2023-11-15T17:34:53-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 227 WEST TRADE STREET SUITE 800 CHARLOTTE NC 28202 990 2022-01-01 560547462 ALDERSGATE UNITED METHODIST RETIREMENT COMMUNITY INC ALDE 7045327000 3800 SHAMROCK DRIVE CHARLOTTE NC 28215 CHERIE GRISSO CFO 7045327000 2023-11-14 1 CHERIE GRISSO 999009999 0 JOHN NORMAN P01506766 7049985200 2023-11-14 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z X SUZANNE H PUGH 3800 SHAMROCK DRIVE CHARLOTTE NC 28215 44473072 0 X WWW.ALDERSGATELIVING.ORG X 1945 NC ALDERSGATE PROVIDES EXCELLENT CONTINUING CARE SERVICES FOR SENIORS. WE HONOR ELDERS AND ARE COMMITTED TO CREATING AND FOSTERING DIVERSE, CARING COMMUNITIES WHERE EVERYONE HAS A VOICE AND VALUE. 15 15 598 25 0 0 3720746 314427 40696925 42486825 307991 1671820 0 44725662 44473072 0 0 19837385 21854091 0 230937 28381950 33634944 48219335 55489035 -3493673 -11015963 165248151 148180690 190102357 193182312 -24854206 -45001622 WE HONOR ELDERS, ALL ELDERS, AND ARE COMMITTED TO CREATING AND FOSTERING DIVERSE, CARING COMMUNITIES WHERE EVERYONE HAS A VOICE AND VALUE. 0 0 46211582 42486825 ALDERSGATE PROVIDES HOUSING, MEALS, SECURITY, ASSISTANCE WITH ESSENTIAL ACTIVITIES OF DAILY LIVING, SKILLED NURSING CARE, AND RELATED SERVICES DESIGNED SPECIFICALLY FOR SENIOR ADULTS WHILE OFFERING RELIGIOUS, CULTURAL, RECREATIONAL AND OTHER ACTIVITIES INCLUDING OPPORTUNITIES FOR COMMUNITY VOLUNTEERING AND TRANSPORTATION TO EVENTS AND APPOINTMENTS. SERVICES ARE PROVIDED 24 HOURS PER DAY. ALDERSGATE MAKES EVERY EFFORT TO CONTINUE PROVIDING SERVICES TO RESIDENTS WHO NEED SUPPLEMENTAL FINANCIAL ASSISTANCE. 46211582 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 0 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 0 0 0 1 16 0 598 1 0 0 0 0 0 0 0 0 0 0 X 15 15 1 0 0 0 1 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 NC X CHERIE GRISSO CFO 7045327000 3800 SHAMROCK DR CHARLOTTE NC 28215 PATRICIA PAT G GARRETT CHAIR 1.00 2.00 X X 0 0 0 ROBERT VAUGHN JR VICE-CHAIR 1.00 2.00 X X 0 0 0 STANLEY WATKINS BOARD DIRECTOR 1.00 2.00 X 0 0 0 KEVIN MCKANE BOARD DIRECTOR 1.00 2.00 X 0 0 0 OTTO HARRIS BOARD DIRECTOR 1.00 2.00 X 0 0 0 JEAN GOSSETT BOARD DIRECTOR 1.00 2.00 X 0 0 0 MANDY GRIMES BOARD DIRECTOR 1.00 2.00 X 0 0 0 BILL JONES III BOARD DIRECTOR 1.00 2.00 X 0 0 0 TOMMY LAWING BOARD DIRECTOR 1.00 2.00 X 0 0 0 FRED LONGIETTI BOARD DIRECTOR 1.00 2.00 X 0 0 0 BILLY MADDALON BOARD DIRECTOR 1.00 2.00 X 0 0 0 GENE ROBBINS BOARD DIRECTOR 1.00 2.00 X 0 0 0 IRENE VOGELSONG BOARD DIRECTOR 1.00 1.00 X 0 0 0 MARY WILSON BOARD DIRECTOR 1.00 2.00 X 0 0 0 SUZANNE PUGH CEO 2.00 38.00 X 0 273086 12362 JEFFREY WEATHERHEAD CHIEF OPERATING OFFICER 2.00 38.00 X 0 106380 2930 CALLIE BAKER HEALTH CARE ADMIN 40.00 X 0 120835 3880 ROCHELLE CARTER SALES & MARKETING 40.00 X 0 124390 3664 BROOKE HODGE EXECUTIVE DIRECTOR 40.00 X 0 170879 5996 JORGE MILLARES SALES & MARKETING 40.00 X 0 169946 3512 EUNICE OMALAY NURSING SERVICES 40.00 X 0 115967 4805 0 1081483 37149 0 0 1 0 SELECT REHABILITATION PO BOX 71985 CHICAGO IL 60694 REHABILITATION SERVICES 1442342 US FOODS PO BOX 602286 CHARLOTTE NC 28260 FOOD SERVICE 1162441 RELIABLE RESTORATIONS 12259 NATIONS FORD RD PINEVILLE NC 28134 CONSTRUCTION 972465 SOUTHERN PHARMACY 1031 E MOUNTAIN ST KERNERSVILLE NC 27284 MEDICATIONS 499424 3RD THIRD MARKETING PO BOX 803 VASHON WA 98070 ADVERTISING 361546 5 314427 314427 RESIDENT REVENUE 623000 37141177 37141177 ENTRANCE FEES EARNED 623000 3810084 3810084 1535564 1535564 42486825 1671820 0 1671820 1671820 1671820 44473072 42486825 0 1671820 17654781 17010330 522123 122328 366091 246396 119695 2334618 1571308 763310 1498601 1335993 151241 11367 1895195 1895195 324236 324236 79429 79429 4460423 2988483 1471940 172694 157803 14891 672174 73943 544524 53707 104024 19411 77339 7274 46670 6000 38085 2585 4361637 4344478 17159 7069742 6645558 424184 404819 161391 243428 GENERAL AND ADMINISTRAT 5478410 4688154 790256 ALL OTHER 3792958 3167503 606670 18785 SUPPLIES 3132735 3132735 EQUIPMENT EXPENSES 1362246 681123 681123 277552 138776 138776 55489035 46211582 9046516 230937 1400 1400 811854 1766148 13098605 4528110 16048 80646 600307 39554 206621218 93023302 118325932 113597916 31627817 23505939 766188 4660977 165248151 148180690 4606280 8746773 26166870 27512701 77831602 77046109 28685000 26250000 46563 52766042 53626729 190102357 193182312 X -25583281 -45911102 729075 909480 -24854206 -45001622 165248151 148180690 X -11015963 -6006892 -3124561 X X 0 1 X 1 0 X 698467 786376 1308014 3720746 314427 6828030 35736988 38141807 39039933 40696925 42486825 196102478 36435455 38928183 40347947 44417671 42801252 202930508 185927 51096 237023 0 185927 51096 237023 202693485 598445 640035 203093 1441573 598445 640035 203093 1441573 37033900 39568218 40551040 44417671 42801252 204372081 0.99180 0.98600 0.00710 0.01280 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2034534 -505803 1528731 1876106 158428 2034534 1756325 119781 1876106 1683034 73291 1756325 1338542 342283 2209 1683034 0.57833 0.42167 0 0 3896305 3896305 5110619 71810607 -66699988 8815636 4835046 3980590 184266205 14338005 169928200 4532453 2039644 2492809 113597916 DESIGNATED FOR STATUTORY OPERATING RESERVE 8606000 F HELD UNDER BOND AGREEMENT 8283409 F BOARD DESIGNATED 884115 F INVESTMENTS 4975232 F VALUATION ALLOWANCE -621213 F DONOR-RESTRICTED INVESTMENTS-TEMP 1114755 F DONOR-RESTRICTED INVESTMENTS-PERM 263641 F 23505939 REFUNDABLE ENTRANCE FEES 49698840 OTHER LIABILITIES 3426180 ENTRANCE FEE DEPOSITS 501709 53626729 X PART V, LINE 4: THE ORGANIZATION USES ENDOWMENT FUNDS TOWARDS VARIOUS DONOR DESIGNATED PURPOSES INCLUDING FINANCIAL ASSISTANCE TO RESIDENTS UNABLE TO PAY AND EMPLOYEE TRAINING. PART X, LINE 2: ALDERSGATE AT SHAMROCK AND HOLDINGS ARE EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) AND 501(C)(2), RESPECTIVELY, OF THE INTERNAL REVENUE CODE (IRC). ACCORDINGLY, ALDERSGATE AT SHAMROCK AND HOLDINGS HAVE MADE NO PROVISION FOR INCOME TAXES IN THE CONSOLIDATED FINANCIAL STATEMENTS. ALDERSGATE AT SHAMROCK AND HOLDINGS ARE NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE THEIR TAX-EXEMPT STATUS. ALDERSGATE AT SHAMROCK AND HOLDINGS FOLLOW ACCOUNTING GUIDANCE REGARDING RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. AS OF DECEMBER 31, 2022 AND 2021, MANAGEMENT IS NOT AWARE OF ANY UNCERTAIN TAX POSITIONS. X X 0 0 0 0 0 0 0 0 0 SUZANNE PUGH CEO 0 273086 0 0 0 0 0 5597 0 6765 0 285448 0 0 BROOKE HODGE EXECUTIVE DIRECTOR 0 170879 0 0 0 0 0 3664 0 2332 0 176875 0 0 JORGE MILLARES SALES & MARKETING 0 92486 0 77460 0 0 0 1497 0 2015 0 173458 0 0 A NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 65820YLM6 2015-11-18 49240000 FINANCE NEW CONSTRUCTION AND REFINANCE CURRENT PROJECTS. 0 0 0 B NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 65820YNG7 2017-05-31 35094238 REFUND BANK LOAN; FINANCE NEW CONSTRUCTION 0 0 0 C NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 NONEAVAIL 2021-07-29 15340000 REFUND 2017B BONDS, TERMINATE INTEREST RATE SWAP AND PAY ISSUANCE COSTS 0 0 0 A 49125093 2399588 982502 43811540 2112265 1 0 1 1 B 17214238 35094238 1242528 687884 29608184 3555642 2019 0 0 1 0 C 645000 15340000 170191 15169809 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 0 0 0 1 0 0 0 0 C 0 0 1 0 1 0 0 0 1 A 1 B 1 C 1 FORM 990, PART VI, SECTION A, LINE 1A EXECUTIVE COMMITTEE IS COMPOSED OF CHAIR, VICE CHAIR AND CHAIRS OF THE FINANCE COMMITTEE, AND ALL ARE PART OF THE BOARD OF DIRECTORS. THE SCOPE OF THE EXECUTIVE COMMITTEE IS: THERE SHALL BE AN EXECUTIVE COMMITTEE COMPOSED OF THE BOARD OFFICERS AND THE CHAIRPERSONS OF THE FINANCE AND GOVERNANCE COMMITTEES OF THE BOARD. THE EXECUTIVE COMMITTEE SHALL MEET UPON THE CALL OF THE CHAIRPERSON OF THE BOARD, WHICH CALL SHALL SPECIFY THE TIME, PLACE AND PURPOSE OF THE MEETING. SUBJECT TO THE LIMITATIONS SET FORTH HEREIN AND APPLICABLE LAW, THE COMMITTEE SHALL BE AUTHORIZED TO TAKE ACTION IN THE NAME OF THE CORPORATION, PROVIDED, HOWEVER, THAT A FULL REPORT OF ANY SUCH ACTION TAKEN SHALL BE MADE AT THE NEXT MEETING OF THE BOARD OF DIRECTORS FORM 990, PART VI, SECTION A, LINE 2 BROOKS SHELLY AND BILLY MADDALON HAVE A FAMILY RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 6 PARENT, AS THE SOLE MEMBER OF THIS CORPORATION, MAY ACT WITHOUT A FORMAL MEETING; PROVIDED THAT SUCH ACTION IS AUTHORIZED AND APPROVED BY PARENT'S BOARD OF DIRECTORS (THE PARENT BOARD), EITHER BEFORE OR AFTER THE ACTION (WHICH AUTHORIZATION AND APPROVAL MAY BE GENERAL IN NATURE OR LIMITED TO SPECIFIC INSTANCES). SUCH ACTION MAY BE EVIDENCED BY A WRITTEN CONSENT SIGNED BY AN INDIVIDUAL OR INDIVIDUALS DESIGNATED BY THE PARENT BOARD PURSUANT TO ARTICLE II, SECTION 3 OR, IN THE ABSENCE OF SUCH DESIGNATION, BY THE CHAIR OF THE PARENT BOARD, BEFORE OR AFTER SUCH ACTION, DESCRIBING THE ACTION TAKEN, WHICH CONSENT SHALL BE DELIVERED TO THE CORPORATION AND SHALL BE INCLUDED IN THE CORPORATE MINUTES OR FILED WITH THE CORPORATE RECORDS FORM 990, PART VI, SECTION B, LINE 11B CFO REVIEWS AND PROVIDES TO THE FINANCE COMMITTEE OF THE BOARD FOR REVIEW AND APPROVAL TO SUBMIT. THE ENTIRE BOARD RECEIVES A COPY OF THE FORM 990 FORM 990, PART VI, SECTION B, LINE 12C ALL MEMBERS OF THE BOARD OF DIRECTORS ARE COVERED AND SIGN THE CONFLICT OF INTEREST POLICY. AT THE BEGINNING OF EACH MEETING, THE CHAIR REMINDS DIRECTORS OF THE POLICY AS WELL AS OTHER RULES OF ORDER. ITEMS WITH POTENTIAL CONFLICT THAT REPRESENT MAJOR EXPENDITURES ARE SUBJECT TO A BID PROCESS WHERE THE LOWEST COST PROVIDER OF THE DESIRED SERVICE IS GENERALLY SELECTED. FORM 990, PART VI, SECTION B, LINE 15 ALL EMPLOYEES (INCLUDING THE TOP MANAGEMENT AND KEY EMPLOYEES) ARE COMPARED PERIODICALLY TO WAGE DATA THAT IS DEVELOPED INDEPENDENTLY THROUGH A LOCAL EMPLOYERS AND TRADE ASSOCIATION. THE WAGES ARE REVIEWED TO CONFIRM THEY ARE COMPETITIVE IN THE LOCAL MARKET AND ALIGNED WITH INDUSTRY COMPS. THE COMPENSATION OF THE CEO IS APPROVED BY THE BOARD OF DIRECTORS OR THE EXECUTIVE COMMITTEE AS THE BOARD'S DESIGNEE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023 FORM 990, PART VI, SECTION C, LINE 19 AUDITED FINANCIAL STATEMENTS ARE FILED ANNUALLY WITH THE NORTH CAROLINA DEPARTMENT OF INSURANCE AND PUBLISHED ON ITS WEBSITE. THEY ARE ALSO PRINTED ANNUALLY IN STATUTORILY REQUIRED DISCLOSURE STATEMENTS WHICH ARE AVAILABLE TO THE PUBLIC. ARTICLES OF INCORPORATION ARE AVAILABLE ONLINE AT THE NORTH CAROLINA SECRETARY OF STATE WEBSITE. THE CONFLICTS OF INTEREST POLICY IS AVAILABLE FOR EXAMINATION UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN INTEREST RATE SWAP 4,177,452. WRITE-OFF OF RELATED PARTY RECEIVABLE -3,810,099. WRITE-OFF OF RELATED PARTY RECEIVABLE - CAPITAL -3,491,914. ALDERSGATE HOLDINGS FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS HAS ESTABLISHED ITS AUDIT COMMITTEE TO ASSUME RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THE ORGANIZATION HAS NOT CHANGED ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. ALDERSGATE HOLDINGS INC 3800 SHAMROCK DR CHARLOTTE NC 28215 475163378 LAND INVESTMENT NC 501(C)(2) 1 ALDERSGATE LIFE PLAN SERVICES INC 3400 SHAMROCK DR CHARLOTTE NC 28215 812698156 HOLDING COMPANY NC 501(C)(3) LINE 12B, II 1 ALDERSGATE AT SHARON INC 3800 SHAMROCK DR CHARLOTTE NC 28215 812672298 SENIOR LIVING SERVICES (INACTIVE) NC 501(C)(3) LINE 10 1 ALDERSGATE AT SHALOM PARK INC 3800 SHAMROCK DR CHARLOTTE NC 28215 821000888 SENIOR LIVING SERVICES (INACTIVE) NC 501(C)(3) LINE 10 1 ALDERSGATE AT HOME 3800 SHAMROCK DR CHARLOTTE NC 28215 812678570 SENIOR LIVING SERVICES NC 501(C)(3) LINE 10 1 ALDERSGATE FOUNDATION INC 3800 SHAMROCK DR CHARLOTTE NC 28215 832495423 FOUNDATION (INACTIVE) NC 501(C)(3) LINE 7 1 0 0 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 ALDERSGATE LIFE PLAN SERVICES M 1895195 PERCENT OF REVENUE ALDERSGATE LIFE PLAN SERVICES D 175000 CASH BASIS