INC. D/B/A LEE HEALTHCARE RESOURCES IS THE SOLE CORPORATE MEMBER. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD MEMBERS OF LEE MEMORIAL HOSPITAL, INC D/B/A LEE HEALTHCARE RESOURCES SELECT THE MEMBERS OF THE BOARD OF DIRECTORS UNDER ALL CIRCUMSTANCES INCLUDING, BUT NOT LIMITED TO: (I) THE ANNUAL ELECTION, (II) IN THE EVENT THERE IS AN INCREASE IN THE SIZE OF THE BOARD, OR (III) IN THE EVENT THERE IS A VACANCY IN THE MEMBERSHIP OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 7B MAJOR DECISIONS: THE FOLLOWING EVENTS SHALL REQUIRE THE AFFIRMATIVE VOTE OF THE MEMBER: THE DISSOLUTION OF THE CORPORATION, AS PROVIDED FOR IN ITS ARTICLES OF INCORPORATION; A MERGER INVOLVING THE CORPORATION; AN AMENDMENT TO THE ARTICLES OF INCORPORATION, OR AN AMENDMENT TO THESE BYLAWS; AND THE SALE, EXCHANGE, LEASE OR OTHER TRANSFER, OTHER THAN IN THE ORDINARY COURSE OF BUSINESS, OF ALL OR SUBSTANTIALLY ALL OF THE CORPORATION'S ASSETS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY OUR OUTSIDE TAX ADVISOR/CPA FROM INFORMATION PROVIDED. FORM 990 IS REVIEWED BY THE VICE PRESIDENT OF FINANCE AT LEE FP INC., THE RELATED MANAGEMENT COMPANY. IT WILL BE SHARED WITH THE FULL BOARD AT A FUTURE MEETING. FORM 990, PART VI, SECTION B, LINE 12C ALL DIRECTORS, OFFICERS AND COMMITTEE MEMBERS WITH BOARD-DELEGATED POWERS ARE REQUIRED TO DISCLOSE POTENTIAL CONFLICTS OF INTEREST AT THE TIME THE BOARD MAY BE CONSIDERING A RELATED TRANSACTION OR ARRANGEMENT. THE INDIVIDUAL WITH THE CONFLICT IS PRECLUDED FROM VOTING ON MATTERS TO WHICH THE CONFLICT PERTAINS. IN ADDITION, ON AN ANNUAL BASIS, EACH DIRECTOR IS REQUIRED TO SIGN A STATEMENT AFFIRMING THEY HAVE READ AND UNDERSTAND THE POLICY AND HAVE NOT BEEN INVOLVED IN ANY CONFLICTS OF INTEREST. CYPRESS COVE ALSO PERFORMS PERIODIC REVIEWS TO ENSURE COMPLIANCE WITH THIS POLICY. FORM 990, PART VI, SECTION B, LINE 15 AN INDEPENDENT COMPENSATION CONSULTANT IS ENGAGED BY THE BOARD'S HUMAN RESOURCES COMMITTEE AND MANAGEMENT COMPANY (LEE FP INC) TO REGULARLY CONDUCT A FORMAL EXECUTIVE COMPENSATION STUDY FOR THE TOP OFFICIAL (EXECUTIVE DIRECTOR) AND OTHER OFFICERS. NO MEMBER OF THE COMMITTEE HAS ANY CONFLICT OF INTEREST WITH RESPECT TO THE EXECUTIVE DIRECTOR'S COMPENSATION. THE COMMITTEE AND MANAGEMENT COMPANY UTILIZE THE STUDY'S RESULTS WITH OTHER RELATED INDUSTRY DATA (SUCH AS INFORMATION REPORTED ON FORMS 990 FILED BY COMPARABLE ORGANIZATIONS) AS A BASIS FOR COMPARISON PURPOSES OF OVERALL EXECUTIVE COMPENSATION. THE STUDY FINDINGS AND APPROVED RECOMMENDATIONS FROM THE COMMITTEE MEETINGS ARE DOCUMENTED IN THE MINUTES TO THE COMMITTEE MEETING AND DELEGATED TO THE MANAGEMENT COMPANY TO IMPLEMENT AND OVERSEE. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE AT THE OFFICE OF THE EXECUTIVE DIRECTOR UPON REQUEST. IN ADDITION, THE AUDITED FINANCIAL STATEMENTS ARE REVIEWED ANNUALLY WITH THE CYPRESS COVE RESIDENT FINANCIAL COMMUNICATIONS COMMITTEE. QUARTERLY FINANCIAL UPDATES ARE ALSO PROVIDED IN PUBLIC FORUM FOR ALL RESIDENTS. FORM 990, PART XI, LINE 9: UNREALIZED GAIN ON INTEREST RATE SWAP 861,177. PROVISION FOR DOUBTFUL ACCOUNTS -40,944. LEE MEMORIAL HOSPITAL INC 16451 HEALTHPARK COMMONS DRIVE FORT MYERS FL 33908 237160360 HEALTHCARE SERVICES FL 501(C)(3) LINE 12C 0 LEE FP INC 16451 HEALTHPARK COMMONS DRIVE FORT MYERS FL 33908 650184989 MANAGEMENT FL LEE MEMORIAL HOSPITAL C 0 0 0 1 0 1 0 0 0 0 0 1 0 1 1 1 1 0 0 0