2018-02-14T14:30:54-06:00 2017-03-31 410746749 CLIFTONLARSONALLEN LLP 227 WEST TRADE STREET SUITE 800 CHARLOTTE NC 28202 990 2016-04-01 540524902 COVENANT WOODS COVE 8045698173 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 ERIK MAURITSEN CFO 8045698173 2017-10-18 1 JOHN NORMAN P01506766 7049985200 2017-10-18 67.137.57.251 2017-10-18 12:33:25 ED P 6FB55BD639F3BC05B8E664C16FE7F175AA27FDC6 1C4AA1E388E3DC50B055405D9AA64341548DFCA7 2016 2021-01-29 14:40:06Z JOHN DWYER 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 31594868 0 X WWW.COVENANTWOODS.COM X 1901 VA NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY. 19 19 391 235 4246 3246 344686 421666 21008390 22445194 -8960 1928816 382267 360344 21726383 25156020 356505 246159 0 0 8941517 9576047 0 0 130220 13731986 14066089 23030008 23888295 -1303625 1267725 150591437 157661956 123064822 125365229 27526615 32296727 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 20188132 246159 21957530 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 237 INDEPENDENT LIVING UNITS, 36 ASSISTED LIVING UNITS, AND 31 LICENSED NURSING BEDS. THE COST TO OPERATE CW DURING FY2017 APPROXIMATES $23,643,246. 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 86 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." 20188132 1 1 0 1 0 0 0 1 1 0 1 0 0 0 1 1 1 0 0 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 75 0 1 391 1 1 1 0 0 0 0 0 0 0 0 0 X 19 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 VA NY X X X ERIK MAURITSEN 8045698002 7090 COVENANT WOODS DR MECHANICSVILLE VA 23111 RICHARD D ADAMS CHAIRMAN 1.00 X X 0 0 0 MICHAEL CARTER VICE CHAIRMAN 1.00 X X 0 0 0 KIMBERLY B LYNCH SECRETARY 1.00 X X 0 0 0 MICHAEL BRANDON ARMOR BOARD MEMBER 1.00 X 0 0 0 EMILY BENNETT BOARD MEMBER 1.00 X 0 0 0 NANCY CLARK BOARD MEMBER 1.00 X 0 0 0 RONI DOOLIN BOARD MEMBER 1.00 X 0 0 0 CHARLOTTE FORRESTER BOARD MEMBER 1.00 X 0 0 0 RHONDA S GEISEL BOARD MEMBER 1.00 X 0 0 0 JIMMY T MILLS 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 REYNOLD ESQ BOARD MEMBER 1.00 X 0 0 0 O RANDOLPH ROLLINS ESQ BOARD MEMBER 1.00 X 0 0 0 MICHAEL SMITH BOARD MEMBER 1.00 X 0 0 0 EDDIE GRAY STILES SR BOARD MEMBER 1.00 X 0 0 0 WILLIAM M WEIMER BOARD MEMBER 1.00 X 0 0 0 AYN WELLEFORE PHD BOARD MEMBER 1.00 X 0 0 0 STEVE THIMMESCH BOARD MEMBER 1.00 X 0 0 0 JOHN E DWYER JR PRESIDENT/CEO 1.00 40.00 X 230420 0 24122 ERIK MAURITSEN CFO 1.00 40.00 X 151868 0 12783 CARRIE DAVIS ADMINISTRATOR 1.00 40.00 X 119076 0 15675 ELIZABETH RICHARDSON DIRECTOR OF MARKETING AND DEVELOPMENT 1.00 40.00 X 118988 0 7831 TORRI ROBINSON DIRECTOR OF NURSING 1.00 40.00 X 108420 0 533 MICHAEL SCHEFF DIRECTOR OF DINING 1.00 40.00 X 114051 0 9193 EMILY ROBINSON ENDERT DIRECTOR OF HUMAN RESOURCES 1.00 40.00 X 106408 0 15480 949231 0 85617 7 0 1 0 W M JORDAN 708 BAINBRIDGE STREET RICHMOND VA 23224 CONSTRUCTION OF HEALTHCARE EXPANSION 3424788 PFG - PERFORMANCE FOODSERVICE VIRGINIA 7420 RANCO RD RICHMOND VA 23228 FOOD SERVICES 1219819 TOLLEY ELECTRICAL CORP 10981 RICHARDSON RD ASHLAND VA 23005 BUILDING ELECTRICAL PROJECTS 378077 GENESIS ELDERCARE REHAB SERVICES PO BOX 821322 PHILADELPHIA PA 191821322 REHABILITATION SERVICES 334188 HANOVER SECURITY PO BOX 121 MECHANICSVILLE VA 231110121 CAMPUS SECURITY 276763 18 421666 30230 421666 RESIDENTIAL SERVICES 623990 13439590 13439590 HEALTHCARE SERVICES 624100 8420392 8420392 RESIDENT SERVICES 812900 97548 97548 487664 487664 22445194 1329029 4246 1324783 30050 0 30050 30050 30050 7038635 6332444 106404 706191 -106404 599787 599787 MEAL/FOOD REVENUE 722220 241302 241302 MISCELLANEOUS INCOME 900099 68511 68511 DRUGS/MEDICAL SUPPLIES 900099 16235 16235 4246 4246 330294 25156020 21957530 4246 2772578 246159 246159 963373 265704 636953 60716 6457860 5138996 1303356 15508 238152 152504 81221 4427 1317994 1137635 165330 15029 598668 436710 154861 7097 32279 32279 43744 43744 227 227 70254 70254 910153 705186 204967 103101 5408 97693 2952910 2298649 629813 24448 56557 56557 2009882 2009882 36658 3300 33358 124835 87232 34608 2995 3008110 3008110 4319339 4319339 302728 302728 BAD DEBT 46140 46140 MISC 39006 14057 24949 MEDICAL SUPPLIES 10166 10166 23888295 20188132 3569943 130220 1029 1027 892481 262153 16827 16827 2479482 558196 12086 20819 5488866 4977879 126971206 29089548 93296393 97881658 39441859 43566795 6601677 7689913 2022512 2101395 338225 585294 150591437 157661956 2736138 4326139 55871953 56189189 60563455 60969420 269129 252585 3624147 3627896 123064822 125365229 X 24269850 28222483 2131918 2232048 1124847 1842196 27526615 32296727 150591437 157661956 X 1267725 2871609 630776 X X 0 1 X 1 0 X 137740 468389 313109 344686 421666 1685590 11681199 13374643 15428717 21008390 22445183 83938132 307159 387943 468855 349246 326050 1839253 12126098 14230975 16210681 21702322 23192899 87462975 10000 10000 20000 51152 51152 51152 10000 10000 71152 87391823 1278958 1503041 1829286 1637134 1354833 7603252 14353 3794 7538 5637 4246 35568 1293311 1506835 1836824 1642771 1359079 7638820 0 13419409 15737810 18047505 23345093 24551978 95101795 0.91890 0.89520 0.08030 0.08380 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 227 227 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. 30230 30230 X 0 0 1 X 4508223 4508223 103270565 22001328 81269237 3510053 2573653 936400 5344879 3393911 1950968 10337486 1120656 9216830 97881658 REFUNDABLE ADVANCE FEES 3555088 OTHER LIABILITIES 308 ADVANCED DEPOSIT FEES 72500 3627896 X 24919615 0 24919615 236405 236405 25156020 23643246 0 23643246 245049 245049 23888295 PART III, LINE 4: THE HAITIAN PAINTINGS WILL BE USED TO DECORATE THE HEALTHCARE EXPANSION AND WILL ALSO BE DISPLAYED IN THE LODGE ART GALLERY 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, 2017 AND 2016. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF ASSETS -106,404. REVENUE FROM TEMPORARILY RESTRICTED ASSETS 93,515. BENEVOLENT ASSISTANCE 245,039. PARTNERSHIP INCOME TREATED AS UBI 4,246. MISCELLANEOUS 9. PART XII, LINE 4B - OTHER ADJUSTMENTS: BENEVOLENT ASSISTANCE 245,039. MISCELLANEOUS 10. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, INVESTMENTS EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, INVESTMENTS EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM INVESTMENTS SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, INVESTMENTS 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 COVENANT PROGRAM/BENEVOLENT CARE 4 245039 0 FMV RESIDENTIAL SERVICE AND NURSING CARE. 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 0 0 0 0 0 0 0 1 0 JOHN E DWYER JR PRESIDENT/CEO 208522 0 17860 0 4038 0 13384 0 10738 0 254542 0 0 0 ERIK MAURITSEN CFO 133987 0 11913 0 5968 0 4591 0 8192 0 164651 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 COUNTY 541228097 2016-07-01 29600000 FINANCE CONSTRUCTION AND RENOVATIONS OF VARIOUS CAPITAL PROJECTS 0 0 0 A 40628085 61355000 3891954 2973983 28035000 1826631 118006 70375493 6605418 2014 0 0 1 1 B 1234010 392277 834761 28372962 0 0 0 1 A 0 1 1 1 0 0 0 1 B 0 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 16 30230 FMV APPRAISAL 0 0 1 PART I, LINE 32B: STOCK DONATIONS GO THROUGH THE COVENANT WOODS SCHWAB ACCOUNT TO BE SOLD. 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 717,349. CHANGES IN TEMP RESTRICTED NET ASSETS -82,327. PARTNERSHIP INCOME TREATED AS UBI -4,246. FORM 990, PART XII, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.