2025-11-17T15:53:41-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 475 REGENCY PARK SUITE 175 OFALLON IL 62269 990 2024-01-01 861996154 CLARK-LINDSEY HOLDINGS INC CLAR 2173442144 101 W WINDSOR RD URBANA IL 61802 CRYSTAL BAILEY CFO 2173442144 2025-11-14 1 1 ERIKA MARTINEZ P02297196 6182331200 2025-11-14 2024 2025-03-06 01:10:19Z DEBRA S REARDANZ 101 W WINDSOR RD URBANA IL 61802 427100 0 X WWW.CLARK-LINDSEY.COM X 2021 IL TO PROVIDE HOUSING AND HEALTHCARE FACILITIES/SERVICES FOR ELDERLY PERSONS 4 4 0 4 0 0 51875 720 0 0 389485 374557 0 0 441360 375277 0 0 0 0 0 0 0 0 0 5400309 7881423 5400309 7881423 -4958949 -7506146 99784137 131949386 62372826 100143308 37411311 31806078 TO ENGAGE THE MIND, SPIRIT AND BODY IN WELLNESS AND COMMUNITY SO THAT EACH OLDER ADULT MAY LIVE THEIR BEST LIFE. 0 0 7149027 0 0 THIS ORGANIZATION WORKS WITH CLARK-LINDSEY VILLAGE, WHICH OPERATES AS AN AFFILIATE OF LINDSEY COMMUNITIES, INC. THE ORGANIZATION HOLD THE ASSETS FOR CLARK-LINDSEY VILLAGE. 7149027 1 0 0 0 0 0 0 0 0 1 1 0 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 0 0 0 1 15 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 4 4 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 IL X CRYSTAL BAILEY 2173442144 101 WEST WINDSOR ROAD URBANA IL 61802 JILL GUTH BOARD VICE CHAIR 1.00 6.00 X X 0 0 0 DENNIS BEARD BOARD CHAIR 1.00 6.00 X X 0 0 0 JANE HAYS TREASURER/ASST. SECRETARY 1.00 6.00 X X 0 0 0 WENDY BARTLO SECRETARY/ASST. TREASURER 1.00 6.00 X X 0 0 0 DEBRA S REARDANZ PRESIDENT & CEO 1.00 43.00 X 0 315572 16581 CRYSTAL BAILEY CFO & VP OF FINANCE 1.00 43.00 X 0 181395 13524 0 496967 30105 0 0 1 0 BROEREN RUSSO BUILDERS INC 602 N COUNTRY FAIR DR CHAMPAIGN IL 61821 CONSTRUCTION 17246822 RLPS ARCHITECTS 250 VALLEYBROOK DR LANCASTER PA 17601 CONSULTING 438364 FLOORING SERVICES INC 401 EAST MERCURY DR CHAMPAIGN IL 61822 CONSTRUCTION 346578 PLANTE MORAN LIVING FORWARD 27400 NORTHWESTERN HIGHWAY SOUTHFIELD MI 48034 CONSTRUCTION 295784 AMERICAN ASBESTOS ABATEMENT LLC 53 WOODHAVEN WAY SICKLERVILLE NJ 08081 CONSTRUCTION 246067 11 720 720 426380 426380 51823 -51823 -51823 -51823 375277 0 0 374557 161 161 2457 2457 42365 42365 64 64 1224994 1110554 114440 2415606 2189938 225668 3383187 3067126 316061 UNRECOVERED COST BASIS 781409 781409 QUALIFIED FUND DISTRIBU 25974 25974 PHILANTHROPY EXPENSE 5098 5098 MISCELLANEOUS EXPENSE 108 108 7881423 7149027 732396 0 11410442 23431914 26154 31376 124793534 35127516 71766464 89666018 16308108 18014535 272969 805543 99784137 131949386 7418585 5580693 49778777 82863405 5175464 11699210 62372826 100143308 X 36663985 31031310 747326 774768 37411311 31806078 99784137 131949386 X -7506146 1368339 532574 X X 0 1 X 1 0 X 67345 51875 720 119940 67345 51875 720 119940 30813 89127 426799 388370 426380 1241549 1361489 X 3274634 0 212867 0 11300 5215 3470986 3005449 760 296436 22941 5070 3274634 3368612 -269361 90471 3331 3005449 0.80960 0.19040 0.00000 1 0 225000 225000 89301055 25099334 64201721 2149021 1707916 441105 13663164 8320266 5342898 19455294 19455294 89666018 DUE TO RELATED PARTY 11699210 11699210 X PART V, LINE 4: THE ARMSEY BEAUTIFICATION FUND IS A TERM ENDOWMENT USED TO PROVIDE FINANCIAL SUPPORT FOR CLARK-LINDSEY RESIDENT GROUNDS AND GARDENS. THE THOMPSON LIBRARY FUND IS A TERM ENDOWMENT USED TO PROVIDE FINANCIAL SUPPORT OF THE CLARK-LINDSEY RESIDENT LIBRARY. THE WEBBER EDUCATIONAL FUND IS A PERMANENT ENDOWMENT USED TO PROVIDE FINANCIAL SUPPORT OF CONTINUING EDUCATION FOR HEALTH CENTER STAFF. THE STEWART LIBRARY FUND IS A PERMANENT ENDOWMENT USED TO PROVIDE FINANCIAL SUPPORT OF THE CLARK-LINDSEY RESIDENT LIBRARY. THE KAULFERS FUND IS A BOARD DESIGNATED, QUASI ENDOWMENT USED TO PROVIDE FINANCIAL SUPPORT FOR QUALITY OF LIFE IMPROVEMENTS INCLUDING PROGRAMS AND FACILITIES ESPECIALLY DEVELOPED FOR SENIOR CITIZENS. THE ENDOWMENT FUNDS WERE PREVIOUSLY HELD BY A RELATED ENTITY, CLARK-LINDSEY VILLAGE, INC. (FEIN 37-1017284). THE ENDOWMENT ACTIVITY FROM 2018-2021 IS REPORTED ON THE SCHEDULE D OF CLARK-LINDSEY VILLAGE'S FORM 990, BUT THE ACTIVITY FOR 2022 AND BEYOND WILL BE REPORTED ON CLARK-LINDSEY HOLDINGS. PART X, LINE 2: MANAGEMENT HAS EVALUATED THEIR INCOME TAX POSITIONS UNDER THE GUIDANCE INCLUDED IN ASC 740. BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE CONSOLIDATED FINANCIAL STATEMENTS. 0 1 0 0 0 0 0 0 0 DEBRA S REARDANZ PRESIDENT & CEO 0 254351 0 55245 0 5976 0 10537 0 6044 0 332153 0 0 CRYSTAL BAILEY CFO & VP OF FINANCE 0 162170 0 19175 0 50 0 6120 0 7404 0 194919 0 0 PART I, LINE 3 A RELATED ORGANIZATION USES THE FOLLOWING METHODS TO ESTABLISH COMPENSATION: COMPENSATION COMMITTEE, FORM 990 OF OTHER ORGANIZATIONS, WRITTEN EMPLOYMENT CONTRACT, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE PART I, LINE 4B ON JANUARY 1, 2017, CLARK-LINDSEY ENTERED INTO A SUPPLEMENTAL COMPENSATION AGREEMENT COVERING DEBRA S. REARDANZ WHICH PROVIDES FOR THE OFFICER TO RECEIVE, UPON TERMINATION OF EMPLOYMENT, PAYMENT IN CASH, IN FULL, WITHIN 90 DAYS. THE BENEFIT TO WHICH THE OFFICER IS ENTITLED TO RECEIVE BECOMES FULLY VESTED ON THE 10TH FULL CALENDAR YEAR AFTER THE GRANT DATE. IF DEATH OR DISABILITY OCCURS DURING THE PERIOD COVERED BY THE AGREEMENT, THE BALANCE OF THE ACCOUNT BECOMES 100% VESTED WITH THE BENEFIT PAYMENTS MADE TO THE BENEFICIARY. CLARK-LINDSEY'S FUNDING OF THIS BENEFIT IS BEING RECOGNIZED AS COMPENSATION COST ON AN ANNUAL BASIS AND INTENDS TO USE CASH FROM OPERATIONS TO FUND THIS OBLIGATION. AT DECEMBER 31, 2024 AND 2023, CLARK-LINDSEY HAS RECORDED A DESIGNATED INVESTMENT BALANCE AND A DEFERRED COMPENSATION LIABILITY OF APPROXIMATELY $108,000 AND $92,000. PART I, LINE 7 BONUSES ARE PROVIDED BASED UPON THE ORGANIZATION'S FINANCIAL OUTCOME. A ILLINOIS FINANCE AUTHORITY 861091967 45204FQP3 2022-06-22 53276123 SEE PART VI 0 0 0 B ILLINOIS FINANCE AUTHORITY 861091967 45204FVB8 2023-07-27 45000000 SEE PART VI 0 0 0 A 410000 53622920 2601361 1339820 979424 31319660 17462632 352275 2024 1 1 0 1 B 45630024 2233478 1167241 639877 11583187 30006240 0 0 0 1 A 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 1 1 BANK OF MONTREAL 5.000000000000 0 0 1 NATIXIS FUNDING CORP 4.500000000000 1 0 1 B 0 1 0 0 1 0 0 0 1 A 1 B 1 PART I, LINE A, COLUMN (F) THE SERIES 2022A AND SERIES 2022B BONDS WERE ISSUED IN ORDER TO (1) REFUND THE $1,895,997.87 OUTSTANDING PRINCIPAL AMOUNT OF THE $5,000,000 ORIGINAL PRINCIPAL AMOUNT CAPITAL IMPROVEMENT REVENUE BONDS (CLARK-LINDSEY VILLAGE, INC. PROJECT) SERIES 2004 ISSUED BY THE CITY OF URBANA, ILLINOIS, (2) REFUND THE $8,726,521.47 OUTSTANDING PRINCIPAL AMOUNT OF THE $10,000,000 ORIGINAL PRINCIPAL AMOUNT REVENUE BOND (CLARK-LINDSEY VILLAGE PROJECT), SERIES 2015, (3) REFUND THE $6,118,196.45 OUTSTANDING PRINCIPAL AMOUNT OF THE TAXABLE $9,000,000 ORIGINAL PRINCIPAL AMOUNT BUSINESS LOAN AGREEMENT, ENTERED INTO BETWEEN CLARK-LINDSEY HOLDINGS, INC. AND BUSEY BANK ON SEPTEMBER 9, 2021, AND (4) TO FINANCE A PORTION OF THE PHASE II PROJECT WHICH INCLUDES CONSTRUCTION OF A THREE-FLOOR SENIOR LIVING BUILDING WITH 38 ASSISTED LIVING UNITS AND 26 MEMORY CARE UNITS, AN UNDERGROUND PARKING FACILITY, AND RENOVATIONS AND IMPROVEMENTS TO OTHER SENIOR LIVING FACILITIES. PART I, LINE B, COLUMN (F) THE SERIES 2023A, SERIES 2023B AND SERIES 2023C WERE ISSUED IN ORDER TO FINANCE A PORTION OF THE PHASE III PROJECT WHICH INCLUDES A 45-UNIT INDEPENDENT LIVING APARTMENT BUILDING, STRUCTURED PARKING FACILITY, DEMOLITION OF THE NORTH WING 100 OF LEGACY SKILLED NURSING FACILITY, RENOVATION OF SOUTH WING 100 OF LEGACY SKILLED NURSING FACILITY, NEW BISTRO DINING VENUE, RELOCATION/RENOVATION OF THERAPY AND FITNESS ROOMS, AND VARIOUS OTHER RENOVATIONS OF COMMON AREAS. PART II, COLUMN A AND B, LINE 3 THE DIFFERENCE BETWEEN TOTAL PROCEEDS OF THE ISSUE AND ISSUE PRICE IS THE INVESTMENT EARNINGS EARNED ON BOND PROCEEDS AS OF 12/31/2024. PART II, COLUMN A, LINE 12 THE AMOUNT OF UNSPENT PROCEEDS IS COMPRISED OF THE MASTER DEBT SERVICE RESERVE FUND EARNINGS IN THE AMOUNTS $140,801.57 AND $135,907.40 THAT WERE DEPOSITED INTO THE 2022A DEBT SERVICE FUND ON 1/12/2024 AND 12/31/2024 RESPECTIVELY. THESE AMOUNTS REMAIN ON DEPOSIT IN THE 2022A DEBT SERVICE FUND AS OF 12/31/2024 PER THE TRUST STATEMENTS. $75,565.96 OF 2022A PROCEEDS REMAIN ON DEPOSIT IN THE FUNDED INTEREST FUND AS OF 12/31/2024. PART II, COLUMN B, LINE 12 THE SERIES 2023A, SERIES 2023B AND SERIES 2023C (COLLECTIVELY, THE "BONDS") WERE ISSUED AS DRAW-DOWN BONDS. THIS AMOUNT OF SUNSPENT PROCEEDS IS COMPRISED OF THE AUTHORIZED BONDS NOT DRAWN AS OF 12/31/2024 IN THE AMOUNT OF $12,305,000 AND UNSPENT BOND PROCEEDS ON DEPOSIT IN THE FOLLOWING FUNDS AS OF 12/31/2024: $15,464,806.46 IN THE PROJECT; $2,223,924.36 IN THE FUNDED INTEREST; AND $12,509.60 IN THE COSTS OF ISSUANCE FUND. PART IV, COLUMN A LINE 5C THE TERM OF THE MASTER RESERVE FUND GIC IS 4.5 YEARS AND THE TERM OF THE SERIES 2022A FUNDED INTEREST FUND GIC IS 1.5 YEARS. FORM 990, PART VI, SECTION A, LINE 6 THE CORPORATION'S SOLE MEMBER, WITHIN THE MEANING OF 617.0601 OF THE ACT, IS LINDSEY COMMUNITIES, INC. (THE "MEMBER"), AN ILLINOIS NOT-FOR-PROFIT CORPORATION THAT IS EXEMPT FROM FEDERAL INCOME TAXATION PURSUANT TO SECTION 501 (C)(3) OF THE CODE. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBER SHALL HAVE THE RIGHT TO APPOINT THE CORPORATION'S BOARD AND REMOVE ANY DIRECTOR OR DIRECTORS, WITH OR WITHOUT CAUSE AS DESCRIBED IN ARTICLE V OF THE BY-LAWS AND FILL ANY DIRECTOR VACANCIES ON THE BOARD. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBER SHALL HAVE THE FOLLOWING EXCLUSIVE POWERS TO: (A) ADOPT OR AMEND THE ARTICLES OF INCORPORATION AND BYLAWS OF THE CORPORATION. (B) ADOPT OR AMEND THE MISSION, PURPOSE, PHILOSOPHY OR OBJECTIVES OF THE CORPORATION. (C) APPOINT THE CORPORATION'S BOARD AND REMOVE ANY DIRECTOR OR DIRECTORS, WITH OR WITHOUT CAUSE, AS DESCRIBED IN ARTICLE V. (D) FILL ANY DIRECTOR VACANCIES ON THE BOARD. (E) DETERMINE AND AMEND THE NUMBER OF DIRECTORS TO SERVE ON THE BOARD. (F) ELECT, RE-ELECT, APPOINT AND REMOVE ALL OFFICERS OF THE CORPORATION AND/OR APPROVE THE ELECTION, RE-ELECTION, APPOINTMENT AND REMOVAL OF ALL OFFICERS OF THE CORPORATION. (G) APPOINT, REVIEW AND REMOVE, WITH OR WITHOUT CAUSE, THE CHIEF EXECUTIVE OFFICER ("CEO"). (H) APPOINT, REVIEW AND REMOVE, WITH OR WITHOUT CAUSE, THE MANAGEMENT COMPANY. (I) PAY PENSIONS AND ESTABLISH AND CARRY OUT PENSION, RETIREMENT, BENEFIT, INCENTIVE AND COMPENSATION PLANS, TRUSTS AND PROVISIONS FOR ANY ER ALL OF ITS EMPLOYEES. (J) ESTABLISH A CORPORATE SPENDING LIMIT. (K) REJECT ANY BUDGET APPROVED BY THE CORPORATION. (I)APPROVE THE INCURRENT OF DEBT OR CAPITAL EXPENDITURE BY THE CORPORATION IN EXCESS OF $100,000 WHETHER IN A SINGLE TRANSACTION OR A SERIES OF RELATED TRANSACTIONS, IF SUCH DEBT OR CAPITAL EXPENDITURE IS NOT INCLUDED IN THE CORPORATION'S APPROVED BUDGETS. (M) INITIATE AND APPROVE INVESTMENT POLICIES AND STRATEGIC PLANS OF THE CORPORATION. (N) AUTHORIZE OR ADOPT A PLAN OF MERGER, CONSOLIDATION, CORPORATE REORGANIZATION, OR THE CREATION OR DISSOLUTION OF A NEW SUBSIDIARY OR AFFILIATE. (O) AUTHORIZE DISSOLUTION, DIVISION OR LIQUIDATION OF THE CORPORATION. (P) AUTHORIZE THE LEASE, SALE, EXCHANGE, TRANSFER OR OTHER DISPOSITION OF SUBSTANTIALLY ALL OF THE CORPORATION'S ASSETS. (Q) SELECT AND APPOINT THE BANKS, ACCOUNTANTS, AUDITORS AND LEGAL COUNSEL OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD DIRECTS THAT AT LEAST ONE BOARD MEMBER, WHO SERVES ON THE FINANCE COMMITTEE, CONDUCT THE ANNUAL REVIEW OF THE FORM 990 AND PRESENT IT TO THE FULL BOARD PRIOR TO BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD DIRECTS THAT OFFICERS, DIRECTORS, AND KEY EMPLOYEES ANNUALLY DISCLOSE INTERESTS THAT COULD GIVE RISE TO CONFLICTS. THE COMPLIANCE OFFICER IS RESPONSIBLE FOR PREPARING QUARTERLY REPORTS TO THE BOARD RISK MANAGEMENT COMMITTEE THAT DISCLOSES ACTUAL, POTENTIAL OR PERCEIVED CONFLICTS OF INTEREST. IN THE EVENT THAT A CONFLICT EXISTS, THE PERSON IS REQUIRED TO RECUSE HIMSELF OR HERSELF FROM PARTICIPATING IN THE DECISION. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION DOES NOT COMPENSATE ANY OFFICERS OR KEY EMPLOYEES. A RELATED ORGANIZATION USES THE FOLLOWING PROCESS TO DETERMINE COMPENSATION FOR THOSE INDIVIDUALS: THE BOARD DIRECTS THAT THE PERSONNEL & POLICY COMMITTEE (P&PC) CONDUCT THE PRESIDENT'S ANNUAL PERFORMANCE REVIEW AND DEVELOP SALARY AND COMPENSATION RECOMMENDATIONS FOR FULL BOARD APPROVAL. A COMPARATIVE ANALYSIS OF THE PRESIDENT'S ANNUAL COMPENSATION IS REVIEWED BY THE P&PC USING SOURCES SUCH AS INDEPENDENT SALARY SURVEYS, REVIEW OF FORM 990S AND OTHER INFORMATION AS IT IS AVAILABLE. TO ENSURE THE INDEPENDENCE AND OBJECTIVITY OF THE COMPARATIVE REVIEW, THE DATA AND ANALYSIS IS PREPARED BY SOMEONE OTHER THAN THE PRESIDENT. IN REGARDS TO OTHER OFFICERS AND KEY EMPLOYEES, THE PRESIDENT PERFORMS A SIMILAR PROCESS USING INDEPENDENT SALARY SURVEY DATA TO DETERMINE COMPENSATION. THESE PROCESSES WERE LAST UNDERTAKEN IN 2024. FORM 990, PART VI, SECTION C, LINE 19 CLARK-LINDSEY HOLDINGS, INC.'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST FOR PUBLIC INSPECTION. FORM 990, PART XI, LINE 9: CHANGE IN FV OF INTEREST RATE SWAP 532,574. FORM 990, PART XII, LINE 2C: THE PROCESS FOR REVIEW AND OVERSIGHT OF THE AUDIT PROCESS IS CONSISTENT WITH PRIOR YEARS. CLARK-LINDSEY VILLAGE INC 101 W WINDSOR RD URBANA IL 61802 371017284 SENIOR CITIZENS HOUSING & RETIREMENT COMMUNITIES IL 501(C)(3) LINE 10 LINDSEY COMMUNITIES INC 0 LINDSEY MANAGEMENT SERVICES INC 101 W WINDSOR RD URBANA IL 61802 861970355 SENIOR CITIZENS HOUSING & RETIREMENT COMMUNITIES IL 501(C)(3) LINE 10 LINDSEY COMMUNITIES INC 0 LINDSEY COMMUNITIES INC 101 W WINDSOR RD URBANA IL 61802 861934798 SENIOR CITIZENS HOUSING & RETIREMENT COMMUNITIES IL 501(C)(3) LINE 10 N/A 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1