2023-02-15T11:05:08-06:00 2022-03-31 410746749 CLIFTONLARSONALLEN LLP 227 WEST TRADE STREET SUITE 800 CHARLOTTE NC 28202 990 2021-04-01 540524902 COVENANT WOODS COVE 8045698000 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 ERIK MAURITSEN CFO AND VP HCBS 8045698000 2023-02-14 1 ERIK MAURITSEN XXX-XX-XXXX JOHN NORMAN P01506766 7049985200 2023-02-14 3 AAL1 IAL1 2021 2023-03-07 01:45:13Z ERIK MAURITSEN 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 38821586 0 X WWW.COVENANTWOODS.COM X 1901 VA NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY. 15 15 545 175 0 0 3391990 898633 31422309 31318239 2706393 5623600 769506 794635 38290198 38635107 289000 326380 0 0 18555366 21219105 0 0 90574 20661749 20996429 39506115 42541914 -1215917 -3906807 176119723 166902923 147700857 145319966 28418866 21582957 X IT IS THE MISSION OF COVENANT WOODS, A NOT-FOR-PROFIT CONTINUING CARERETIREMENT COMMUNITY, TO PROVIDE OUR RESIDENTS WITH EXCEPTIONAL CARE,QUALITY OF LIFE, AND SECURITY AND COMFORT IN KEEPING WITH THE BENEVOLENT VISION OF OUR METHODIST AND PRESBYTERIAN FOUNDERS IN 1883. 0 0 22426271 326380 27293009 COVENANT WOODS (CW), A VIRGINIA NONSTOCK CORPORATION FOUNDED IN OCTOBER, 1883, IS A NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY IN MECHANICSVILLE, VA. CW CONSISTS OF 231 INDEPENDENT LIVING UNITS, 60 ASSISTED LIVING UNITS, AND 62 LICENSED NURSING BEDS. THE COST TO OPERATE CW DURING FY2022 APPROXIMATES $35 MILLION. CW IS A NOT-FOR-PROFIT SENIOR LIVING COMMUNITY OFFERING ACTIVE LIFESTYLES, PERSONAL FREEDOM IN DAILY LIFE, AND FINANCIAL AND PHYSICAL SECURITY WITHIN AN EXTENSIVE CONTINUUM OF CARE. LOCATED ON 90 PRIVATE ACRES, COVENANT WOODS' HANOVER COUNTY CAMPUS FACILITATES A BROAD WELLNESS PROGRAM INCLUDING EXTENSIVE WALKING TRAILS AND OUTDOOR ACTIVITY SPACES, AS WELL AS MUSICAL PERFORMANCES, LECTURES, CLASSES, AND SOCIAL GATHERINGS. (CONTINUED ON SCHEDULE O)COVENANT WOODS PROVIDES MAINTENANCE-FREE LIVING WITH INTERIOR AND EXTERIOR MAINTENANCE, LAWN CARE AND SNOW REMOVAL, AND HOUSEKEEPING INCLUDED. NUMEROUS RESOURCES ARE AVAILABLE TO RESIDENTS INCLUDING FOUR DIFFERENT DINING VENUE CHOICES IN INDEPENDENT LIVING, PRIVATE DINING ROOMS, A FITNESS CENTER AND INDOOR SALTWATER SWIMMING POOL, GAME AND EVENT SPACES, BILLIARDS ROOM, ART STUDIO, GARDENING AREAS, WOOD WORKING AND POTTERY SHOPS, AND A PAVED WALKING TRAIL SURROUNDING A STOCKED POND. COVENANT WOODS OFFERS TRANSPORTATION SERVICES, 24-HOUR SECURITY AND A PERSONAL EMERGENCY ALERT SYSTEM, THERAPY, AND CLINIC SERVICES. 3602973 4025230 IN JANUARY 2020, COVENANT WOODS ACQUIRED ADVANCE CARE LLC, A HOME HEALTH AGENCY LOCATED IN CHESTERFIELD COUNTY. ADVANCE CARE SERVES THE HOME HEALTH NEEDS FOR INDIVIDUALS WITHIN A 50-MILE RADIUS OF ITS OFFICE LOCATION, WHICH INCLUDES ALL OF THE METRO RICHMOND AREA. THEY ARE BOTH MEDICARE AND MEDICAID CERTIFIED AND ARE ACCREDITED BY JCHAO. THEIR SERVICES ARE ALSO OFFERED TO RESIDENTS OF COVENANT WOODS WHO QUALIFY AND REQUEST THESE SERVICES. 297650 IN SEPTEMBER 2020, COVENANT WOODS CREATED ADVANCE CARE HOSPICE LLC, A HOSPICE AGENCY LOCATED IN CHESTERFIELD COUNTY. ADVANCE CARE HOSPICE WILL SERVE THE HOSPICE NEEDS FOR INDIVIDUALS WITHIN A 50-MILE RADIUS OF ITS OFFICE LOCATION, WHICH INCLUDES ALL OF THE METRO RICHMOND AREA. AS OF MARCH 31, 2022 ADVANCE CARE HOSPICE HAD NOT RECEIVED ITS LICENSE TO BILL FOR PATIENT SERVICES. 26326894 1 1 0 1 0 0 0 0 0 0 1 1 0 0 1 1 0 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 1 1 1 0 0 0 1 84 0 545 1 0 0 0 0 0 0 0 0 0 0 0 0 X 15 15 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X X X ERIK MAURITSEN 8045698000 7090 COVENANT WOODS DR MECHANICSVILLE VA 23111 BRANDON ARMOR CHAIR 1.00 X X 0 0 0 KAREN COOK VICE CHAIR 1.00 X X 0 0 0 DAVID W FULLER SECRETARY 1.00 X X 0 0 0 MELISSA BALL BOARD MEMBER 1.00 X 0 0 0 ROGER BOWERS BOARD MEMBER 1.00 X 0 0 0 ED CLINGMAN BOARD MEMBER 1.00 X 0 0 0 RICHARD GIBBONS RESIDENT'S COUNCIL MEMBER 1.00 X 0 0 0 CHARLES GRAVES BOARD MEMBER 1.00 X 0 0 0 JACK HILL BOARD MEMBER 1.00 X 0 0 0 NATALIE KENT BOARD MEMBER 1.00 X 0 0 0 KELSEY MANSMANN BOARD MEMBER 1.00 X 0 0 0 JOE O'CONNOR BOARD MEMBER 1.00 X 0 0 0 LINDA PEARSON BOARD MEMBER 1.00 X 0 0 0 MICHELE SATTERLUND BOARD MEMBER 1.00 X 0 0 0 MICHAEL SMITH BOARD MEMBER 1.00 X 0 0 0 THELMA WATSON BOARD MEMBER 1.00 X 0 0 0 JOHN DWYER FORMER CEO 40.00 X 384226 0 17911 THOM WRIGHT CEO (AS OF AUGUST, 2021) 40.00 X 150211 0 2593 ERIK MAURITSEN CFO 40.00 X 273761 0 20224 CARRIE DAVIS ADMINISTRATOR 40.00 X 154431 0 10948 SARAH THOMPSON CORPORATE CONTROLLER 40.00 X 132699 0 8985 TOM DIEHL DIRECTOR OF IT 40.00 X 147879 0 10223 MICHAEL SCHEFF DIRECTOR OF DINING 40.00 X 150507 0 10052 EMILY ROBINSON ENDERT DIRECTOR OF HR 40.00 X 151863 0 18412 1545577 0 99348 9 0 1 0 0 600000 298633 898633 RESIDENTIAL SERVICES 623990 15875961 15875961 HEALTHCARE SERVICES 624100 11417048 11417048 HOME HEALTH SERVICES 621610 4025230 4025230 31318239 1851408 1851408 2400 0 2400 2400 2400 3958671 0 186479 3958671 -186479 3772192 3772192 MEAL/FOOD REVENUE 722513 380721 380721 MISCELLANEOUS INCOME 623990 254892 254892 INTERCOMPANY REVENUE 623990 141181 141181 15441 15441 792235 38635107 31318239 0 6418235 326380 326380 15490553 9836501 5632409 21643 520197 330325 189040 832 3948506 2507301 1434887 6318 1259849 800004 457829 2016 12310 12310 85185 16483 65755 2947 54084 54084 97766 97766 576294 143277 398464 34553 182832 47884 134948 933170 816244 115713 1213 1752989 1482503 270486 148162 38804 109358 96928 25385 71543 4426687 2864509 1562178 6831653 4420763 2410890 507591 812 485727 21052 FOOD 1483931 1483931 TAXES 1063272 278471 784801 REPAIRS AND MAINTENANCE 1008451 264113 744338 DUES AND SUBSCRIPTIONS 313360 82069 231291 1421764 561135 860629 42541914 26326894 16124446 90574 526624 340147 1468918 1983693 4470 4470 1143387 1078139 38101 31969 304319 553746 166921120 52205988 118655773 114715132 35510929 28754100 12593021 11227897 2446719 2596473 3427462 5617157 176119723 166902923 3821868 5108244 53143676 51652245 86926073 85630453 233500 86506 3575740 2842518 147700857 145319966 X 24040461 17042103 4378405 4540854 28418866 21582957 176119723 166902923 X -3906807 -4642205 1713103 X 0 1 X 1 0 X 245172 190278 404800 2880432 898633 4619315 24046719 24565462 27320032 31133309 31318239 138383761 338186 395484 523337 769506 792235 2818748 24630077 25151224 28248169 34783247 33009107 145821824 0 0 0 145821824 1478252 1951793 1338177 1385086 1853808 8007116 -8701 29248 31238 51785 1478252 1943092 1367425 1416324 1853808 8058901 26108329 27094316 29615594 36199571 34862915 153880725 0.94760 0.94730 0.05240 0.05270 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 545 545 0 PART II-B, LINE 1: THE ORGANIZATION IS A MEMBER OF LEADINGAGE VIRGINIA. A SMALL PORTION OF THE DUES PAID TO THIS ORGANIZATION HAS BEEN ALLOCATED TO LOBBYING EXPENDITURES CONDUCTED BY THESE ORGANIZATIONS. IN THE 2022 FY, 3% OF THE LEADINGAGE ANNUAL DUES ARE RELATED TO LOBBYING. 0 1 X 4734221 4734221 141410732 40332991 101077741 7257089 3930660 3326429 8543956 5288521 3255435 4975122 2653816 2321306 114715132 LINGERFELT FUND 835169 C PORTFOLIO ADVISORS 534189 C NORTHGATE IV, L.P. 137115 C PRINCIPAL FUND 1027586 C INTEREST FUND 1048409 C PERMANENTLY RESTRICTED TRUSTS 1588047 C RESERVE FUND 5562418 C CHARLES SCHWAB 464871 F WOODHOUSE CATERING, INC 30093 C 11227897 REFUNDABLE ADVANCE FEES 2198709 OTHER LIABILITIES 302 ADVANCED DEPOSIT FEES 57500 LEASE LIABILITY 586007 2842518 X PART IV, LINE 2B: FUNDS HELD BY ESCROW AGENT ARE ALL ADVANCED FEE DEPOSITS FROM POTENTIAL FUTURE RESIDENTS FOR UNITS THAT ARE NOT YET AVAILABLE FOR OCCUPANCY. THESE DEPOSITED FUNDS ARE KEPT AND MAINTAINED IN AN ACCOUNT SEPARATE FROM THE ORGANIZATION'S BUSINESS ACCOUNT AS REQUIRED BY LAW. PART X, LINE 2: THE ORGANIZATION IS A TAX-EXEMPT ORGANIZATION AS DEFINED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION'S INCOME TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. THE ORGANIZATION IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS OR ANY ACTIVITIES THAT ARE SUBJECT TO TAX ON UNRELATED BUSINESS INCOME, EXCISE OR OTHER TAXES. THE ORGANIZATION FOLLOWS 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. THIS STANDARD HAD NO IMPACT ON THE ORGANIZATION'S FINANCIAL STATEMENTS FOR THE YEARS ENDED MARCH 31, 2022 AND 2021. 1 COVENANT PROGRAM/BENEVOLENT CARE 8 326380 PART I, LINE 2: COVENANT WOODS PROVIDES BENEVOLENCE FUNDS UNDER THE COVENANT PROGRAM TO RESIDENTS WITHIN THE ORGANIZATION WHO CAN NO LONGER AFFORD TO PAY FOR THEIR CARE. THE PROGRAM IS DESIGNED TO PRESERVE THE DIGNITY OF THE PARTICIPANTS AND TO ENHANCE THEIR QUALITY OF LIFE IN KEEPING WITH THE MISSION OF COVENANT WOODS. THE IDENTITY OF PERSONS RECEIVING COVENANT PROGRAM ASSISTANCE IS STRICTLY CONFIDENTIAL. FROM THE INFORMATION PROVIDED BY THE APPLICANT, A DETERMINATION WILL BE MADE BY THE CFO AND CEO REGARDING WHETHER OR NOT THE RESIDENT QUALIFIES FOR FINANCIAL ASSISTANCE FROM THE COVENANT PROGRAM, AND IF SO, HOW MUCH. ASSISTANCE MAY BE PROVIDED IN TWO FORMS: MONTHLY FEE ASSISTANCE OR MEDICAL EXPENSE ASSISTANCE. 1 X X 0 0 0 0 0 0 0 0 0 JOHN DWYER FORMER CEO 261922 0 72000 0 50304 0 15620 0 2291 0 402137 0 0 0 ERIK MAURITSEN CFO 217420 0 31774 0 24567 0 13908 0 6316 0 293985 0 0 0 EMILY ROBINSON ENDERT DIRECTOR OF HR 119653 0 13500 0 18710 0 9464 0 8948 0 170275 0 0 0 CARRIE DAVIS ADMINISTRATOR 124889 0 12733 0 16809 0 9360 0 1588 0 165379 0 0 0 MICHAEL SCHEFF DIRECTOR OF DINING 126301 0 12702 0 11504 0 8703 0 1349 0 160559 0 0 0 TOM DIEHL DIRECTOR OF IT 122331 0 11705 0 13843 0 8874 0 1349 0 158102 0 0 0 THOM WRIGHT CEO (AS OF AUGUST, 2021) 129804 0 0 0 20407 0 0 0 2593 0 152804 0 0 0 A EDA OF HANOVER COUNTY 541228097 41077CAM7 2012-12-20 101980603 SEE PART VI 0 0 0 B EDA OF HANOVER 541228097 41077CAS4 2018-07-31 30200000 FINANCE AND REFINANCE VARIOUS CAPITAL PROJECTS 0 0 0 A 45820603 101980603 3891200 1826631 68227772 28035000 2014 0 0 1 1 B 380000 30200000 1678054 638182 10950502 18778516 3176 2019 1 0 1 1 A 0 1 1 1 0 0 0 1 B 0 0 0 0 0 0 1 A 0 1 0 0 1 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 PART I, ISSUE A, COLUMN (F) DESCRIPTION OF PURPOSES THE PURPOSE OF THE BOND PROCEEDS WAS TO FINANCE THE ACQUISITION, CONSTRUCTION, AND EQUIPPING OF 106 INDEPENDENT LIVING UNITS, ADDITIONAL COMMUNITY LIVING SPACE INCLUDING PARKING AND DINING FACILITIES, RENOVATIONS TO EXISTING FACILITIES AND FINANCE OTHER COSTS ASSOCIATED WITH ISSUANCE OF THE BOND. PART II, COLUMN A, LINE 12 THE BOND ISSUE WAS STRUCTURED AS A DRAW DOWN. THEREFORE, OTHER UNSPENT PROCEEDS SHOWN ON LINE 12 REPRESENT FUNDS THAT ARE AVAILABLE, BUT HAVE NOT BEEN ACCESSED BY THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 WAS REVIEWED BY MANAGEMENT AND SENT TO EACH BOARD MEMBER PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD IS POLLED ANNUALLY, AND SURVEYS ARE COLLECTED BY THE EXECUTIVE SECRETARY AND CHECKED FOR COMPLIANCE WITH THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE CEO IS EVALUATED ANNUALLY BY THE EXECUTIVE COMMITTEE OF THE BOARD. EACH COMMITTEE MEMBER DOES AN INDEPENDENT EVALUATION, AND THE COMMITTEE CHAIRMAN COMPILES THE SCORE. THE CEO EVALUATES THE CFO WITH FEEDBACK FROM THE BOARD. THE BOARD CHAIR REQUESTS COMPARATIVE SALARY DATA THAT THE HR DIRECTOR ACQUIRES FROM VARIOUS LONG-TERM CARE GROUPS, WHICH IS USED TO DETERMINE BASE WAGE INCREASES. BONUS AMOUNTS ARE DETERMINED BASED ON HOW WELL THE CEO AND CFO EXECUTE THE STRATEGIC PLAN FOR THE YEAR - MEETING BUDGET, SATISFACTION, DEVELOPMENT, ETC. BONUS AMOUNTS ARE CAPPED AT 20% OF BASE SALARY FOR THE CEO AND 15% OF BASE SALARY FOR THE CFO. THE CFO AND DIRECTOR OF HR REVIEW COMPARATIVE SALARY DATA THAT THE HR DIRECTOR ACQUIRES FROM VARIOUS LONG-TERM CARE GROUPS, WHICH IS USED TO DETERMINE BASE WAGE INCREASES. BONUS AMOUNTS ARE DETERMINED BY THE KEY EMPLOYEES ACHIEVING BENCHMARKS SET BY THE CEO (MEETING BUDGET, COMPLETING PROJECTS, SATISFACTION SCORES ON SURVEYS, ETC.). THESE BENCHMARKS ARE REVIEWED BY THE CEO EACH YEAR AND THE BONUS IS CAPPED AT 10% OF BASE SALARY. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION'S RECENT FORMS 990 ARE AVAILABLE AT WWW.GUIDESTAR.ORG, UPON REQUEST AT THE ORGANIZATION'S ADMINISTRATIVE OFFICE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE FOR PUBLIC INSPECTION AT THIS TIME. FINANCIAL STATEMENTS ARE PROVIDED TO WWW.EMMA.ORG. FORM 990, PART XI, LINE 9: RELEASES FROM RESTRICTIONS -94,248. CHANGE IN FAIR VALUE OF PERPETUAL TRUSTS -56,382. INTERCOMPANY ELIMINATION 1,979,818. CHANGE IN INVESTMENT IN SUBSIDIARY - COVENANT WOODS -68,513. CHANGE IN INVESTMENT IN SUBSIDIARY - PARKER & GREGG -47,572. PARKER & GREGG LLC 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 540524902 INVESTMENT HOLDING VA COVENANT WOODS ADVANCE CARE LLC 7501 BOULDERS VIEW DR STE 602 RICHMOND VA 23225 205417657 HOME HEALTH SERVICES VA COVENANT WOODS ADVANCE CARE HOSPICE LLC 7501 BOULDERS VIEW DR STE 601 RICHMOND VA 23235 853017045 HOSPICE SERVICES VA CONVENANT WOODS WOODHOUSE CATERING INC 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 853395404 CATERING AND FOOD SERVICES VA PARKER & GREGG WOODHOUSE CATERING INC 7090 COVENANT WOODS DR MECHANICSVILLE VA 23111 853395404 CATERING VA COVENANT WOODS C 1.00000 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1