2016-05-13T08:09:07-05:00 2015-06-30 611317688 CAUDILL AND AARON LLP PO BOX 536 WINCHESTER KY 403920536 990 2014-07-01 610475632 The Greater Clark Foundation Inc GREA 8593559062 204 Floyd Clay Rd Winchester KY 40391 Jen Algire President & CEO 8593559062 2016-05-10 1 CHRIS AARON CPA P00543495 8597447080 2016-05-10 2014 2016-08-17 19:52:53Z X Jen Algire 204 Floyd Clay Rd Winchester KY 40391 4411233 0 X www.clarkambition.org X 1915 KY The mission of The Greater Clark Foundation is to make greater Clark County, KY one of the best places in the country to live, work and play. 11 11 3 0 -2416 0 0 493 386014 224946 6752924 1983940 102366 743807 7241304 2953186 132266 109223 0 0 304305 379121 0 0 0 812124 1161975 1248695 1650319 5992609 1302867 37576245 36832966 430265 96876 37145980 36736090 X The Greater Clark Foundation, Inc. formerly operated in a manner consistent with the requirements of Rev. Ruling 69-545, through it provision of health care services to the community, regardless of its ability to pay. We want our community to be unrelenting in our pursuit of excellence in all assets that define a strong sense of place -civic engagement, economic development, education, health, well-being and quality of life. GCF will play the important role of catalyst, crusader and promoter to ensure that ours is a vital and resilient community. 0 0 347480 In, 1915, the Organization was originally granted a charter as a non-profit organization operating as a hospital. As reported in the 990 for the year ending June 30, 2010, the organization sold its hospital operations to an unrelated third party. FYE June 30, 2015, the Organization incurred reminent expenses for its former hospital operations that were not included or accrued in the prior financial statements. These expenses insurance liability tail insurance as well as final settlement costs resulting from the sale of the former hopsital. Cash expenditures, for which were previously accrued amounted to $347,057, inclusive of adjustments to third party payor reimbursements and liabilities. 213324 224196 The Board of Directors voted as of May 2010, the Organization could better serve its community through means other than operating non-profit hospitals. The Organization provides reasonably priced health care facilities in order to recruit and maintain healthcare providers to Clark County / Winchester, KY and surrounding counties which it has historically provided. The Organization is performing these tasks by continuing to maintain and rent real property retained by the Organization after the sale of its hospital operations. 210906 109223 To achieve its exempt purpose and deploy its assets efficiently as it transitions from a hospital described in 170(b)(1)(A)(iii) to a 509(a)(2) organization, the volunteer Board of Directors engaged in a variety of strategies including grants and other programs to accomplish its mission. 232865 The organization is investigating the restoration of hospital land into park and recreational areas for the socio-economic, health and well being of citizens in its mission area. 232865 1004575 1 0 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 5 0 1 3 1 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 KY X Jenifer A Algire The Greater Clark Foundation Inc 8593559054 204 Floyd Clay Rd Winchester KY 40391 X Paul Embs Chairman 2.00 X X 0 0 0 DeEtta Blackwell Director 2.00 X 0 0 0 Rosalinda Gay Director 2.00 X 0 0 0 Robert Jackson Director 2.00 X 0 0 0 Edward Mastrean Director 2.00 X 0 0 0 Len Midden Treasurer 2.00 X X 0 0 0 Joyce Morton Director 2.00 X 0 0 0 Shannon Phelps Director 2.00 X 0 0 0 Travis Sewalls Vice-Chairman 2.00 X X 0 0 0 Nancy Turner Director 2.00 X 0 0 0 Kevin Welsh Director 2.00 X 0 0 0 Jen Algire CEO 40.00 X 227226 0 23461 227226 0 23461 1 0 1 0 Russell Investments 1301 Second Ave 18th floor Seattle WA 98101 Investment fees 226231 USI Insurance Services LLC PO Box 62827 Virginia Beach VA 23466 Malpractice Tail Insurance 210305 2 493 493 Hospital and MOB 531120 224946 224946 224946 727472 727472 2714515 1458047 1256468 1256468 1256468 Russell Inv Ptnr 523000 746223 746223 Russell Multi Asset Co 900099 -2416 -2416 743807 2953186 2208886 -2416 746223 109223 109223 200000 150000 50000 87792 44698 43094 29255 19827 9428 44983 30004 14979 17091 11200 5891 53570 53570 54229 54229 227755 227755 85056 30472 54584 8529 8529 1845 1845 82564 47036 35528 28964 28964 19811 19811 93444 84249 9195 242103 228410 13693 Other program expense 169802 169802 Hospital closing settle 73243 73243 Board Expense 14649 14649 Dues,memberships & subs 6411 6411 1650319 1004575 645744 0 32590 255429 250651 101358 1249 15747 12288 8155 6369839 2665249 3813264 3704590 3988278 3912835 29477925 28784852 50000 37576245 36832966 107924 34246 1454 320887 62630 430265 96876 X 33155202 32820755 3990778 3915335 37145980 36736090 37576245 36832966 X 1302867 737790 -2450547 X X 1 X 1 X 1 0 X 146492 97017 132487 116697 131715 624408 1329045 1212998 293811 251014 224946 3311814 1475537 1310015 426298 367711 356661 3936222 0 0 0 3936222 452133 1249798 734042 901558 727472 4065003 452133 1249798 734042 901558 727472 4065003 207742 91473 135000 434215 2135412 2651286 1160340 1404269 1084133 8435440 0.46660 0.90110 0.48190 0.08720 X Schedule A Part III line 1 column (e) Part III Section A line 1. $131,222 of permanently restricted net assets released from restrictions by a trustee, PNCBank, independent of the Organization's Board is included in line 1 and excluded from Form 990 Part VIII 1a-g. The Board has no authority, control nor management capabilities of the corpus of these permanently restricted net assets. The ownership of the corpus of these entrusted funds is currently being evaluated by the Kentucky Attorney General. The activity of these endowed funds is included in Schedule D Part V. 4871645 120218 131237 84096 4776530 4430794 645011 116697 87463 4871645 4214045 391438 130986 43703 4430794 4344154 -755 97017 32337 4214045 3778772 649736 72312 12042 4344154 0.00000 1.00000 0.00000 1 0 2372779 2372779 3942092 2665249 1276843 48468 48468 6500 6500 3704590 Russell Instl FDS LLC Core Bond Fd 10068404 F Russell Instl Multi Asset Core Plus Fd 18716448 F 28784852 Accrued investment fees 57278 Payroll Liabilities 5352 62630 X 1267510 737790 61621 799411 468099 2485087 2485087 2953186 1601957 24919 24919 1577038 73281 73281 1650319 Part V, Line 4: Endowed funds were originally intended for capital additions, improvements and other purposes pertinent to the former hospital operations. This is currently being examined by the Commonwealth of Kentucky's Attorney General to ascertain ultimate ownership and designated purposes of the endowed funds. The balances reported in Schedule D, Part V, line 1g, columns (a)&(b) do not reflect GAAP estimated contigencies of ($861,195). The GAAP adjustment reflects management's estimated loss of the contested endowed principal. Part X, Line 2: Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken by the Foundation and recognize a tax liability if the Foundation has taken an uncertain position that more likely than not would not be sustained upon examination by various federal and state taxing authorities. Management has analyzed the tax positions taken by the Foundation, and has concluded that as of June 30, 2015 and 2014, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the accompanying consolidated financial statements. The Foundation is subject to routine audits by taxing jurisdictions. However, as of the date the financial statements were available to be issued, there were no audits for any tax periods in progress. Part XI, Line 2d - Other Adjustments: Permanently restricted endowed funds distributed 131,222. Losses in restricted assets included in investment income -75,443. Classification difference tax vs audit 2,162. Difference in gains (losses) 3,680. Part XI, Line 4b - Other Adjustments: Investment LLC K-1 summary - Part VIII line 3, 7 & 11 2,487,503. Unrelated loss from K-1 -2,416. Part XII, Line 2d - Other Adjustments: Diff in Depreciation 24,919. Part XII, Line 4b - Other Adjustments: Hospital third party payor adjustments 73,281. 1 Good Samaritan Foundation 7400 Floydsburg Road Crestwood KY 40014 311087598 501(c)(3) 18120 Split of endowed restricted assets Saint Joseph Health System One Saint Joseph Drive Lexington KY 40504 611334601 501(c)(3) 18120 Split of endowed restricted assets Winchester Clark FOP #34 17 Cleveland Avenue Winchester KY 40391 611126187 501(c)(8) 6448 WYAG Slow Down Winchester - Program to control traffic behavior and increase pedestrian safety. Project for Public Spaces 419 Lafayette St 7th Floor New York NY 10003 132808114 501(c)(3) 6000 Education convening related to parks and public spaces Winchester-Clark County Park & Recreation 15 Wheeler St Winchester KY 40391 610701944 Governmental 7893 WYAG Development and extension of Ironworks Hills Disc Golf Club Clark County Fiscal Court PO Box 626 Winchester KY 40391 616000993 Governmental 10275 WYAG Mental health court pilot program Southeastern Council of Foundations 50 Hurt Plaza suite 50 Atlanta GA 30303 560995114 501(c)(3) 5300 Sponsorship, funding partner contribution, and sustaining gift for Grantmakers of KY Prichard Committee for Academic Excellence 271 West Short St Winchester KY 40391 611026214 501(c)(3) 10000 WYAG Student Voice Project Winchester Clark Co Farmer's Mkt 1400 Fortune Drive Winchester KY 40391 455199365 501(c)(3) 5500 WYAG SNAP/WIC/EBT Double Dollars Pilot Food Project Winchester Council for the Arts 37 North Main St Winchester KY 40391 611105067 501(c)(3) 50000 Building Improvements 9 See schedule WYAG "What's Your Ambition Grants" are authorized by budget limiting grants to $10,000 per grantee for a one time grant. Total grants authorized by budget fye 06/30/2015 were $50,000. Grants are awarded based on an application and evaluation process. The grants are monitored by inspection of receipts and subsequent evaluations following the completion of the grant. All other grants are authorized by the annual budget process which identifies board approve programs for which The greater Clark Foundation may support. X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 Jen Algire CEO 197917 0 25000 0 4309 0 10749 0 12712 0 250687 0 0 0 Part I, Line 1a Deductions for life insurance premiums were grossed-up for applicable taxes. Form 990, Part VI, Section B, line 11 The return will be reviewed by the finance committee of the organization and by its Executive Director. Form 990, Part VI, Section B, line 12c The written conflict of interest policy is regularly and consistently monitored and compliance enforced. Any duality of interest or possible conflict of interest on the part of any member of the board of directors shall be fully disclosed to the other members of the board and made a matter of record, either through an annual procedure or when the interest becomes a matter of board action. An individual is prohibited from serving as a member of the board of directors if the member has a pecuniary interest in or derives a profit from a contract or purchase connected with the organization. However, the member shall disclose that interest or contract amount in writing to the board. The member shall abstain from voting on any matter that affects that interest or contract amount and shall not be present during the vote. The foregoing requirements shall not be considered as preventing the board member from briefly stating his/her position in the matter, nor from answering pertinent questions of other board members since his/her knowledge may be of great assistance. Any new member of the board shall be advised of this policy upon entering on the duties of his/her office. Each member of the board of directors shall be required to provide information to the other board members as to his/her outside interests, investments, outside activities and any other matters that might be considered as possible conflict of interest. The CEO and governance chair enforces the conflict of interest policy. Form 990, Part VI, Section B, line 15a Our Executive level searches involve hiring a recruitment firm to find available candidates. Salary Surveys for the applicable position are sent out and the salary offered to the professional will be within the job range for the particular job category. Comparability data is obtained through the surveys and the board will ultimately approve the salary. Form 990, Part VI, Section C, line 19 Available upon request. Form 990, Part XI, line 9: Taxable K-1 Passthrough investment partnership income -2,485,087. Permanently restricted endowed assets distributed 131,222. Diff in book and tax asset retirement 3,679. Depreciation adjustment (GAAP vs tax) -24,918. Investment changes in permanently restricted endowed assets (undistributed) -75,443. Form 990, Part XII, Line 2c: No changes