2018-09-25T15:06:39-05:00 2017-12-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 1650 MARKET STREET SUITE 4500 PHILADELPHIA PA 191037341 990 2017-01-01 232377560 FRIENDS RETIREMENT CONCEPTS INC FRIE 9085956517 100 MONROE STREET BRIDGEWATER NJ 088073043 FELIX ROSENWASSER PRESIDENT/CEO 9085956520 2018-09-25 1 JULIUS C GREEN CPA P00350393 2159720701 X 24.229.124.227 2018-09-25 10:08:56 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 1C07D3DB1C94FB752016147E5D6573FD6A6810DC 2017 2018-06-14 16:35:46Z ARBOR GLEN FELIX ROSENWASSER 100 MONROE STREET BRIDGEWATER NJ 088073043 19845807 0 X WWW.ARBORGLEN.ORG X 1985 PA TO OPERATE A CONTINUING CARE RETIREMENT COMMUNITY. 13 10 214 12 9939 -11053 51760 65029 17502049 19124328 335417 263644 894354 390456 18783580 19843457 0 0 0 0 6776308 6601554 0 0 0 14263209 15892417 21039517 22493971 -2255937 -2650514 50275830 48992919 111368149 112373437 -61092319 -63380518 X THE MISSION OF ARBOR GLEN, SPONSORED BY FRIENDS RETIREMENT CONCEPTS, INC., IS TO ENHANCE THE DIGNITY AND WORTH OF OUR INDIVIDUAL MEMBERS BY PROVIDING QUALITY LIFE CHOICES FOR SENIORS IN A CONTINUUM OF CARE SERVICES ON A FISCALLY SECURE BASIS AND PROVIDING SOCIALLY ACCOUNTABLE SERVICES TO OUR LARGER COMMUNITY. 0 0 18554858 19124328 THE CORPORATION IS INCORPORATED UNDER THE NONPROFIT CORPORATION LAW OF 1972 OF THE COMMONWEALTH OF PENNSYLVANIA, AS AMENDED, FOR THE PURPOSES OF CONDUCTING EXCLUSIVELY CHARITABLE, SCIENTIFIC, OR EDUCATIONAL ACTIVITIES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (OR THE CORRESPONDING PROVISION OF ANY SUCCESSOR UNITED STATES INTERNAL REVENUE LAW) (THE "INTERNAL REVENUE CODE"), INCLUDING BUT NOT LIMITED TO (1) PROVIDING ADMINISTRATIVE, PROPERTY MANAGEMENT, AND OTHER SUPPORT SERVICES FOR NONPROFIT ORGANIZATIONS; (2) OWNING OR OPERATING, INCLUDING DEVELOPING AND MANAGING, OR BOTH, EITHER DIRECTLY OR INDIRECTLY THROUGH ANY OTHER ENTITY OR ORGANIZATION, ANY LIFE CARE FACILITY IN THE NATURE OF CONTINUING CARE RETIREMENT COMMUNITY OR LIFE CARE AT HOME PROGRAM OR OTHERWISE DESIGNED TO BENEFIT ELDERLY PERSONS AND IN GENERAL TO IMPLEMENT PROGRAMS DESIGNED TO MEET THE NEEDS OF ELDERLY PERSONS; AND (3) MAKING DONATIONS AND OTHER TRANSFERS TO CHARITABLE ORGANIZATIONS AND OTHER ORGANIZATIONS AFFILIATED WITH THE CORPORATION AND DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, CONSISTENT WITH AND IN FURTHERANCE OF THESE PURPOSES.FRIENDS RETIREMENT CONCEPTS, INC. ("FRIENDS") IS A NOT-FOR-PROFIT ORGANIZATION WHICH OPERATES ARBOR GLEN OF BRIDGEWATER CONTINUING CARE RETIREMENT COMMUNITY ("ARBOR GLEN"). ARBOR GLEN IS LOCATED ON APPROXIMATELY 24 ACRES IN SOMERSET COUNTY, NEW JERSEY. THE COMPLEX CONSISTS OF AN APARTMENT BUILDING WITH 183 INDEPENDENT LIVING APARTMENT UNITS, 19 INDEPENDENT LIVING VILLA UNITS, A HEALTH CENTER COMPRISED OF 35 ASSISTED LIVING UNITS AND 64 MEDICARE CERTIFIED NURSING BEDS, AND A COMMUNITY CENTER. ARBOR GLEN WAS ACCREDITED BY THE CONTINUING CARE ACCREDITATION COMMISSION DURING 2002.OUR HEALTHCARE CENTER PROVIDES SERVICES IN THE FOLLOWING AREAS: ASSISTED LIVING AND ALZHEIMER CARE, REHAB, SUB ACUTE CARE AND SKILLED NURSING. OUR EXTENSIVE DINING PROGRAM OFFERS OUR RESIDENTS A VARIETY OF DINING OPTIONS AND SPECIALIZED MENUS TO MEET INDIVIDUAL HEALTH NEEDS. AVERAGE OCCUPANCY RATES FOR 2017 FOR NURSING CARE WAS 74.91%, THE AVERAGE OCCUPANCY RATE FOR THE ASSISTED LIVING WAS 71.30% AND THE ASSISTED LIVING DEMENTIA UNIT WAS 68.67%. THE END OF THE YEAR OCCUPANCY RATE FOR THE INDEPENDENT LIVING UNITS FOR 2017 WAS 63.37%. 18554858 1 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 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 65 0 1 214 1 1 1 0 0 0 0 1 1 0 0 0 0 X 13 10 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NJ X LISA I CODDINGTON CONTROLLER 9085956524 100 MONROE STREET BRIDGEWATER NJ 088073043 X PAULA MCCLURE CHAIRPERSON 1.00 X X 0 0 0 RANDY MALONE VICE CHAIR 11.00 X X 25000 0 0 CHESTER BREWER TREASURER 1.00 X X 0 0 0 ROBERT GREEN SECRETARY 11.00 X X 20300 0 0 HOWARD FREUND DIRECTOR 1.00 X 0 0 0 MILDRED POTENZA DIRECTOR 1.00 X 0 0 0 LEE VARIAN DIRECTOR 1.00 X 0 0 0 CHARLOTTE MCAFEE DIRECTOR 1.00 X 0 0 0 BARBARA MENZEL DIRECTOR 1.00 X 0 0 0 JENNIFER COURY DIRECTOR 11.00 X 2500 0 0 BARBARA ANDREWS DIRECTOR 1.00 X 0 0 0 ROBERT KISER DIRECTOR 1.00 X 0 0 0 JOHN VINCENT DIRECTOR 1.00 X X 0 0 0 FELIX ROSENWASSER PRESIDENT & CEO 40.00 X 306927 0 9382 LISA CODDINGTON CONTROLLER & ASSISTANT TRE 40.00 X 120771 0 25318 JANINE SCHMELTZ DIRECTOR OF NURSING 40.00 X 116992 0 4700 MARINA FERRER ADMINISTRATOR AND ASSISTANT CEO 40.00 X 137331 0 5600 729821 0 45000 4 0 1 0 SODEXO INC & AFFILIATES PO BOX 81049 WOBURN MA 01813 MANAGEMENT SERVICES 2967464 TENDER TOUCH REHAB 685 RIVER AVENUE LAKEWOOD NJ 08701 REHAB SERVICES 1193484 R KOCH CARPENTRY 22 BUCHANAN ROAD BLAIRSTOWN NJ 07825 CONSTRUCTION SERVICES 602928 DRINKER BIDDLE AND REATH LLP PO BOX 627 PRINCETON NJ 08542 LEGAL SERVICES 480256 HAMLYN SENIOR MARKETING LLC 25 CHESTNUT STREET HADDONFIELD NJ 08033 SALES & MARKETING SERVICES 364801 5 19400 45629 65029 NET RESIDENT SERVICE REV 623000 17039925 17039925 AMORTIZATION OF ENTRANCE FEES 623000 1931432 1931432 OTHER RESIDENT SERVICES 623000 92172 92172 COMPANION PROGRAM 623000 53033 53033 NURSE VISIT/HELPING HANDS 623000 7766 7766 19124328 263644 263644 625 1750 -1125 -1125 -1125 600 19400 600 0 ENTRANCE FEES REFUND INCENTIVE 900099 215670 215670 RESIDENTS ASSOCIATION 900099 52150 52150 FITNESS SERVICES 900099 44803 44803 78958 9939 69019 391581 19843457 19124328 9939 644161 X 774821 661742 113079 4545485 3882105 663380 67660 57786 9874 753747 643673 110074 459841 392731 67110 1184318 1184318 72000 72000 448 448 4839175 4237017 602158 261346 261346 1194170 895741 298429 22421 3141 19280 1546351 1537951 8400 19927 11172 8755 18096 7299 10797 3428213 3428213 2686264 2686264 221002 221002 REFINANCING COSTS 160000 160000 DUES, SUBS & LICENSES 111045 14972 96073 BAD DEBT EXPENSE 84000 84000 RECRUITMENT & HIRING EX 30134 30134 13507 11051 2456 22493971 18554858 3939113 0 425273 609345 5858 5860 1857345 767919 47069 47069 240542 245887 81920478 44850260 37566044 37070218 9927921 10040843 80778 80778 125000 125000 50275830 48992919 6216250 7793785 40468505 39753463 55530700 55689067 9152694 9137122 111368149 112373437 X -61368403 -63721555 276084 341037 -61092319 -63380518 50275830 48992919 -2650514 362315 0 X 0 1 X 1 0 X 399928 59567 71818 51760 65029 648102 17450758 17204616 18908662 17502049 19124328 90190413 4000 600 4600 17850686 17264183 18980480 17557809 19189957 90843115 0 0 0 90843115 415159 426799 134812 336917 264269 1577956 415159 426799 134812 336917 264269 1577956 177030 203955 243209 885098 381642 1890934 18442875 17894937 19358501 18779824 19835868 94312005 0.96320 0.96300 0.01670 0.01940 X 0 0 0 0 0 0 0 0 1 448 448 0 PART II-B, LINE 1: THE ORGANIZATION PAYS DUES TO NATIONAL (LEADING AGE) AND STATE (LEADINGAGE NJ) ASSOCIATIONS OF HOMES AND SERVICES FOR THE AGING. A PORTION OF THE ORGANIZATION'S DUES ARE USED FOR LOBBYING PURPOSES. THE $448 REPORTED AS LOBBYING EXPENDITURES IS THE PORTION OF LEADINGAGE AND LEADINGAGE NJ'S DUES THAT WERE USED FOR LOBBYING PURPOSES (3.1% OF THE ORGANIZATION'S TOTAL DUES OF $14,446). 6767216 6767216 66386050 38189097 28196953 4998672 4049291 949381 3597196 2611872 985324 171344 171344 37070218 REFUNDABLE DEPOSITS 56705 FUTURE SERVICE OBLIGATION 8898000 OTHER LONG TERM LIABILITIES- BISTRO PROJECTS 182417 9137122 X 20163319 362315 362315 19801004 42453 42453 19843457 22451518 -42453 -42453 22493971 0 22493971 PART X, LINE 2: ARBOR GLEN ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES USING 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. MANAGEMENT DETERMINED THAT THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD IN 2017 AND 2016. ARBOR GLEN'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS FOR YEARS ENDED PRIOR TO DECEMBER 31, 2014 ARE NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -1,750. GALA EXPENSES -600. FITNESS REVENUE NETTED AGAINST EXPENSE 44,803. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 1,750. GALA EXPENSE 600. FITNESS REVENUE NETTED AGAINST EXPENSE ON FINANCIAL STATEMENT -44,803. GALA FOR BUS FUND 20000 19400 600 600 20000 19400 600 600 600 0 X X 0 0 0 0 0 0 0 1 0 FELIX ROSENWASSER PRESIDENT & CEO 262927 0 44000 0 0 0 7529 0 1853 0 316309 0 0 0 PART I, LINE 7 THE BOARD OF DIRECTORS ESTABLISHES ANNUAL GOALS AND CREATES A METRIC FOR ATTAINMENT OF EACH GOAL FOR THE HIGHLY COMPENSATED EMPLOYEES. DURING THE ANNUAL REVIEW, THE BOARD OF DIRECTORS REVIEWS THE ATTAINMENT OF THE GOALS AND DETERMINES THE AMOUNT OF THE INCENTIVE AWARDS BASED UPON THE GOAL COMPLETION. THE BOARD OF DIRECTORS APPROVES THE AWARDS. A NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY 645916A64 2004-05-17 36500000 TO ADVANCE REFUND CERTAIN 1998 BONDS 0 0 0 A 4110000 36500000 1384000 1320000 33796000 2004 0 1 1 1 A 0 0 0 1 1 0 0 0 1 A 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 05/15/2013 SCHEDULE K, OUTSTANDING BONDS THE AMOUNT SHOWN ON PART X, LINE 20, COLUMN B INCLUDES A 1998 BOND ISSUE AS WELL AS THE 2004 BOND ISSUE WHICH IS REPORTED ON THIS FORM: TOTAL BOND ISSUE ANALYSIS: SERIES 2004 $32,390,000 SERIES 1998 $24,620,000 OUTSTANDING BOND ISSUE 12-31-17 $57,010,000 LESS: DEFERRED FINANCING COSTS (1,159,811) LESS: UNAMORTIZED BOND DISCOUNT ( 161,122) AMOUNT SHOWN ON PART X, LINE 20 COLUMN B $55,689,067 FORM 990, PART VI, SECTION A, LINE 7A ONE MEMBER OF THE BOARD OF FRIENDS RETIREMENT CONCEPTS, INC. SHALL BE SELECTED BY THE BOARD OF FRIENDS RETIREMENT CONCEPTS, INC. FROM AMONG PERSONS NOMINATED BY THE ELECTED REPRESENTATIVES OF THE RESIDENTS OF THE ARBOR GLEN CONTINUING CARE RETIREMENT COMMUNITY. THERE ARE TWO RESIDENTS WHO ARE CURRENTLY SERVING ON THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B MANAGMENT DOES A DETAIL REVIEW OF THE 990 BEFORE PRESENTATION TO THE BOARD. THE CHAIRMAN OF THE BOARD CONDUCTS THE BOARD MEETING. THE 990 FORM IS PRESENTED TO THE BOARD MEMBERS AT THE MEETING FOR REVIEW. THE BOARD WILL APPROVE THE FORM BEFORE SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY THROUGH ANNUAL DISCLOSURE. THE CONFLICT OF INTEREST POLICY IS DISCUSSED ANNUALLY AT A BOARD MEETING AND TRAINING IS PROVIDED ANNUALLY BY THE ORGANIZATION'S COMPLIANCE OFFICER. THE CHAIRMAN OF THE BOARD REVIEWS THE SIGNED CONFLICT OF INTEREST STATEMENTS ANNUALLY. THE EXECUTIVE COMMITTEE OF THE BOARD AND THE CEO HANDLE ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST. BOARD MEMBERS MUST DISCLOSE ANY CONFLICTS OF INTEREST AND ABSTAIN FROM VOTING IF SUCH CONFLICT ARISES. FORM 990, PART VI, SECTION B, LINE 15 EACH YEAR THE BOARD OF DIRECTORS FORMS A COMPENSATION AND REVIEW COMMITTEE TO EVALUATE PERFORMANCE AND REVIEW MARKET BASED SALARIES FOR OTHER TAX EXEMPT STAND-ALONE COMMUNITIES USING AASHA SALARY SURVEYS AND GUIDESTAR. THE COMMITTEE RECOMMENDS CHANGES IN CEO COMPENSATION TO THE FULL BOARD BASED ON CONTRACT OBLIGATIONS, PAST YEAR PERFORMANCE, SALARY SURVEYS AND FINANCIAL CONDITION OF THE ORGANIZATION. THE SALARY PROCESS FOR THE CFO IS ALSO ESTABLISHED ON THE BASIS OF SALARY SURVEY DATA. THE DECISIONS ARE DOCUMENTED IN THE COMPENSATION AND REVIEW COMMITTEE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. PART VII, CERTAIN COMPENSATION PAID TO OFFICERS AND DIRECTORS DURING 2016, THE BOARD OF DIRECTORS CREATED A STRATEGIC INITIATIVE COMMITTEE TO ASSIST MANAGEMENT WITH CERTAIN PROJECTS OF THE ORGANIZATION. THE BOARD ESTABLISHED A STIPEND TO BE PAID TO THE COMMITTEE MEMBERS WHO WERE OFFICERS/BOARD MEMBERS IN EXCHANGE FOR A COMMITMENT FOR DEVOTING AT LEAST TEN HOURS A MONTH TO THE WORK OF THE COMMITTEE . THESE STIPENDS WERE APPROVED BY THE BOARD OF DIRECTORS. THE COMMITTEE WAS DISSOLVED IN AUGUST OF 2017. FORM 990, PART IX, LINE 11G PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 4,237,017. MANAGEMENT AND GENERAL EXPENSES 602,158. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,839,175.