2017-11-14T14:09:09-06:00 2017-06-30 550486667 Arnett Carbis Toothman LLP P O Box 2629 Charleston WV 25329 990 2016-07-01 550701159 Edgewood Summit Inc EDGE 3043462323 300 Baker Lane Charleston WV 25302 John Strickland President 3043462323 2017-11-13 1 Dolores Rose P01286262 3043460441 216.12.119.47 2017-11-13 10:36:57 ES P ED91445F74C3710393C15480D13C7A19B0BE5F10 9BAAE1AE8F7C799F6A2C05DF6C6A66846D7BC49B 2016 2017-02-10 21:41:12Z John Strickland 300 Baker Lane Charleston WV 25302 14643459 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. 17 17 260 0 0 0 0 0 11126776 11448452 1049003 599073 42180 -125244 12217959 11922281 0 0 0 0 5597369 5787381 0 0 0 6322323 6501651 11919692 12289032 298267 -366751 42524166 42616634 42413459 40622333 110707 1994301 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 9633669 11323208 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. 272519 1. Edgewood Summit, Inc. has been open for 22 years. Apartments are upgraded when turnover occurs; this includes fresh paint, new carpet. An enhanced upgrade to each unit includes - new lighting, solid surface countertops in kitchens and baths, all new appliances including washer and dryer. The old appliances (electric ranges, refrigerators, dishwashers) are donated to Habitat for Humanity Restore. Edgewood Summit turned over approximately 65 units this past fiscal year and 33 units were touched up.Total Expense incurred $10,746.002. 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. Edgewood Summit Inc. turned over approximately 98 units this past fiscal year.Total Expense incurred $1,365.003. Annually Edgewood Summit, Inc. participated in the following charitable activities: Food Drive for Manna Meal - Fall and Spring Clothing Drive for Covenant House - Fall and Spring Read-A-Loud labeling 75,000 magazines for schools throughout the state Book Donations to Kanawha County Public Library Stuffing Easter Eggs with treats for City of Charleston Easter Egg Hunt Stuffing Easter Eggs with treats for City of South Charleston Easter Egg Hunt Stuffing Easter Eggs with treats for St. Marks United Methodist ChurchTotal Expense incurred $2,762.004. 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 Hospice Golf Classic Sponsorship and West Virginia HeatlhCare Association Scholarship Fund sponsor. All of these organizations are non-profit with proceeds going to fund educational programs in each specific organization.Total Expense incurred $5,473.005. Throughout the fiscal year Edgewood Summit made memorial contributions to charitable organizations in memory of former residents, resident's family members and employee family members. Total Expense incurred $728.006. In the fall of 2013 Edgewood Summit 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 will get a 20% discount from full contractual rates as they move through the continuum. For all 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 had approximately 22 current residents to take this offer. During fiscal year ending June 30,2017 Edgewood Summit had 25 residents move to higher levels of care and begin utilizing the 20% discount - AL 5, MS 7, and SN 13.Total Expense incurred $243,045.007. Edgewood Summit partnered with Bridge Valley Community and Technical College mentoring a Gerontology student with practicum hours. The student worked under the supervision of the Lifestyle Director and Assistant Director planning and executing events with IL and AL residents.Total Expense incurred $3,600.008. Edgewood Summit, Inc. partnered with Marshall University to provide Health Care Practicum experience to a Health Care Management student. The student worked under the supervision of Arthur B. Hodges Administrator working in Administration, Skilled Nursing, Memory Support, and Marketing departments.Total Expense incurred $4,800.00Annual total expense for Community Services $272,519.00 9906188 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 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 0 260 1 0 0 0 0 0 0 0 0 0 0 X 17 17 1 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 X John Strickland President 2.00 X X 0 0 0 Cam Siegrist Vice-President 2.00 X X 0 0 0 Steve Rubin Secretary 2.00 X X 0 0 0 Amy Condaras Treasurer 2.00 X X 0 0 0 Cynthia Barnette Director 2.00 X 0 0 0 Jane Cline 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 Sallie McClaugherty Director 2.00 X 0 0 0 Phyllis Osenton Director 2.00 X 0 0 0 Andy Paterno Director 2.00 X 0 0 0 Cyndi Persily Director 2.00 X 0 0 0 Leroy Rashid Director 2.00 X 0 0 0 Robert Simpson Jr Director 2.00 X 0 0 0 Reed Spangler Director 2.00 X 0 0 0 Diane Gouhin Executive Director 40.00 X 0 0 0 George Barker Administrator 40.00 X 116923 0 22095 116923 0 22095 1 0 0 1 GMSC West Virginia LLC 225 E John Carpenter Freeway Suit Irving TX 75062 Management Services 447099 Glynn Devins 11230 Gollege Blvd Overland Park KS 66210 Ad Agency 209470 Dixieland Carpet 72nd Street SE Charleston WV 25304 Construction 172636 Genesis Eldercare Rehab Services P O Box 821322 Philadephia PA 19182 Therapy Services 143546 Green's Home Improvement 431 Craigs Branch Rd Charleston WV 25312 Construction 104888 6 Resident services 623990 11448452 11448452 11448452 306827 306827 26647 0 26647 26647 26647 3013424 2682296 38882 331128 -38882 292246 292246 Bad Debt Recovery 900099 10420 10420 Loss on Extinguishment of Debt 900099 -162311 -162311 -151891 11922281 11323208 0 599073 X 4409243 3740361 668882 17638 14962 2676 996235 845106 151129 364265 309006 55259 452873 452873 47495 47495 31560 31560 82379 82379 209513 177730 31783 102636 87066 15570 1416883 1201942 214941 121570 103128 18442 1775226 1505924 269302 63655 53999 9656 9832 8340 1492 1637078 1388733 248345 260196 220724 39472 Taxes 129862 110162 19700 Bad debt 64559 64559 Dues & Subscriptions 20409 17313 3096 Special events and ente 18743 15900 2843 57182 41233 15949 12289032 9906188 2382844 0 27234 6662 1496179 1510535 784200 590790 16472 40237 168919 200013 40466815 17466190 23367868 23000625 16029115 16667894 634179 599878 42524166 42616634 665495 1160409 19694551 20343621 7891530 6345048 14161883 12773255 42413459 40622333 X 110707 1994301 110707 1994301 42524166 42616634 X -366751 1508274 742071 X 0 1 X 1 0 X 7068851 8416163 10789967 11126776 11448452 48850209 7068851 8416163 10789967 11126776 11448452 48850209 0 0 0 48850209 462674 272654 379315 279077 306827 1700547 462674 272654 379315 279077 306827 1700547 1907 4603 2046 14014 10420 32990 7533432 8693420 11171328 11419867 11765699 50583746 0.96570 0.95910 0.03360 0.03630 X 2677005 100506 1344424 1433087 2690474 12890 -26359 2677005 1098501 1909276 20145 337448 2690474 1809310 4701256 141201 5553266 1098501 4414391 8440479 96226 11141786 1809310 1.00000 1 0 856564 856564 26669221 9013018 17656203 8533247 6448628 2084619 4407783 2004544 2403239 23000625 Interest rate swap agreement 256223 Phase III Expansion Loan 8115725 Series 2014 bonds 4401307 12773255 11922281 0 11922281 0 11922281 12289032 0 12289032 0 12289032 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: $ 1,142,624; Funds reserved for bond indenture agreement-administered by a third party: $300,463 The decrease of $1,344,424 was a release of funds from the bond reserve due to excess funds in the reserve after retirement of bonds during the year. 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 12/31/2016, the Executive Director received compensation from the organization's management company, GMSC West Virginia LLC, as follows: Salary $178,350 bonus $22,968, deferred compensation $6,040, and nontaxable benefits of $7,446 for a total of $214,804. 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 0 0 0 A 8450000 11231025 285602 224845 10721180 1 0 1 1 B 20872 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 Date Rebate Computation Performed Issuer Name: West Virginia Economic Development Authority Date the Rebate Computation was Performed: 05/01/2014 Form 990, Part VI, Section A, line 2 Two of the board members have a family relationship- Georgette George and Leroy Rashid. 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. 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 $453,972 includes the compensation of the Executive Director as follows: Executive Director salary and benefits: $214,119 Management Company general services: $239,853 Form 990, Part XI, line 9: Change in fair value of derivative obligation 742,071.