2023-11-06T14:18:47-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 150 S WARNER ROAD SUITE 310 KING OF PRUSSIA PA 19406 990 2022-01-01 232212842 WAVERLY HEIGHTS LTD WAVE 6106458600 1400 WAVERLY ROAD GLADWYNE PA 190351254 ROBERT L SUPPER SENIOR VP OF FINANCE & CFO 6106458600 2023-11-02 1 ROBERT SUPPER 999009999 0 SETH BRODY P01586423 2156433900 2023-11-01 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z THOMAS P GARVIN 1400 WAVERLY ROAD GLADWYNE PA 190351254 42771189 0 X WWW.WAVERLYHEIGHTSLTD.ORG X 1982 PA TO PROVIDE SENIORS AN EXCEPTIONAL LIFESTYLE WITHIN A COMPASSIONATE & RESPECTFUL COMMUNITY 18 18 403 25 0 0 767024 740994 30219446 31914561 6286773 4263716 1060257 1294313 38333500 38213584 7294 81097 0 0 17222730 18462470 0 0 0 18533627 19164937 35763651 37708504 2569849 505080 173204853 165224708 183061451 187749967 -9856598 -22525259 X WAVERLY HEIGHTS IS A NOT FOR PROFIT CORPORATION ESTABLISHED TO PROVIDE SENIORS AN EXCEPTIONAL LIFESTYLE WITHIN A COMPASSIONATE AND RESPECTFUL COMMUNITY. 1 0 24609599 81097 31818277 A LIFE PLAN COMMUNITY PROVIDING QUALITY SERVICES TO ITS RESIDENTS WHILE SERVING THEIR PHYSICAL, EMOTIONAL, RECREATIONAL, SOCIAL, SPIRITUAL AND HEALTH NEEDS. THESE SERVICES ARE PROVIDED TO RESIDENTS THROUGH THE OPERATION OF 219 INDEPENDENT LIVING UNITS, A 31 PRIVATE ROOMS SKILLED NURSING FACILITY AND A 68 PRIVATE ROOMS PERSONAL CARE FACILITY. OF THE 68 PRIVATE PERSONAL CARE ROOMS, 22 ARE PRIVATE MEMORY SUPPORT ROOMS. 168775 0 96284 GRAYCARE BY WAVERLY HEIGHTS STARTED OPERATIONS ON JULY 1, 2022. GRAYCARE PROVIDED PROFESSIONAL GERIATRIC CARE MANAGEMENT SERVICES FOR 126 CLIENTS. 24778374 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 1 0 0 1 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 1 0 0 1 114 0 403 1 0 0 0 0 0 0 0 0 0 0 0 0 X 18 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X ROBERT L SUPPER 6106458608 1400 WAVERLY ROAD GLADWYNE PA 19035 THOMAS P GARVIN PRESIDENT & CEO 45.00 0.25 X 623629 0 31515 ROBERT L SUPPER SENIOR VP OF FINANCE & CFO 45.00 0.25 X 351323 0 25242 MEREDITH FEHER SENIOR VP OF HEALTH CARE SVCS 45.00 0.00 X 274837 0 30664 PATRICIA RODGERS VP, DIR. OF OPS., WAVERLY CARE 0.25 45.00 X 261500 0 24895 JANET THOMPSON VP OF MARKETING 45.00 0.00 X 203461 0 14691 MARC HEIL VP OF BUILDING SERVICES 45.00 0.00 X 182905 0 27249 JACQUELINE DONNELLY DIRECTOR OF NURSING 45.00 0.00 X 181028 0 11913 LAUREN KELLEY VP OF HUMAN RESOURCES 45.00 0.00 X 168232 0 28845 CHAD MINIX CONTROLLER 45.00 0.00 X 152517 0 29074 AUDREY CARTER-HILLMAN REGISTERED NURSE 45.00 0.00 X 146387 0 21831 MARGARET MARY FAHA SALES COUNSELOR 45.00 0.00 X 139893 0 11679 JONATHAN P PRAK DIRECTOR OF IT 45.00 0.00 X 125573 0 24807 ELENI COSTA REGISTERED NURSE 45.00 0.00 X 107668 0 30395 CONSTANCE DOGAN VP OF ENIVRONMENTAL SERVICES 45.00 0.00 X 114741 0 10431 STEPHEN D KIRKPATRICK CHAIR AS OF OCT 2022, TRUSTEE 1.50 0.25 X X 0 0 0 SCOTT M JENKINS TRUSTEE AS OF OCT 2022, CHAIR 1.50 0.25 X X 0 0 0 ANNE N CONROY VICE CHAIR 1.50 0.25 X X 0 0 0 ANDREA GILBERT TREASURER 1.50 0.25 X X 0 0 0 AMBASSADOR KATHERINE SHIRLEY SECRETARY 1.50 0.00 X X 0 0 0 ROBERT K BARRY TRUSTEE 1.50 0.00 X 0 0 0 RICHARD E BAUER TRUSTEE 1.50 0.00 X 0 0 0 LILLIAN N CASSEL TRUSTEE 1.50 0.00 X 0 0 0 ELEANOR L DAVIS TRUSTEE 1.50 0.00 X 0 0 0 DONALD R FLEISCHER TRUSTEE 1.50 0.00 X 0 0 0 WILLIAM Y GILES TRUSTEE 1.50 0.00 X 0 0 0 GERALD J HANSEN TRUSTEE 1.50 0.00 X 0 0 0 EDWIN B MAHONEY TRUSTEE 1.50 0.00 X 0 0 0 LAUREN M MASSIMO TRUSTEE AS OF OCT 2022 1.50 0.00 X 0 0 0 ELIZABETH P MCLEAN TRUSTEE 1.50 0.00 X 0 0 0 HOWARD L MEYERS TRUSTEE 1.50 0.00 X 0 0 0 ROBERT ROBINSON TRUSTEE 1.50 0.00 X 0 0 0 EMORY H WOODWARD TRUSTEE AS OF OCT 2022 1.50 0.00 X 0 0 0 GARY L BRAGG TRUSTEE TO OCT 2022 1.50 0.00 X 0 0 0 R MICHAEL BUCKLEY TRUSTEE TO APR 2022 1.50 0.00 X 0 0 0 STEPHEN W FUGALE TRUSTEE TO OCT 2022 1.50 0.00 X 0 0 0 KATHLEEN A MCENDY TRUSTEE TO OCT 2022 1.50 0.00 X 0 0 0 3033694 0 323231 18 0 1 0 LIBERTY BUILDERS 619 ELLIS ROAD HAVERTOWN PA 19083 CONSTRUCTION SERVICES 3183602 UNIDINE CORPORATION PO BOX 102289 ATLANTA GA 30368 DINING SERVICES 2325283 C RAYMOND DAVIS & SONS INC 2124 KIMBERTON ROAD KIMBERTON PA 19442 CONSTRUCTION ADMIN. SERVICES 1719430 SELECT REHABILITATION LLC PO BOX 71985 CHICAGO IL 60694 REHABILITATION THERAPY SERVICES 878209 GIULIANI & SONS 2065 BUNNELL ROAD WARRINGTON PA 18976 CONCRETE AND PAVING SERVICES 316772 18 440188 300806 937 740994 RESIDENT CARE FEES 623990 18581405 18581405 SKILLED NURSING FACILITY 623990 4447459 4447459 PERSONAL CARE 623990 3557340 3557340 MEMORY SERVICES 623990 1863014 1863014 AMORTIZATION OF DEFERRED REVENUE 623990 1771642 1771642 1693701 1693701 31914561 2877913 2877913 74515 0 74515 74515 74515 5898078 45330 4535226 22379 1362852 22951 1385803 1385803 MANAGEMENT FEE 561000 1152541 1152541 UBIT REFUND 900099 38575 38575 OTHER INCOME 900099 28682 28682 1219798 38213584 31914561 0 5558029 2000 2000 79097 79097 2623520 2623520 11606529 10377353 1229176 1092629 1092629 2104117 37267 2066850 1035675 795855 239820 140932 140932 118692 118692 70166 70166 103504 103504 1861981 1624549 237432 78828 78828 367388 46981 320407 30825 30825 3532898 1789135 1743763 60433 15332 45101 38427 6397 32030 1777202 1777202 6134492 6011802 122690 397209 397209 DINING SERVICES 1831584 1807347 24237 SUPPLIES 1742990 1307873 435117 MAINTENANCE & REPAIRS 877386 877386 37708504 24778374 12930130 0 2369340 3422369 3635833 3682021 1121901 929527 8435587 5985091 70021 90197 876036 1018215 153738007 61191845 90918675 92546162 63707650 55615328 1894000 1722048 213750 175810 0 173204853 165224708 5780791 5283508 130054421 135668467 46096544 45134862 368336 1129695 1294794 183061451 187749967 X -11913240 -24568447 2056642 2043188 -9856598 -22525259 173204853 165224708 505080 -13173741 0 X 0 1 X 1 0 X 494615 680812 1611628 767024 740994 4295073 31657732 30846387 29872677 30219446 31914561 154510803 32152347 31527199 31484305 30986470 32655555 158805876 288825 140500 1093923 958874 680016 3162138 0 288825 140500 1093923 958874 680016 3162138 155643738 1679615 1741359 1659906 921563 2952428 8954871 1310117 1703137 1069117 2852773 6935144 2989732 3444496 2729023 3774336 2952428 15890015 4197 7380 1846 1219798 1233221 35142079 34975892 34220708 34762652 36827781 175929112 0.88470 0.90200 0.09030 0.08320 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2019 AMOUNT: $ 4,197. 2020 AMOUNT: $ 7,380. 2021 AMOUNT: $ 1,846. 2022 AMOUNT: $ 28,682. MANAGEMENT FEE - 2022 AMOUNT: $ 1,152,541. UBIT REFUND - 2022 AMOUNT: $ 38,575. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2056642 300806 314260 2043188 1863529 767024 573911 2056642 1371632 803456 311559 1863529 954669 680812 263849 1371632 677997 494615 217943 954669 0.00000 0.03430 0.96570 0 0 11505208 11505208 61151155 21644824 39506331 51126163 22547861 28578302 28575746 16560315 12015431 1379735 438845 940890 92546162 RESIDENT DEPOSITS 1276575 DUE TO RELATED PARTY 18219 1294794 X PART V, LINE 4: THE ENDOWMENT FUNDS ARE INTENDED TO BE USED FOR: RESIDENTS' ASSISTANCE, EMPLOYEES' ASSISTANCE, AND CAPITAL IMPROVEMENTS. PART X, LINE 2: WAVERLY HEIGHTS IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM STATE INCOME TAXES UNDER THE COMMONWEALTH OF PENNSYLVANIA STATUTES. WAVERLY HEIGHTS FOLLOWS THE PROVISIONS OF THE INCOME TAX ACCOUNTING STANDARDS REGARDING THE RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. IT IS WAVERLY HEIGHTS' POLICY TO ACCOUNT FOR ANY INTEREST OR PENALTIES ASSESSED RELATING TO UNCERTAIN TAX POSITIONS, IF ANY, AS GENERAL AND ADMINISTRATIVE EXPENSES. WAVERLY HEIGHTS DID NOT INCUR ANY INTEREST OR PENALTIES FOR THE YEARS ENDED DECEMBER 31, 2022 OR 2021. THE APPLICATION OF THESE PROVISIONS HAS NO IMPACT ON THE WAVERLY HEIGHTS CONSOLIDATED FINANCIAL STATEMENTS. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 276153 0 0 0 0 0 0 276153 0 276153 0 0 1 0 0 0 PART III ACCOUNTING METHOD: 1 MONTHLY MAINTENANCE FEE ASSISTANCE 1 79097 PART I, LINE 2: WAVERLY HEIGHTS MAINTAINS COMPLETE CONTROL OVER THE APPLICATION OF THE ASSISTANCE TO RESIDENTS' ACCOUNTS AND IS THEREFORE ABLE TO CONFIRM ALL ASSISTANCE IS USED FOR ITS INTENDED PURPOSE. NO FUNDS ARE DIRECTLY RELEASED TO ANY RECIPIENT. X X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 THOMAS P GARVIN PRESIDENT & CEO 408368 0 195351 0 19910 0 0 0 31515 0 655144 0 0 0 ROBERT L SUPPER SENIOR VP OF FINANCE & CFO 245099 0 93443 0 12781 0 0 0 25242 0 376565 0 0 0 MEREDITH FEHER SENIOR VP OF HEALTH CARE SVCS 199405 0 75307 0 125 0 0 0 30664 0 305501 0 0 0 PATRICIA RODGERS VP, DIR. OF OPS., WAVERLY CARE 178000 0 83375 0 125 0 0 0 24895 0 286395 0 0 0 JANET THOMPSON VP OF MARKETING 150165 0 53146 0 150 0 0 0 14691 0 218152 0 0 0 MARC HEIL VP OF BUILDING SERVICES 147195 0 35585 0 125 0 0 0 27249 0 210154 0 0 0 JACQUELINE DONNELLY DIRECTOR OF NURSING 147082 0 33821 0 125 0 0 0 11913 0 192941 0 0 0 LAUREN KELLEY VP OF HUMAN RESOURCES 142662 0 25395 0 175 0 0 0 28845 0 197077 0 0 0 CHAD MINIX CONTROLLER 128479 0 23913 0 125 0 0 0 29074 0 181591 0 0 0 AUDREY CARTER-HILLMAN REGISTERED NURSE 143991 0 2346 0 50 0 0 0 21831 0 168218 0 0 0 MARGARET MARY FAHA SALES COUNSELOR 78364 0 61479 0 50 0 0 0 11679 0 151572 0 0 0 JONATHAN P PRAK DIRECTOR OF IT 106771 0 7400 0 11402 0 0 0 24807 0 150380 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS TOTALED $2,313. HEALTH OR SOCIAL CLUB DUES TOTALED $6,191. THESE PAYMENTS ARE TREATED AS TAXABLE INCOME TO THE PRESIDENT & CEO. PART I, LINE 7 THE BONUS/INCENTIVE PAYMENTS MADE BY THE ORGANIZATION ARE CONSIDERED NON-FIXED PAYMENTS BECAUSE THE DETERMINATION OF THE AMOUNT RECEIVED INVOLVES DISCRETION. BONUSES/INCENTIVES ARE CALCULATED AS A PERCENTAGE OF THE EMPLOYEE'S BASE SALARY. THIS PERCENTAGE IS NOT FIXED, BUT IT IS LIMITED TO A NARROW PRE-SET RANGE. THE BOARD HUMAN RESOURCES COMMITTEE TAKES INTO ACCOUNT MANY FACTORS IN DETERMINING IF A BONUS/INCENTIVE WILL BE PAID AND IF SO AT WHAT PERCENTAGE. THESE FACTORS INCLUDE BUT ARE NOT LIMITED TO: USE OF COMPARABILITY DATA FROM AN INDEPENDENT COMPENSATION CONSULTANT, EMPLOYEE PERFORMANCE, FINANCIAL STATUS OF THE ORGANIZATION, ETC. THE BONUS/INCENTIVE IS NOT CONTINGENT ON NET EARNINGS OR REVENUE. BONUS/INCENTIVE PAYMENTS FOR ALL THOSE LISTED ON FORM 990, PART VII, SECTION A, LINE 1 ARE NOTED ON SCHEDULE J, PART II, COLUMN B(II). A MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232245125 613609K62 2019-06-06 48860710 TO REFINANCE 2006, 2013, 2015 AND 2016 BONDS ISSUED 0 0 0 A 2969620 48860710 854155 48006555 2019 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 III, LINE 2 IN JULY 2022, WAVERLY HEIGHTS, LTD., ACQUIRED GRAYCARE, LLC, A CARE MANAGEMENT COMPANY PROVIDING PROFESSIONAL GERIATRIC CARE MANAGEMENT SERVICES FOR ELDERLY AND AGING PERSONS AND THEIR FAMILIES, THROUGHOUT PHILADELPHIA, MONTGOMERY, DELAWARE, AND CHESTER COUNTIES, IN PENNSYLVANIA. GRAYCARE, LLC, OPERATES UNDER WAVERLY CARE MANAGEMENT, LLC, A WHOLLY-OWNED SUBSIDIARY OF WAVERLY HEIGHTS, LTD. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL CONSIST OF THE CHAIR OF THE BOARD, VICE-CHAIRS, SECRETARY, TREASURER, AND ONE ADDITIONAL TRUSTEE WHO IS NOT AN OFFICER WHO SHALL BE ELECTED BY THE BOARD AT THE ANNUAL MEETING FOR A TERM OF ONE YEAR. AT LEAST ONE MEMBER OF THE EXECUTIVE COMMITTEE SHALL BE A TRUSTEE WHO IS A RESIDENT OF WAVERLY HEIGHTS, LTD. THE EXECUTIVE COMMITTEE SHALL HAVE FULL AUTHORITY TO MANAGE AND CONTROL THE BUSINESS AND AFFAIRS OF THE WAVERLY HEIGHTS, LTD. BETWEEN MEETINGS OF THE BOARD, WITH ALL OF THE POWERS OF THE BOARD ITSELF, EXCEPT THAT IT SHALL NOT HAVE THE POWER OR AUTHORITY AS TO THE FOLLOWING: (A) THE APPROVAL OF ANY ACTION REQUIRING THE APPROVAL OF THE BOARD ON A MATTER TRADITIONALLY RESERVED TO A BOARD OF TRUSTEES OF A NOT-FOR-PROFIT CORPORATION WITHOUT VOTING MEMBERS UNDER THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA, INCLUDING, WITHOUT LIMITATION, ANY TRANSACTION GOVERNED BY THE ENTITY TRANSACTIONS LAW (15 PA CONS. STAT. ANN. 311 ET. SEQ.); (B) THE CREATION OF OR FILLING OF VACANCIES IN THE BOARD; (C) THE ADOPTION, AMENDMENT OR REPEAL OF THESE BYLAWS; (D) THE AMENDMENT OR REPEAL OF ANY RESOLUTION OF THE BOARD; AND (E) ACTION ON MATTERS COMMITTED BY A RESOLUTION OF THE BOARD TO ANOTHER COMMITTEE OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM AND THEN REVIEWED BY THE CFO AND CONTROLLER. THE AUDIT COMMITTEE OF THE BOARD PERFORMS A FINAL REVIEW AND A THEN A COPY IS PROVIDED TO ALL MEMBERS OF THE BOARD OF TRUSTEES BEFORE FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C WAVERLY HEIGHTS, LTD.'S CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY TO PROVIDE GUIDANCE TO GOVERNING BOARD MEMBERS. ALL NEW MEMBERS SIGN OFF ON THIS POLICY UPON APPOINTMENT TO THE BOARD. ANY POSSIBLE CONFLICT OF INTEREST ON THE PART OF THE GOVERNING BOARD MEMBERS IS REQUIRED TO BE TIMELY DISCLOSED UPON REALIZATION OF THE POTENTIAL CONFLICT TO THE OTHER MEMBERS OF THE BOARD AND MADE A MATTER OF RECORD WHEN THE CONFLICT BECOMES A MATTER OF BOARD ACTION. THE BOARD MAKES THE DECISION AS TO WHETHER A POTENTIAL CONFLICT IS AN ACTUAL CONFLICT. ANY GOVERNING BOARD MEMBERS HAVING A CONFLICT OF INTEREST SHALL NOT VOTE OR USE THEIR PERSONAL INFLUENCE ON THE MATTER, EVEN WHERE PERMITTED BY LAW. THE MINUTES OF THE MEETING SHALL REFLECT THE DISCLOSURE, ABSTENTION AND THE QUORUM. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE PRESIDENT & CEO, OTHER OFFICERS AND KEY EMPLOYEES OF WAVERLY HEIGHTS, LTD. IS DETERMINED BY THE BOARD HUMAN RESOURCES COMMITTEE BASED ON THE RECOMMENDATIONS FROM AN INDEPENDENT CONSULTANT. THE CONSULTANT BASES THEIR INFORMATION ON SURVEY DATA FROM SIMILAR LIFE PLAN COMMUNITIES AND EXTERNAL DATA. ADDITIONALLY, ANY SIGNIFICANT ADJUSTMENTS FOR CHANGE AND ANNUAL ADJUSTMENTS ARE REVIEWED AND RECOMMENDED BY THE BOARD HUMAN RESOURCES COMMITTEE TO THE BOARD OF TRUSTEES. THIS PROCESS WAS REVIEWED AND APPROVED IN 2022. THE DELIBERATION AND FINAL DECISION WERE DOCUMENTED IN THE BOARD AND COMMITTEE MINUTES WITH SPECIFIC DETAILS DOCUMENTED IN CONFIDENTIAL EMPLOYEE FILES. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE ALL MADE AVAILABLE TO THE PUBLIC UPON REQUEST. WAVERLY CARE MANAGEMENT LLC 1400 WAVERLY ROAD GLADWYNE PA 190351254 232212842 CARE MANAGEMENT SERVICES PA 96284 252255 WAVERLY HEIGHTS LTD WAVERLY CARE 1400 WAVERLY ROAD GLADWYNE PA 190351254 232655145 COMPANION SERVICES PA 501(C)(3) LINE 10 WAVERLY HEIGHTS LTD 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 1 WAVERLY CARE L 1152541 FAIR MARKET VALUE WAVERLY CARE N 221695 FAIR MARKET VALUE WAVERLY CARE O 873313 FAIR MARKET VALUE WAVERLY CARE Q 366135 FAIR MARKET VALUE WAVERLY CARE S 1350000 FAIR MARKET VALUE