2025-11-17T13:50:33-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 227 WEST TRADE STREET SUITE 800 CHARLOTTE NC 28202 990 2024-01-01 560547462 ALDERSGATE UNITED METHODIST RETIREMENT COMMUNITY INC ALDE 7045327000 3800 SHAMROCK DRIVE CHARLOTTE NC 28215 CHERIE GRISSO FINANCIAL OPERATIONS VP 7045327000 2025-11-17 1 1 KATHERINE A WARLICK P02065266 7049985200 2025-11-17 2024 2025-03-06 01:10:19Z CHERIE GRISSO 3800 SHAMROCK DRIVE CHARLOTTE NC 28215 50193351 0 X WWW.ALDERSGATELIVING.ORG X 1945 NC ALDERSGATE PROVIDES EXCELLENT CONTINUING CARE SERVICES FOR SENIORS. 11 11 604 25 0 0 2546515 574464 45639749 47614877 1915148 -1334121 310222 360336 50411634 47215556 0 0 0 0 20544578 24179116 0 0 286459 27461130 28549749 48005708 52728865 2405926 -5513309 147033162 138830990 189525402 184681379 -42492240 -45850389 WE CELEBRATE AND RESPECT THE VALUE OF EACH INDIVIDUAL WITHIN AN INCLUSIVE AND VIBRANT ALDERSGATE COMMUNITY. 0 0 44777329 48118852 ALDERSGATE PROVIDES HOUSING, MEALS, SECURITY, ASSISTANCE WITH ESSENTIAL ACTIVITIES OF DAILY LIVING, SKILLED NURSING CARE, AND RELATED SERVICES DESIGNED SPECIFICALLY FOR SENIOR ADULTS WHILE OFFERING RELIGIOUS, CULTURAL, RECREATIONAL AND OTHER ACTIVITIES INCLUDING OPPORTUNITIES FOR COMMUNITY VOLUNTEERING AND TRANSPORTATION TO EVENTS AND APPOINTMENTS. SERVICES ARE PROVIDED 24 HOURS PER DAY. ALDERSGATE MAKES EVERY EFFORT TO CONTINUE PROVIDING SERVICES TO RESIDENTS WHO NEED SUPPLEMENTAL FINANCIAL ASSISTANCE. 44777329 1 1 0 0 0 0 0 0 0 1 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 0 1 1 0 0 0 1 69 0 1 604 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 1 1 0 0 0 1 1 1 1 0 1 1 1 1 1 1 1 1 0 X SARAH CROCKFORD 7045327000 3800 SHAMROCK DR CHARLOTTE NC 28211 TOMMY LAWING CHAIRPERSON 2.00 2.00 X 0 0 0 DOUG GHIDINA VICE CHAIR 2.00 0.00 X 0 0 0 AMANDA GRIMES SECRETARY 2.00 0.00 X 0 0 0 GREG COLE DIRECTOR 2.00 0.00 X 0 0 0 VINCENT DEBIASE RESIDENT DIRECTOR 2.00 0.00 X 0 0 0 HEATH GILBER DIRECTOR 2.00 0.00 X 0 0 0 JAMES HOWELL DIRECTOR 2.00 0.00 X 0 0 0 SAMMY JACKSON DIRECTOR 2.00 0.00 X 0 0 0 ROGER SHAUL DIRECTOR 2.00 0.00 X 0 0 0 JUDY WIESNER RESIDENT DIRECTOR 2.00 0.00 X 0 0 0 DENTON WILSON DIRECTOR 2.00 0.00 X 0 0 0 CHERIE GRISSO CFO 2.00 38.00 X 318857 0 21246 SARAH CROCKFORD CORPORATE SECRETARY 40.00 0.00 X 75673 0 13233 SUZANNE PUGH CEO (THRU 1/26/24) 2.00 38.00 X 0 28211 2599 BROOKE HODGE EXECUTIVE DIRECTOR 40.00 0.00 X 178639 0 15313 MARILYN HENDRICK SR. DIRECTOR OF HR/COMPLIANCE 40.00 0.00 X 141999 0 14597 BORIS HENDERSON SR. DIRECTOR OF REAL ESTATE & CAPITAL PROJECTS 40.00 0.00 X 128247 0 2565 KOURTNEY CARTER DIRECTOR OF MARKETING 40.00 0.00 X 170846 0 13363 JENNIFER BURDESHAW BAYLOR RN SUPERVISOR 40.00 0.00 X 125556 0 14645 1139817 28211 97561 12 0 1 0 SELECT REHABILITATION PO BOX 71985 CHICAGO IL 60694 REHABILITATION SERVICES 2779661 SOUTHERN PHARMACY 1031 E MOUNTAIN ST KERNERSVILLE NC 27284 PHARMACY SERVICES 575590 RELIABLE RESTORATIONS 12259 NATIONS FORD RD SUITE A PINEVILLE NC 28134 CONSTRUCTION SERVICES 474026 KARE TECHNOLOGIES PO BOX 4738 HOUSTON TX 772104738 NURSING SERVICES 169838 RKL LLP PO BOX 8408 LANCASTER PA 176048408 CONSULTING 160257 10 574464 574464 RESIDENT REVENUE 623000 42410466 42410466 ENTRANCE FEES EARNED 623000 4138354 4138354 1066057 1066057 47614877 143639 143639 360336 0 360336 360336 360336 1500035 1384348 1593447 115687 -1593447 -1477760 -1477760 47215556 48118852 0 -1477760 19524847 18810462 577429 136956 277380 186690 90690 2904234 1954686 949548 1472655 1312907 147374 12374 405760 405760 120413 120413 12254 12254 2931656 1362359 1569297 616706 563527 53179 714228 77046 578591 58591 1993874 1874242 119632 160431 25465 119275 15691 25151 3742 20524 885 4053988 4038039 15949 7418013 6972932 445081 595436 237385 358051 SUPPLIES 3452841 3452841 GENERAL AND ADMINISTRAT 2917014 2496219 420795 EQUIPMENT EXPENSES 1571764 785882 785882 1560220 1186432 365005 8783 52728865 44777329 7665077 286459 1400 444041 3036583 1564310 4286583 3691275 114444 197439 250241 281687 209180849 107380368 108126888 101800481 5689305 4917344 20458601 22001790 5069117 3932623 147033162 138830990 6654522 6970111 27318869 28436382 103420488 100155726 52131523 49119160 189525402 184681379 X -44127313 -47813154 1635073 1962765 -42492240 -45850389 147033162 138830990 X -5513309 1804957 350203 X X 0 1 X 1 0 X 1308014 3720746 314427 2546515 574464 8464166 39039933 40696925 42486825 45639749 47614877 215478309 40347947 44417671 42801252 48186264 48189341 223942475 192775 99456 292231 0 192775 99456 292231 223650244 203093 394950 503975 1102018 203093 394950 503975 1102018 40551040 44417671 42801252 48581214 48693316 225044493 0.99380 0.99310 0.00490 0.00570 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2125807 162254 20569 2267492 1528731 597076 2125807 2034534 -505803 1528731 1876106 158428 2034534 1756325 119781 1876106 0.49363 0.50637 0.00000 0 0 3742785 3742785 168532190 82501849 86030341 9100133 5640669 3459464 21012501 17118577 3893924 6793240 2119273 4673967 101800481 DESIGNATED FOR STATUTORY OPERATING RESERVE 10144250 F HELD UNDER BOND AGREEMENT 8773585 F RESTRICTED INVESTMENTS 3083955 F 22001790 REFUNDABLE ENTRANCE FEES 48841060 OTHER LIABILITIES 103680 ENTRANCE FEE DEPOSITS 174420 49119160 X PART V, LINE 4: THE ORGANIZATION USES ENDOWMENT FUNDS TOWARDS VARIOUS DONOR DESIGNATED PURPOSES INCLUDING FINANCIAL ASSISTANCE TO RESIDENTS UNABLE TO PAY AND EMPLOYEE TRAINING. PART X, LINE 2: ALDERSGATE AT SHAMROCK, HOLDINGS, ALDERSGATE AT HOME AND ALPS ARE EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) AND 501(C)(2), RESPECTIVELY, OF THE INTERNAL REVENUE CODE (IRC). ACCORDINGLY, ALDERSGATE AT SHAMROCK AND HOLDINGS HAVE MADE NO PROVISION FOR INCOME TAXES IN THE CONSOLIDATED FINANCIAL STATEMENTS. ALDERSGATE AT SHAMROCK, HOLDINGS, ALDERSGATE AT HOME AND ALPSS ARE NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE THEIR TAX-EXEMPT STATUS. ALDERSGATE AT SHAMROCK. HOLDINGS, ALDERSGATE AT HOME, AND ALPS FOLLOW ACCOUNTING GUIDANCE REGARDING RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. AS OF DECEMBER 31, 2024 AND 2023, MANAGEMENT IS NOT AWARE OF ANY UNCERTAIN TAX POSITIONS. X X X 0 0 0 0 0 0 0 0 0 CHERIE GRISSO CFO 318857 0 0 0 0 0 3900 0 17346 0 340103 0 0 0 BROOKE HODGE EXECUTIVE DIRECTOR 165958 0 0 0 12681 0 3623 0 11690 0 193952 0 0 0 KOURTNEY CARTER DIRECTOR OF MARKETING 165891 0 4955 0 0 0 1569 0 11794 0 184209 0 0 0 MARILYN HENDRICK SR. DIRECTOR OF HR/COMPLIANCE 133281 0 0 0 8718 0 2906 0 11691 0 156596 0 0 0 A NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 65820YLM6 2015-11-18 49240000 FINANCE NEW CONSTRUCTION AND REFINANCE CURRENT PROJECTS. 0 0 0 B NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 65820YNG7 2017-05-31 35094238 REFUND BANK LOAN; FINANCE NEW CONSTRUCTION 0 0 0 C NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 NONEAVAIL 2021-07-29 15340000 REFUND 2017B BONDS, TERMINATE INTEREST RATE SWAP AND PAY ISSUANCE COSTS 0 0 0 D NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 NONEAVAIL 2023-04-03 25470000 REFUND 2013 BONDS 0 0 0 A 49125093 2399588 982502 43811540 2112265 2019 1 0 1 1 B 18079238 35094238 1242528 687884 29608184 3555642 2019 0 0 1 1 C 1720000 15340000 170191 15169809 1 0 1 1 D 3955000 25470000 25470000 0 1 1 1 A 0 1 0 0 0.04000 0.04000 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 0 0 0 1 0 0 0 0 C 0 0 1 0 1 0 0 0 1 D 0 1 0 0 1 1 TRUIST BANK 8.500000000000 0 0 0 0 1 A 1 B 1 C 1 D 1 FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE IS COMPRISED OF BOARD OFFICERS. PER THE BYLAWS, THE SCOPE OF THE EXECUTIVE COMMITTEE IS: THERE SHALL BE AN EXECUTIVE COMMITTEE COMPOSED OF THE BOARD OFFICERS AND THE CHAIRPERSONS OF THE FINANCE AND GOVERNANCE COMMITTEES OF THE BOARD. THE EXECUTIVE COMMITTEE SHALL MEET UPON THE CALL OF THE CHAIRPERSON OF THE BOARD, WHICH CALL SHALL SPECIFY THE TIME, PLACE AND PURPOSE OF THE MEETING. SUBJECT TO THE LIMITATIONS SET FORTH HEREIN AND APPLICABLE LAW, THE COMMITTEE SHALL BE AUTHORIZED TO TAKE ACTION IN THE NAME OF THE CORPORATION, PROVIDED, HOWEVER, THAT A FULL REPORT OF ANY SUCH ACTION TAKEN SHALL BE MADE AT THE NEXT MEETING OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION CONTRACTED WITH ARMSTRONG MCGUIRE TO PROVIDE AN INTERIM CEO FROM FEBRUARY 2024 THROUGH AUGUST 2025. FORM 990, PART VI, SECTION A, LINE 4 DURING 2024, ALDERSGATE UNITED METHODIST RETIREMINT COMMUNITY (ALDERSGATE) AMENDED ITS BYLAWS TO REFLECT A REORGANIZATION WITH ITS RELATED EXEMPT ENTITY ALDERSGATE LIFE PLAN SERVICES (ALPS). AS A RESULT OF THIS CHANGE, NO ALDERSGATE DECISION WILL REQUIRE ALPS APPROVAL, AND ALDERSGATE WILL ELECT THE 3-5 DIRECTORS OF ALPS. THE PRIMARY PURPOSE FOR ALPS WILL BE TO REMAIN THE SOLE MEMBER OF THE DEVELOPMENT AREA 1 LLCS FOR THE GROUND LEASE PROJECT OUTSIDE THE OBLIGATED GROUP. ADDITIONALLY, IN DECEMBER 2024, ALDERSGATE MERGED WITH ALDERSGATE AT HOME, A RELATED EXEMPT ENTITY. ALDERSGATE AT HOME'S ASSETS WERE TRANSFERRED TO ALDERSGATE, LEAVING IT THE SURVIVING ENTITY. FORM 990, PART VI, SECTION A, LINE 7B AUGUST 2023 AUMRC WAS PLACED UNDER AN ORDER OF ADMINISTRATIVE SUPERVISION BY THE REGULATOR OF THE NORTH CAROLINA DEPARTMENT OF INSURANCE INVOKING OVERSIGHT OVER VARIOUS DECISIONS. REFER TO THE ORDER FOR DETAILS FORM 990, PART VI, SECTION B, LINE 11B CFO REVIEWS AND PROVIDES TO THE FINANCE COMMITTEE OF THE BOARD FOR REVIEW AND APPROVAL TO SUBMIT. THE ENTIRE BOARD RECEIVES A COPY OF THE FORM 990 FORM 990, PART VI, SECTION B, LINE 12C ALL MEMBERS OF THE BOARD OF DIRECTORS ARE COVERED AND SIGN THE CONFLICT OF INTEREST POLICY. AT THE BEGINNING OF EACH MEETING, THE CHAIR REMINDS DIRECTORS OF THE POLICY AS WELL AS OTHER RULES OF ORDER. ITEMS WITH POTENTIAL CONFLICT THAT REPRESENT MAJOR EXPENDITURES ARE SUBJECT TO A BID PROCESS WHERE THE LOWEST COST PROVIDER OF THE DESIRED SERVICE IS GENERALLY SELECTED. FORM 990, PART VI, SECTION B, LINE 15 ALL EMPLOYEES (INCLUDING THE TOP MANAGEMENT AND KEY EMPLOYEES) ARE COMPARED PERIODICALLY TO WAGE DATA THAT IS DEVELOPED INDEPENDENTLY THROUGH A LOCAL EMPLOYERS AND TRADE ASSOCIATION. THE WAGES ARE REVIEWED TO CONFIRM THEY ARE COMPETITIVE IN THE LOCAL MARKET AND ALIGNED WITH INDUSTRY COMPS. THE COMPENSATION OF THE CEO IS APPROVED BY THE BOARD OF DIRECTORS OR THE EXECUTIVE COMMITTEE AS THE BOARD'S DESIGNEE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 AUDITED FINANCIAL STATEMENTS ARE FILED ANNUALLY WITH THE NORTH CAROLINA DEPARTMENT OF INSURANCE AND PUBLISHED ON ITS WEBSITE. THEY ARE ALSO PRINTED ANNUALLY IN STATUTORILY REQUIRED DISCLOSURE STATEMENTS WHICH ARE AVAILABLE TO THE PUBLIC. ARTICLES OF INCORPORATION ARE AVAILABLE ONLINE AT THE NORTH CAROLINA SECRETARY OF STATE WEBSITE. THE CONFLICTS OF INTEREST POLICY IS AVAILABLE FOR EXAMINATION UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN INTEREST RATE SWAP 71,573. INTERCOMPANY LOSS -114,312. CHANGE IN VALUE OF BENEFICIAL INTEREST WITH DONOR RESTRICTIONS 52,858. TRANSFER OF NET ASSETS FROM ALDERSGATE AT HOME 340,084. FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS HAS ESTABLISHED ITS AUDIT COMMITTEE TO ASSUME RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THE ORGANIZATION HAS NOT CHANGED ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. ALDERSGATE HOLDINGS INC 3800 SHAMROCK DR CHARLOTTE NC 28215 475163378 LAND INVESTMENT NC 501(C)(2) ALDERSGATE UNITED METHODIST RETIREMENT COMMUNITY 1 ALDERSGATE LIFE PLAN SERVICES INC 3400 SHAMROCK DR CHARLOTTE NC 28215 812698156 HOLDING COMPANY NC 501(C)(3) LINE 12B, II ALDERSGATE UNITED METHODIST RETIREMENT COMMUNITY 1 ALDERSGATE AT SHARON INC 3800 SHAMROCK DR CHARLOTTE NC 28215 812672298 SENIOR LIVING SERVICES (INACTIVE) NC 501(C)(3) LINE 10 ALDERSGATE LIFE PLAN SERVICES 1 ALDERSGATE AT SHALOM PARK INC 3800 SHAMROCK DR CHARLOTTE NC 28215 821000888 SENIOR LIVING SERVICES (INACTIVE) NC 501(C)(3) LINE 10 ALDERSGATE LIFE PLAN SERVICES 1 ALDERSGATE FOUNDATION INC 3800 SHAMROCK DR CHARLOTTE NC 28215 832495423 FOUNDATION (INACTIVE) NC 501(C)(3) LINE 7 ALDERSGATE LIFE PLAN SERVICES 1 0 0 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0