2025-07-11T15:49:42-05:00 2024-09-30 440160260 FORVIS MAZARS LLP 255 S ORANGE AVENUE SUITE 600 ORLANDO FL 32801 990 2023-10-01 592867652 WATERMAN COMMUNITIES INC WATE 3523830051 250 BROOKFIELD AVENUE MOUNT DORA FL 32757 DAVID LARSON VICE PRESIDENT/CFO 3523830051 2025-07-07 1 1 HARRY E HARP P00176471 4077405400 2025-07-07 2023 2025-03-06 01:10:19Z WATERMAN VILLAGE OF MT DORA ANDREW DUJON 250 BROOKFIELD AVENUE MOUNT DORA FL 32757 74885967 0 X WWW.WATERMANVILLAGE.COM X 1987 FL TO PROVIDE HOUSING, HEALTHCARE AND OTHER SERVICES TO THE ELDERLY. 6 6 678 156 0 0 52 35036 41759855 47078409 373723 1060779 0 0 42133630 48174224 119176 113134 0 0 21139956 22749338 0 0 0 31214678 31203221 52473810 54065693 -10340180 -5891469 142337644 133204295 169970355 166333488 -27632711 -33129193 X AS A COMMUNITY CENTERED ORGANIZATION, WATERMAN COMMUNITIES, INC. MAKES IT POSSIBLE FOR RESIDENTS TO AGE SUCCESSFULLY, LIVING THEIR BEST LIFE WITH MAXIMUM WELLNESS AND INDEPENDENCE THROUGH A BROAD RANGE OF SERVICES DELIVERED WITH CARE, INTEGRITY AND PROFESSIONALISM. 0 0 48525730 113134 47078409 WATERMAN COMMUNITIES, INC. PROVIDES SENIOR LIVING, INDEPENDENT LIVING, ASSISTED LIVING, AND NURSING CARE TO ITS RESIDENTS. THE FILING ORGANIZATION OPERATES 56 INDEPENDENT LIVING MANOR UNITS, 203 INDEPENDENT LIVING VILLAS, 77 ASSISTED LIVING UNITS, AND A 120-BED SKILLED NURSING FACILITY. IN 2023, UNIT ADDITIONS WERE 159 INDEPENDENT LIVING UNITS, WITH COMMON AMENITY SPACES, AND 24 MEMORY CARE UNITS. ACROSS ALL PROGRAMS, THERE WERE 289,995 RESIDENT DAYS IN THE CURRENT YEAR.SEE SCHEDULE O FOR ADDITIONAL INFORMATION.THE EDGEWATER HEALTH CARE AND REHABILITATION CENTER, A SKILLED NURSING FACILITY, HAS THE CAPACITY TO SERVE APPROXIMATELY 120 RESIDENTS IN ITS REHABILITATION THERAPY SUB-ACUTE AND SECURED DEMENTIA UNITS, AND LONG-TERM CARE NURSING FACILITY BEDS. THE INDEPENDENT LIVING UNITS HAVE THE CAPACITY TO SERVE APPROXIMATELY 418 ELDERLY RESIDENTS BY PROVIDING ONE MEAL PER DAY, TRANSPORTATION TO MEDICAL APPOINTMENTS, SHOPPING, ACTIVITIES, MEAL SERVICES, HOUSEKEEPING, MAINTENANCE, BASIC CABLE TELEVISION AND SOME UTILITIES. THE BRIDGEWATER ASSISTED LIVING FACILITY HAS THE CAPACITY TO SERVE APPROXIMATELY 77 ELDERLY RESIDENTS WITH ASSISTANCE IN CERTAIN ACTIVITIES OF DAILY LIVING, INCLUDING A 24-HOUR NURSING STAFF; THREE MEALS DAILY; HOUSEKEEPING AND MAINTENANCE; TRANSPORTATION TO MEDICAL APPOINTMENTS AND SHOPPING ACTIVITIES; BASIC CABLE TELEVISION AND ALL UTILITIES. WATERMAN VILLAGE HOME CARE PROVIDES COMPANION/SITTERS, CNA SERVICES, NURSING SERVICES, AND REHABILITATIVE THERAPY TO INDEPENDENT LIVING AND BRIDGEWATER RESIDENTS AS WELL AS OFF-CAMPUS PERSONS.LAKESIDE AT WATERMAN VILLAGE ("LAKESIDE") CONSISTS OF 40 INDEPENDENT LIVING GARDEN HOME UNITS, 87 INDEPENDENT LIVING LAKESIDE GARDEN APARTMENTS, AND 32 INDEPENDENT LIVING LAKEHOUSE APARTMENTS. IN NOVEMBER 2022, LAKESIDE ALSO OPENED A 24-BED MEMORY SUPPORT ASSISTED LIVING FACILITY. 48525730 1 0 0 0 0 0 0 0 1 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 1 0 0 0 0 0 1 0 0 0 1 35 0 1 678 1 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 X DAVID LARSON 3523830051 250 BROOKFIELD AVENUE MOUNT DORA FL 32757 KEVIN MCEWEN CHAIRMAN 2.00 X X 0 0 0 TOM POPIESKI VICE CHAIRMAN 2.00 X X 0 0 0 KIM STEWART TREASURER 2.00 X X 0 0 0 CATHERINE HOESCHST SECRETARY 2.00 X X 0 0 0 RICHARD LEIGH DIRECTOR 2.00 X 0 0 0 BOBBY ROWE DIRECTOR 2.00 X 0 0 0 ANDREW DUJON PRESIDENT/CEO 40.00 X 393012 0 49161 DAVID NWOGU VICE PRESIDENT/COO 40.00 X 203806 0 44264 HEARDLEY MURDOCK VICE PRESIDENT/CFO 40.00 X 194852 0 35546 THERESE KIRLEW HOME CARE ADMINISTRATOR 40.00 X 159897 0 19504 SANDRA VAN SYCKEL RISK MANAGER 40.00 X 121991 0 63060 TITO ARDINES HR DIRECTOR, RN 40.00 X 130405 0 31444 JEFFREY BASSETT MARKETING DIRECTOR 40.00 X 126755 0 29999 ABE W ZIMMERMAN MARKETING MANAGER 40.00 X 106893 0 29213 1437611 0 302191 9 0 1 0 SODEXO INC & AFFILIATES PO BOX 360170 PITTSBURGH PA 15251 DINING SERVICES 7327629 RICK TANNER BUILDERS INC 21502 PARADISE WAY EUSTIS FL 32736 CONSTRUCTION SERVICES 1525833 UMB BANK NA 1010 GRAND BOULEVARD KANSAS CITY MO 64106 RENT LEASE 1375541 AGENCY FOR HEALTH CARE ADMINISTRATION 2727 MAHAN DRIVE TALLAHASSEE FL 32308 QUALITY ASSESSMENT FEES 623236 TNT LAWN CARE LLC 10240 BARRINGTON CT LEESBURG FL 34788 MAINTENANCE CONTRACTOR SERVICES 486466 8 35036 35036 RESIDENT SERVICE REVENUE 623000 25145158 25145158 PATIENT SERVICE REVENUE 623990 15129880 15129880 EARNED ENTRANCE FEES 623000 3957765 3957765 HOME HEALTH REVENUE 623000 1909434 1909434 OTHER RESIDENT REVENUE 623000 936172 936172 47078409 888262 888262 26884260 26582011 129732 302249 -129732 172517 172517 48174224 47078409 0 1060779 113134 113134 605420 605420 20214662 17973416 2241246 421883 256809 165074 1507373 1301408 205965 1466000 1466000 83280 83280 2583003 1645796 937207 304737 304737 1556228 1403917 152311 4425614 4213099 212515 89968 48252 41716 4821939 4677281 144658 7990218 7750511 239707 3231509 3072860 158649 FOOD AND DIETARY USAGE 3270693 3223944 46749 MEDICAL SUPPLIES 1071514 1071514 SUPPLIES 266244 266244 UNIFORMS 41545 41545 729 729 54065693 48525730 5539963 0 6898134 7324645 13816796 5784974 5179378 2438061 113077 91293 947768 1028662 175516580 73564177 106925521 101952403 7307856 13568810 1149114 1015447 142337644 133204295 9059806 5747979 14981097 12530265 84954970 84463776 878951 598766 60095531 62992702 169970355 166333488 X -27632711 -33129193 -27632711 -33129193 142337644 133204295 X -5891469 261132 133855 X X 0 1 X 1 0 X 1211379 2891630 88331 52 35036 4226428 29487230 27523022 32397706 41759855 47078409 178246222 30698609 30414652 32486037 41759907 47113445 182472650 0 0 0 182472650 92172 985225 291233 591425 888262 2848317 92172 985225 291233 591425 888262 2848317 30790781 31399877 32777270 42351332 48001707 185320967 0.98460 0.98410 0.01540 0.01280 X 1 3202 4726 7928 0 3711303 3711303 140957178 55338349 85618829 30629475 18225828 12403647 218624 218624 101952403 CERTIFICATE OF DEPOSIT 5028578 F CORPORATE BONDS 6232273 F EQUITIES 780959 F MUTAL FUNDS 450000 F U.S. TREASURY SECURITIES 583970 F U.S. GOVERNMENT AGENCIES 493030 F 13568810 OTHER LIABILITIES 451137 REFUNDABLE ENTRANCE FEES LIABILITY 59532310 RESERVATION DEPOSIT LIABILITIES 132406 RESIDENT REFUNDS PAYABLE 2876849 62992702 X 48456077 261132 20721 281853 48174224 0 48174224 53952559 0 53952559 113134 113134 54065693 PART IV, LINE 1B: THE COMMUNITY PROVIDES A CASH MANAGEMENT SERVICE TO ITS RESIDENTS. THESE FUNDS REMAIN THE SOLE PROPERTY OF EACH RESIDENT, TO BE DISBURSED ONLY AS REQUESTED AND, ACCORDINGLY, THESE FUNDS ARE EXCLUDED FROM THESE FINANCIAL STATEMENTS. THE COMMUNITY HAS A FIDUCIARY DUTY OF ACCOUNTABILITY FOR THESE FUNDS. AT SEPTEMBER 30, 2024 AND 2023, THESE FUND BALANCES WERE APPROXIMATELY $8,000 AND $3,000, RESPECTIVELY. PART X, LINE 2: THE COMMUNITY IS ORGANIZED AS A NOT-FOR-PROFIT CORPORATION UNDER THE LAWS OF THE STATE OF FLORIDA AND HAS BEEN GRANTED RECOGNITION OF ITS TAX-EXEMPT STATUS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE; ACCORDINGLY, NO INCOME TAX LIABILITY OR PROVISION FOR INCOME TAXES IS REFLECTED IN THESE COMBINED FINANCIAL STATEMENTS. THE COMMUNITY'S TAX RETURNS FOR THE LAST THREE YEARS ARE SUBJECT TO INCOME TAX EXAMINATION BY U.S. FEDERAL OR STATE OF FLORIDA TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN BENEFICIAL INTEREST IN NET ASSETS OF WATERMAN VILLAGE FOUNDATION 133,855. GRANT SUBSIDY RECLASS -113,134. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANT SUBSIDY RECLASS 113,134. 1 RENT SUBSIDY 12 113134 FAIR MARKET VALUATION RESIDENT RENT ABATEMENT PROGRAM X X 0 1 0 0 0 1 0 0 0 ANDREW DUJON PRESIDENT/CEO 393012 0 0 0 0 0 12500 0 36661 0 442173 0 0 0 DAVID NWOGU VICE PRESIDENT/COO 203806 0 0 0 0 0 3592 0 40672 0 248070 0 0 0 HEARDLEY MURDOCK VICE PRESIDENT/CFO 194852 0 0 0 0 0 3316 0 32230 0 230398 0 0 0 SANDRA VAN SYCKEL RISK MANAGER 121991 0 0 0 0 0 23400 0 39660 0 185051 0 0 0 THERESE KIRLEW HOME CARE ADMINISTRATOR 159897 0 0 0 0 0 0 0 19504 0 179401 0 0 0 TITO ARDINES HR DIRECTOR, RN 130405 0 0 0 0 0 2626 0 28818 0 161849 0 0 0 JEFFREY BASSETT MARKETING DIRECTOR 126755 0 0 0 0 0 0 0 29999 0 156754 0 0 0 PART I, LINE 4B ALL MANAGING DIRECTORS ARE ELIGIBLE TO PARTICIPATE IN THE NON-QUALIFED DEFERRED COMPENSATION PLAN ESTABLISHED BY THE ORGANIZATION. ALL COMPENSATED INDIVIDUALS LISTED ON PART VII PARTICIPATE IN THE PLAN, AND NONE OF THESE INDIVIDUALS WITHDREW MONIES FROM THE PLAN DURING THE REPORTING YEAR. NO WITHDRAWALS CAN BE MADE FROM THE PLAN EXCEPT UNDER THE FOLLOWING CIRCUMSTANCES, (1) RETIREMENT - AGE 65, (2) TERMINATION OF EMPLOYMENT, (3) DEATH, (4) UNFORESEEABLE EMERGENCY, (5) DE MINIMIS EXCEPTION, OR (6) AGE 73 REQUIRED MINIMUM DISTRIBUTION. AFTER FIVE YEARS OF SERVICE, THE EARNED OWNERSHIP INTEREST (VESTING) OF THE EMPLOYER CONTRIBUTIONS BECOMES 100%. PART I, LINE 6 CEO AND CFO BONUSES ARE BASED ON OPERATIONAL PROFIT, NOT INCLUDING EXTRAORDINARY ITEMS. A LAKE COUNTY FLORIDA 596000695 50826FAD5 2020-10-08 126340000 SEE SUPPLEMENTAL INFORMATION 0 0 0 A 41500000 123507807 6624482 2470156 91244238 23168931 2020 0 0 1 1 A 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 0 A 1 SCHEDULE K, PART I, LINE A(F) ON OCTOBER 8, 2020, THE COMMUNITY COMPLETED THE SERIES 2020 LAKE COUNTY, FLORIDA, RETIREMENT FACILITY REVENUE BONDS (THE "SERIES 2020 BONDS") FINANCING OF APPROXIMATELY $126,340,000 IN CONNECTION WITH THE DEVELOPMENT OF THE LAKESIDE EXPANSION CAMPUS. THE PROCEEDS OF THE SERIES 2020 BONDS ARE TO BE USED TO (1) FINANCE THE COST OF CONSTRUCTING, DEVELOPING, MARKETING, ACQUIRING AND EQUIPPING THE LAKESIDE EXPANSION PROJECT, (2) REPAYMENT OF THE SERIES 2018 REVENUE BOND ANTICIPATION NOTES AND THE SERIES 2016 BONDS, (3) FUND INTEREST ON THE PORTION OF THE SERIES 2020 BONDS ALLOCATED TO THE LAKESIDE EXPANSION PROJECT (4) FUND A DEBT SERVICE RESERVE FUND FOR EACH SERIES OF THE SERIES 2020 BONDS (5) PAY THE COSTS ASSOCIATED WITH THE ISSUANCE OF THE SERIES 2020 BONDS, AND (6) REPAY CERTAIN PREVIOUSLY OUTSTANDING PROMISSORY NOTE BALANCES. THE SERIES 2020 BONDS ARE COLLATERALIZED BY SUBSTANTIALLY ALL ASSETS (INCLUDING A MORTGAGE ON THE REAL PROPERTY OF THE COMMUNITY), REVENUES, INCOME, AND RECEIPTS OF THE COMMUNITY. HILLCREST INSURANCE AGENCY ENTITY OWNED MORE THAN 35% BY BOARD MEMBER, KEVIN MCEWEN 195967 INSURANCE 0 FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION'S CHIEF FINANCIAL OFFICER CONDUCTS A COMPREHENSIVE REVIEW OF THE FORM 990 BEFORE IT IS FILED. A COPY OF THE RETURN, AS ULTIMATELY FILED, IS PROVIDED TO EACH VOTING MEMBER OF THE BOARD OF DIRECTORS BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S BOARD OF DIRECTORS MONITORS AND ENFORCES COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY ANNUALLY. THE BOARD REVIEWS ACTUAL CONFLICTS THAT ARE IDENTIFIED BY THE ANNUAL DISCLOSURE PROCESS AND PROHIBITS OFFICERS AND DIRECTORS FROM VOTING ON MATTERS WHERE ACTUAL CONFLICTS OF INTEREST EXIST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS DETERMINES THE COMPENSATION AND BENEFITS OF THE CHIEF EXECUTIVE OFFICER. THE CEO DETERMINES THE COMPENSATION AND BENEFITS OF OTHER OFFICERS AND KEY EMPLOYEES. THE BOARD AND CEO ARE INDEPENDENT WITH RESPECT TO THE COMPENSATION ARRANGEMENTS BEING CONSIDERED. THE BOARD UTILIZES COMPARABILITY SURVEYS PROVIDED BY THE ORGANIZATION'S CPA FIRM. THE REVIEW AND APPROVAL PROCESS IS DOCUMENTED IN BOARD MEETING MINUTES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN BENEFICIAL INTEREST IN NET ASSETS OF WATERMAN VILLAGE FOUNDATION 133,855. FORM 990, PART XII, LINE 2C THE BOARD OF DIRECTORS IS RESPONSIBLE FOR THE OVERSIGHT OF THE ORGANIZATION'S FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THERE WAS NO CHANGE IN THIS PROCESS FROM THE PRIOR YEAR. WATERMAN COMMUNITIES FOUNDATION INC 250 BROOKFIELD AVENUE MOUNT DORA FL 32757 030386001 RAISES FUNDS FOR THE BENEFIT OF WATERMAN COMMUNITIES, INC. FL 501(C)(3) LINE 12A, I N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1