2020-02-13T15:24:39-06:00 2019-03-31 410746749 CLIFTONLARSONALLEN LLP 227 WEST TRADE STREET SUITE 800 CHARLOTTE NC 28202 990 2018-04-01 540524902 COVENANT WOODS COVE 8045698000 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 ERIK MAURITSEN CFO 8045698173 2020-02-12 1 JOHN NORMAN P01506766 7049985200 2020-02-10 67.137.57.251 2020-02-12 17:32:28 ES P 73A15A4670F8699035F79A4A260D9E5C6ABFF31E AEEFB092F20D0663DDFFCB72F896404226BA8DAE 2018 2020-11-19 02:30:22Z JOHN DWYER 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 28138195 0 X WWW.COVENANTWOODS.COM X 1901 VA NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY. 18 18 415 239 -8701 0 245172 190278 24046719 24565462 2937699 1704951 370202 426300 27599792 26886991 277100 392438 0 0 10115574 11849573 0 0 180668 15030063 16214265 25422737 28456276 2177055 -1569285 171623927 179240016 136713409 151744295 34910518 27495721 X IT IS THE MISSION OF COVENANT WOODS, A NOT-FOR-PROFIT CONTINUING CARERETIREMENT COMMUNITY, TO PROVIDE OUR RESIDENTS WITH EXCEPTIONAL CARE,QUALITY OF LIFE, AND SECURITY AND COMFORT IN KEEPING WITH THE BENEVOLENT VISION OF OUR METHODIST AND PRESBYTERIAN FOUNDERS IN 1883. 0 0 21122283 392438 24565462 COVENANT WOODS (CW), A VIRGINIA NONSTOCK CORPORATION FOUNDED IN OCTOBER, 1883, IS A NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY IN MECHANICSVILLE, VA. CW CONSISTS OF 226 INDEPENDENT LIVING UNITS, 42 ASSISTED LIVING UNITS, AND 53 LICENSED NURSING BEDS. THE COST TO OPERATE CW DURING FY2019 APPROXIMATES $28,063,838. CW IS A NOT-FOR-PROFIT SENIOR LIVING COMMUNITY OFFERING ACTIVE LIFESTYLES, PERSONAL FREEDOM IN DAILY LIFE, AND FINANCIAL AND PHYSICAL SECURITY WITHIN AN EXTENSIVE CONTINUUM OF CARE. LOCATED ON 90 PRIVATE ACRES, COVENANT WOODS' HANOVER COUNTY CAMPUS FACILITATES A BROAD WELLNESS PROGRAM INCLUDING EXTENSIVE WALKING TRAILS AND OUTDOOR ACTIVITY SPACES, AS WELL AS MUSICAL PERFORMANCES, LECTURES, CLASSES, AND SOCIAL GATHERINGS. COVENANT WOODS PROVIDES MAINTENANCE-FREE LIVING WITH INTERIOR AND EXTERIOR MAINTENANCE, LAWN CARE AND SNOW REMOVAL, AND HOUSEKEEPING INCLUDED. NUMEROUS RESOURCES ARE AVAILABLE TO RESIDENTS INCLUDING FOUR DIFFERENT DINING VENUE CHOICES IN INDEPENDENT LIVING, PRIVATE DINING ROOMS, A FITNESS CENTER AND INDOOR SALTWATER SWIMMING POOL, GAME AND EVENT SPACES, BILLIARDS ROOM, ART STUDIO, GARDENING AREAS, WOOD WORKING AND POTTERY SHOPS, AND A PAVED WALKING TRAIL SURROUNDING A STOCKED POND. COVENANT WOODS OFFERS TRANSPORTATION SERVICES, A 24-HOUR SECURITY AND A PERSONAL EMERGENCY ALERT SYSTEM, THERAPY, AND CLINIC SERVICES. 21122283 1 1 0 1 0 0 0 0 0 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 0 0 0 0 0 1 0 0 0 0 1 122 0 415 1 1 1 0 0 0 0 0 1 1 0 0 0 0 0 X 18 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X X ERIK MAURITSEN 8045698002 7090 COVENANT WOODS DR MECHANICSVILLE VA 23111 MICHAEL CARTER CHAIR 1.00 X X 0 0 0 EMILY BENNETT VICE CHAIR 1.00 X X 0 0 0 MICHAEL REYNOLD ESQ SECRETARY 1.00 X X 0 0 0 RICHARD ADAMS BOARD MEMBER 1.00 X 0 0 0 BRANDON ARMOR BOARD MEMBER 1.00 X 0 0 0 NANCY CLARK BOARD MEMBER 1.00 X 0 0 0 KIMBERLY LYNCH BOARD MEMBER 1.00 X 0 0 0 KAREN COOK BOARD MEMBER 1.00 X 0 0 0 RONI DOOLIN BOARD MEMBER 1.00 X 0 0 0 DAVID FULLER BOARD MEMBER 1.00 X 0 0 0 RHONDA GEISEL BOARD MEMBER 1.00 X 0 0 0 JACK HILL BOARD MEMBER 1.00 X 0 0 0 GLENN MILLICAN BOARD MEMBER 1.00 X 0 0 0 JULIA PARTRIDGE BOARD MEMBER 1.00 X 0 0 0 W CANOVA PETERSON BOARD MEMBER 1.00 X 0 0 0 J BRADLEY PURCELL BOARD MEMBER 1.00 X 0 0 0 MICHAEL SMITH BOARD MEMBER 1.00 X 0 0 0 WILLIAM M WEIMER BOARD MEMBER 1.00 X 0 0 0 JOHN E DWYER JR PRESIDENT/CEO 40.00 1.00 X X 286835 0 47185 ERIK MAURITSEN CFO 40.00 1.00 X 187605 0 16959 CARRIE DAVIS ADMINISTRATOR 40.00 X 139561 0 34033 ELIZABETH RICHARDSON DIRECTOR OF MARKETING AND 40.00 X 124876 0 19383 MICHAEL SCHEFF DIRECTOR OF DINING 40.00 X 126043 0 18949 TOM DIEHL DIRECTOR OF IT 40.00 X 122212 0 36349 EMILY ROBINSON ENDERT DIRECTOR OF HUMAN RESOURCE 40.00 X 113082 0 21947 1100214 0 194805 7 0 1 0 WM JORDAN PO BOX 1337 NEWPORT NEWS VA 23601 CONSTRUCTION 5911368 HENDERSON INC 5806 MOORETOWN ROAD WILLIAMSBURG VA 23187 CONSTRUCTION 3277810 PFG - PERFORMANCE FOOD SERVICE 7420 RANCO ROAD RICHMOND VA 23228 FOOD SERVICES 1110963 DIRECT SUPPLY PO BOX 88201 MILWAUKEE WI 53288 FURNITURE, FIXTURES AND EQUIPMENT 344470 VICTOR PRODUCTS CO PO BOX 7910 RICHMOND VA 23223 DINING SUPPLIES 322906 26 190278 190278 RESIDENTIAL SERVICES 623990 14751120 14751120 HEALTHCARE SERVICES 624100 9698040 9698040 RESIDENT SERVICES 812900 116302 116302 24565462 1912276 -8701 1920977 30816 0 30816 30816 30816 1043879 0 1251204 1043879 -1251204 -207325 -207325 MEAL/FOOD REVENUE 722220 312107 312107 MISCELLANEOUS INCOME 900099 66222 66222 DRUGS/MEDICAL SUPPLIES 900099 17155 17155 395484 26886991 24565462 -8701 2139952 30230 30230 362208 362208 712178 213653 498525 8340814 6375996 1844839 119979 300929 190387 103029 7513 1826816 1597961 210726 18129 668836 484620 173243 10973 61580 61580 76139 76139 86084 86084 395302 167782 227520 224669 24779 199890 3957744 3174877 761179 21688 70222 70222 2297635 2297635 42095 2725 39370 82201 6730 73085 2386 3143231 2126466 1016765 5206252 3521811 1684441 357637 357637 MISCELLANEOUS 213474 186786 26688 28456276 21122283 7153325 180668 2128 49074 1554359 1106353 21332 4607 626200 1299962 16757 28382 4551038 258281 156301837 35357817 111186723 120944020 43559174 37055276 7596800 15806584 2086603 2174930 422813 512547 171623927 179240016 3871767 4172773 53928187 53284364 74815258 89185843 82275 168802 4015922 4932513 136713409 151744295 X 31272265 23818936 2236903 2339040 1401350 1337745 34910518 27495721 171623927 179240016 X -1569285 -1503288 -4342224 X X 0 1 X 1 0 X 313109 344686 421666 245172 190278 1514911 15428717 21008390 22445183 24046719 24565462 107494471 468855 349246 326050 338186 395484 1877821 16210681 21702322 23192899 24630077 25151224 110887203 10000 10000 0 10000 10000 110877203 1829286 1637134 1354833 1478252 1951793 8251298 7538 5637 4246 -8701 8720 1836824 1642771 1359079 1478252 1943092 8260018 18047505 23345093 24551978 26108329 27094316 119147221 0.93060 0.92720 0.06930 0.07260 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 275 275 0 PART II-B, LINE 1: THE ORGANIZATION IS A MEMBER OF LEADINGAGE VIRGINIA. A SMALL PORTION OF THE DUES PAID TO THESE ORGANIZATIONS HAS BEEN ALLOCATED TO LOBBYING EXPENDITURES CONDUCTED BY THESE ORGANIZATIONS. 0 1 X 4734221 4734221 130904520 27536607 103367913 6361362 2990262 3371100 6971244 3343195 3628049 7330490 1487753 5842737 120944020 RESERVE FUND 5593529 C INTEREST FUND 1118314 C PRINCIPAL FUND 777740 C PERMANENTLY RESTRICTED TRUSTS 1337744 C PORTFOLIO ADVISORS 600274 C LINGERFELT FUND 425308 C 2012 SERIES BOND TRUSTEE FUND 4666622 C SIGULER GUFF DISTRESS OPP FUND III, L.P. 447976 C NORTHGATE IV, L.P. 839077 C 15806584 REFUNDABLE ADVANCE FEES 4862211 OTHER LIABILITIES 6302 ADVANCED DEPOSIT FEES 64000 4932513 X 27611667 0 27611667 -724676 -724676 26886991 28063838 0 28063838 392438 392438 28456276 PART IV, LINE 2B: FUNDS HELD BY ESCROW AGENT ARE ALL ADVANCED FEE DEPOSITS FROM POTENTIAL FUTURE RESIDENTS FOR UNITS THAT ARE NOT YET AVAILABLE FOR OCCUPANCY. THESE DEPOSITED FUNDS ARE KEPT AND MAINTAINED IN AN ACCOUNT SEPARATE FROM THE ORGANIZATION'S BUSINESS ACCOUNT AS REQUIRED BY LAW. PART X, LINE 2: THE ORGANIZATION IS A TAX-EXEMPT ORGANIZATION AS DEFINED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION'S INCOME TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. THE ORGANIZATION IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS OR ANY ACTIVITIES THAT ARE SUBJECT TO TAX ON UNRELATED BUSINESS INCOME, EXCISE OR OTHER TAXES. THE ORGANIZATION FOLLOWS THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS. THIS STANDARD PRESCRIBES RECOGNITION AND MEASUREMENT OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. THIS STANDARD HAD NO IMPACT ON THE ORGANIZATION'S FINANCIAL STATEMENTS FOR THE YEARS ENDED MARCH 31, 2019 AND 2018. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF ASSETS -1,251,204. REVENUE FROM TEMPORARILY RESTRICTED ASSETS 134,090. BENEVOLENT ASSISTANCE 392,438. PART XII, LINE 4B - OTHER ADJUSTMENTS: BENEVOLENT ASSISTANCE 392,438. 1 COVENANT PROGRAM/BENEVOLENT CARE 7 362000 PART I, LINE 2: COVENANT WOODS PROVIDES BENEVOLENCE FUNDS UNDER THE COVENANT PROGRAM TO RESIDENTS WITHIN THE ORGANIZATION WHO CAN NO LONGER AFFORD TO PAY FOR THEIR CARE. THE PROGRAM IS DESIGNED TO PRESERVE THE DIGNITY OF THE PARTICIPANTS AND TO ENHANCE THEIR QUALITY OF LIFE IN KEEPING WITH THE MISSION OF COVENANT WOODS. THE IDENTITY OF PERSONS RECEIVING COVENANT PROGRAM ASSISTANCE IS STRICTLY CONFIDENTIAL. FROM THE INFORMATION PROVIDED BY THE APPLICANT, A DETERMINATION WILL BE MADE BY THE CFO AND CEO REGARDING WHETHER OR NOT THE RESIDENT QUALIFIES FOR FINANCIAL ASSISTANCE FROM THE COVENANT PROGRAM, AND IF SO, HOW MUCH. ASSISTANCE MAY BE PROVIDED IN THREE FORMS: ENTRANCE FEE ASSISTANCE, MONTHLY FEE ASSISTANCE OR MEDICAL EXPENSE ASSISTANCE. 1 X X X X X 0 1 0 0 0 0 0 1 0 JOHN E DWYER JR PRESIDENT/CEO 257169 0 20428 0 9238 0 35785 0 11400 0 334020 0 0 0 ERIK MAURITSEN CFO 154308 0 14425 0 18872 0 8337 0 8622 0 204564 0 0 0 CARRIE DAVIS ADMINISTRATOR 124099 0 8641 0 6821 0 25412 0 8621 0 173594 0 0 0 TOM DIEHL DIRECTOR OF IT 109242 0 10700 0 2270 0 27966 0 8383 0 158561 0 0 0 PART I, LINE 7 THE CEO AND THE CFO ARE REVIEWED ANNUALLY BY THE EXECUTIVE COMMITTEE OF THE BOARD. DURING THIS TIME SEVERAL AREAS ARE LOOKED AT IN THE PERFORMANCE OF THE COMPANY OVER THE PAST YEAR SUCH AS NEW STRATEGIC INITIATIVES, INCREASED DONATIONS, EMPLOYEE AND RESIDENT SATISFACTION SURVEY RESULTS, AND NET OPERATING MARGIN RATIO COMPARED TO BUDGET. A BONUS UP TO 10% OF GROSS ANNUAL PAY IS THEN GIVEN BASED ON SCORING OF THESE AREAS. A EDA OF HANOVER COUNTY 541228097 41077CAM7 2012-12-20 101495000 SEE PART VI. 0 0 0 B EDA OF HANOVER 541228097 41077CAS4 2018-07-31 31909111 FINANCE AND REFINANCE VARIOUS CAPITAL PROJECTS 0 0 0 A 101495000 3912484 2014 0 0 1 1 B 32048430 1681045 992727 638182 6239800 18778516 3718157 1 0 0 1 A 0 1 1 1 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 1 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 PART II,LINE 3, COLUMN B ADDITIONAL PROCEEDS OF $139,379 AN EQUITY CONTRIBUTION. PART II, LINE 12, COLUMN B THE BOND ISSUE WAS STRUCTURED AS A DRAW DOWN. THEREFORE, OTHER UNSPENT PROCEEDS SHOWN ON LINE 12 REPRESENT FUNDS THAT ARE AVAILABLE, BUT HAVE NOT BEEN ACCESSED BY THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B A COPY WAS SENT TO EACH BOARD MEMBER, WHICH INCLUDES FINANCE COMMITTEE MEMBERS, REQUESTING COMMENTS OR QUESTIONS TO BE DIRECTED TO THE CFO WITHIN 10 DAYS. THE 990 WAS FILED WITH THE IRS AFTER SUCH TIME. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD IS POLLED ANNUALLY, AND SURVEYS ARE COLLECTED BY THE EXECUTIVE SECRETARY AND CHECKED FOR COMPLIANCE WITH THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE CEO IS EVALUATED ANNUALLY BY THE EXECUTIVE COMMITTEE OF THE BOARD. EACH COMMITTEE MEMBER DOES AN INDEPENDENT EVALUATION, AND THE COMMITTEE CHAIRMAN COMPILES THE SCORE. THE CEO EVALUATES THE CFO WITH FEEDBACK FROM THE BOARD. THE BOARD CHAIR REQUESTS COMPARATIVE SALARY DATA THAT THE HR DIRECTOR ACQUIRES FROM VARIOUS LONG-TERM CARE GROUPS, WHICH IS USED TO DETERMINE BASE WAGE INCREASES. BONUS AMOUNTS ARE DETERMINED BASED ON HOW WELL THE CEO AND CFO EXECUTE THE STRATEGIC PLAN FOR THE YEAR - MEETING BUDGET, SATISFACTION, DEVELOPMENT, ETC. BONUS AMOUNTS ARE CAPPED AT 10% OF BASE SALARY. THE CFO AND DIRECTOR OF HR REVIEW COMPARATIVE SALARY DATA THAT THE HR DIRECTOR ACQUIRES FROM VARIOUS LONG-TERM CARE GROUPS, WHICH IS USED TO DETERMINE BASE WAGE INCREASES. BONUS AMOUNTS ARE DETERMINED BY THE KEY EMPLOYEES ACHIEVING BENCHMARKS SET BY THE CEO (MEETING BUDGET, COMPLETING PROJECTS, SATISFACTION SCORES ON SURVEYS, ETC.). THESE BENCHMARKS ARE REVIEWED BY THE CEO EACH YEAR AND THE BONUS IS CAPPED AT 10% OF BASE SALARY. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION'S RECENT FORMS 990 ARE AVAILABLE AT WWW.GUIDESTAR.ORG, UPON REQUEST AT THE ORGANIZATION'S ADMINISTRATIVE OFFICE. ADDITIONALLY, THE FORM 990 CAN BE OBTAINED FROM VISITING THE ORGANIZATION'S WEBSITE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE FOR PUBLIC INSPECTION AT THIS TIME. FINANCIAL STATEMENTS ARE PROVIDED TO WWW.EMMA.ORG. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF PERPETUAL TRUSTS -63,605. DEFERRED MARKETING COSTS ADJUSTMENT -4,278,619. FORM 990, PART XII, LINE 2C: NO CHANGE IN PROCESS FROM PRIOR YEAR. PARKER & GREGG LLC 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 540524902 INVESTMENT HOLDING VA 30796 609696 COVENANT WOODS