2020-11-13T07:10:29-06:00 2020-06-30 390859910 BAKER TILLY US LLP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2019-07-01 611816180 PURCHASE SENIOR LEARNING COMMUNITY INC PURC 9142516000 735 ANDERSON HILL ROAD PURCHASE NY 10577 JUDITH J NOLAN TREASURER 9142516000 2020-11-12 1 KERRI N BOGDA CPA P00760402 7177404863 73.101.37.214 2020-11-12 10:44:48 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 F58787FA80410BAE38B710EAF9FCC5760AD3BCDF 2019 2021-01-29 14:40:06Z JUDITH J NOLAN 735 ANDERSON HILL ROAD PURCHASE NY 10577 0 0 X N/A X 2016 NY TO DEVELOP & OPERATE A SENIOR LEARNING HOUSING COMMUNITY ON THE GROUNDS OF SUNY, PURCHASE COLLEGE. 10 10 0 11 0 0 851547 0 0 0 183474 0 0 0 1035021 0 0 0 0 0 0 0 0 0 0 2084144 3636025 2084144 3636025 -1049123 -3636025 18422597 22571753 19389569 27174750 -966972 -4602997 X TO DEVELOP AND OPERATE A SENIOR LEARNING HOUSING COMMUNITY ON LAND LEASED FROM THE STATE UNIVERSITY OF NEW YORK ON THE PURCHASE COLLEGE CAMPUS. 0 0 0 0 0 THE PURCHASE COLLEGE ADVANCEMENT CORPORATION (PCAC), A MEMBER-LESS NEW YORK STATE NOT-FOR-PROFIT CORPORATION WITH FEDERAL 501(C)(3) DESIGNATION, WAS FORMED TO DEVELOP AND OPERATE A SENIOR LIVING AND LEARNING COMPLEX TO BE BUILT ON THE CAMPUS OF PURCHASE COLLEGE, STATE UNIVERSITY OF NEW YORK (SUNY), ON LAND LEASED FROM SUNY. USING A $5,250,000 GRANT FROM PURCHASE COLLEGE FOUNDATION HOUSING CORPORATION (PCFHC), PCAC STEWARDED THE ENABLING LEGISLATION, MARKET RESEARCH, DESIGN, AND CONTRACTUAL ARRANGEMENTS WITH THE VARIOUS PROJECT CONSULTANTS AND WITH AN OPERATIONS MANAGER.KEY PROVISIONS OF THE ENABLING LEGISLATION INCLUDE GIVING PCAC THE RIGHT TO CONSTRUCT UP TO 385 LIVING UNITS, OF WHICH 20% ARE TO BE AFFORDABLE TO RESIDENTS WHO EARN 80% OR LESS OF THE WESTCHESTER COUNTY MEDIAN INCOME, AND THAT THE PROCEEDS ARE TO BE USED BY THE COLLEGE, DIVIDED 75% FOR SCHOLARSHIPS AND 25% FOR NEW FULL TIME FACULTY.PCAC CREATED A SEPARATE NEW YORK STATE NOT-FOR-PROFIT CORPORATION, PURCHASE SENIOR LEARNING COMMUNITY INC. (PSLC), WHOSE SOLE MEMBER IS PCAC. PSLC HAS ALSO RECEIVED 501(C)(3) DESIGNATION BY THE INTERNAL REVENUE SERVICE. PSLC WILL BE THE SPONSOR OF THE COMMUNITY, IS THE OBLIGOR OF THE TAX EXEMPT BOND FINANCING, AND IS THE SUB-LESSEE OF THE LAND. AS OF MAY, 2018, ALL CONTRACTS AND WORK PRODUCTS HAVE BEEN TRANSFERRED FROM PCAC TO PSLC.IN OCTOBER, 2018, PSLC RAISED $15,000,000 IN BOND ANTICIPATION NOTE FUNDS WHICH ARE BEING USED TO COMPLETE THE REMAINDER OF THE PRE-DEVELOPMENT AND PRE-MARKETING EFFORTS. PSLC WILL SEEK TO RAISE PERMANENT FINANCING FOR THE INITIAL PHASE OF THE DEVELOPMENT, CONSISTING OF 220 INDEPENDENT LIVING UNITS, 36 BEDS OF ASSISTED LIVING AND 36 BEDS OF MEMORY CARE, BY ISSUANCE OF TAX-EXEMPT BONDS THROUGH THE WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION.THE COMMUNITY'S OFFERING PLAN HAS BEEN APPROVED BY THE NEW YORK STATE ATTORNEY GENERAL. WITH THIS APPROVAL IN PLACE, PSLC HAS BEEN PERMITTED TO BEGIN MARKETING THE PROJECT. BY THE CLOSE OF FYE JUNE 30, 2020, EIGHTY SIX DEPOSITS IN THE AMOUNT OF 10% OF A MARKET RATE UNIT'S ENTRANCE FEE, OR $10,000 FOR AN AFFORDABLE RESIDENCE, WERE RECEIVED. THE THRESHOLD NUMBER OF DEPOSITS IN ORDER TO PROCEED TO PERMANENT FINANCING IS SET AT 70% OF THE UNITS, OR 154 OF THE 220 UNITS PLANNED. PCAC AND PSLC EXPECT TO REACH THAT THRESHOLD BY MID-YEAR, 2021.THE GOALS OF THE COMMUNITY ARE TO SUPPORT THE EDUCATION MISSION OF THE COLLEGE THROUGH THE PROVISION OF REVENUE TO FUND SCHOLARSHIPS FOR STUDENTS, TO ENHANCE THE COLLEGE'S ABILITY TO COMPETE FOR FACULTY DEDICATED TO TRANSFORMATIVE ENGAGEMENT WITH THE STUDENT BODY, AND TO CREATE AN ENVIRONMENT FOSTERING INQUIRY BASED, INTERGENERATIONAL LEARNING THAT NOT ONLY SUSTAINS LIFE, BUT IMPROVES IT FOR ALL INVOLVED, ALL IN FURTHERANCE OF THE PURPOSES AND OBJECTIVES OF THE ENABLING LEGISLATION.WITH THE ADDITION OF THE RESIDENTS OF THE SENIOR LIVING COMMUNITY, THE COLLEGE WILL BECOME A CENTER FOR LIFE-LONG LEARNING. IT WILL OFFER STUDENTS OF ALL AGES UNIQUE, NON-CONVENTIONAL ACCESS TO OPPORTUNITIES FOR INTELLECTUAL AND SOCIAL GROWTH THROUGH ACADEMIC, CULTURAL AND SOCIAL ACTIVITIES. 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 NY X JUDITH J NOLAN TREASURER 9142516067 735 ANDERSON HILL ROAD PURCHASE NY 10577 X BARRY PEARSON VICE CHAIRMAN 1.00 2.00 X X 0 0 0 CARL AUSTIN BOARD MEMBER 1.00 2.00 X 0 0 0 EARLE YAFFA BOARD MEMBER 1.00 1.00 X 0 0 0 ELIZABETH ROBERTSON SECRETARY 3.00 3.00 X X 0 0 0 JUDITH NOLAN TREASURER 1.00 2.00 X X 0 0 0 ROBERT WEINBERG BOARD MEMBER (DECEASED SEPT. '19) 1.00 1.00 X 0 0 0 THOMAS SCHWARZ CHAIRMAN/PRESIDENT 1.00 5.00 X X 0 0 0 ERNIE PALMIERI BOARD MEMBER 1.00 1.00 X 0 0 0 KEVIN PLUNKETT BOARD MEMBER 1.00 1.00 X 0 0 0 DENNIS CRAIG BOARD MEMBER 1.00 1.00 X 0 0 0 STEVEN MABUS BOARD MEMBER 1.00 1.00 X 0 0 0 WAYNE RUSH VICE PRESIDENT 4.69 14.06 X 0 0 0 0 0 0 0 0 0 0 LCSD-SCD PARTNERS LLC 400 LOCUST STREET SUITE 820 DES MOINES IA 50309 DEVELOPMENT MANAGEMENT SERVICES 3346522 GLYNNDEVINS INC DBA GLYNNDEVINS 8880 WARD PKWY SUITE 400 KANSAS CITY MO 64114 MARKETING SVCS. 1152275 HCM DESIGN INC 700 EAST PRATT STREET SUITE 1200 BALTIMORE MD 21202 TECHNICAL SERVICES 970205 DIVNEY TUNG SCHWALBE LLP ONE NORTH BROADWAY WHITE PLAINS NY 10601 ENGINEERING SERVICES 140356 WHITING-TURNER CONTRACTING CO PO BOX 17596 BALTIMORE MD 21297 PRE-CONSTRUCTION SERVICES 116700 6 0 0 0 0 3162 3162 2732224 2732224 878638 878638 8372 8372 236 236 13393 13393 3636025 0 3636025 0 64357 37972 12709387 15524697 3661 9038 6988127 0 3194773 6988127 2450419 11919 18422597 22571753 1781283 1378844 14001910 14196823 3606376 11599083 19389569 27174750 X 0 0 0 0 -966972 -4602997 -966972 -4602997 18422597 22571753 -3636025 0 X 0 1 X 1 0 X 600000 851547 1451547 600000 851547 1451547 0 0 0 1451547 183474 183474 183474 183474 600000 1035021 1635021 X 6988127 6988127 6988127 REFUNDABLE ENTRANCE FEES 8700314 ACCRUED INTEREST 2898769 11599083 X 232560 232560 232560 0 0 0 3868585 232560 232560 3636025 0 3636025 PART X, LINE 2: PURCHASE SENIOR LEARNING COMMUNITY INC. ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS USING A RECOGNITION THRESHOLD OF MORE LIKELY THAN NOT AS TO WHETHER THE UNCERTAINTY WILL BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS BEEN MET. MANAGEMENT DETERMINED THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERSHIP OF THE CORPORATION SHALL CONSIST OF ONE MEMBER: PURCHASE COLLEGE ADVANCEMENT CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBER SHALL DESIGNATE AND ELECT THE DIRECTORS OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBER SHALL ESTABLISH, AND AMEND AS NECESSARY, THE BY-LAWS OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS FIRST REVIEWED BY THE MANAGER OF FINANCE AND THE DIRECTOR OF FINANCE FOR CAMPUS FOUNDATIONS AND RELATED ENTITIES. PENDING THEIR APPROVAL, AND PRIOR TO FILING, THE FORM 990 IS PROVIDED ELECTRONICALLY TO THE FULL BOARD FOR COMMENTS OR QUESTIONS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY PROVIDES FOR ANNUAL WRITTEN ACKNOWLEDGEMENT BY EACH TRUSTEE OR OFFICER THAT EACH HAS READ AND IS FAMILIAR WITH THE CONFLICT OF INTEREST POLICY AND AS TO WHETHER OR NOT THE TRUSTEE OR OFFICER HAS A CONFLICT OF INTEREST. IF A CONFLICT EXISTS, THE COMPLETE DETAILS OF THE CONFLICT ARE TO BE DESCRIBED IN WRITING AND SUBMITTED TO THE BOARD CHAIR OR THE PRESIDENT. THE BOARD CHAIR OR PRESIDENT SHALL REFER THE ISSUE TO THE EXECUTIVE COMMITTEE, OR OTHER BOARD COMMITTEE HAVING DECISION-MAKING AUTHORITY OVER THE SUBSTANTIVE MATTER IN QUESTION. THE TRUSTEE OR OFFICER WHO DISCLOSES A DIRECT OR INDIRECT FINANCIAL INTEREST IN A PROPOSED OR EXISTING CONTRACT, TRANSACTION, OR ARRANGEMENT MAY MAKE A PRESENTATION AND RESPOND TO QUESTIONS BY THE BODY, BUT AFTER SUCH PRESENTATION, HE OR SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND VOTE ON, THE CONTRACT, TRANSACTION, OR ARRANGEMENT THAT RESULTS IN THE CONFLICT OF INTEREST. EACH YEAR AT THE BOARD OF TRUSTEES' ANNUAL MEETING, THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED AND WRITTEN ACKNOWLEDGEMENTS SUBMITTED DURING THE COURSE OF THE YEAR, FINANCIAL RESULTS AND TRANSACTIONS ARE REVIEWED FOR REASONABLENESS AND APPROPRIATENESS, INCLUDING WITH REGARD TO ANY POTENTIAL FOR THERE BEING A CONFLICT. THE CONFLICT OF INTEREST POLICY EXPRESSLY STATES THAT FAMILY AND BUSINESS RELATIONSHIPS MAY BE SOURCES OF POTENTIAL CONFLICTS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. PURCHASE COLLEGE ADVANCEMENT CORPORATION 735 ANDERSON HILL ROAD PURCHASE NY 10577 800432298 MANAGE SENIOR LEARNING COMMUNITY AT SUNY PURCHASE NY 501(C)(3) LINE 10 N/A 0 PURCHASE COLLEGE FOUNDATION HOUSING CORP 735 ANDERSON HILL ROAD PURCHASE NY 10577 134086734 MANAGE & OVERSEE DORMITORY AND FACILITIES AT SUNY PURCHASE NY 501(C)(3) LINE 10 N/A 0 PURCHASE HOUSING CORPORATON II 735 ANDERSON HILL ROAD PURCHASE NY 10577 821262347 MANAGE & OVERSEE DORMITORY AND FACILITIES AT SUNY PURCHASE NY 501(C)(3) LINE 10 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 0