2016-11-15T07:55:09-06:00 2016-03-31 410746749 CLIFTONLARSONALLEN LLP 227 WEST TRADE STREET SUITE 800 CHARLOTTE NC 28202 990 2015-04-01 540524902 COVENANT WOODS COVE 8045698000 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 ERIK MAURITSEN CFO 8045698173 2016-11-11 1 JOHN NORMAN P01506766 7049985200 2016-11-11 2015 2017-02-10 21:41:12Z JOHN DWYER 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 23339456 0 X WWW.COVENANTWOODS.COM X 1901 VA NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY. 18 18 407 264 5637 2966 313109 344686 15506404 21008390 4894541 -8960 429017 382267 21143071 21726383 402938 356505 0 0 8234901 8941517 0 0 120381 11102694 13731986 19740533 23030008 1402538 -1303625 153310386 150591437 123310950 123064822 29999436 27526615 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 19399856 356505 21726383 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, 43 ASSISTED LIVING UNITS, AND 39 LICENSED NURSING BEDS. 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 75 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. 19399856 1 1 0 1 0 0 0 0 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 0 0 0 0 0 0 0 0 1 104 0 407 1 1 1 0 0 0 0 0 0 0 0 0 X 18 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X X ERIK MAURITSEN 8045698000 7090 COVENANT WOODS DR MECHANICSVILLE VA 23111 JIMMY T MILLS CHAIRMAN 1.00 X X 0 0 0 RICHARD D ADAMS 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 MICHAEL CARTER BOARD MEMBER 1.00 X 0 0 0 CATHERINE CHAPPELL BOARD MEMBER 1.00 X 0 0 0 NANCY CLARK BOARD MEMBER 1.00 X 0 0 0 JETHRO PILAND BOARD MEMBER 1.00 X 0 0 0 CHARLOTTE FORRESTER BOARD MEMBER 1.00 X 0 0 0 CLAIBORNE MASON BOARD MEMBER 1.00 X 0 0 0 KATHY MILLER 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 EDDIE GRAY STILES SR BOARD MEMBER 1.00 X 0 0 0 STEVE THIMMESCH BOARD MEMBER 1.00 X 0 0 0 JOHN WASH BOARD MEMBER 1.00 X 0 0 0 WILLIAM M WEIMER BOARD MEMBER 1.00 X 0 0 0 JOHN E DWYER JR CEO 1.00 40.00 X 213676 0 22833 ERIK MAURITSEN CFO 1.00 40.00 X 140672 0 17245 CARRIE DAVIS ADMINISTRATOR 1.00 40.00 X 105155 0 24447 ELIZABETH RICHARDSON DIRECTOR OF DEVELOPMENT 1.00 40.00 X 108961 0 14021 568464 0 78546 4 0 1 0 RLPS ARCHITECHS 250 VALLEYBROOK DR LANCASTER PA 17601 CONSTRUCTION CONSULTANT 1341571 WM JORDAN COMPANY 708 BAINBRIDGE STREET RICHMOND VA 23224 CONSTRUCTION 1220872 MORRISON MANAGEMENT SPECIALISTS PO BOX 102289 ATLANTA GA 30368 DINING SERVICES 861660 HANOVER COUNTY PO BOX 91754 RICHMOND VA 23291 REAL ESTATE TAXES 691932 PFG - PERFORMACE FOODSERVICE GROUP 7420 RANCO RD RICHMOND VA 23228 FOOD SERVICES 392052 20 344686 100265 344686 RESIDENTIAL SERVICES 623990 12271311 12271311 HEALTHCARE SERVICES 624100 8324434 8324434 ROOM AND BOARD 623990 138078 138078 RESIDENT SERVICES 812900 81383 81383 193184 193184 21008390 1604113 5637 1598476 33021 0 33021 33021 33021 1568284 44789 -1568284 -44789 -1613073 -1613073 MEAL/FOOD REVENUE 722220 226178 226178 MISCELLANEOUS INCOME 900099 96347 96347 DRUGS/MEDICAL SUPPLIES 900099 26721 26721 349246 21726383 20815206 5637 560854 300 300 356205 356205 580167 174050 406117 6401255 4799180 1535203 66872 216823 130348 81382 5093 1176917 993879 166133 16905 566355 399435 160115 6805 28154 28154 68416 68416 66980 66980 766803 561017 205786 141315 4000 137315 2845825 2286500 535204 24121 51444 51444 2133339 2133339 30948 3967 26981 93768 69256 23927 585 3075147 3075147 4085258 4085258 305478 305478 MISC 33732 17118 16614 BAD DEBT 5000 5000 MEDICAL SUPPLIES 379 379 23030008 19399856 3509771 120381 889 1029 1122962 892481 16827 16827 875678 2479482 7636 12086 7823707 5488866 118884637 25588244 89325697 93296393 39649768 39441859 6821411 6601677 2029915 2022512 5635896 338225 153310386 150591437 3926339 2736138 45664751 55871953 72302152 60563455 1347650 269129 70058 3624147 123310950 123064822 X 26625667 24269850 2134471 2131918 1239298 1124847 29999436 27526615 153310386 150591437 X -1303625 -973506 -195690 X X 0 1 X 1 0 X 1921651 137740 468389 313109 344686 3185575 11168887 11681199 13374643 15428717 21008390 72661836 340426 307159 387943 468855 349246 1853629 13430964 12126098 14230975 16210681 21702322 77701040 10000 10000 20000 1708445 51152 1759597 1708445 51152 10000 10000 1779597 75921443 826287 1278958 1503041 1829286 1637134 7074706 14353 3794 7538 5637 31322 826287 1293311 1506835 1836824 1642771 7106028 14257251 13419409 15737810 18047505 23345093 84807068 0.89520 0.88410 0.08380 0.09170 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 272 272 0 PART II-B, LINE 1: THE ORGANIZATION IS A MEMBER OF THE VIRGINIA ASSOCIATION OF NONPROFIT HOMES FOR THE AGING AND LEADING AGE. A SMALL PORTION OF THE DUES PAID TO THESE ORGANIZATIONS HAS BEEN ALLOCATED TO LOBBYING EXPENDITURES CONDUCTED BY THESE ORGANIZATIONS. 0 1 X 4509223 4509223 98082647 23339150 74743497 6630848 1491038 5139810 9661919 758056 8903863 93296393 REFUNDABLE ADVANCE FEES 3555088 OTHER LIABILITIES 8559 ADVANCED DEPOSIT FEES 60500 3624147 X 21312511 0 21312511 413872 413872 21726383 22661046 0 22661046 368962 368962 23030008 PART IV, LINE 2B: FUNDS HELD BY THE ESCROW AGENT ARE ADVANCED FEE DEPOSITS, IN EXCESS OF THE $1,000 DEPOSIT FOR INDIVIDUALS OR $1,500 FOR COUPLES, FROM POTENTIAL FUTURE RESIDENTS FOR INDEPENDENT LIVING UNITS THAT ARE NOT MOVE IN READY. THESE DEPOSITED FUNDS ARE KEPT AND MAINTAINED IN AN ACCOUNT SEPARATE FROM THE ORGANIZATION'S BUSINESS ACCOUNT AS REQUIRED BY LAW, UNTIL THE UNIT IS READY. 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, 2016 AND 2015. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF ASSETS -44,789. CHANGES IN TEMP RESTRICTED NA 103,013. COVENANT PROGRAM 355,648. PART XII, LINE 4B - OTHER ADJUSTMENTS: COVENANT PROGRAM 355,648. CHANGES IN TEMP RESTRICTED NA 13,314. CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS EAST ASIA AND THE PACIFIC INVESTMENTS EUROPE (INCLUDING ICELAND & GREENLAND) INVESTMENTS SUB-SAHARAN AFRICA INVESTMENTS 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 COVENANT PROGRAM/BENEVOLENT CARE 9 355642 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 CEO 191696 0 14780 0 7200 0 12362 0 10471 0 236509 0 0 0 ERIK MAURITSEN CFO 130517 0 10155 0 0 0 4227 0 13018 0 157917 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 ECONOMIC DEVELOPMENT AUTHORITY OF HANOVER 541228097 41077CAM7 2012-12-20 101495000 SEE PART VI. 0 0 0 A 39220000 101983085 3891954 2973983 28035000 1826631 118006 70375493 6605418 2014 0 0 1 1 A 0 1 1 1 0 0 0 1 A 0 1 0 0 1 0 0 0 1 A 1 PART I, LINE A, COLUMN F - DESCRIPTION OF PURPOSE THE SERIES 2012A AND 2012B BONDS WERE ISSUED TO: (1) REFUND THE OUSTANDING PRINCIPAL AMOUNT OF THE SERIES 2010 BONDS, (2) FINANCE THE ACQUISITION, CONSTRUCTION, AND EQUIPPING OF (A) A THREE STORY BUILDING CONTAINING 84 INDEPENDENT LIVING APARTMENTS AND UNDERGROUND PARKING, COMMUNITY LIVING SPACE, AND INDOOR/OUTDOOR DINING FACILITIES (B) 22 INDEPENDENT LIVING COTTAGES WITH GARAGES, (C) RENOVATIONS TO THE EXISTING FACILITIES, INCLUDING EXPANSION OF THE CURRENT DINING AND BISTRO AREA AND THE ADDITION OF A LIBRARY, EXERCISE AREA AND SALON, AND (D) ROUTINE CAPITAL IMPROVEMENTS AND OTHER CAPITAL EXPENDITURES FOR THE EXISTING FACILITIES, (3) FUND A DEBT SERVICE RESERVE FUND FOR THE SERIES 2012A BONDS, AND (4) FINANCE FUNDED INTEREST, WORKING CAPITAL, AND ISSUANCE COSTS. X 1 100265 FMV 0 0 1 PART I, COLUMN (B): INDICATES THE NUMBER OF CONTRIBUTORS. PART I, LINE 32B: STOCK DONATIONS GO THROUGH THE COVENANT WOODS SCHWAB ACCOUNT TO BE SOLD. FORM 990, PART VI, SECTION B, LINE 11 THE AUDIT COMMITTEE REVIEWS THE DRAFT AND APPROVES IT PRIOR TO DISTRIBUTION TO THE BOARD. A COPY WAS SENT TO EACH BOARD MEMBER, AFTER APPROVAL, 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. 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 WEBISTE. 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 -114,451. CHANGES IN TEMP RESTRICTED NET ASSETS -81,239. PART XII, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.