2020-12-15T17:17:42-06:00 2019-12-31 410746749 CLIFTONLARSONALLEN LLP 220 S 6TH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2019-01-01 420680440 WESLEY RETIREMENT SERVICES INC WESL 5152716789 5508 NORTHWEST 88TH STREET JOHNSTON IA 50131 CRAIG FLANAGAN CFO 5152716789 2020-12-15 1 CORY RUTLEDGE P01329381 6123764500 2020-12-15 2019 2022-09-23 18:48:47Z ROB KRETZINGER 5508 NORTHWEST 88TH STREET JOHNSTON IA 50131 107596876 0 X WWW.WESLEYLIFE.ORG X 1947 IA PROVIDING HOUSING, HEALTH CARE, AND SUPPORT SERVICES FOR OLDER ADULTS. 9 9 0 591 0 0 1076184 3330020 75094792 84404621 1561424 4377555 0 0 77732400 92112196 14104 4965 0 0 42063641 46321444 0 0 678012 37363396 41130190 79441141 87456599 -1708741 4655597 283084508 293068365 267268002 268581293 15816506 24487072 X WRS WAS ESTABLISHED IN 1947 AS A FAITH-BASED, NON-PROFIT ORGANIZATION AND HAS SINCE DEDICATED ITSELF TO PROVIDING HOUSING, HEALTH CARE, AND SUPPORT SERVICES EXCLUSIVELY TO OLDER ADULTS IN WAYS THAT PROMOTE INDEPENDENCE, HEALTH AND WELLNESS FOR EVERY IOWAN WE SERVE. WE CONTINUE TO WITNESS HOW OUR FAITH CONNECTS US TO OUR MISSION AND GUIDES US AS WE SERVE OUR CUSTOMER. OUR VISION IS TO "TRANSFORM THE AGING EXPERIENCE" SO OLDER ADULTS LIVE BETTER LONGER. 0 0 79885311 4965 84404621 WESLEY RETIREMENT SERVICES, INC. (WRS) WAS ESTABLISHED IN 1947 AS A FAITH-BASED, NON-PROFIT ORGANIZATION AND HAS SINCE DEDICATED ITSELF TO PROVIDING HOUSING, HEALTH CARE, AND SUPPORT SERVICES EXCLUSIVELY TO OLDER ADULTS IN WAYS THAT PROMOTE INDEPENDENCE AND A HEALTHY, ACTIVE LIFESTYLE FOR EVERYONE WE SERVE. WESLEYLIFE IS THE SOLE MEMBER OF WRS AND OF WESLEY COMMUNITY SERVICES, INC, (WCS) WHICH PROVIDES HOME AND COMMUNITY BASED SERVICES. WRS IS A 501(C)(3) NON-PROFIT ORGANIZATION THAT CURRENTLY OWNS AND OPERATES EIGHT CONTINUING CARE RETIREMENT COMMUNITIES (CCRCS) IN IOWA THAT OFFER A FULL CONTINUUM OF WELLNESS SERVICES. THOSE RETIREMENT COMMUNITIES ARE: WESLEY ACRES IN DES MOINES; HALCYON HOUSE IN WASHINGTON; HERITAGE HOUSE IN ATLANTIC; THE VILLAGE IN INDIANOLA; PARK CENTRE IN NEWTON; EDGEWATER, AN ACTIVE LIFE COMMUNITY IN WEST DES MOINES; HEARTHSTONE, A MINISTRY OF WESLEYLIFE IN PELLA; AND BRIO OF JOHNSTON, A WESLEYLIFE ACTIVE COMMUNITY. AS PART OF OUR MISSION, WE BELIEVE IT IS OUR RESPONSIBILITY TO MAKE THE CITIES AND COMMUNITIES IN WHICH WE OPERATE A BETTER PLACE TO LIVE. WE ARE GUIDED BY OUR CORE VALUES TO PROVIDE QUALITY SERVICES, DEMONSTRATE INTEGRITY, MAINTAIN DIGNITY, FOSTER COMMUNITY, AND DELIVER RESPONSIBLE STEWARDSHIP. WE SERVE OLDER IOWANS BY PROVIDING THEM THE QUALITY SERVICES THEY NEED WITH A SERVANT'S HEART. WE ARE COMMITTED TO QUALITY, EXCELLENCE, HOSPITALITY AND INNOVATION. WE FIRMLY BELIEVE THAT IT IS OUR RESPONSIBILITY TO BE GOOD STEWARDS OF THIS MISSION AND ONLY USE THE RESOURCES WE HAVE BEEN PROVIDED IN WAYS THAT WILL BETTER THE LIVES OF OUR CUSTOMERS. AS A NON-PROFIT ORGANIZATION, WE UNDERSTAND THAT OUR RESPONSIBILITY AND OBLIGATION TO OUR COMMUNITIES IS TO OPERATE WITH TOTAL TRANSPARENCY, HONESTY AND INTEGRITY IN PROVIDING THE BEST CARE POSSIBLE.BELOW REFLECTS SOME OF THE COMMUNITY BENEFITS FROM 2019:- MANY OLDER ADULTS SOMETIMES FACE SITUATIONS WHERE THEIR SAVINGS AND INCOME CAN NO LONGER COVER THE COST OF THEIR NEEDS. IN 2019, RESIDENTS RECEIVED $3,405,772 OF CHARITABLE CARE AS SUPPORTED THROUGH THE GOOD SAMARITAN AND GOOD SHEPHERD FUNDS TO ENSURE EACH PERSON COULD THRIVE IN THEIR HOME. WESLEY NEVER ASKED ANYONE TO LEAVE THEIR HOME DUE TO LACK OF FUNDS- IN 2019, INCREASING OUR REACH TO UNDERSERVED COMMUNITY MEMBERS, MEDICAID DAYS INCREASED BY 5% OVER LAST YEAR TO 59,960 DAYS.- OUR CCRC'S CREATED AND CONDUCTED EDUCATIONAL SESSIONS AIMED AT IMPROVING THE HEALTH OF OLDER ADULTS BY PROMOTING NUTRITION, WELLNESS, AND QUALITY OF LIFE.- WE PROVIDED MORE THAN 29,200 HOURS OF VOLUNTEER OPPORTUNITIES TO APPROXIMATELY 580 MEMBERS OF OUR SHARED COMMUNITY AT OUR COMMUNITY FOR HEALTHY LIVING.- WE COLLECTED AND DONATED VARIOUS ITEMS, INCLUDING CLOTHING, COATS, BOOKS, AND OTHER SUPPLIES, TO AREA CHARITIES. 79885311 1 1 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 196 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 1 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 1 1 X X CRAIG FLANAGAN CFO 5152716789 5508 NORTHWEST 88TH STREET JOHNSTON IA 50131 X ROB KRETZINGER PRESIDENT & CEO 22.00 18.00 X 703094 575261 54787 NICK HARSHFIELD CFO 22.00 18.00 X 156535 128075 49234 GLEN LEWIS EDGEWATER EXECUTIVE DIRECTOR 40.00 0.00 X 141370 0 15777 NANCY BLOWERS-HAMILTON HEARTHSTONE/COTTAGES EXEC. 40.00 0.00 X 122985 0 36204 CHRISTINE MARSHALL HALCYON HOUSE EXECUTIVE DI 40.00 0.00 X 118109 0 6866 SHANNON MINSHALL HERITAGE HOUSE EXECUTIVE DIRECTO 40.00 0.00 X 113255 0 1749 KAREN BENTSEN PARK CENTRE EXECUTIVE DIRECTOR 40.00 0.00 X 108621 0 20398 KEVIN LAGREE CHAIR 1.00 4.00 X X 0 0 0 SUSAN OSWEILLER SECRETARY/TREASURER 1.00 2.00 X X 0 0 0 CHAD RASMUSSEN PAST CHAIR 1.00 2.00 X 0 0 0 KIP ALBERTSON DIRECTOR 1.00 2.00 X 0 0 0 ABBEY GILROY DIRECTOR 1.00 2.00 X 0 0 0 JODY LORENCE DIRECTOR 1.00 2.00 X 0 0 0 BOB RUCH DIRECTOR 1.00 2.00 X 0 0 0 DAVID STOUT DIRECTOR 1.00 2.00 X 0 0 0 DR CHRISTINA TAYLOR DIRECTOR 1.00 2.00 X 0 0 0 1463969 703336 185015 7 0 1 0 SELECT REHABILITATION INC 2600 COMPASS RD GLENVIEW IL 60026 THERAPY SERVICES 2279706 CBS CONSTRUCTION SERVICES INC 11124 ZEALAND AVE N GLENVIEW IL 60026 GENERAL CONTRACTOR 1165322 POPE ARCHITECTS 1255 ENERGY PARK DR ST PAUL MN 55108 GENERAL CONTRACTOR 321637 GRAPE TREE MEDICAL STAFFING 2501 BOJI BEND DR STE 100 MILORD IA 51351 NURSING SERVICES 203029 4 3330020 2752083 3330020 HEALTH CARE SERVICES 624100 80186107 80186107 OTHER RESIDENT SERVICE 900099 3095720 3095720 MEALS INCOME 624100 1122794 1122794 84404621 3365625 3365625 16483536 13074 15484680 0 998856 13074 1011930 1011930 92112196 84404621 0 4377555 4965 4965 916842 687633 229209 37568912 33213151 3937911 417850 805074 708063 88760 8251 3700793 3484547 147856 68390 3329823 3041843 257611 30369 136924 85773 51151 250041 54671 195370 305341 178179 127162 4682909 4367344 311235 4330 650475 496200 153592 683 4022230 3838111 178406 5713 520473 367124 152814 535 3906556 3835241 70527 788 301157 155496 133274 12387 121032 22890 96578 1564 5618017 5455088 162929 12856866 12550970 298305 7591 1980584 1942349 37113 1122 FOOD 4463472 4463472 EMPLOYEE RECRUITING 545533 499009 42289 4235 EMPLOYEE RELATIONS 228283 208815 17696 1772 DUES & SUBSCRIPTIONS 150314 137495 11652 1167 389983 86882 191836 111265 87456599 79885311 6893276 678012 5806557 3864544 6763618 6904220 458664 263368 3837312 5748310 366175 400099 375895 225280 341191972 148473840 199343170 192718132 54323742 60674199 1984963 2213566 2141344 191161 7683068 19865486 283084508 293068365 14978277 10864544 18618677 19655528 139931276 139842443 87993267 92258450 1039107 306781 4707398 5653547 267268002 268581293 X 1884912 6424600 13931594 18062472 15816506 24487072 283084508 293068365 X 4655597 6578169 -2563200 X X 0 1 X 1 1 1 X 2432586 2408745 3581215 1076184 3330020 12828750 70517783 71605281 72185959 75094792 84404621 373808436 72950369 74014026 75767174 76170976 87734641 386637186 40812 2600 1100 2775 47287 786904 1822424 2609328 40812 786904 2600 1100 1825199 2656615 383980571 864531 1545089 2736543 1427119 3365625 9938907 864531 1545089 2736543 1427119 3365625 9938907 73814900 75559115 78503717 77598095 91100266 396576093 0.96820 0.97890 0.02510 0.02100 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 7600796 2760468 621271 10982535 7786038 359273 -544515 7600796 7496991 182905 106142 7786038 7301951 175718 19322 7496991 9280086 150188 -212435 9217839 0.00000 1.00000 0.00000 0 0 4624242 4624242 278983748 116618077 162365671 17402540 4263927 13138613 37466682 27591836 9874846 2714760 2714760 192718132 BOND FUNDS 6981493 INTERCOMPANY RECEIVABLES 12883993 19865486 CHARITABLE REMAINDER TRUST LIABILITY 70803 ANNUITY PAYMENT LIABILITY 86680 FAIR VALUE INTEREST RATE SWAP 4754990 ASSET RETIREMENT OBLIGATION 98201 ENTRY FEE ESCROW DEPOSITS 642873 5653547 X PART IV, LINE 2B: REPAYABLE ENTRY FEES. THESE AGREEMENTS ARE USED IN THE NEWER COMMUNITIES OR WITH MORE RECENT BUILDING OR REMODELING ADDITIONS AT THE OLDER CAMPUSES. IT FEATURES A DECLINING REFUND WITH A MINIMUM REFUND %. THE MINIMUM REFUND WILL VARY FROM 50%, 70%, 75% OR 90% DEPENDING ON THE CAMPUS AND THE LIVING UNITS. THE REFUNDS ARE CONTINGENT UPON THE RECEIPT OF A SUCCESSOR ENTRY FEE. THIS IS THE PREDOMINANT ENTRY FEE TYPE AT THE VILLAGE, WESLEY ACRES, PARK CENTRE AND THE TOWNHOMES AT HALCYON HOUSE. THE EDGEWATER FACILITY DOES NOT REFUND THE ENTRANCE FEE UNTIL BOTH THE UNIT HAS BEEN RENTED BY A SUCCESSOR AND THE RESIDENT IS NO LONGER LIVING AT THE FACILITY. BRIO IS MAINLY A RENTAL FACILITY BUT THEY WILL HAVE ENTRANCE FEE RESIDENTS STARTING IN LATE OCTOBER 2018. ALL INITIAL BRIO RESIDENTS HAVE 100% REFUNDABLE CONTRACTS. AFTER THE INITIAL RESIDENT, THE REFUNDABLE % IS 90%. PART V, LINE 4: THE EARNINGS FROM THE GOOD SAMARITAN/SHEPHERD ENDOWMENT ARE TRANSFERRED TO THE GOOD SAMARITAN/SHEPHERD RESERVE, WHICH IS USED TO ASSIST RESIDENTS OF MODEST MEANS WITH THEIR MONTHLY FEES IN ACCORDANCE WITH GUIDELINES ESTABLISHED BY THE BOARD OF DIRECTORS. EARNINGS FROM THE SARGENT MEMORIAL ENDOWMENT ARE USED FOR SIMILAR PURPOSES FOR WESLEY ACRES. EARNINGS FROM THE SCHEERER MEMORIAL ENDOWMENT ARE USED TO PURCHASE ITEMS FOR THE BENEFIT OF WESLEY ACRES RESIDENTS. EARNINGS FROM THE NURSING SCHOLARSHIP ENDOWMENT ARE USED TO ASSIST HALCYON AND WESLEY ACRES EMPLOYEES IN ADVANCING THEIR NURSING EDUCATION. EARNINGS FROM THE BAKER EMPLOYMENT ENDOWMENT ARE USED TO ASSIST EMPLOYEES OF WESLEY ACRES WITH SHORT-TERM FINANCIAL NEEDS. EARNINGS FROM THE PARK CENTRE AND VILLAGE BUILDING ENDOWMENTS ARE USED TO MAKE IMPROVEMENTS, UPGRADES AND REPAIRS TO THE BUILDINGS. EARNINGS FROM THE PARK CENTRE COMPUTER ENDOWMENT ARE USED TO PURCHASE COMPUTER HARDWARE. EARNINGS FROM NORRIS WELLNESS ENDOWMENT ARE USED TO SUPPORT A WELLNESS PROGRAM AT WESLEY ACRES. EARNINGS FROM THE GOOD SAMARITAN/CORA WAGNER TRUST ARE USED TO ASSIST RESIDENTS AT WESLEY ACRES. PART X, LINE 2: THE CORPORATION AND ITS AFFILIATES ARE GENERALLY EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND APPLICABLE SECTIONS OF THE STATE STATUTES. CONSEQUENTLY, NO PROVISION HAS BEEN MADE FOR INCOME TAXES. HOWEVER, THERE ARE IMMATERIAL AMOUNTS OF UNRELATED BUSINESS INCOME IN CERTAIN AFFILIATES THAT ARE TAXABLE. THE CORPORATION FOLLOWS THE ACCOUNTING STANDARD FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. WRS FILES INFORMATION RETURNS AS A TAX-EXEMPT ORGANIZATION. SHOULD THAT STATUS BE CHALLENGED IN THE FUTURE, ALL YEARS SINCE INCEPTION COULD BE SUBJECT TO REVIEW BY THE INTERNAL REVENUE SERVICE (IRS). X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 ROB KRETZINGER PRESIDENT & CEO 298638 244341 71069 58148 333387 272772 12238 10012 17895 14642 733227 599915 320809 262480 NICK HARSHFIELD CFO 155175 126962 0 0 1360 1113 11000 9000 16079 13155 183614 150230 0 0 GLEN LEWIS EDGEWATER EXECUTIVE DIRECTOR 141205 0 0 0 165 0 0 0 15777 0 157147 0 0 0 NANCY BLOWERS-HAMILTON HEARTHSTONE/COTTAGES EXEC. 122690 0 0 0 295 0 3901 0 32303 0 159189 0 0 0 PART I, LINE 1A ROB KRETZINGER, PRESIDENT & CEO, RECEIVED $2,940 FOR SOCIAL CLUB DUES; THIS BENEFIT WAS INCLUDED IN HIS TAXABLE W-2 COMPENSATION. PART I, LINE 3 WESLEYLIFE DETERMINES THE CEO'S COMPENSATION. WESLEYLIFE, WCS AND WRS HAVE THE SAME BOARD MEMBERS. SEE SCHEDULE O FOR THE NARRATIVE RELATED TO FORM 990, PART VI, LINE 15 FOR FURTHER INFORMATION. PART I, LINE 4B THE FOLLOWING INDIVIDUAL RECEIVED CONTRIBUTIONS INTO A 457(F) DEFERRED COMPENSATION PLAN IN 2019: NICK HARSHFIELD - $20,000 ROB KRETZINGER, PRESIDENT/CEO OF WESLEY RETIREMENT SERVICES AND RELATED AFILLIATES, HAS PARTICIPATED IN A 457(F) DEFERRED COMPENSATION PROGRAM DATING BACK TO 2004 THIS WAS A LONG-TERM RETENTION PROGRAM THAT BECAME VESTED IN 2018. IN 2019, THE PLAN PROVIDED A PRE-TAX PAYMENT OF $583,290, SPLIT BETWEEN WESLEY RETIREMENT SERVICES AND RELATED AFFILIATES. THERE IS ONE REMAINING VESTING PERIOD ON 1/2020 THAT WILL RESULT IN AN EQUAL PAYMENT TO THE PREVIOUS TWO YEARS. HE IS RESPONSIBLE FOR HIS OWN TAX LIABILITY ON THE LUMP SUM PRE-TAX PAYMENT. A IOWA FINANCE AUTHORITY 521699886 46245WAV9 2003-07-31 22510000 IMPROVE FACILITIES, REFUND PRIOR ISSUES 10/29/92, 4/10/97, 11/6/97, 6/22/00 0 0 0 B IOWA FINANCE AUTHORITY 521699886 46246KXT4 2006-10-12 8780000 IMPROVE FACILITIES, REFUND PRIOR ISSUE OF $7,980,000 (7/31/03) 0 0 0 C IOWA FINANCE AUTHORITY 521699886 2007-04-27 1030000 PURCHASE FACILITIES 0 0 0 D IOWA FINANCE AUTHORITY 521699886 2010-12-16 12000000 CONSTRUCT FACILITIES,REFUND PRIOR YEAR ISSUE(07/31/03) 0 0 0 A 22700116 191335 11518574 10990208 2005 1 0 1 1 B 6253000 8880230 18911 156495 119917 3224476 5360432 2005 1 0 1 1 C 433257 1030000 1030000 2007 0 0 1 1 D 5707124 12001928 138348 240000 70593 8657020 2895967 2012 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 D 1 0 0 0 0 0 1 A 0 0 1 1 0 1 SEE PART VI 27.400000000000 0 0 0 0 1 B 0 0 1 1 1 1 SEE PART VI 27.200000000000 0 0 0 0 1 C 0 0 1 1 1 1 0 0 0 0 1 D 0 0 1 1 1 1 0 0 0 0 1 A 1 B 1 C 1 D 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: IOWA FINANCE AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2006 ISSUER NAME: IOWA FINANCE AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 04/12/2008 ISSUER NAME: IOWA FINANCE AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 10/27/2007 ISSUER NAME: IOWA FINANCE AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 11/30/2013 ISSUER NAME: IOWA FINANCE AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 11/30/2017 ISSUER NAME: CITY OF HARVEY, IOWA DATE THE REBATE COMPUTATION WAS PERFORMED: 11/30/2013 ISSUER NAME: CITY OF PELLA, IOWA DATE THE REBATE COMPUTATION WAS PERFORMED: 11/30/2014 ISSUER NAME: CITY OF POLK CITY, IOWA DATE THE REBATE COMPUTATION WAS PERFORMED: 12/31/2018 SCHEDULE K, PART II: ENTITY 1 AND ENTITY 2, PART II, LINE 3 - THE TOTAL PROCEEDS DO NOT AGREE TO THE ISSUE PRICE IN PART I, COLUMN (E) DUE TO INVESTMENT EARNINGS. ENTITY 2, PART II, COLUMN A, LINE 3 - THE TOTAL PROCEEDS DO NOT EQUAL THE SUMMATION OF LINES 4-12 DUE TO TRANSFERRED OR REPLACEMENT PROCEEDS IN LINE 4. ENTITY 2, PART II, COLUMN D, LINE 3 - THE TOTAL PROCEEDS DO NOT EQUAL THE SUMMATION OF LINES 4-12 DUE TO TRANSFERRED OR REPLACEMENT PROCEEDS IN LINE 4. ENTITY 4, PART II, COLUMN A & B, LINE 3 - THE TOTAL PROCEEDS DO NOT EQUAL THE SUMMATION OF LINES 4 - 12 DUE TO TRANSFERRED OR REPLACEMENT PROCEEDS IN LINE 4. ENTITY 4, PART II, COLUMN A & B, LINE 3 - THE TOTAL PROCEEDS DO NOT AGREE TO THE ISSUE PRICE IN PART I, COLUMN (E) AS THIS DEBT WAS ISSUED ON A DRAW-DOWN BASIS AND THE TOTAL PRINCIPAL AVAILABLE HAS NOT YET BEEN DRAWN. SCHEDULE K, PART IV: ENTITY 1, PART IV, COLUMNS A, B, C, & D, LINE 2C - SINCE THE BOND PROCEEDS HAVE BEEN SPENT, A SPENDING EXCEPTION WAS MET, AND THE DEBT SERVICE FUND WAS OPERATED ON A BONA FIDE BASIS, NO FURTHER REBATE CALCULATIONS ARE NECESSARY. ENTITY 2, PART IV, COLUMN A, LINE 2C - SINCE THE BOND PROCEEDS HAVE BEEN SPENT, A SPENDING EXCEPTION WAS MET, AND THE DEBT SERVICE FUND WAS OPERATED ON A BONA FIDE BASIS, NO FURTHER REBATE CALCULATIONS ARE NECESSARY. ENTITY 2, PART IV, COLUMNS B & C, LINE 2C - THIS DEBT WAS ISSUED ON A DRAW-DOWN BASIS AND AMOUNTS WERE DRAWN AS PROJECT COSTS WERE INCURRED. AS NO REBATABLE ARBITRAGE WAS EARNED AND THE DEBT SERVICE FUND WAS OPERATED ON A BONA FIDE BASIS, NO FURHTER REBATE ANALYSIS IS NECESSARY. ENTITY 3, PART IV, COLUMN D, LINE 2C - THIS DEBT WAS ISSUED ON A DRAW-DOWN BASIS AND AMOUNTS WERE DRAWN AS PROJECT COSTS WERE INCURRED. AS NO REBATABLE ARBITRAGE WAS EARNED AND THE DEBT SERVICE FUND WAS OPERATED ON A BONA FIDE BASIS, NO FURTHER REBATE ANALYSIS IS NECESSARY. ENTITY 1, PART IV, COLUMNS A & B, LINE 4B: SERIES B - MORGAN STANLEY SERVICES, INC., BANK OF AMERICA, N.A. ENTITY 3, PART IV, COLUMN D, LINE 4B - PACIFIC COAST BANKERS' BANK. A IOWA FINANCE AUTHORITY 521699886 2012-12-13 20300000 REFUND PRIOR ISSUE (12/20/07) 0 0 0 B CITY OF HARVEY IOWA 421104344 2012-12-21 10000000 LOAN TO FINANCE CONSTRUCTION OF NEW FACILITIES 0 0 0 C CITY OF PELLA IOWA 426005115 2012-12-21 6500000 LOAN TO FINANCE CONSTRUCTION OF NEW FACILITIES 0 0 0 D IOWA FINANCE AUTHORITY 521699886 2015-11-12 41200000 IMPROVE FACILITIES, REFUND PRIOR ISSUE 0 0 0 A 1516127 20300000 1611685 290795 20005190 2009 1 0 1 1 B 2923248 10000000 90223 9909777 2014 0 0 1 1 C 1500000 6500000 54428 6445572 2014 0 0 1 1 D 6739442 41777411 3110392 1177469 40599942 2009 1 1 1 1 A 1 0 0 0 0 0 1 B 1 0 0 0 0 0 1 C 1 0 0 0 0 0 1 D 1 0 0 0 0 0 1 A 0 0 1 1 1 0 0 0 1 B 0 0 1 1 1 0 0 0 1 C 0 0 1 1 1 0 0 0 1 D 0 1 1 0 1 0 0 0 1 A 1 B 1 C 1 D 1 A CITY OF AINSWORTH IOWA 426004179 2015-06-25 10000000 CONSTRUCT AND IMPROVE FACILITIES 0 0 0 B CITY OF LEWIS IOWA 426004884 2015-06-25 6100000 CONSTRUCT AND IMPROVE FACILITIES 0 0 0 C IOWA FINANCE AUTHORITY 521699886 2017-04-27 16150000 FINANCE EXPANSION OF EDGEWATER 0 0 0 D CITY OF POLK CITY IOWA 421019654 2017-08-28 7000000 CONSTRUCTION OF THE BRIO FACILITY 0 0 0 A 938718 10016637 50001 9300773 665864 2017 0 0 0 1 B 581064 6102550 50001 6029999 22550 2018 0 0 1 1 C 12257077 16150000 54845 14199754 189401 0 0 0 1 D 175000 7000000 50001 6949999 2018 0 0 1 1 A 0 0 0 0 0 0 1 B 1 0 0 0 0 0 1 C 1 0 0 0 0 0 1 D 1 0 0 0 0 0 1 A 0 1 0 0 1 0 0 0 1 B 0 1 0 0 1 0 0 0 1 C 0 1 0 0 1 0 0 0 1 D 0 0 1 1 1 1 SEE PART VI 24.900000000000 0 0 0 0 1 A 1 B 1 C 1 D 1 A CITY OF GRANGER IOWA 420922580 2017-08-28 10000000 CONSTRUCTION OF THE BRIO FACILITY 0 0 0 B CITY OF WINDSOR HEIGHTS IOWA 426004577 2017-08-28 8500000 CONSTRUCTION OF THE BRIO FACILITY 0 0 0 A 107500 9567355 50001 9517354 2018 0 0 0 1 B 105000 8131850 50001 8081849 2018 0 0 0 1 A 1 0 0 0 0 0 1 B 1 0 0 0 0 0 1 A 0 1 0 0 1 0 0 0 1 B 0 1 0 0 1 0 0 0 1 A 1 B 1 X 10 3750 FAIR MARKET VALUE X 14399 FAIR MARKET VALUE X 7 2733427 FAIR MARKET VALUE X 2 57 FAIR MARKET VALUE X MISCELLANEOUS 5 450 FAIR MARKET VALUE 0 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS LISTED IN PART 1 IS THE NUMBER OF CONTRIBUTIONS MADE BY DONORS. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE IS COMPRISED OF THE CHAIR OF THE BOARD, THE PRESIDENT/CEO AND AT LEAST THREE DIRECTORS SELECTED BY VOTE OF THE BOARD OF DIRECTORS. EXCEPT FOR THE PRESIDENT/CEO, ALL MEMBERS OF THE EXECUTIVE COMMITTEE MUST BE MEMBERS OF THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE HAS ALL THE AUTHORITY OF THE BOARD (EXCEPT AS NOTED BELOW) BUT LIMITS ITSELF TO MATTERS THAT REQUIRE IMMEDIATE ACTION AND CANNOT WAIT UNTIL THE NEXT SCHEDULED BOARD MEETING. THE EXECUTIVE COMMITTEE SHALL HAVE NO AUTHORITY TO AMEND THE ARTICLES OF INCORPORATION, THE BYLAWS, OR ADOPT A PLAN OF MERGER OR CONSOLIDATION. THE EXECUTIVE COMMITTEE SHALL REPORT ON ITS ACTIONS AT THE NEXT MEETING OF THE BOARD OF DIRECTORS AND SUCH ACTIONS SHALL BE SUBJECT TO REVISION AND ALTERATION OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 3 WESLEY RETIREMENT SERVICES, INC. PAYS WESLEYLIFE, A RELATED ORGANIZATION, FEES TO PERFORM MANAGEMENT SERVICES FOR THE ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 6 WESLEYLIFE, AN EXEMPT 501(C)(3) ORGANIZATION, IS THE SOLE CORPORATE MEMBER. FORM 990, PART VI, SECTION A, LINE 7A WESLEYLIFE ELECTS THE BOARD MEMBERS OF WRS. VACANCIES IN THE BOARD OF DIRECTORS AT WRS ARE FILLED BY WESLEYLIFE. FORM 990, PART VI, SECTION A, LINE 7B APPROVAL OF THE FOLLOWING MATTERS ARE RESERVED EXCLUSIVELY TO THE MEMBER: 1. APPROVAL OF CHANGES TO THE ARTICLES OF INCORPORATION OR BYLAWS; 2. APPOINTMENT OF, OR REMOVAL OF, WITH OR WITHOUT CAUSE, THE MEMBERS OF THE BOARD OF DIRECTORS; ABILITY TO FIX THE NUMBER OF BOARD OF DIRECTORS; 3. APPROVAL OF THE INCURRENCE OF DEBT; 4. THE SALE, TRANSFER OR SUBSTANTIAL CHANGE IN USE OF ALL OR SUBSTANTIALLY ALL OF THE ASSETS, DIVESTITURES, DISSOLUTIONS, CLOSURES, MERGERS, CONSOLIDATIONS, OR CHANGES IN CORPORATE MEMBERS; 5. APPROVAL OF THE TRANSFER OR ENCUMBRANCE OF THE ASSETS; AND 6. APPROVAL OF THE ANNUAL OPERATING BUDGET AND CAPITAL PLAN. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM. THE CEO, CFO AND CONTROLLER REVIEWED THE DOCUMENT INTERNALLY. THE FORM 990 WAS THEN REVIEWED BY THE BOARD'S FINANCE COMMITTEE AND MADE AVAILABLE TO ALL VOTING BOARD MEMBERS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CORPORATION COMMUNICATES THE CONFLICT OF INTEREST POLICY ANNUALLY TO BOARD MEMBERS AND REQUIRES BOARD MEMBERS TO COMPLETE AN ANNUAL STATEMENT DESCRIBING ACTUAL OR PERCEIVED CONFLICTS OF INTEREST. IF ANY CONFLICTS ARISE THE BOARD MUST FOLLOW THE PROCEDURES SPECIFIED IN THE POLICY TO RESOLVE THE MATTER. WITH RESPECT TO THE BOARD MEMBERS, A PERSON WHO HAS A CONFLICT OF INTEREST IS DEEMED AN INTERESTED DIRECTOR. THE INTEREST DIRECTOR SHALL NOT PARTICIPATE IN THE VOTE REGARDING HIS/HER POTENTIAL CONFLICT AND, DEPENDING UPON THE CIRCUMSTANCES, MAY NOT BE PERMITTED TO PARTICIPATE IN THE DISCUSSION REGARDING THE ISSUE. NO INTERESTED DIRECTOR SHALL BE PERMITTED TO VOTE IN MATTERS IN WHICH HE/SHE HAS A CONFLICT OF INTEREST. WITH RESPECT TO EMPLOYEES, THE PRESIDENT, IN CONSULTATION WITH OTHER UNBIASED MANAGERS, SHALL DETERMINE WHETHER A CONFLICT OF INTEREST EXISTS. AFTER EXERCISING DUE DILIGENCE, INCLUDING INVESTIGATING ALTERNATIVES TO A TRANSACTION OR ARRANGEMENT THAT GIVES RISE TO A CONFLICT OF INTEREST, THE PRESIDENT SHALL DETERMINE WHETHER THE CORPORATION IS ABLE TO OBTAIN WITH REASONABLE EFFORTS, A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM ANOTHER INDIVIDUAL OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT AVAILABLE, THE ARRANGEMENT OR TRANSACTION MAY GO FORWARD IF THE PRESIDENT DETERMINES THAT THE TRANSACTION IS FAIR AND IN THE BEST INTEREST OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS IS EMPOWERED BY THE BOARD OF DIRECTORS, ACCORDING TO ARTICLE VII OF THE ORGANIZATION'S BY-LAWS, TO DETERMINE PERFORMANCE GOALS AND MONITOR AND EVALUATE PERFORMANCE OF THE CHIEF EXECUTIVE OFFICER. THE EXECUTIVE COMMITTEE INCLUDES IN ITS EVALUATION, FEEDBACK FROM OTHER BOARD MEMBERS AND OTHERS NOT ASSOCIATED WITH THE COMMITTEE OR THE BOARD. THE COMMITTEE MONITORS PERFORMANCE OF THE ORGANIZATION AND CEO THROUGHOUT THE YEAR AND PROVIDES ONGOING ASSESSMENTS TO THE CEO USING AN EVALUATION AND RATING TOOL. THE COMMITTEE UTILIZES AN ANNUAL INDEPENDENT COMPENSATION SURVEY TO ASSIST IN DETERMINING COMPENSATION. MULTI-SITE ORGANIZATIONS AND LEADINGAGE, FORMERLY KNOWN AS "THE AMERICAN ASSOCIATION OF HOMES AND SERVICES FOR THE AGING", PROVIDE AN ANNUAL SURVEY OF COMPENSATION FOR CEOS AND OTHER OFFICERS. (WESLEYLIFE HAS SEARCHED FOR OTHER SURVEYS TO SUPPLEMENT THIS ONE BUT NO OTHER SURVEY PROVIDES THE SAME DEGREE OF COMPARABILITY.) THE SURVEY INCLUDES ONLY SENIOR LIVING ORGANIZATIONS AND IS SORTED BY GEOGRAPHIC REGIONS, REVENUE VOLUME, FULL-TIME EQUIVALENT EMPLOYEES, AND ASSET SIZE. IN 2015, THE EXECUTIVE COMMITTEE OF THE BOARD ENGAGED AN INDEPENDENT, THIRD PARTY TO TAKE A DEEPER ANALYSIS INTO THE COMPENSATION DESIGN AS COMPARED TO SIMILAR ORGANIZATIONS. THE INTENT WAS TO GO BEYOND THE INDUSTRY BENCHMARKED STUDY AND DRILL INTO APPROPRIATENESS, COMPETITIVENESS, AND OVERALL DESIGN. IT WAS DETERMINED, THROUGH THIS SECOND OPINION, THAT COMPENSATION WAS APPROPRIATE FOR THE SIZE AND COMPLEXITY OF THE ORGANIZATION. THE EXECUTIVE COMMITTEE DISCLOSES TO THE FULL BOARD OF DIRECTORS, IN CLOSED SESSION, THE RESULTS OF THE PERFORMANCE EVALUATION AND COMPENSATION DECISIONS. MINUTES OF MEETINGS ARE MAINTAINED AND THE BOARD CHAIRMAN PROVIDES WRITTEN NOTIFICATION TO BOTH THE CEO AND THE CORPORATE FINANCE DEPARTMENT REGARDING COMPENSATION DECISIONS. THE EVALUATION AND COMPENSATION SETTING PROCESS IS MUCH THE SAME FOR THE OTHER OFFICERS AS FOR THE CEO WITH SOME EXCEPTIONS. THE CEO DETERMINES THE PERFORMANCE GOALS AND MONITORS RESULTS. THE SAME SURVEY AS DESCRIBED ABOVE IS USED TO ASSIST IN DETERMINING COMPENSATION. THE CEO DISCLOSES ANNUALLY TO THE EXECUTIVE COMMITTEE THE COMPENSATION DECISIONS AND REASONS FOR THOSE DECISIONS IN REGARDS TO OTHER OFFICERS. THE LAST REVIEW PROCESS WAS CONDUCTED IN 2019 AND IS DONE ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VII, SECTION A AND FORM 990, PART V, LINE 2 THE ORGANIZATION IS REPORTING 0 W-2S FILED IN FORM 990, PART V, LINE 2 BECAUSE ALL FORMS W-2 ARE FILED BY WESLEYLIFE, A RELATED ORGANIZATION, AS THE COMMON PAYMASTER. HOWEVER, THE ORGANIZATION IS REPORTING COMPENSATION IN FORM 990, PART VII, SECTION A FOR EACH EMPLOYEE BECUASE EACH EMPLOYEE SPLITS THEIR TIME AND SERVICES BETWEEN THE RELATED ORGANIZATIONS, SO A PORTION OF THEIR COMPENSATION IS ATTRIBUTABLE TO THE FILING ORGANIZATION. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF INTEREST RATE SWAPS -887,193. CHANGE IN VALUE OF SPLIT-INTEREST GIFTS 16,452. CHANGE IN VALUE OF PERPETUAL TRUST 210,098. CUMULATIVE CHANGE FROM NEW REVENUE RECOGNITION STANDARD -1,902,557. 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