2024-11-01T13:53:28-05:00 2023-12-31 010494526 Baker Newman & Noyes LLC Box 507 Portland ME 04112 990 2023-01-01 010496258 Maine Life Care Retirement Community Inc MAIN 2078838700 15 Piper Road Scarborough ME 04074 Frank Chessa Chair 2078838700 2024-10-25 1 0 Nicholas E Porto P01310283 2078792100 2024-10-25 2023 2024-10-15 13:58:12Z Piper Shores Frank Chessa 15 Piper Road Scarborough ME 04074 41167308 0 X www.pipershores.org X 1995 ME Continuing care retirement community 14 14 371 25 0 0 4750 166250 22618108 27292594 1793525 1404202 0 0 24416383 28863046 128134 70484 0 0 11878293 13866342 0 0 0 13001232 16490947 25007659 30427773 -591276 -1564727 169329865 177971954 186206581 194253360 -16876716 -16281406 X Maine Life Care Retirement Community (dba Piper Shores) offers a vibrant retirement living lifestyle that enriches residents by providing a continuum of the highest quality of care and service. Piper Shores will help all residents realize their optimum potential by cultivating a rich diversity of life experience that connects to innovative programs and services. 0 0 20627211 70484 27292594 Maine Life Care provides residents with a safe and secure home community, providing for independent living needs and continued health care services for the remainder of their lives. It consists of 188 independent living units, 64 independent living cottages, 50 assisted living units, 40 skilled nursing beds, and common areas. 20627211 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 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 0 0 0 0 1 65 0 1 371 1 0 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Richard Ashley 2078838700 15 Piper Road Scarborough ME 04074 Richard Betz Director 2.00 X 0 0 0 Richard Blake Director (end Oct 23) 2.00 X 0 0 0 Stephen Brooks Director 2.00 X 0 0 0 Kim Donnelly Director 2.00 X 0 0 0 Marilyn Gugliucci Director (start Oct 23) 2.00 X 0 0 0 Dawn Harmon Director 2.00 X 0 0 0 Robert Lively Director (start Oct 23) 2.00 X 0 0 0 David Kunhardt Director 2.00 X 0 0 0 Michael Patterson Director 2.00 X 0 0 0 Jonathan Roderick Director 2.00 X 0 0 0 Malcolm Rogers MD Director (end Oct 23) 2.00 X 0 0 0 Isabella Stumpf MD Director (end Dec 23) 2.00 X 0 0 0 Michael Wood Director 2.00 X 0 0 0 Frank Chessa Chair 4.00 X X 0 0 0 Adrian Kurre Vice Chair 4.00 X X 0 0 0 Karen Hart Treasurer 4.00 X X 0 0 0 Nancy Magee Secretary 4.00 X X 0 0 0 Philip Jean CEO 40.00 X 428125 0 13772 Leanne Fiet COO 40.00 X 229860 0 21858 Richard Ashley Finance Director 40.00 X 228564 0 17352 Andrea Killiard Marketing Director 40.00 X 207425 0 14158 Corey Seigel Food and Nutrition Director 40.00 X 164864 0 7236 Daisy Wilson HR Director 40.00 X 158628 0 17565 1417466 0 91941 10 0 1 0 Classic Flooring 429 US Route 1 Scarborough ME 04074 Flooring Services 689024 Seabreeze Property Services 250 Riverside Industrial Park Portland ME 04103 Property Services 426134 Select Rehabilitation PO Box 71985 Chicago IL 60694 Physical Therapy Services 393418 Seaside Painting & Maintenance 500 Flag Pond Road Saco ME 04072 Painting Services 365826 Landry French Construction 160 Pleasant Hill Road Scarborough ME 04074 Construction Services 365089 19 166250 166250 Resident services 541300 27165217 27165217 Miscellaneous Revenue 541300 127377 127377 27292594 943158 943158 12742832 22474 11959937 344325 782895 -321851 461044 461044 28863046 27292594 0 1404202 70484 70484 441887 441887 10976836 8367568 2609268 184584 113462 71122 1403822 1103484 300338 859213 651975 207238 61941 61941 48850 48850 108445 108445 638986 342422 296564 414374 414374 1138218 158118 980100 4324147 2364652 1959495 96597 7651 88946 54700 22895 31805 795860 509350 286510 5091268 3258412 1832856 168952 108129 60823 Dining services 1678331 1678331 Health services 1540908 1540908 Provider tax 183234 183234 Provision for bad debts 36227 36227 109909 109909 30427773 20627211 9800562 0 1806165 4712161 23440540 21413877 289562 325678 499878 468839 46878 69950 142331 305297 174969135 51812046 115473720 123157089 15900121 18761766 9718627 7118234 2012043 1639063 169329865 177971954 7647407 3017248 92554304 147440186 70603092 31478194 15401778 12317732 186206581 194253360 X -18179847 -17874930 1303131 1593524 -16876716 -16281406 169329865 177971954 X -1564727 2523885 -363848 X X 0 1 X 1 0 X 16180 2220957 348853 4750 166250 2756990 19876960 19486123 20924362 22618108 27292594 110198147 19893140 21707080 21273215 22622858 27458844 112955137 0 0 0 112955137 704951 596138 515560 760246 943158 3520053 704951 596138 515560 760246 943158 3520053 20598091 22303218 21788775 23383104 28402002 116475190 0.96980 0.96940 0.03020 0.03060 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 507 507 0 Part II-B, Line 1: The Organization is a member of LeadingAge, a community of nonprofit aging services providers and other mission-driven organizations serving older adults. As part of its membership with LeadingAge, the Organization is required to pay membership dues and fees. LeadingAge may use a portion of its member dues to fund lobbying and advocacy activities that furthers the exempt missions of its members, and to promote causes that are related to these missions. LeadingAge has expressed to the Organization that of $15,750 in total membership dues paid by the Organization in 2023, that $507 was made available for lobbying expenditures. 1313447 166250 124143 1603840 1549882 4750 -241185 1313447 1299122 156001 94759 1549882 1053178 135401 110543 1299122 908202 16180 128796 1053178 0.00000 0.00000 1.00000 0 0 8033523 8033523 157180132 46225094 110955038 9355606 5586952 3768654 399874 399874 123157089 Resident Deposits 12302052 Operating Lease Liability 15680 12317732 X 31236489 2523885 -299964 2223921 29012568 108445 -257967 -149522 28863046 30641179 0 30641179 108445 -321851 -213406 30427773 Part V, Line 4: The endowment fund will be used to help the community with the loss of revenue from residents whose financial resources have eroded and to help stabilize resident monthly fees. Part X, Line 2: The Community is exempt from federal income taxes under section 501(c)(3) of the Internal Revenue Code. Tax-exempt communities could be required to record an obligation for income taxes as the result of a tax position they have historically taken on various tax exposure items including unrelated business income or tax status. Under guidance issued by the Financial Accounting Standards Board, assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the "more-likely-than-not" threshold, based upon the technical merits of the position. The Community has evaluated the positions taken on its filed tax returns and concluded no uncertain tax positions exist at December 31, 2023 and 2022. Part XI, Line 2d - Other Adjustments: Loss on Interest Rate Swap -299,964. Part XI, Line 4b - Other Adjustments: Change in value of pledges 63,884. Loss on sale of assets -321,851. Part XII, Line 4b - Other Adjustments: Loss on sale of assets -321,851. 1 Financial Hardship Assistance 2 70484 Residency Fees Billed Reduction/Write Off of Monthly Residency Fees Part I, Line 2: Grants are provided in the form of a reduction or write off of residency fees for residents of Maine Life Care Retirement Community who are experiencing proven financial hardship. X X X X 0 0 0 0 0 0 0 1 0 Philip Jean CEO 363865 0 64260 0 0 0 4573 0 9199 0 441897 0 0 0 Leanne Fiet COO 198684 0 31176 0 0 0 7947 0 13911 0 251718 0 0 0 Richard Ashley Finance Director 198479 0 30085 0 0 0 9143 0 8209 0 245916 0 0 0 Andrea Killiard Marketing Director 181900 0 25525 0 0 0 4727 0 9431 0 221583 0 0 0 Daisy Wilson HR Director 136823 0 21805 0 0 0 5267 0 12298 0 176193 0 0 0 Corey Seigel Food and Nutrition Director 142006 0 22858 0 0 0 5475 0 1761 0 172100 0 0 0 Part I, Line 7 The Organization has a modest bonus program for the CEO and other senior management. One of the components of the program is actual financial performance compared to budgeted financial expectations. A Maine Health and Higher Education Facilities Authority Series 2021 010314384 2021-03-25 90000000 Construction of independent living units; current refunding previous bonds 0 0 0 A 38485400 90000000 1824439 24143168 1050000 62982393 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 Form 990, Part VI, Section A, line 4 During the year covered by this Form 990, the Organization made effective the following amendments to its bylaws: 1. Article III of the bylaws defining the number and qualification of Board Directors as amended to stipulate that No person who is a spouse or domestic partner, child, parent, sibling or in-law of an existing Director shall be eligible to serve as a Director.. 2. Article III of the bylaws, where addressing the President of the Resident Association, was amended to clarify that such President shall serve on the Board as a voting Director; provided, however, that in the event the President of the Resident Association is unable or unwilling to serve on the Board for any reason, then the Piper Shores Resident Council shall appoint a substitute member of the Resident Council to serve on the Board of Directors. Furthermore, the amended bylaws further state that no other resident of Piper Shores shall be eligible to serve on the Board of Directors. Up to a maximum of one (1) person who has made a deposit and is listed on the Piper Shores wait list for admission (the "Wait List"), shall be eligible to be elected to serve on the Board as a voting Director, in the same manner as other Directors are elected. 3. Article III, Section 2 of the bylaws were amended to stipulate that Directors (other than the President of the Piper Shores Resident Association or substitute designated by the Resident Council) shall be elected by the Board of Directors, and that elected Directors shall serve for three-year terms, provided that the term of any elected Director who joins the Wait List, resulting in more than one Director being on the Wait List, shall terminate at the next annual meeting of the Corporation after the Director has joined the Wait List. The Board term of the President of the Resident Association (or any substitute appointed by the Resident Council) shall end when the next President of the Resident Association is elected. 4. The amended bylaws now include Article III, Section 11, which clarifies the rules and restrictions regarding resident representatives on the Board of Directors. The amended bylaws state that, in addition to the President of the Resident Association (or any substitute appointed by the Resident Council) who shall serve on the Board as a voting Director, one Resident Representative elected by the Resident Association shall be given notice of each meeting of the Board of Directors and shall be entitled to attend and to participate in discussions (but shall not be entitled to any vote) at all meetings of the Board of Directors, except for any meeting or portion thereof designated by a majority of the Board of Directors as a confidential executive session relating to matters that the Board, in its discretion, determines should not be disclosed to residents. The Resident Representative shall be an independent voice to share matters of interest to residents with the Board, and to share appropriate information regarding the Board's governance of the Corporation with the Resident Association. Form 990, Part VI, Section B, line 11b The finance committee reviews and accepts the Form 990 and the board affairs committee reviews the governance section. Copies are distributed to the entire Board before filing. Form 990, Part VI, Section B, line 12c Officers & Directors complete a questionnaire and the CEO reviews the disclosures. The information is submitted to the Bureau of Insurance annually. Form 990, Part VI, Section B, line 15 The Executive Committee of the Board of Directors sets compensation for the CEO. The CEO sets compensation for top management based on industry data. Form 990, Part VI, Section C, line 19 Form 990 and other documents are provided upon request. Form 990, Part XI, line 9: Change in value of interest rate swap -299,964. Change in value of pledges -63,884. Form 990, Part XII, line 2c: The finance committee is responsible for overseeing the audit of the financial statements and selecting an independent auditor. The audit process has not changed from the prior year.