2017-08-15T14:03:47-05:00 2016-12-31 390859910 Baker Tilly Virchow Krause LLP 1650 Market Street Suite 4500 Philadelphia PA 191037341 990 2016-01-01 222229486 MEADOWOOD CORPORATION MEAD 6105841000 3205 Skippack Pike PO BOX 670 WORCESTER PA 19490 Steven P Wisniewski VP of Finance/CFO 6105841000 2017-08-14 1 JULIUS C GREEN CPA P00350393 2159720701 X 50.243.90.186 2017-08-14 07:13:15 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 D9079DD28A529C8CC17D76080D235F96F7AA2E40 2016 2021-01-29 14:40:06Z Paul Nordeman 3205 Skippack Pike PO BOX 670 WORCESTER PA 19490 32949008 0 X www.Meadowood.net X 1983 PA TO PROVIDE THE HIGHEST QUALITY OF LIFE FOR ALL WHO EXPERIENCE THE MEADOWOOD COMMUNITY. 14 13 434 32 0 0 1302189 236873 27001420 27633957 718199 492917 96466 50744 29118274 28414491 100566 148340 0 0 11799907 12143671 0 0 65936 15776565 15989078 27677038 28281089 1441236 133402 78931476 79797699 90792379 90509772 -11860903 -10712073 X MEADOWOOD IS COMMITTED TO PROVIDE THE HIGHEST QUALITY OF LIFE FOR ALL WHO EXPERIENCE THE MEADOWOOD COMMUNITY. 0 0 24958711 148340 27633957 To operate a continuing care retirement community, which provides housing, healthcare, and other related services to seniors through the operation of a 59-bed nursing facility, a 56-bed personal care facility, 254 residential apartments, 42 carriage homes and a Home Health Agency. The corporation's community is located in Worcester Township, PA. Total Resident days at the facility were as follows: Skilled days of 19,297, Assisted living days of 18,981, and Independent Living days of 68,074. Also, the home health agency performed 1,898 visits during 2016. Healthcare Service - Provide residents with physician care, physical therapy, speech therapy, occupational therapy, skilled nursing, personal care, activities, home health, and other related services. Maintenance and other services - provide general maintenance and service repairs to center, including depreciation and interest expenses. Provide security, transportation, and other services as needed. Dining Services - Provide daily meals to residents, provide for special dietary needs of residents and special functions requested by residents. Provide coffee shop for residents, staff and guests. 24958711 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 37 0 1 434 1 0 0 0 0 0 0 0 0 0 0 X 14 13 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X Wanda Mann 6105841000 3205 Skippack Pike PO BOX 670 WORCESTER PA 19490 WILLIAM D BLACK CHAIR 2.00 X X 0 0 0 H DRAKE WILLIAMS JR VICE-CHAIR 2.00 X X 0 0 0 BRUCE J MCKENNEY TREASURER 2.00 X X 0 0 0 JAMES R BEAM SECRETARY 2.00 X X 0 0 0 PAUL NORDEMAN President/CEO (non-voting) 40.00 X X 338029 0 28787 PAUL ANDERSON DIRECTOR (RESIDENT) 2.00 X 0 0 0 Jeremy C Brenn diRECTOR 2.00 X 0 0 0 Anthony G Cinelli DIRECTOR 2.00 X 0 0 0 Lawrence W Dessen DIRECTOR 2.00 X 0 0 0 Ilene Warner-Maron DIRECTOR 2.00 X 0 0 0 Paul J McDonald DIRECTOR 2.00 X 0 0 0 Barbara H Ost DIRECTOR 2.00 X 0 0 0 Robert L Schmidt DIRECTOR 2.00 X 0 0 0 Catherine Wildt DIRECTOR 2.00 X 0 0 0 W Bruce Fretz Director 2.00 X 0 0 0 Steven Wisniewski VP of Finance/CFO 40.00 X 168842 0 5803 SHANNON GRIEB VP OF MARKETING 40.00 X 123390 0 9510 MELISSA ROSENBERG VP OF HEALTH CENTER OPS 40.00 X 131281 0 16640 BARBARA BEATRICE VP OF HUMAN RESOURCES 40.00 X 126573 0 14591 888115 0 75331 9 0 1 0 berks ridge builder 316 Ruth Road Harleysville PA 19438 CONSTRUCTION 2902695 Encore 1966 Pioneer Road Suite A Huntington Valley PA 19006 Physical, Occupation and Speech Therapy 1304294 Reese 250 Valley Brook Lansdale PA 19446 Architects 588754 WILLIAMS ELECTRIC 418 S STONE RIDGE DRIVE LANSDALE PA 19446 ELECTRICIAN 523327 FLICK DINING PO BOX 102289 Atlanta GA 30368 DINING SERVICES 460517 9 17352 219521 236873 NET RESIDENT SERVICE REVENUE 623000 27633957 27633957 27633957 507381 507381 12077 10300 1777 1777 1777 4481653 18500 4499115 15502 -17462 2998 -14464 -14464 1622 17352 9600 -7978 -7978 INSURANCE CLAIM INCOME 524298 47208 47208 Matrix Refund 900099 4399 4399 Citizens Bank Share Card 900099 4088 4088 1250 1250 56945 28414491 27633957 0 543661 148340 148340 541461 541461 9242362 8118712 1071260 52390 218300 162512 53578 2210 1426519 1288441 132948 5130 715029 602933 108494 3602 70794 70794 54050 54050 77643 77643 1992637 1815979 176658 291614 291614 2275028 2118428 156600 168473 136438 32035 1897107 1897107 32086 14883 17203 61768 25493 36275 1047321 1047321 6061667 6061667 280996 277916 3080 medical supplies 724371 724371 REPAIRS & MAINTENANCE 351819 351819 Bad debt expense 312437 312437 LICENSES & FEES 120672 120243 429 168595 46108 119883 2604 28281089 24958711 3256442 65936 2168808 1718130 8426 1099482 400000 200000 2995503 2577196 128618 141582 744536 886779 124836816 67961178 57173916 56875638 14797373 15866174 514296 432718 78931476 79797699 3068142 2670615 34563859 37024503 29286519 26306519 23873859 24508135 90792379 90509772 X -13653615 -11556829 1792712 844756 -11860903 -10712073 78931476 79797699 X 133402 662680 352748 X 0 1 X 1 0 X 363115 248125 332780 1302189 236873 2483082 23659256 24679618 26335979 27076986 27623957 129375796 24022371 24927743 26668759 28379175 27860830 131858878 0 0 0 131858878 444077 411623 690777 647422 519458 2713357 444077 411623 690777 647422 519458 2713357 37973 10088 79713 102159 56945 286878 24504421 25349454 27439249 29128756 28437233 134859113 0.97780 0.97860 0.02010 0.01940 X Schedule A, Part III, Line 12, Explanation of Other Income: LEGAL SETTLEMENT - 2012 Amount: $ 36,819. 2013 Amount: $ 2,683. Sales tax discount - 2012 Amount: $ 166. FUNDRAISING INCOME - REBATES CREDITS - 2012 Amount: $ 988. 2013 Amount: $ 7,405. 2014 Amount: $ 4,825. 2015 Amount: $ 905. WORKERS COMPENSATION - 2014 Amount: $ 5,000. 2015 Amount: $ 23,636. INSURANCE CLAIM INCOME - 2014 Amount: $ 12,899. 2015 Amount: $ 9,373. 2016 Amount: $ 47,208. BENEVOLENT CARE - 2014 Amount: $ 56,989. US FOOD SETTLEMENT - 2015 Amount: $ 20,899. MISCELLANEOUS - 2015 Amount: $ 47,346. Citizens bank Share card - 2016 Amount: $ 4,088. National Equipment Rebate - 2016 Amount: $ 1,250. Matrix Refund - 2016 Amount: $ 4,399. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2252481 2252481 106594095 58730610 47863485 537672 301118 236554 15452568 8929450 6523118 56875638 REFUNDABLE DEPOSITS 712840 REFUNDABLE ENTRY FEES 23085814 FAIR VALUE OF DERIVATIVE FINANCIAL INSTRUMENTS 709481 24508135 X 29297561 662680 203488 866168 28431393 -16902 -16902 28414491 28148731 15982 15982 28132749 148340 148340 28281089 Part X, Line 2: The Corporation is a not-for-profit corporation as described in Section 501(c)(3) of the Internal Revenue Code and is exempt from federal income taxes on its exempt income under Section 501(a) of the Internal Revenue Code. The Corporation accounts for uncertainty in income taxes by prescribing a recognition threshold of more-likely-than-not to be sustained by examination by the appropriate taxing authority. Measurement of the tax uncertainty occurs if the recognition threshold has been met. Management has determined that there were no tax uncertainties that met the recognition threshold in 2016 and 2015. Part XI, Line 2d - Other Adjustments: CHANGE IN FAIR VALUE OF DERIVATIVE FINANCIAL INSTRUMENTS 351,828. NET ASSETS RELEASED FROM RESTRICTIONS USED FOR BENEVOLENT CARE -148,340. Part XI, Line 4b - Other Adjustments: RENTAL EXPENSES -10,300. GAIN ON SALE OF FIXED ASSETS 2,998. FUNDRAISING EXPENSES -9,600. Part XII, Line 2d - Other Adjustments: RENTAL EXPENSES 10,300. GAIN ON SALE OF FIXED ASSETS -2,998. FUNDRAISING EXPENSES 9,600. CHANGE IN VALUE OF ANNUITIES -920. Part XII, Line 4b - Other Adjustments: BENEVOLENT CARE AND MONTHLY FEE SUBSIDY FOR RESIDENTS 148,340. ART SHOW 18974 17352 1622 1600 8000 18974 17352 1622 1600 8000 9600 -7978 1 BENEVOLENT CARE AND MONTHLY FEE SUBSIDIES 5 148340 Part I, Line 2: Recertification of benevolent care is performed at least annually. Subsidy for benevolent care or subsidy to monthly fee is credited directly to the monthly invoice. X X X X 0 0 0 0 0 0 0 1 0 PAUL NORDEMAN President/CEO (non-voting) 288029 0 50000 0 0 0 13000 0 15787 0 366816 0 0 0 Steven Wisniewski VP of Finance/CFO 158842 0 10000 0 0 0 0 0 5803 0 174645 0 0 0 Part I, Line 7 ACCRUED BONUSES WERE PAID TO THE MANAGEMENT TEAM IN 2016 THAT WERE BASED ON EACH MANAGER'S PERFORMANCE. PAUL NORDEMAN, THE PRESIDENT/CEO, DETERMINED AND APPROVED THE BONUSES FOR THE MANAGEMENT TEAM AND HIS OWN BONUS WAS DETERMINED AND APPROVED BY THE BOARD. THE PROCESS IS DOCUMENTED BY A BOARD APPROVED POLICY AND THE PAYOUTS ARE DOCUMENTED IN INDIVIDUAL MEMOS. A Montgomery County Industrial Development Authority 232245725 2009-12-01 27735000 CURRENT REFUNDING FOR 1997 AND 2005 BONDS 0 0 0 B Montgomery County Industrial Development Authority 232245725 2010-01-08 18030650 Certain Capital Additions and Renovations, Refunding of Capital Loan 0 0 0 A 27428631 27735000 281869 24500 2009 1 0 1 1 B 3424137 13531519 188185 13343334 2010 0 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 1 1 1 citizens Bank 10.000000000000 0 0 0 0 1 B 1 1 1 citizens Bank 10.000000000000 0 0 0 0 1 A 1 B 1 Schedule K Supplental Information The 2010 Series Bonds are a draw down loan within the meaning of Regulation Section 1.150-1(c)(4)(i), and have not been drawn down by the end of the reporting period. Form 990, Part VI, Section A, line 3 FLICK SENIOR DINING runs the dining at Meadowood. Genesis runs the therapy provided at Meadowood. Form 990, Part VI, Section B, line 11b The CFO and Controller coordinated obtaining responses to questions on the Form 990 and queried the appropriate parties. The draft was reviewed by the CFO. The final version was reviewed with the finance committee of the board of directors and summarized to the full board, who also received a full copy of the final version. Form 990, Part VI, Section B, line 12c According to our conflict of interest policy, every Trustee and senior staff member (strategic team) will complete an "annual conflict of interest and disclosure of related activities statement." The purpose of the statement is to disclose any interest that may create a conflict of interest in light of the relationship with Meadowood. The Executive Assistant to the CEO reviews all signed conflict of interest forms. If any interest is disclosed on the statements and is deemed to be a concern by staff or board members, the board will review the potential conflict and recommend action to mitigate the conflict or end the relationship that has caused the conflict. Form 990, Part VI, Section B, line 15 At year-end, the President/CEO submits his assessment of his achievement of his goals and any other pertinent information regarding his responsibilities for the previous year to the Executive Committee (EC). The VP of Human Resources (HR) submits current comparative wage information regarding other CEOs to the EC. The EC reviews the CEO's assessment, HR data and, as necessary, solicits other information or comments from the staff. the EC makes a recommendation to the Board concerning the CEO's review and the following year's compensation. the Board meets in Executive Session, reviews the entire process, makes a final evaluation and determines the next year's compensation. This process and executive session are documented in meeting minutes. the Board Chair delivers the Board's decision to the CEO. Market rate comparisons are also obtained for all key staff positions and communicated to the CEO as part of the annual review process, which also includes a self-evaluation, evaluation by the CEO, and goal setting. The VP of Human Resources ensures that the proper rates are paid. Documentation is in the form of a written review. This review was last done in January 2016 for all relevant staff. Form 990, Part VI, Section C, line 19 An annual disclosure statement includes the audited financial statements and is provided to all prospective residents. It is also available upon request. The governing documents and conflict of interest policy are available upon request and in the community's library. Form 990, Part XI, line 9: CHANGE IN FAIR VALUE OF DERIVATIVE FINANCIAL INSTRUMENTS 351,828. CHANGE IN VALUE OF ANNUITIES 920.