2018-05-04T10:35:50-05:00 2017-06-30 410746749 CLIFTONLARSONALLEN LLP 610 W GERMANTOWN PIKE STE 400 PLYMOUTH MEETING PA 19462 990 2016-07-01 521381348 ANNAPOLIS LIFE CARE INC ANNA 4102667300 4000 RIVER CRESCENT DRIVE ANNAPOLIS MD 21401 WILLIAM M HOLMAN CHIEF EXECUTIVE OFFICER 4102667300 2018-04-30 1 BERNADETTE O'TOOLE CPA P00229258 2156433900 2016 2022-09-23 18:48:47Z WILLIAM M HOLMAN 4000 RIVER CRESCENT DRIVE ANNAPOLIS MD 21401 35633238 0 X WWW.GINGERCOVE.COM X 1988 MD TO OWN AND OPERATE A CONTINUING CARE COMMUNITY FOR PERSONS OVER THE AGE OF 60. 15 15 370 50 1991 0 471067 439610 19525216 19419255 1112440 1318515 280263 257792 21388986 21435172 0 0 0 0 11319627 11652843 0 0 0 13001289 12668565 24320916 24321408 -2931930 -2886236 98606439 101796410 154546608 150959803 -55940169 -49163393 OUR VISION - A PREMIER LIFE-CARE COMMUNITY COMMITTED TO QUALITY. OUR MISSION - TO PROVIDE RESIDENTS AN ABUNDANT LIFE. OUR VALUES - RESIDENT INDEPENDENCE, DIGNITY, SECURITY, STAFF EXCELLENCE, BUSINESS INTEGRITY, AND FISCAL PRUDENCE. 0 0 13882630 13412021 ANNAPOLIS LIFE CARE, INC OPERATES A LIFE-CARE COMMUNITY WHICH OFFERS THREE LEVELS OF CARE. THESE CONSIST OF INDEPENDENT LIVING, ASSISTED LIVING, AND NURSING.INDEPENDENT LIVING - THE ORGANIZATION PROVIDES HOUSING, HEALTH CARE, AND RECREATIONAL ACTIVITIES FOR SENIOR CITIZENS WHO ARE STILL ABLE TO MAINTAIN AN ACTIVE LIFESTYLE. THERE WERE 229 INDEPENDENT LIVING UNITS AVAILABLE WITH AN AVERAGE OCCUPANCY RATE OF 90%. 1065572 1482075 ASSISTED LIVING - THIS PROGRAM IS FOR SENIOR CITIZENS WHO MAY NEED ADDITIONAL HELP TO MAINTAIN A HEALTHY LIFESTYLE BUT WHO DO NOT REQUIRE SKILLED NURSING. THE ORGANIZATION HAS A 30 UNIT ASSISTED LIVING COMPLEX AND 6 BEDS IN THE HEALTH CENTER WHICH PROVIDED A TOTAL OF 13,161 LIFE CARE DAYS. 5624570 4525159 SKILLED NURSING - THE ORGANIZATION HAS A 55 BED COMPREHENSIVE CARE COMMUNITY HEALTH CENTER FOR RESIDENTS WHO REQUIRE A HIGH LEVEL OF SKILLED NURSING ASSISTANCE. TEMPORARY AND PREMANENT CARE DAYS TOTALED 16,544. 20572772 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 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 71 0 1 370 1 1 1 0 0 0 0 0 0 0 0 0 X 15 15 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X TIM ELLIOTT 4102667300 4000 RIVER CRESCENT DRIVE ANNAPOLIS MD 21401 JAMES REINIG PRESIDENT 5.00 X X 0 0 0 MARGARET JACKSON VICE PRESIDENT 5.00 X X 0 0 0 VALENTINE LYNCH TREASURER 5.00 2.00 X X 0 0 0 ARLENE HALL SECRETARY 5.00 X X 0 0 0 ELLA BASSETT DIRECTOR 2.00 X 0 0 0 PATRICIA EDWARDS DIRECTOR 2.00 X 0 0 0 CAROLYN GORSUCH DIRECTOR 2.00 X 0 0 0 ROBERT HOYT DIRECTOR 2.00 X 0 0 0 EDWARD MCDEVITT DIRECTOR 2.00 X 0 0 0 MICHAEL MILLER DIRECTOR 2.00 2.00 X 0 0 0 JOSEPH RUBINO DIRECTOR 2.00 X 0 0 0 THOMAS STEMMY DIRECTOR 2.00 X 0 0 0 HELEN STOUGH DIRECTOR 2.00 X 0 0 0 WILLIAM STUDEMAN DIRECTOR 2.00 X 0 0 0 SUSAN WARD DIRECTOR 2.00 X 0 0 0 EDGAR MALLICK JR CEO (RETIRED 12/31/17) 40.00 X 278903 0 6995 TIMOTHY ELLIOTT CFO 40.00 X 167088 0 4989 JUDY BAZILIO RN 53.00 X 110155 0 11292 CHRISTOPHER DYER DIRECTOR OF FOOD SERVICES 40.00 X 102770 0 7824 MAJID MAFI DIRECTOR OF PLANT OPERATIONS 40.00 X 105317 0 6369 SARAH NYELENKEH RN 48.00 X 102050 0 1437 JOAN WILLIAMS DIRECTOR OF MARKETING 40.00 X 110638 0 18000 976921 0 56906 8 0 1 0 SELECT REHABILITATION INC PO BOX 71985 CHICAGO IL 60694 THERAPY SERVICES 1061879 US FOOD SERVICE INC PO BOX 75368 BALTIMORE MD 21275 FOOD SUPPLIES 758531 RELIABLE PROFESSIONAL CONTRACTING 5205 HAWK CHANNEL DRIVE WEST RIVER MD 20778 CONSTRUCTION REHAB 537301 WEITZMAN INC 3 CHURCH CIRCLE ANNAPOLIS MD 21401 MARKETING SERVICES 335587 CR GOODMAN ASSOCIATES LLC 912 COMMERCE ROAD ANNAPOLIS MD 21401 ARCHITECTURAL SERVICES 191670 17 106606 333004 439610 RESIDENT SERVICE FEES 621610 14015336 14015336 HEALTH CENTER FEES 621610 4434373 4434373 ENTRANCE FEES EARNED 621610 892441 892441 HOME HEALTH REVENUE 621610 77105 77105 19419255 1375090 1991 1373099 41996 910 41086 41086 41086 14105863 14162438 -56575 -56575 -56575 35743 34718 1025 1025 BEAUTY/BARBER SHOP 621610 123982 123982 GUEST MEALS 621610 62927 62927 CATERING INCOME 621610 28772 28772 215681 21435172 19419255 1991 1574316 471637 471637 9407634 8545056 862578 108511 91071 17440 770122 669052 101070 894939 799794 95145 51178 51178 64248 64248 52798 52798 1333 1333 158005 158005 1799267 1467007 332260 430435 430435 2638576 2423419 215157 575422 575422 1824597 1824597 3256662 3256662 189715 189715 FOOD 1146834 1146834 MISC. 336137 59919 276218 MEDICAL SUPPLIES 238183 238183 BAD DEBT -94825 -94825 24321408 20572772 3748636 0 800 400 1807690 3218568 1154663 805921 1972548 1391957 109007 105032 251240 219715 92867350 43672927 50852505 49194423 29677477 33957152 10599773 10536632 2180736 2366610 98606439 101796410 1448847 1536770 89008355 92294655 40538999 39896180 23550407 17232198 154546608 150959803 X -57530198 -50828665 1439879 1514422 150150 150850 -55940169 -49163393 98606439 101796410 X -2886236 3989752 5673260 X X 0 1 X 1 0 X 383266 618466 502389 471067 439610 2414798 20779596 20084945 20447297 19525216 19419255 100256309 242884 220636 224254 245847 933621 21405746 20924047 21173940 20242130 19858865 103604728 0 0 0 103604728 1008205 937587 1186295 1287161 1577083 5996331 1008205 937587 1186295 1287161 1577083 5996331 22413951 21861634 22360235 21529291 21435948 109601059 0.94530 0.95180 0.05470 0.04790 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 1409 1409 0 PART II-B, LINE 1: ANNAPOLIS LIFE CARE INC IS A MEMBER OF INDUSTRY GROUP LEADING AGE. THE ORGANIZATION PAID MEMBERSHIP DUES OF $14,086 OF WHICH 10% IS ASSUMED TO BE ALLOCATED TO LOBBYING EXPENSES. 3735917 3735917 80454536 37896524 42558012 8114750 5776403 2338347 562147 562147 49194423 TITAN MASTERS INTERNATIONAL FUND 1253084 F COLLINS CAPITAL LOW VOLATILITY PERFORMANCE 77300 F PINE GROVE ASSOCIATES 2880185 F WMS PARTNERS INCOME OPPORTUNITY FUND B 389937 F WMS PARTNERS FAIRMOUNT FUND 491946 F VALSTONE OPPORTUNITY INVESTMENTS III 13332 F VALSTONE OPPORTUNITY FUND IV 807089 F IRONSIDES PARTNERSHIP FUND II 890481 F SUMMITT LIQUID EQUITY SURROGATE SERIES 3733278 F 10536632 DEPOSITS 1915596 INTEREST RATE SWAP 3878402 FUTURE SERVICE OBLIGATION 11331000 DUE FROM AFFILIATES 107200 17232198 X 31047695 3989752 5779866 9769618 21278077 158005 -910 157095 21435172 24270919 107516 107516 24163403 158005 158005 24321408 PART X, LINE 2: THE CORPORATION IS A NOT-FOR-PROFIT ENTITY AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM INCOME TAXES ON RELATED ACTIVITIES PURSUANT TO SECTION 509(A) OF THE INTERNAL REVENUE CODE. THE CORPORATION FOLLOWS THE PROVISIONS OF ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN A COMPANY'S FINANCIAL STATEMENTS, INCLUDING NOT-FOR-PROFIT CORPORATIONS, AND 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 STANDARDS ALSO PROVIDE GUIDANCE ON DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, AND DISCLOSURE. MANAGEMENT HAS DETERMINED THAT THIS STANDARD DOES NOT HAVE A MATERIAL IMPACT ON THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN INTEREST IN SUBSIDIARY 109,984. CHANGE IN VALUE OF INTEREST RATE SWAP 3,475,882. CHANGE IN FUTURE SERVICE OBLIGATION 2,194,000. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE - NETTED WITH REVENUE ON 990 -910. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE - NETTED WITH REVENUE ON 990 910. FORGIVENESS OF DEBT FROM RELATED PARTY 106,606. X X X 0 0 0 0 0 0 0 1 0 EDGAR MALLICK JR CEO (RETIRED 12/31/17) 260903 0 18000 0 0 0 6995 0 0 0 285898 0 0 0 TIMOTHY ELLIOTT CFO 159378 0 7710 0 0 0 4989 0 0 0 172077 0 0 0 PART I, LINE 7 THE EXECUTIVE DIRECTOR AND OTHER KEY EMPLOYEES ESTABLISH GOALS AND OBJECTIVES FOR THE UPCOMING YEAR. THESE GOALS AND OBJECTIVES ARE REVIEWED ANNUALLY AND THE ACCOMPLISHMENT OF THESE GOALS IS TAKEN INTO CONSIDERATION WHEN DETERMINING BONUSES. THE BONUS RANGE IS 3% TO 7% OF SALARY FOR DIRECTORS. THERE IS NOT A RANGE FOR EXECUTIVE DIRECTOR AS AMOUNT IS NEGOTIATED IN THE ANNUAL CONTRACT AND DEPENDS ON GOALS MET. ALL COMPENSATION ADJUSTMENTS ARE MEASURED AGAINST INDUSTRY STANDARDS TO ENSURE COMPENSATION IS SET WITHIN FAIR MARKET RANGE FOR THE INDUSTRY. A MARYLAND HEALTH AND HIGHER EDUCATION FACILITIES AUTHORITY 520936091 2014-09-17 41950000 REFINANCING PRIOR BOND ISSUE 0 0 0 A 1683000 41950000 416667 41533333 2014 1 0 1 1 A 0 1 1 1 0 0.00300 0.00300 1 0 1 A 0 1 0 0 1 0 0 0 1 A 1 FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE SHALL BE FULLY AUTHORIZED TO CARRY OUT ALL POWERS OF THE BOARD OF DIRECTORS BETWEEN MEETINGS OF THE BOARD, PROVIDED THEIR ACTIONS AND DECISIONS COULD NOT REASONABLY HAVE BEEN DEFERRED UNTIL THE NEXT MEETING OF THE BOARD. ACTIONS OF THE EXECUTIVE COMMITTEE SHALL BE REPORTED TO THE NEXT REGULAR OR SPECIAL MEETING OF THE BOARD OF DIRECTORS. ACTIONS OF THE EXECUTIVE COMMITTEE WHICH ARE WITHIN THE AUTHORITY OF THE EXECUTIVE COMMITTEE SHALL NOT REQUIRE RATIFICATION BY THE BOARD OF DIRECTORS, BUT ANY ACTIONS OF THE EXECUTIVE COMMITTEE MAY BE MODIFIED AT A MEETING OF THE BOARD OF DIRECTORS BY VOTE OF A MAJORITY OF THE MEMBERS OF THE BOARD OF DIRECTORS PRESENT AND CONSTITUTING AT LEAST A QUORUM. HOWEVER, ANY SUCH MODIFICATIONS SHALL NOT AFFECT THE RIGHTS OF ANY THIRD PERSONS. FORM 990, PART VI, SECTION B, LINE 11B AN ALC BOARD FINANCE COMMITTEE MEMBER, THE CHIEF FINANCIAL OFFICER, AND THE EXECUTIVE DIRECTOR PERFORM AN INITIAL REVIEW OF THE FORM 990. THE FORM 990 IS THEN FORWARDED TO THE FINANCE AND AUDIT COMMITTEE FOR ACCEPTANCE AND THEN DISTRIBUTED AND ACCEPTED BY ALL BOARD MEMBERS PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANNAPOLIS LIFE CARE HAS A CONFLICT OF INTEREST POLICY FOR ALL BOARD MEMBERS, OF WHICH THE CONFLICT OF INTEREST STATEMENT IS UPDATED ANNUALLY. THIS POLICY ALSO APPLIES TO ADVISORY MEMBERS OF BOARD COMMITTEES. ANY ACTUAL OR POTENTIAL CONFLICTS ARE EXPECTED TO BE DISCLOSED. THE PRESIDENT AND SECRETARY OF THE BOARD AND ALL CHAIRMEN OF STANDING BOARD COMMITTEES WILL RECEIVE ALL ANNUAL CONFLICT OF INTEREST STATEMENTS. IF AN ACTUAL OR POTENTIAL CONFLICT WERE TO EXIST, THE INTERESTED PARTY WOULD ABSTAIN FROM ALL DISCUSSIONS AND DECISIONS ON THE CONFLICT. ANY TRANSACTIONS OR EVENTS THAT VIOLATE THE CONFLICT OF INTEREST POLICY MAY ALSO BE REVIEWED BY LEGAL COUNSEL. FAMILY AND BUSINESS RELATIONSHIPS WHICH MAY POSE A CONFLICT ARE EXPRESSLY CONSIDERED IN THE POLICY AND THE ANNUAL STATEMENT. FORM 990, PART VI, SECTION B, LINE 15 A THREE MEMBER COMMITTEE FROM THE ANNAPOLIS LIFE CARE BOARD OF DIRECTORS COMPILES RESULTS OF PERFORMANCE EVALUATIONS COMPLETED BY EACH BOARD MEMBER, REVIEWS THE CURRENT COMPENSATION STRUCTURE FOR THE EXECUTIVE DIRECTOR, REVIEWS INDUSTRY SALARY SURVEY DATA FOR THE REGION AND NATIONALLY, AND MAKES RECOMMENDATIONS TO BOTH THE EXECUTIVE COMMITTEE AND THE FULL BOARD OF DIRECTORS. THIS PROCESS IS COMPLETED ANNUALLY. OTHER KEY EMPLOYEES ARE REVIEWED BY THE EXECUTIVE DIRECTOR ANNUALLY ON A VARIETY OF STRATEGIC MEASURES. INCREASES AND/OR BONUSES ARE DETERMINED BASED ON THE RESULTS OF THE ANNUAL REVIEW. ALL COMPENSATION ADJUSTMENTS ARE MEASURED AGAINST INDUSTRY STANDARDS TO ENSURE COMPENSATION IS SET WITHIN FAIR MARKET RANGE FOR THE INDUSTRY. FORM 990, PART VI, SECTION C, LINE 19 THE BYLAWS AND FINANCIAL STATEMENTS ARE LOCATED IN THE GINGER COVE LIBRARY FOR PUBLIC REVIEW AND THE CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: UNREALIZED GAIN OR LOSS ON DERIVATIVES 3,475,882. CHANGE IN INTEREST OF SUBSIDIARY 109,984. CHANGE IN FUTURE SERVICE OBLIGATION 2,194,000. FORGIVENESS OF DEBT FROM RELATED PARTY -106,606. FORM 990, PAGE 12, PART XII, LINE 2C THIS PROCESS HAS NOT CHANGED FROM PRIOR YEARS. GINGER COVE HOME HEALTH CARE LLC 4000 RIVER CRESCENT DRIVE ANNAPOLIS MD 21401 521381348 HOME HEALTH CARE SERVICES MD 77105 ANNAPOLIS LIFE CARE INC GINGER COVE FOUNDATION INC 4000 RIVER CRESCENT DRIVE ANNAPOLIS MD 21401 113656031 TO SUPPORT AFFILIATED ORGANIZATIONS MD 501(C)(3) LINE 11C, III-FI ANNAPOLIS LIFE CARE INC 1 0 1 1 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 GINGER COVE FOUNDATION INC C 324412 COST