2023-11-09T15:38:13-06:00 2022-12-31 010494526 Baker Newman & Noyes LLC Box 507 Portland ME 04112 990 2022-01-01 010496258 Maine Life Care Retirement Community Inc MAIN 2078838700 15 Piper Road Scarborough ME 04074 Frank Chessa Chair 2078838700 2023-11-01 1 Frank Chessa 999009999 0 Nicholas E Porto P01310283 2078792100 2023-11-01 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z Piper Shores Frank Chessa 15 Piper Road Scarborough ME 04074 28542557 0 X www.pipershores.org X 1995 ME Continuing care retirement community 14 14 316 25 0 0 348853 4750 20924362 22618108 2258063 1793525 0 0 23531278 24416383 77310 128134 0 0 11144895 11878293 0 0 0 11995982 13001232 23218187 25007659 313091 -591276 140484243 169329865 152657495 186206581 -12173252 -16876716 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 17019198 128134 22618108 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 160 independent living units, 40 independent living cottages, 50 assisted living units, 40 skilled nursing beds, and common areas. 17019198 1 0 0 1 0 0 0 0 0 1 1 1 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 63 0 1 316 1 0 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 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 Blake Director 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 (end Oct. 22) 2.00 X 0 0 0 Dawn Harmon Director 2.00 X 0 0 0 Quincy Hentzel Director (end Oct. 22) 2.00 X 0 0 0 Raymond Kelley Director (end Feb. 22) 2.00 X 0 0 0 David Kunhardt Director (start Oct. 22) 2.00 X 0 0 0 Michael Patterson Director (start Oct. 22) 2.00 X 0 0 0 Jonathan Roderick Director 2.00 X 0 0 0 Malcolm Rogers MD Director 2.00 X 0 0 0 Isabella Stumpf MD Director 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 James Adamowicz CEO (end May 22) 40.00 X 243351 0 16020 Philip Jean CEO (start May 22) 40.00 X 316155 0 4524 Leanne Fiet COO 40.00 X 222647 0 21289 Richard Ashley Finance Director 40.00 X 218904 0 10858 Andrea Killiard Marketing Director 40.00 X 203454 0 16836 Daisy Wilson HR Director 40.00 X 149530 0 18663 Corey Seigel Food and Nutrition Director 40.00 X 151247 0 3094 1505288 0 91284 11 0 1 0 Horch Roofing 184 Main Street Suite B South Portland ME 04106 Roofing Services 771794 Ganem Builders 193 Flag Pond Road Saco ME 04072 Construction Services 531109 Select Rehabilitation PO Box 71985 Chicago IL 60694 Physical Therapy 423101 PC Construction 193 Tilley Drive South Burlington VT 05403 Construction Services 377915 Classic Flooring 429 US Route 1 Scarborough ME 04074 Flooring Services 372457 17 4750 4750 Resident services 541300 22569707 22569707 Miscellaneous Revenue 541300 48401 48401 22618108 760246 760246 5142399 17054 4126174 0 1016225 17054 1033279 1033279 24416383 22618108 0 1793525 128134 128134 580050 580050 9251031 7169592 2081439 184579 113337 71242 1120451 911182 209269 742182 568290 173892 21014 21014 43450 43450 141737 141737 508612 350864 157748 354273 354273 858357 196652 661705 3605654 1886887 1718767 59145 5928 53217 48782 12523 36259 724957 463972 260985 3790993 2426236 1364757 162935 104278 58657 Dining services 1408136 1408136 Health services 1026023 1026023 Provider Tax 151745 151745 Housekeeping & Laundry 78419 78419 17000 17000 25007659 17019198 7988461 0 1187628 1806165 18156083 23440540 304472 289562 381380 499878 38319 46878 137757 142331 164603251 49129531 85182512 115473720 34640303 15900121 9718627 455789 2012043 140484243 169329865 4730334 7647407 90447467 92554304 44221822 70603092 13257872 15401778 152657495 186206581 X -13712819 -18179847 1539567 1303131 -12173252 -16876716 140484243 169329865 X -591276 -5817711 1705523 X X 0 1 X 1 0 X 993 16180 2220957 348853 4750 2591733 17646790 19876960 19486123 20924362 22618108 100552343 17647783 19893140 21707080 21273215 22622858 103144076 0 0 0 103144076 675277 704951 596138 515560 760246 3252172 675277 704951 596138 515560 760246 3252172 18323060 20598091 22303218 21788775 23383104 106396248 0.96940 0.94770 0.03060 0.03240 X 0 0 0 0 0 0 0 0 1 319 319 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 $12,563 in total membership dues paid by the Organization in 2022, that $319 was made available for lobbying expenditures. 1549882 4750 -241185 1313447 1299122 156001 94759 1549882 1053178 135401 110543 1299122 908202 16180 128796 1053178 945350 993 -38141 908202 0.00000 0.00000 1.00000 0 0 8033523 8033523 98283800 43418250 54865550 7851349 5711281 2140068 50434579 50434579 115473720 U.S. Treasuries 4843076 F Corporate Bonds 4875551 F 9718627 Resident Deposits 15339056 Operating Lease Liability 62722 15401778 X 20145404 -5817711 1720433 -4097278 24242682 141737 31964 173701 24416383 24848868 0 24848868 141737 17054 158791 25007659 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, 2022 and 2021. Part XI, Line 2d - Other Adjustments: Gain on Interest Rate Swap 1,720,433. Part XI, Line 4b - Other Adjustments: Change in value of pledges 14,910. Gain of sale of assets 17,054. Part XII, Line 4b - Other Adjustments: Gain of sale of assets 17,054. 1 Financial Hardship Assistance 3 128134 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 (start May 22) 195655 0 0 0 120500 0 0 0 4524 0 320679 0 0 0 James Adamowicz CEO (end May 22) 185926 0 57425 0 0 0 8437 0 7583 0 259371 0 0 0 Leanne Fiet COO 189925 0 32722 0 0 0 7597 0 13692 0 243936 0 0 0 Richard Ashley Finance Director 187859 0 31045 0 0 0 8756 0 2102 0 229762 0 0 0 Andrea Killiard Marketing Director 175949 0 27505 0 0 0 7397 0 9439 0 220290 0 0 0 Daisy Wilson HR Director 127424 0 22106 0 0 0 5068 0 13595 0 168193 0 0 0 Corey Seigel Food and Nutrition Director 136461 0 14786 0 0 0 1305 0 1789 0 154341 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 3598609 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 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 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 1,720,433. Change in value of pledges -14,910. 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.