2019-12-11T10:15:16-06:00 2019-06-30 550486667 Arnett Carbis Toothman LLP P O Box 2629 Charleston WV 25329 990 2018-07-01 550701159 Edgewood Summit Inc EDGE 3043462323 300 Baker Lane Charleston WV 25302 Camden Siegrist President 3043462323 2019-12-04 1 Dolores Rose P01286262 3043460441 216.12.119.47 2019-12-04 16:39:13 ES P 456F2ED8C738530E6597DC8847456A10A62A9120 A26EBD35C626ED438C1E921C64E1846B64023C11 2018 2020-04-17 16:48:07Z Camden Siegrist 300 Baker Lane Charleston WV 25302 14806050 0 X www.edgewoodsummit.com X 1990 WV The Organization's primary exempt function is to provide, on a non-profit basis, long-term care facilities in the state of West Virginia specifically designed to meet the physical, social and psychological needs of elderly and infirm persons, including but not limited to housing, buildings, structures, equipment, furnishings, programs and related health and other services contributing to their health, security, happiness and physical and mental well-being.The mission of Edgewood Summit is to provide an attractive, caring, comfortable senior living community. A secure environment and quality service that will be the hallmark of this community. 19 19 262 0 0 0 0 0 11449698 11750358 995666 1099388 131729 25273 12577093 12875019 0 0 0 0 5996309 6007280 0 0 0 6348733 6241085 12345042 12248365 232051 626654 42669188 41508405 39718481 38929705 2950707 2578700 X The Organization's primary exempt function is to provide, on a non-profit basis, long-term care facilities in the state of West Virginia specifically designed to meet the physical, social and psychological needs of elderly and infirm persons, including but not limited to housing, buildings, structures, equipment, furnishings, programs and related health and other services contributing to their health, security, happiness and physical and mental well-being. The mission of Edgewood Summit is to provide an attractive, caring, comfortable senior living community. A secure environment and quality service that will be the hallmark of this community. 0 0 9420840 11772308 The Organization provided, on a non-profit basis, housing, dining, housekeeping, laundry, transportation, activities, nursing and assisted living care, memory support care, and skilled nursing care through the operation of a CCRC - Continuum Care Retirement Community - that served 202 residents in 127 independent and 40 assisted living, 18 memory support and 20 skilled nursing units. 330122 1. Edgewood Summit, Inc. has been open for 24 years. Apartments are upgraded when turnover occurs; this includes fresh paint, new carpet. An enhanced upgrade to each unit includes - new kitchen and bath cabinets with solid surface countertops, new lighting, new kitchen appliances including washer and dryer. All items with a useful life remaining are donated to Habitat for Humanity Restore. These items include: ranges, refrigerators, dishwashers, washer/dryer combos and kitchen and bath cabinets, and light fixtures. Edgewood Summit turned over approximately 58 units this past fiscal year and 14 units were touched up.Total Expenses incurred: $10,200.002. As apartments turnover our Marketing Department inventories items left in each unit. They coordinate donation of usable items to various charitable organizations in our area such as: Salvation Army, Goodwill Industries and Mountain Mission. They also coordinate furniture and fixture items with a useful like left as Edgewood Summit, Inc. replaces FF&E to keep the community looking fresh and updated. Edgewood Summit, Inc. turned over approximately 72 units this past fiscal year.Total Expenses incurred: $4,275.003. Annually Edgewood Summit, Inc. participated in the following charitable activities:Food Drive for Manna Meal - Fall and SpringClothing Drive for Covenant House - Fall and SpringRead-A-Loud labeling 90,000 magazines for schools throughout the stateBook Donations to Kanawha County Public LibraryStuffing Easter Eggs with treats for City of Charleston Easter Egg HuntStuffing Easter Eggs with treats for City of South Charleston Easter Egg HuntStuffing Easter Eggs with treats for St. Marks United Methodist ChurchStuffing Easter Eggs with treats for Goldtown Community ChurchFaith in Action - "Sweet Charity Event"Total Expense incurred: $3,650.004. Edgewood Summit, Inc. was a sponsor for West Virginia Alzheimer's Memory Walk, West Virginia Health Care Foundation Long-term Care Golf Classic Sponsorship, West Virginia HealthCare Association Scholarship Fund sponsor, West Virginia Symphony Orchestra, The Charleston Ballet and Buckskin Council BSA.Total Expense incurred: $8,900.005. Throughout the fiscal year Edgewood Summit, Inc. made memorial contributions to charitable organizations in memory of former residents, resident's family members and employee family members.Total Expense incurred: $720.006. In the fall of 2013 Edgewood Summit, Inc. opened the Arthur B. Hodges Center with 20 skilled nursing and 18 memory support units to complete the full continuum of care on our campus. Along with this addition all new residents moving into independent living with get a 20% discount from full contractual rates as they move through the continuum. For the then current independent living residents a plan was offered where the current resident could pay a one-time non-refundable deposit of $15,000 and they would also receive the health care benefit as they moved through the continuum. Edgewood Summit, Inc. had approximately 21 residents to take this offer. During the fiscal year ending June 30, 2019 Edgewood Summit had 21 residents move to higher levels of care and began utilizing the 20% discount - AL 7, MS 7, and SN 7.Total Expense incurred: $301,477.007. Dining Services contributed 83 pounds of food items to Manna Meal and various food items to YWCS Sojourner's Shelter for Homeless Women and Families numerous times throughout the fiscal year.Total Expense incurred: $500.008. Cell phones taken out of service still with a useful life were donated to Cell Phones for Soldiers. Approximately twenty-five cell phones were sent to the organization to provide cost-free communication services to active-duty military members and veterans.Total Expense incurred: $400.00Annual total expense for Community Services $330,122 9750962 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 48 0 262 1 0 0 0 0 0 0 0 0 0 0 0 0 X 19 19 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Diane Gouhin Executive Director 3043462323 300 Baker Lane Charleston WV 25302 Cam Siegrist President 2.00 X X 0 0 0 Amy Condaras Vice-President 2.00 X X 0 0 0 Steve Rubin Secretary 2.00 X X 0 0 0 Reed Spangler Treasurer 2.00 X X 0 0 0 John Strickland Past President 2.00 X X 0 0 0 Webster Arceneaux Director 2.00 X 0 0 0 Cynthia Barnette Director 2.00 X 0 0 0 Jane Cline Director 2.00 X 0 0 0 John DeRito Director 2.00 X 0 0 0 David Elliott Director 2.00 X 0 0 0 Dan Foster Director 2.00 X 0 0 0 Georgette George Director 2.00 X 0 0 0 Betty Ireland Director 2.00 X 0 0 0 Elizabeth Keightly Director 2.00 X 0 0 0 Sallie McClaugherty Director 2.00 X 0 0 0 Bill Mullet Director 2.00 X 0 0 0 Cyndi Persily Director 2.00 X 0 0 0 Drema Pierson Director 2.00 X 0 0 0 Robert Simpson Jr Director 2.00 X 0 0 0 Diane Gouhin Executive Director 40.00 X 0 0 0 George Barker Administrator 40.00 X 128573 0 5122 128573 0 5122 2 0 0 1 GMSC West Virginia LLC 225 E John Carpenter Freeway Suit Irving TX 75062 Management Services 466562 Glynn Devins 11230 Gollege Blvd Overland Park KS 66210 Ad Agency 251336 Genesis Eldercare Rehab Services 501 Caldwell Ln Dunbar WV 25064 Therapy Services 151927 Martin's Top Shop 195 Rutledge Rd C Charleston WV 25311 Construction 128310 Dixieland Carpet Outlet 5200 MacCorkle Ave SE Charleston WV 25304 Construction 125510 5 Resident services 623990 11750358 11750358 11750358 481919 481919 21950 0 21950 21950 21950 2548500 1898076 32955 650424 -32955 617469 617469 Miscellaneous Revenue 900099 3323 3323 3323 12875019 11772308 0 1102711 X 4700714 3944369 756345 44399 37255 7144 878415 737078 141337 383752 322006 61746 450493 450493 28872 28872 50200 50200 92167 92167 305081 255993 49088 297007 249219 47788 1342637 1127043 215594 109202 91631 17571 1389149 1165635 223514 74448 62469 11979 12418 10420 1998 1586042 1330848 255194 269586 226210 43376 Taxes 126967 106538 20429 Licenses, Permits & Fee 18846 15814 3032 Special Events 17794 14931 2863 Dues & Subscriptions 16242 13629 2613 53934 39874 14060 12248365 9750962 2497403 0 37254 10794 1314475 271768 572398 796852 36514 33065 274696 311622 41454736 18898098 22852915 22556638 17290659 17527666 290277 0 42669188 41508405 1138406 1008160 21174860 20891368 6065017 5687198 11340198 11342979 39718481 38929705 X 2950707 2578700 2950707 2578700 42669188 41508405 X 626654 -186540 -812121 X 0 1 X 1 0 X 10789967 11126776 11448452 11449698 11750358 56565251 10789967 11126776 11448452 11449698 11750358 56565251 0 0 0 56565251 379315 279077 306827 316857 481919 1763995 379315 279077 306827 316857 481919 1763995 2046 14014 10420 108010 3323 137813 11171328 11419867 11765699 11874565 12235600 58467059 0.96750 0.96920 0.03020 0.02830 X Schedule A, Part III, Line 12, Explanation of Other Income: Property tax refund - 2017 Amount: $ 107,578. Misc - 2014 Amount: $ 2,046. 2015 Amount: $ 14,014. 2016 Amount: $ 10,420. 2017 Amount: $ 432. 2018 Amount: $ 3,323. 1507769 57375 1565144 1433087 74682 1507769 2677005 100506 1344424 1433087 2690474 12890 -26359 2677005 1098501 1909276 20145 337448 2690474 1.00000 1 0 856564 856564 27694016 10405444 17288572 8717624 6220226 2497398 4186532 2272428 1914104 22556638 Phase III Expansion Loan 7450491 Series 2014 bond 3370644 Interest rate swap 521844 11342979 X 12891234 0 12891234 -16215 -16215 12875019 12231626 0 12231626 16739 16739 12248365 Part V, Line 4: Funds designated by the board to provide housing assistance/charity care for residents that have exhausted all other means of assets or income for housing: $ 1,271,068; Funds reserved for bond indenture agreement-administered by a third party: $294,076 Part X, Line 2: The Company is a not-for-profit corporation and is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes has been provided. The Company follows the guidance for accounting for uncertainty in income taxes recognized in an organizations consolidated financial statements that prescribes a recognition threshold of more-likely-than-not to be sustained upon examination by the appropriate taxing authority. Measurement of the tax uncertainty occurs if the recognition threshold has been met. The guidance also addresses derecognition, classification, interest and penalties, accounting in interim periods, and disclosure. Management has determined that this guidance had no material effect on the consolidated financial statements. The Company's policy is to recognize interest related to unrecognized tax benefits in interest expense and penalties in general and administrative expenses. There were no interest or penalties recognized on the consolidated statement of operations and changes in net assets as a result of this guidance. Generally, tax returns for years ended June 30, 2016, and thereafter remain subject to examination by federal and state tax authorities. Part XI, Line 4b - Other Adjustments: Bad debt 16,740. Loss on disposal of assets -32,955. Part XII, Line 4b - Other Adjustments: Bad debt 16,740. Rounding difference -1. X 0 0 0 0 0 0 0 0 0 Form 990, Part VII, Section A, Line 5 Unrelated Organization Officer Compensation: For the calendar year ended 12/31/2018, the Executive Director received compensation from the organization's management company, GMSC West Virginia LLC, as follows: Salary $202,290, deferred compensation $6,069, and nontaxable benefits of $6,336 for a total of $214,695. A West Virginia Economic Development Authority 550460512 956486BL7 2004-02-25 11231025 Refund Series 1993 bonds 0 0 0 B West Virginia Economic Development Authority 550460512 2017-01-24 3587673 Refund Series 2006 bonds (2006 bonds refunded 1999 bonds) 0 0 0 A 8450000 11231025 294076 224845 10721180 1 0 1 1 B 574837 3587673 71753 3515920 1 0 1 1 A 0 0 0 1 1 0 0 0 1 B 0 1 0 0 1 1 Branch Banking and Trust Company 12.700000000000 0 0 0 0 1 A 1 B 1 Schedule K, Part IV, Arbitrage, Line 2c: (a) Issuer Name: West Virginia Economic Development Authority Date the Rebate Computation was Performed: 05/16/2019 Form 990, Part VI, Section A, line 3 Edgewood Summit, Inc. (the community) has delegated management duties to a management company experienced in senior living. The executive director is an employee of the management company contracted to provide management oversight at the community. In addition, the executive director and community staff are supported by various team members of the management company that provide operations, marketing and financial support services. Form 990, Part VI, Section B, line 11b The Executive Director, the Board of Directors, and a representative of the organization's management company review the 990 before it is filed with the IRS. Form 990, Part VI, Section B, line 12c The organization constantly monitors the conflict of interest policy. Form 990, Part VI, Section B, line 15 The executive director is an employee of the management company, contracted to provide management oversight at the community. The executive director's initial compensation was based on industry market survey comparisons and initial compensation and annual wage adjustments are approved by the board of directors during review and approval of the annual operating budget. Key employees are reviewed annually with a uniform performance review process and document which rates performance on standards, guidelines, financial performance, quality, resident satisfaction, employee relations, regulatory compliance and customer service, as well as other variables important to the organization. The merit increase, if appropriate, is based upon the performance review of the employee and the approved budget scale for each fiscal year. Salaries are reviewed at least annually for comparison to national salary information from Leading Age (a national organization for CCRC's) and regional salary information is used for comparison purposes as state data is not available. Should adjustments be required in the salary scale based upon competitive wage factors, the changes are approved by the Board of Directors as well as the management company, Greystone Communities, and incorporated into the operating budget. Form 990, Part VI, Section C, line 19 Edgewood Summit, Inc. makes its governing documents and financial statements available to the public through the West Virginia Secretary of State's office and The West Virginia Economic Development Authority. Form 990 Part IX, Line 11a The total for management services expense of $450,493 includes the compensation of the Executive Director as follows: Executive Director salary and benefits: $243,782 Management Company general services: $206,711 Form 990, Part XI, line 9: Change in fair value of derivative obligation -812,121.