2025-05-13T14:58:31-05:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 227 WEST TRADE STREET SUITE 800 CHARLOTTE NC 28202 990 2024-01-01 581598135 THE PINES AT DAVIDSON INC PINE 7048961100 400 AVINGER LANE DAVIDSON NC 28036 DAVID A GENTRY VICE PRESIDENT AND CFO 7048961100 2025-05-12 1 1 KATHERINE A WARLICK P02065266 7049985200 2025-05-12 2024 2025-03-06 01:10:19Z DAVID A GENTRY 400 AVINGER LANE DAVIDSON NC 28036 40560179 0 X WWW.THEPINESATDAVIDSON.ORG X 1983 NC EMPOWERING OLDER ADULTS AND THOSE WHO CARE FOR THEM TO LIVE THEIR BEST LIVES. 20 20 528 65 0 0 736820 1204586 34593150 37616984 1361913 1668789 62937 66641 36754820 40557000 832920 969786 0 0 16860679 18566345 0 0 115896 15797999 16415193 33491598 35951324 3263222 4605676 167525833 169656920 121315407 118132524 46210426 51524396 X THE MISSION OF THE PINES ADOPTED BY THE ORGANIZATION'S GOVERNING BODY IN 2024 IS, "EMPOWERING OLDER ADULTS AND THOSE WHO CARE FOR THEM TO LIVE THEIR BEST LIVES."(CONTINUED ON SCHEDULE O)WE ARE PASSIONATE ABOUTSERVICE: WE FOSTER A SPIRIT OF CARE AND SUPPORT.SAFETY: WE FOCUS ON SAFETY AND SECURITY TO CREATE A STABLE FOUNDATION THAT SUPPORTS ALL ASPECTS OF OUR COMMUNITY.WELL-BEING: WE NOURISH THE PHYSICAL, SOCIAL, EDUCATIONAL, AND SPIRITUAL DIMENSIONS OF WELL-BEING FOR OUR RESIDENTS WHILE STRIVING TO BE THE BEST PLACE FOR OUR TEAM MEMBERS TO THRIVE.STEWARDSHIP: WE EXEMPLIFY DILIGENCE, INTEGRITY, AND ACCOUNTABILITY IN OPTIMIZING OUR RESOURCES TO ENSURE A SUSTAINABLE FUTURE.COMMUNITY: WE CULTIVATE AN INCLUSIVE AND COLLABORATIVE ENVIRONMENT WHERE EVERY RESIDENT, FAMILY MEMBER, AND TEAM MEMBER IS VALUED AND CONNECTED TO ONE ANOTHER AND TO THE GREATER COMMUNITY. 0 0 9118297 17485579 PROVISION OF HOUSING AND RELATED SERVICES TO RESIDENTS 9058812 10768693 PHYSICIAN SERVICES AND NURSING CARE - PROVIDES MEDICAL CARE TO RESIDENTS INCLUDING SERVICES DESIGNED TO ENHANCE THE QUALITY OF OLDER ADULTS' LIVES 8037978 969786 9139144 ALL OTHER SERVICES TO MEET THE PHYSICAL, EMOTIONAL, INTELLECTUAL AND SPIRITUAL NEEDS OF RESIDENTS INCLUDING MAINTENANCE, SECURITY, HOUSEKEEPING AND LAUNDRY 6704120 223568 CULINARY AND DINING SERVICES - PROVIDES WELL-BALANCED, NUTRITIOUS MEALS TO RESIDENTS AND THEIR GUESTS 6704120 223568 32919207 1 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 70 0 528 1 0 0 0 0 0 0 1 2 0 0 0 0 0 X 20 20 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X DAVID GENTRY 7048961100 400 AVINGER LANE DAVIDSON NC 28036 JOSEPH L TRASK CHAIRPERSON 1.00 0.00 X X 0 0 0 MARY WEEKS FOUNTAIN VICE CHAIRPERSON 1.00 0.00 X X 0 0 0 LINDA NEED SECRETARY 1.00 0.00 X X 0 0 0 JOHN BARKLEY DIRECTOR 1.00 0.00 X 0 0 0 AMELIA T BEZANSON DIRECTOR 1.00 0.00 X 0 0 0 SARAH P BOEHMLER DIRECTOR 1.00 0.00 X 0 0 0 KATHERINE BUNN DIRECTOR 1.00 0.00 X 0 0 0 JASON CAMERON DIRECTOR 1.00 0.00 X 0 0 0 KEVIN DAVIS DIRECTOR 1.00 0.00 X 0 0 0 JOHN N GILBERT III DIRECTOR 1.00 0.00 X 0 0 0 EMMIE HANCOCK DIRECTOR 1.00 0.00 X 0 0 0 JAMES E HARRIS JR DIRECTOR 1.00 0.00 X 0 0 0 REV PETER J M HENRY DIRECTOR 1.00 0.00 X 0 0 0 DOUG HICKS DIRECTOR (EX OFFICIO) 1.00 0.00 X 0 0 0 JOSEPH C KONEN DIRECTOR 1.00 0.00 X 0 0 0 SCOTT LAWS DIRECTOR 1.00 0.00 X 0 0 0 PAUL LEONARD DIRECTOR 1.00 0.00 X 0 0 0 RICHARD V LOCKRIDGE DIRECTOR 1.00 0.00 X 0 0 0 HARRISON L MARSHALL JR DIRECTOR 1.00 0.00 X 0 0 0 GRACE MITCHELL DIRECTOR 1.00 0.00 X 0 0 0 CARRANZA M PRYOR DIRECTOR 1.00 0.00 X 0 0 0 VERNON M BAKER PRESIDENT, CHIEF EXECUTIVE OFFICER 50.00 0.00 X 330669 0 37045 DAVID A GENTRY VICE PRESIDENT/CHIEF FINANCIAL OFFICER 50.00 0.00 X 266530 0 12742 DAVID SAMEC DIRECTOR OF FACILITIES SERVICES - 12/2024 50.00 0.00 X 194917 0 11727 LESLEY A CHAMBLESS DIRECTOR OF HUMAN RESOURCES 50.00 0.00 X 170227 0 21788 THOMAS M BUMMEL DIRECTOR OF DINING SERVICES 50.00 0.00 X 167252 0 9994 GRETCHEN KIMBERLY LIKINS DIRECTOR OF SALES, MARKETING AND COMMUNICATIONS 50.00 0.00 X 163523 0 13647 ELYSE M PISCITELLI HEALTH CENTER ADMINISTRATOR 50.00 0.00 X 141350 0 31610 1434468 0 138553 15 0 1 0 GREAT STATE ROOFING LLC 822 KNOX RIDGE ROAD HUNTERSVILLE NC 28078 ROOFING 1197368 US FOODS PO BOX 602292 CHARLOTTE NC 28078 FOOD SERVICE 930826 OTIS ELEVATOR PO BOX 73579 CHICAGO IL 60673 ELEVATOR SERVICE 871584 USF FOODS PO BOX 602286 CHARLOTTE NC 28260 FOOD SERVICE 603907 WESTPORT FLOORING PO BOX 217 DENVER NC 28037 FLOORING 498575 29 1204586 1204586 HOUSING & RELATED 721310 17485579 17485579 PHYSICIAN & NURSING 713990 10768693 10768693 CULINARY & DINING 722100 223568 223568 9139144 9139144 37616984 1671968 1671968 66641 0 66641 66641 66641 3179 -3179 -3179 -3179 40557000 37616984 0 1735430 465000 465000 504786 504786 657693 386329 206125 65239 13612955 12493358 1094656 24941 245602 197308 48294 2933253 2593243 340010 1116842 958486 149746 8610 113314 83135 30179 350632 256469 83146 11017 125670 21842 103828 282960 216172 60699 6089 71109 71109 3545229 3545229 35965 18782 17183 66684 46831 19853 2360724 2341759 18965 5969182 5921226 47956 435224 431727 3497 UNIFORMS, LINEN & LAUND 320311 320311 CABLE TV, BEAUTY PARLOR 210311 210311 PHYSICIAN SERVICES 187778 187778 MISCELLANEOUS SUPPLIES 106139 102532 3607 2233961 1545484 688477 35951324 32919207 2916221 115896 7402622 6680574 990362 1050815 103253 142045 655454 494095 169300693 66481107 103322652 102819586 42403839 39924843 12489130 18415441 158521 129521 167525833 169656920 2700175 2350241 51393215 49463373 60915742 59460062 6306275 6858848 121315407 118132524 X 30932520 34218673 15277906 17305723 46210426 51524396 167525833 169656920 X 4605676 1965835 -1257541 X X 0 1 X 1 0 X 1246020 2033707 531852 736820 1204586 5752985 22069747 27156273 31224602 34593150 37616984 152660756 23315767 29189980 31756454 35329970 38821570 158413741 28727 84068 175947 292825 317938 899505 0 28727 84068 175947 292825 317938 899505 157514236 1029959 924153 1050290 1432580 1738609 6175591 1029959 924153 1050290 1432580 1738609 6175591 24345726 30114133 32806744 36762550 40560179 164589332 0.95700 0.95730 0.03750 0.03860 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8117286 8117286 123637317 46190963 77446354 12588664 6167049 6421615 21781516 14123095 7658421 3175910 3175910 102819586 CASH EQUIVALENT - UNRESTRICTED 15743646 F '15 BONDS INTEREST ACCT 75316 F '15 BONDS PRINCIPAL ACCT 815027 F INTEREST ACCT 2013 BONDS 145578 F SINKING FUND 2013 BONDS 531577 F 2019A BOND FUND INTEREST 1019092 F 2019A BOND FUND PRINCIPAL 85205 F 18415441 INTEREST PAYABLE 1239501 REFUNDABLE ENTRANCE FEES AND DEPOSITS 5619347 6858848 X PART X, LINE 2: THE PINES IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE PINES QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 170 AND HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(2). THE PINES FILES AS A TAX-EXEMPT ORGANIZATION. MANAGEMENT IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE TAX-EXEMPT STATUS OF THE ORGANIZATION. MANAGEMENT IS NOT AWARE OF ANY SIGNIFICANT ACTIVITIES THAT ARE SUBJECT TO TAX ON UNRELATED BUSINESS INCOME OR EXCISE OR OTHER TAXES FOR THE ORGANIZATION. THE PINES FOLLOWS GUIDANCE ON THE INCOME TAX STANDARD REGARDING THE RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. THE IMPLEMENTATION HAS HAD NO IMPACT ON THE PINES' CONSOLIDATED FINANCIAL STATEMENTS. 1 TOWN OF DAVIDSON PO BOX 579 DAVIDSON NC 28036 566001212 115 173000 0 VOLUNTARY CONTRIBUTION MECKLENBURG COUNTY PO BOX 34486 CHARLOTTE NC 28234 566000319 115 292000 0 VOLUNTARY CONTRIBUTION RESIDENT SUPPORT 504786 PART I, LINE 2: NOTWITHSTANDING THE FACT THAT THE PINES IS EXEMPT FROM PROPERTY TAXES, THE PINES MAKES VOLUNTARY CONTRIBUTIONS TO THE TOWN OF DAVIDSON AND MECKLENBURG COUNTY TO HELP OFFSET THE COST OF SERVICES PROVIDED TO THE PINES BY SUCH GOVERNMENTAL ENTITIES. AS A GENERAL RULE SUCH CONTRIBUTIONS ARE UNRESTRICTED AND REQUIRE NO MONITORING. IN THE EVENT SUCH CONTRIBUTIONS ARE RESTRICTED FOR A SPECIFIC PURPOSE OR USE, SUCH AS BY THE FIRE DEPARTMENT, THE ORGANIZATION RELIES UPON COMMUNICATIONS WITH APPROPRIATE GOVERNMENT OFFICIALS TO VERIFY SUCH CONTRIBUTIONS ARE USED FOR THE RESTRICTED PURPOSE. A RESIDENT MAY MAKE APPLICATION FOR ASSISTANCE WITH MONTHLY FEES. THE PINES RECONCILES A RESIDENT'S NET WORTH AS REPORTED AT THE TIME OF ADMISSION TO THE PINES TO CONFIDENTIAL FINANCIAL STATEMENT SUBMITTED AT THE TIME OF APPLICATION FOR ASSISTANCE TO THE PINES TO DETERMINE IF THE DEPLETION OF THE RESIDENT'S FINANCIAL RESOURCES HAS BEEN FOR REASONABLE AND JUSTIFIABLE REASONS. DOCUMENTATION REQUIRED MAY INCLUDE BUT IS NOT LIMITED TO PAST AND PRESENT TAX RETURNS, STATEMENTS FROM BROKERAGE/INVESTMENT ACCOUNTS, BANK ACCOUNT STATEMENTS, SETTLEMENT STATEMENT FOR SALE OF RESIDENCE. ALL APPLICANTS GO THROUGH THIS PROCESS AND ARE TREATED CONSISTENTLY. 1 X X X X X X 0 0 0 0 0 0 0 1 0 VERNON M BAKER PRESIDENT, CHIEF EXECUTIVE OFFICER 258287 0 72382 0 0 0 9900 0 27145 0 367714 0 0 0 DAVID A GENTRY VICE PRESIDENT/CHIEF FINANCIAL OFFIC 208238 0 58292 0 0 0 0 0 12742 0 279272 0 0 0 DAVID SAMEC DIRECTOR OF FACILITIES SERVICES - 12 141767 0 53150 0 0 0 0 0 11727 0 206644 0 0 0 LESLEY A CHAMBLESS DIRECTOR OF HUMAN RESOURCES 145182 0 25045 0 0 0 2985 0 18803 0 192015 0 0 0 THOMAS M BUMMEL DIRECTOR OF DINING SERVICES 150847 0 16405 0 0 0 0 0 9994 0 177246 0 0 0 GRETCHEN KIMBERLY LIKINS DIRECTOR OF SALES, MARKETING AND COM 153498 0 10025 0 0 0 0 0 13647 0 177170 0 0 0 ELYSE M PISCITELLI HEALTH CENTER ADMINISTRATOR 131325 0 10025 0 0 0 0 0 31610 0 172960 0 0 0 PART I, LINE 7 ALL BONUSES ARE DISCRETIONARY AND BASED ON INDIVIDUAL AND OVERALL COMPANY PERFORMANCE. FOR FURTHER INFORMATION ABOUT HOW THE PINES SETS COMPENSATION, SEE PAGE 2 OF SCHEDULE O UNDER THE HEADING "FORM 990, PART VI, SECTION B, LINE 15". A NC MEDICAL CARE COMMISSION 521309402 2013-09-17 14645000 FACILITY EXPANSION 0 0 0 B NC MEDICAL CARE COMMISSION 521309402 2015-10-07 11125000 REFUNDING 0 0 0 C NC MEDICAL CARE COMMISSION 521309402 65820YQG4 2019-03-28 57575241 FACILITY EXPANSION 0 0 0 A 4155000 14645000 512324 292900 13839776 2014 0 0 1 1 B 5885000 11125000 171586 10953414 1 0 1 1 C 15165241 57575241 2665146 885423 48406793 2022 0 0 0 1 A 0 0 1 0 0 0 0 0 B 0 0 1 0 0 0 0 0 C 0 0 1 0 0 0 0 0 A 0 0 0 1 1 0 0 0 0 B 0 0 0 1 1 0 0 0 0 C 0 0 0 1 0 0 0 0 0 X 4 47000 APPRAISAL & SALE 0 0 0 FORM 990, PART VI, SECTION A, LINE 1A EX OFFICIO MEMBERS DO NOT HAVE VOTING RIGHTS FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS OF THE PINES AT DAVIDSON MAINTAINS A FINANCE COMMITTEE AS ONE OF ITS STANDING COMMITTEES. ALL MEMBERS OF THE FINANCE COMMITTEE ARE VOLUNTEER DIRECTORS WHO ARE INDEPENDENT OF MANAGEMENT. ALL MEMBERS OF THE FINANCE COMMITTEE ARE EXPERIENCED BUSINESS PEOPLE OR CPAS. THE CHAIRPERSON ALSO SERVES AS A MEMBER OF THE EXECUTIVE COMMITTEE OF THE ORGANIZATION'S BOARD OF DIRECTORS AND REPORTS AS NEEDED DIRECTLY TO THE BOARD OF DIRECTORS. THE FINANCE COMMITTEE MEETS AT LEAST ANNUALLY IN EXECUTIVE SESSION WITH THE AUDITORS WITHOUT MANAGEMENT PRESENT. CLIFTONLARSONALLEN AUDITS THE ORGANIZATION AND ALSO PREPARES ITS FORM 990 BASED ON INFORMATION PROVIDED BY THE PINES' MANAGEMENT. PRIOR TO FILING THE FORM 990 TAX RETURN THE FORM 990 IS REVIEWED BY THE FINANCE COMMITTEE. A COPY OF THE FORM 990 IS ALSO PROVIDED TO ALL DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION MONITORS THE CONFLICT OF INTEREST POLICY BY SENDING A QUESTIONNAIRE PREPARED BY THE ORGANIZATION'S ATTORNEY AT LEAST ANNUALLY TO ALL DIRECTORS. THE DIRECTORS RETURN THE SIGNED QUESTIONNAIRES. MANAGEMENT OF THE PINES WORKS CLOSELY WITH ITS LEGAL AND TAX ADVISORS IN THE EVENT ANY DIRECTORS INDICATE POTENTIAL CONFLICTS AND PROVIDE ASSISTANCE IN DETERMINING PROPER TREATMENT AND DISCLOSURE. THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS AND/OR THE BOARD OF DIRECTORS IS ALSO APPRISED OF ANY POTENTIAL CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE PINES' BOARD OF DIRECTORS ("BOARD") SERVES AS THE COMPENSATION COMMITTEE, EVALUATING PERFORMANCE AND SETTING COMPENSATION FOR THE PRESIDENT/CEO. THE EXECUTIVE COMMITTEE IS COMPRISED OF THOSE DIRECTORS OF THE CORPORATION WHO ARE THE CHAIRPERSON, VICE CHAIRPERSON, SECRETARY OF THE CORPORATION, AND THE CHAIRPERSONS OF THE COMMITTEES OF THE BOARD OF DIRECTORS. THE COMPENSATION COMMITTEE MEETS AT LEAST ANNUALLY. LEADERS AT THE PINES SET ANNUAL GOALS THAT SUPPORT THE ADVANCEMENT OF THE STRATEGIC PLAN, ENSURING ALIGNMENT WITH THE ORGANIZATION'S MISSION, VISION, AND VALUES. THESE GOALS ARE REGULARLY EVALUATED BY THE BOARD, APPROPRIATE COMMITTEES, AND EXECUTIVE MANAGEMENT. ACHIEVEMENT OF THESE GOALS IS DIRECTLY LINKED TO EACH LEADER'S AT-RISK COMPENSATION. THE COMPENSATION COMMITTEE CONSIDERS COMPENSATION FOR SIMILAR POSITIONS AT OTHER NONPROFIT ORGANIZATIONS IN THE SAME INDUSTRY WITH COMPARABLE TOTAL REVENUES. THE PINES' INDEPENDENT COMPENSATION CONSULTANT GATHERS SUCH INFORMATION ON OTHER NONPROFIT CONTINUING CARE RETIREMENT COMMUNITIES (MAINLY IN NC, SC, AND VA) . THE COMPENSATION COMMITTEE ALSO CONSIDERS A NATIONAL COMPENSATION SURVEY DONE FOR LEADING AGE THAT PROVIDES REGIONAL AND NATIONAL COMPENSATION DATA FOR SIMILAR POSITIONS AT APPROXIMATELY 350 NONPROFIT CONTINUING CARE RETIREMENT COMMUNITIES. THE PRESIDENT AND VICE PRESIDENT EACH RANK BELOW THE 50TH PERCENTILE WHEN THEIR ANNUAL COMPENSATION IS COMPARED TO THE COMPENSATION SURVEY INFORMATION REFERRED TO ABOVE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 FORM 990 AS WELL AS THE CONFLICT OF INTEREST POLICY AND THE CORPORATE BYLAWS ARE AVAILABLE ON REQUEST AT THE BUSINESS OFFICE OF THE PINES. THE AUDITED FINANCIAL STATEMENTS ARE ALSO AVAILABLE ON REQUEST AND A COPY IS KEPT IN THE LIBRARY OF THE PINES AT DAVIDSON. THE ORGANIZATION FILES A DISCLOSURE STATEMENT ANNUALLY WITH THE NORTH CAROLINA DEPARTMENT OF INSURANCE AND IS AVAILABLE ON THE NCDOI WEBSITE. SUCH DISCLOSURE STATEMENT CONTAINS SIGNIFICANT INFORMATION ABOUT THE STATUS AND OPERATIONS OF THE PINES. SUCH DISCLOSURE STATEMENT IS ALSO AVAILABLE IN THE LIBRARY OF THE PINES AND IS DISTRIBUTED TO ALL APPLICANTS FOR RESIDENCE. FORM 990, PART XI, LINE 9: NET ASSET RELEASED FROM RESTRICTION FOR BUILDINGS AND EQUIPMENT 73,730. NET ASSETS RELEASED FROM DONOR RESTRICTIONS -1,391,674. CHANGE IN VALUE OF PLEDGES WITH DONOR RESTRICTIONS 60,403. FORM 990, PART XII, LINE 2C: NO CHANGE IN METHOD SINCE THE PRIOR YEAR. FORM 990, PART I, LINE 19 RECONCILIATION THE REVENUE LESS EXPENSES FOR THE FISCAL YEAR 2024, AS REPORTED ON PART I, LINE 19 OF THE FORM 990, RECONCILES TO THE ORGANIZATION'S AUDITED FINANCIAL STATEMENTS IN THE FOLLOWING MANNER: TOTAL OPERATING REVENUE AND SUPPORT 38,417,055 TOTAL OPERATING EXPENSES 35,446,538 INCREASE IN UNRESTRICTED NET ASSETS 2,970,517 FORM 990, PART I, LINE 19 -- REVENUE LESS EXPENSES 4,605,676 RESTRICTED CONTRIBUTIONS (1,150,685) UNRESTRICTED CONTRIBUTIONS (53,901) RESTRICTED INTEREST INCOME (433,752) RESTRICTED REALIZED LOSS 3,179 PER AUDITED FINANCIAL STATEMENTS 2,970,517 AS OF JUNE 6, 2024, FITCH CONFIRMED THE PINES' BBB+ STATUS WITH A STABLE OUTLOOK. MECKLENBURG REAL ESTATE HOLDINGS LLC PO BOX 33429 CHARLOTTE NC 28233 471154878 REAL ESTATE INVESTMENTS NC 183806 THE PINES AT DAVIDSON INC SDK ENTERPRISES PO BOX 33429 CHARLOTTE NC 28233 842170164 REAL ESTATE INVESTMENTS NC 695000 THE PINES AT DAVIDSON INC