2024-11-07T12:34:02-06:00 2023-12-31 910189318 MOSS ADAMS LLP 21700 OXNARD ST STE 300 WOODLAND HILLS CA 91367 990 2023-01-01 860265218 FRIENDSHIP RETIREMENT CORPORATION FRIE 6238473005 8611 NORTH 67TH AVENUE GLENDALE AZ 85302 KATHLEEN HURLEY CFO 6238473005 2024-11-05 1 0 LAUREN A HAVERLOCK P00545829 8185771900 2024-11-05 2023 2024-10-15 13:58:12Z GLENCROFT JOHN THORHAUER 8611 NORTH 67TH AVENUE GLENDALE AZ 85302 30453186 0 X WWW.GLENCROFT.COM X 1970 AZ THE MISSION OF GLENCROFT IS TO PROVIDE A BROAD CONTINUUM OF HIGH QUALITY SENIOR SERVICES IN A MANNER THAT DEMONSTRATES CHRISTIAN LOVE AND COMPASSION. 9 9 629 231 0 0 248713 242039 27070523 27460770 23516 87228 2055468 1768597 29398220 29558634 0 0 0 0 18493054 14193176 0 0 132536 12653768 10445558 31146822 24638734 -1748602 4919900 20788807 24767329 15715943 14695705 5072864 10071624 X OUR MISSION IS TO EMPOWER PEOPLE TO LIVE THEIR BEST LIVES, AND OUR VISION IS TO BE THE PREMIER PROVIDER OF AFFORDABLE SERVICES ENRICHING QUALITY OF LIFE FOR EVERYONE AT EVERY STAGE OF LIFE. TO ACCOMPLISH, OUR VALUES SHALL INCLUDE:INTEGRITY - WE ADHERE TO THE HIGHEST ETHICAL STANDARDS.COMPASSION - WE ARE SENSITIVE TO EVERY PERSON'S UNIQUE NEEDS.EXCELLENCE - WE ARE ACCOUNTABLE TO DELIVER EXCELLENCE IN OUR WORK.INNOVATION - WE DEVELOP AND GROW BY PROVIDING LEADING-EDGE SERVICES.SUSTAINABILITY - WE USE RESOURCES EFFICIENTLY.COLLABORATION - WE FURTHER OUR MISSION THROUGH COOPERATIVE EFFORTS. 0 0 21286280 27460770 SKILLED NURSING - OUR 225 BED CARE CENTER, KNOWN AS PROVIDENCE PLACE, IS LOCATED NEAR THE ENTRY TO OUR CAMPUS. CERTIFIED TO ACCEPT BOTH MEDICARE AND MEDICAID(ALTCS). THE CARE CENTER CONSISTENTLY RECEIVES A QUALITY RATING FROM THE DEPT. OF HEALTH SERVICES AND ENJOYS A STAR MEDICARE RATING. THE FOLLOWING CARE SERVICES ARE AVAILABLE: 24-HOURS SKILLED NURSING CARE, MEDICARE/SUB-ACUTE CARE UNIT, SHORT TERM, LONG TERM AND RESPITE CARE, COMFORT CARE, HOSPICE BEHAVIORAL HEALTHCARE, RESTORATIVE NURSING, CONTRACTED WITH MOST MANAGED CARE INSURANCE PLAN DAILY ACTIVITIES PROGRAM THAT INCLUDES OFF-CAMPUS TRIPS, COMPUTER FOR RESIDENT USE AND SOCIAL EVENTS AND ON-SITE CHAPLAINCY SERVICES AND VISITS.INDEPENDENT LIVING - THE CASITAS ARE ATTRACTIVE ONE AND TWO BEDROOM COURTYARD HOMES SITUATED IN EIGHT CHARMING COURTS SURROUNDING THE PERIMETER OF OUR 40 ACRE COMMUNITY. THESE LOVELY UNITS ARE EQUIPPED WITH REFRIGERATOR, RANGE, MICROWAVE, GARBAGE DISPOSAL, PERSONAL EMERGENCY RESPONSE SYSTEM, SMOKE DETECTOR, FIRE ALARM AND ASSIGNED COVERED PARKING. THERE IS A COMPLIMENTARY LAUNDRY ROOM AVAILABLE IN EACH COURT FOR RESIDENT USE AND CONVENIENCE. IN ADDITION, MOST UNITS ARE EQUIPPED WITH WASHER AND DRYER CONNECTIONS. TELEVISION, WATER, SEWER, TRASH REMOVAL AND USE OF ALL CAMPUS FACILITIES ARE COVERED IN THE MONTHLY RATES. IN ADDITION, MONTHLY RATES INCLUDE, BUT ARE NOT LIMITED TO, ALL ADMINISTRATIVE EXPENSE, REPAIRS AND MAINTENANCE OF BUILDINGS AND GROUNDS, SECURITY AND CAPITAL IMPROVEMENTS.ASSISTED LIVING - LICENSED FOR DIRECTED CARE ASSISTED LIVING, MANOR 1 PROVIDES QUALITY SUPPORT TO RESIDENTS NEEDING HELP THROUGHOUT THE COURSE OF THEIR DAY IN A SECURE SETTING. MANOR 1 ENHANCES QUALITY OF LIFE FOR EACH RESIDENT BY SUPPORTING THEM WITH AS LITTLE OR AS MUCH ASSISTANCE AS NEEDED. EACH RESIDENT CAN EXPERIENCE AS MUCH INDEPENDENCE AS POSSIBLE. FREEDOM FROM MEAL PREPARATION, LAUNDRY AND HOUSEKEEPING PROVIDES AN EXPERIENCE THAT MAKES LIFE COMFORTABLE. THE VILLAS ARE NESTLED IN THE HEART OF OUR COMMUNITY AND ARE BEAUTIFULLY DESIGNED ONE BEDROOM EFFICIENCY SUITES. THESE LOVELY UNITS ARE EQUIPPED WITH REFRIGERATOR, RANGE, MICROWAVE, GARBAGE DISPOSAL, PERSONAL EMERGENCY RESPONSE SYSTEM, SMOKE DETECTOR, FIRE ALARM AND INDIVIDUALLY CONTROLLED THERMOSTAT. THERE IS AN ELEVATOR AND COIN OPERATED LAUNDRY ROOM. 21286280 1 0 0 0 0 0 0 0 1 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 31 0 1 629 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X KATHLEEN HURLEY 6238473005 8611 NORTH 67TH AVENUE GLENDALE AZ 85302 CATHY ECKSTEIN CHAIR 2.00 8.00 X X 0 0 0 JACQUELYN SMITH VICE CHAIR 2.00 8.00 X X 0 0 0 BRIAN HOLLRAH TREASURER 2.00 8.00 X X 0 0 0 STEVE KOCH SECRETARY 5.00 20.00 X X 0 0 0 NINA SHAH MD DIRECTOR 5.00 20.00 X 0 0 0 PETE PATTERSON MD DIRECTOR 2.00 8.00 X 0 0 0 LISA MONTMAN CPA DIRECTOR 2.00 8.00 X 0 0 0 FLOYD WHITTAKER DIRECTOR 2.00 8.00 X 0 0 0 DYAN BYMARK DIRECTOR 2.00 8.00 X 0 0 0 JOHN THORHAUER CEO 20.00 20.00 X 349201 0 4839 DON MAY CFO 8.00 32.00 X 161420 0 3228 MICHAEL A MCCAMMOND CAO 20.00 20.00 X 139959 0 9224 SCOTT MCCLINTOCK CHIEF HEALTH OFFICER 40.00 0.00 X 154940 0 3643 TOMMY MEDINA CHIEF PEOPLE OFFICER 40.00 0.00 X 126929 0 8751 MARY BAKER EXECUTIVE DIRECTOR FOUNDAT 20.00 20.00 X 108218 0 5316 BENDU SANOH NURSING ADMIN - VICE PRESIDENT 40.00 0.00 X 132648 0 5762 1173315 0 40763 7 0 1 0 HEALTHPRO HERITAGE 307 INTERNATIONAL CIRCLE SUITE 100 HUNT VALLEY MD 21030 THERAPY SERVICE PROVIDER 318572 AVENDANO RUBEN 5745 W MARYLAND AVE GLENDALE AZ 85302 LANDSCAPING 229985 2 242039 242039 NURSING SERVICES 623000 21110979 21110979 RENTAL INCOME 623000 5682231 5682231 SERVICE FEES 623000 513301 513301 MANAGEMENT FEES 623000 97293 97293 EARNED ENTRANCE FEES 623000 56966 56966 27460770 130069 130069 851711 894552 -42841 -42841 -42841 FOOD SERVICE INCOME 561499 1088115 1088115 HOUSEKEEPING/LAUNDRY 561499 210722 210722 TELEPHONE,INTERNET,TV 561499 134682 134682 335078 335078 1768597 29558634 27460770 0 1855825 518688 279361 239327 11768950 11598743 81012 89195 65317 55649 9668 634282 578633 55649 1205939 1175193 19146 11600 166661 166661 229268 101492 109988 17788 173128 173128 1726232 298672 1427560 71265 62670 8595 1645548 1135310 510238 20450 10225 10225 3750 3750 714259 714259 2186618 2109666 76952 62948 52876 10072 SUPPLIES AND EQUIPMENT 1550000 1350767 185280 13953 LICENSES 618437 618437 BAD DEBT 613660 613660 663334 530667 132667 24638734 21286280 3219918 132536 730253 1185083 1182815 7171359 2899101 2666607 231592 271621 120160 122222 52556161 40818415 12484975 11737746 826483 0 174064 174064 2139364 1438627 20788807 24767329 1962279 1066793 268045 211079 11975692 11786467 218646 250410 1291281 1380956 15715943 14695705 X 5072864 10071624 5072864 10071624 20788807 24767329 4919900 78860 0 X X 0 1 X 0 1 1 X 258498 6082658 1114024 248713 242039 7945932 26404947 23733589 24394687 27070523 27460770 129064516 26663445 29816247 25508711 27319236 27702809 137010448 0 0 0 137010448 116449 78095 39593 63479 130069 427685 116449 78095 39593 63479 130069 427685 2300243 2034821 2047189 2055468 1768597 10206318 29080137 31929163 27595493 29438183 29601475 147644451 0.92800 0.92450 0.00290 0.00280 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: GUEST ROOM INCOME - 2019 AMOUNT: $ 26,220. 2020 AMOUNT: $ 12,290. 2021 AMOUNT: $ 3,990. 2022 AMOUNT: $ 16,164. 2023 AMOUNT: $ 18,929. HOUSEKEEPING SERVICES - 2019 AMOUNT: $ 219,354. 2020 AMOUNT: $ 226,775. 2021 AMOUNT: $ 239,303. 2022 AMOUNT: $ 239,258. 2023 AMOUNT: $ 210,722. TRANSPORTATION INCOME - 2019 AMOUNT: $ 7,690. 2020 AMOUNT: $ 13,060. 2021 AMOUNT: $ 17,910. 2022 AMOUNT: $ 18,471. 2023 AMOUNT: $ 16,103. OTHER PERSONAL SERVICE REVENUE - 2019 AMOUNT: $ 231,387. 2020 AMOUNT: $ 80,703. 2021 AMOUNT: $ 68,351. 2022 AMOUNT: $ 160,517. 2023 AMOUNT: $ 120,556. FOOD SERVICE INCOME - 2019 AMOUNT: $ 1,358,802. 2020 AMOUNT: $ 1,304,175. 2021 AMOUNT: $ 1,300,850. 2022 AMOUNT: $ 1,247,084. 2023 AMOUNT: $ 1,088,115. TELEPHONE INTERNET TV INCOME - 2019 AMOUNT: $ 220,340. 2020 AMOUNT: $ 182,464. 2021 AMOUNT: $ 171,959. 2022 AMOUNT: $ 156,114. 2023 AMOUNT: $ 134,682. SURE RESPONSE - 2019 AMOUNT: $ 154,599. 2020 AMOUNT: $ 160,354. 2021 AMOUNT: $ 159,216. 2022 AMOUNT: $ 141,989. 2023 AMOUNT: $ 120,184. COMMUNITY FEE - 2019 AMOUNT: $ 81,851. 2020 AMOUNT: $ 55,000. 2021 AMOUNT: $ 85,610. 2022 AMOUNT: $ 75,871. 2023 AMOUNT: $ 59,306. FORGIVENESS OF DEBT - OTHER REVENUE - LEGAL SETTLEMENT - 0 1 X 99744 99744 44733819 37076901 7656918 7606215 3741514 3864701 116383 116383 11737746 DUE FROM AFFILIATES 948644 OPERATING LEASE ASSETS 489983 1438627 ENTRANCE FEE DEPOSITS 783211 CAPITAL LEASE OBLIGATIONS 597745 1380956 X PART IV, LINE 2B: THE ORGANIZATION MAINTAINS ESCROW ACCOUNTS FOR RESIDENT SECURITY DEPOSITS. PART X, LINE 2: THE COMPANY QUALIFIES AS A TAX-EXEMPT CORPORATION DESCRIBED IN SECTION 501(C)(3) OF THE IRC AND, ACCORDINGLY, THERE IS NO PROVISION FOR INCOME TAXES. INCOME DETERMINED TO BE UNRELATED BUSINESS INCOME TAX WOULD BE TAXABLE. THE COMPANY APPLIES THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS. THIS STANDARD PRESCRIBES RECOGNITION AND MEASUREMENT OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. THE COMPANY IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS. X X X 0 0 0 0 0 0 0 1 0 JOHN THORHAUER CEO 315001 0 34200 0 0 0 4839 0 0 0 354040 0 0 0 DON MAY CFO 161420 0 0 0 0 0 3228 0 0 0 164648 0 0 0 SCOTT MCCLINTOCK CHIEF HEALTH OFFICER 154940 0 0 0 0 0 670 0 2973 0 158583 0 0 0 PART I, LINE 7 THE CEO'S COMPENSATION AND BONUSES ARE BASED ON PERFORMANCE METRICS AND HIS EMPLOYMENT CONTRACT. A THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF GLENDALE ARIZONA 521767454 378286HZ4 2016-08-17 20726618 REFINANCING OF CURRENT DEBT 0 0 0 A 1960000 20726618 1271300 409200 13192055 5854063 2017 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 A 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF GLENDALE A DATE THE REBATE COMPUTATION WAS PERFORMED: 07/31/2021 SCHEDULE K, PAGE 1, PART I, LINE (C), COLUMN (F): THE CAPITAL IMPROVEMENTS BENEFITTED FRIENDSHIP RETIREMENT CORPORATION, SARAH'S PLACE, INC , AND GLENCROFT TOWERS I, INC. AS SUCH, A PORTION OF THE BOND DEBT LIABILITY HAS BEEN ALLOCATED TO THOSE ENTITIES ON THEIR RESPECTIVE FORMS 990, PART X, PAGE 11, LINE 20. THE PARENT ORGANIZATION HAS ELECTED TO FILE ALL APPLICABLE SCHEDULE K REPORTING ON ITS RETURN, SO THERE IS NO SCHEDULE K REPORTING ON ANY RETURN EXCEPT THE PARENT ENTITY. SCHEDULE K, PAGE 1, PART II, LINE 11: THE OTHER SPENT PROCEEDS WERE USED TO REFUND A PRIOR ISSUANCE DATED 1/23/1997. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND IS REVIEWED BY THE CFO AND THE FINAL DRAFT OF THE 990 IS EMAILED TO ALL BOARD MEMBERS PRIOR TO BEING FILED WITH THE IRS. BOARD MEMBERS HAVE A COMMENT PERIOD IN WHICH TO RESPOND WITH QUESTIONS OR CHANGES. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS ARE COVERED UNDER THE CONFLICT OF INTEREST POLICY. THE BOARD CHAIR AND THE CEO DETERMINE IF THERE IS A CONFLICT OF INTEREST BASED ON CONFLICT OF INTEREST POLICY QUESTIONNAIRES GIVEN TO EACH BOARD MEMBER AT THE START OF THE BOARD YEAR. WHEN A CONFLICT ARISES, THE INTERESTED PARTY IS NOT ALLOWED TO VOTE ON THE ISSUE AND MAY BE ASKED TO LEAVE THE ROOM DURING DISCUSSION OF THE ISSUE. IT IS NOTED IN THE MINUTES WHEN SOMEONE HAS A CONFLICT AND THAT PERSON HAS ABSTAINED FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15 THE CPO WILL PROVIDE THE BOARD CURRENT COMPENSATION GUIDANCE BASED ON INDUSTRY. THE CEO SALARY IS DETERMINED BY THE BOARD - THE CONTRACT GOES TO THE CPO WHO IMPLEMENTS IT. THE CFO SALARY IS DETERMINED BY THE CPO (WITHIN BUDGET LIMITS). FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. CONFLICT OF INTEREST POLICY IS AVAILABLE UPON FORMAL REQUEST. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. GLENCROFT TOWERS I INC 8611 N 67TH STREET GLENDALE AZ 85302 860861606 LOW INCOME HOUSING AZ 501(C)(3) LINE 10 FRIENDSHIP RETIREMENT CORPORATION 1 COLTER COMMONS INC 8611 N 67TH STREET GLENDALE AZ 85302 364662674 LOW INCOME HOUSING AZ 501(C)(3) LINE 10 FRIENDSHIP RETIREMENT CORPORATION 1 SARAH'S PLACE INC 8611 N 67TH STREET GLENDALE AZ 85302 364654886 ASSISTED LIVING AZ 501(C)(3) LINE 10 FRIENDSHIP RETIREMENT CORPORATION 1 FRIENDSHIP FOUNDATION INC 8611 N 67TH STREET GLENDALE AZ 85302 860501985 FUNDRAISING AZ 501(C)(3) LINE 10 FRIENDSHIP RETIREMENT CORPORATION 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 GLENCROFT TOWERS I INC Q -2412959 BOOK VALUE SARAH'S PLACE INC Q 1013963 BOOK VALUE FRIENDSHIP FOUNDATION INC Q 18021 BOOK VALUE COLTER COMMONS INC Q -85905 BOOK VALUE