2015-11-12T14:55:11-06:00 2014-12-31 131517563 LOEB & TROPER LLP 655 THIRD AVENUE 12TH FLOOR NEW YORK NY 10017 990 2014-01-01 135562312 MIRIAM OSBORN MEMORIAL HOME ASSOCIATION MIRI 9149258200 101 THEALL ROAD RYE NY 10580 MARK ZWERGER CEO 9149258000 2015-11-11 1 AARON SHAPIRO P01333816 2128674000 2014 2016-02-25 16:41:14Z MARK ZWERGER 101 THEALL ROAD RYE NY 10580 62403814 0 X WWW.THEOSBORN.ORG X 1892 NY THE OSBORN OPERATES A CONTINUUM CARE RETIREMENT COMMUNITY WHICH INCLUDES INDEPENDENT LIVING FACILITIES, ASSISTED LIVING FACILITIES, AND A SKILLED NURSING FACILITY FOR MEN AND WOMEN AGE 65 AND OLDER. 12 12 448 123 0 0 285392 359394 36917349 38142624 1688411 4063404 206515 263406 39097667 42828828 0 0 0 0 22806055 23220689 0 0 92883 20508952 22639748 43315007 45860437 -4217340 -3031609 179330794 176426620 202643210 209212627 -23312416 -32786007 THE OSBORN IS A SENIOR LIVING COMMUNITY WHOSE MISSION IS TO BEST UNDERSTAND AND SATISFY THE CONTINUING CARE NEEDS OF MEN AND WOMEN AGE 65 AND OLDER. 0 0 39084298 38142624 THE OSBORN OPERATES A CONTINUUM CARE RETIREMENT COMMUNITY WHICH INCLUDES INDEPENDENT LIVING FACILITIES, ASSISTED LIVING FACILITIES AND A SKILLED NURSING FACILITY SERVING OVER 400 SENIOR CITIZENS. THEIR MEDICAL AND NURSING STAFF ARE SPECIALISTS IN LONG TERM CHRONIC CARE INCLUDING CARE FOR THOSE AFFLICTED WITH ALZHEIMER'S DISEASE AND RELATED DEMENTIA, AND SUB-ACUTE CARE INCLUDING SHORT-TERM PHYSICAL REHABILITATION, SUB-ACUTE MEDICAL/SURGICAL CARE, HOSPICE CARE, AND RESPITE CARE. CHARITY CARE NOT BILLED OR COLLECTED AT MARKET RATES WAS $1,206,469 IN 2014. THE ESTIMATED COST OF PROVIDING CHARITY CARE WAS $1,349,200 IN 2014. 39084298 1 1 0 1 0 0 0 0 0 0 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 1 0 0 0 0 1 0 0 0 1 89 0 448 1 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X MARK ZWERGER CEO 9149258000 101 THEALL ROAD RYE NY 10580 JOHN R MILLER CHAIRMAN 2.00 2.00 X X 0 0 0 WERNER L POLAK VICE-CHAIRMAN 2.00 X X 0 0 0 PER HELLMAN SECRETARY 2.00 X X 0 0 0 JAMES E BUCKLEY TRUSTEE 2.00 X 0 0 0 C RONALD MACKENZIE MD TRUSTEE 2.00 2.00 X 0 0 0 GEORGE PAWLUSH TRUSTEE 2.00 X 0 0 0 NATHAN PEARSON TRUSTEE 2.00 X 0 0 0 MASON REES TRUSTEE 2.00 X 0 0 0 DOUGLAS W SHANKS TRUSTEE 2.00 2.00 X 0 0 0 JAMES P STEFFENSEN TRUSTEE 2.00 2.00 X 0 0 0 BROOKS WRIGHT TRUSTEE 2.00 2.00 X 0 0 0 LUCIEN D BURNETT III TRUSTEE 2.00 X 0 0 0 MARK ZWERGER CEO 34.00 3.50 X 1199911 123520 28151 NATHAN P SOFFIO CFO & TREASURER 34.00 3.50 X 695498 71596 24872 KATHLEEN LONERGAN CHIEF CLINICAL OFFICER 34.00 3.50 X 593358 61082 19739 JANET MALANG VP STERLING PARK 37.50 X 207079 0 14396 MATTHEW ANDERSON CHIEF OPERATING OFFICER 37.50 X 210208 0 47885 ROBERT PAUL MACKEY VP FACILITIES & PROPERTY 37.50 X 179595 0 41195 ELIZABETH ROSSI VP HUMAN RESOURCES 37.50 X 173458 0 40852 3259107 256198 217090 14 0 1 0 JNR RESTORATION 814 ROUTE 82 HOPEWELL JUNCTION NY 12533 CONSTRUCTION CONTRACTOR 1600740 KEATING ELECTRIC & TECHNOLOGIES 115 WALL STREET VALHALLA NY 10595 ELECTRICAL CONTRACTOR 1047681 THE ASBURY GROUP 20030 CENTURY BLVD SUITE 300 GERMANTOWN MD 20874 IT CONSULTANT 1029824 GFX SITE DEVELOPMENT INC 149 WESTCHESTER AVENUE PORT CHESTER NY 10573 GENERAL CONTRACTOR 910125 L&M COMPANY 140 HIGHLAND STREET PORT CHESTER NY 10573 GENERAL CONTRACTOR 570833 21 359394 108400 359394 RESIDENT FEES 623000 37601157 37601157 OTHER RESIDENT INCOME 623000 541467 541467 38142624 355147 355147 67966 0 67966 67966 67966 23283243 19574986 3708257 3708257 3708257 MISCELLANEOUS 900099 195440 195440 195440 42828828 38142624 0 4326810 1943484 1749136 186574 7774 15718920 14147028 1509016 62876 799603 719643 76762 3198 2939698 2645728 282211 11759 1818984 1637086 174622 7276 154808 154808 55620 55620 1712 1712 421207 421207 2832264 395759 2436505 6573748 6573748 7773202 7773202 502290 502290 FOOD 1320573 1320573 CASH RECEIPTS ASSESSMEN 624964 624964 HOUSEKEEPING/KITCHEN SU 286342 286342 AMORTIZATIONS 33702 33702 2059316 1802351 256965 45860437 39084298 6683256 92883 4785437 2451591 1209576 1110621 746200 777996 202767041 87348116 115318340 115418925 48741672 50178963 8529569 6488524 179330794 176426620 12345061 16300427 43725000 41970000 146573149 150942200 202643210 209212627 X -23312416 -32786007 -23312416 -32786007 179330794 176426620 X -3031609 -1233834 -5208148 X X 0 1 X 1 0 X 196829 361644 239147 286991 359394 1444005 34047441 34888112 36347324 36917349 38142624 180342850 34244270 35249756 36586471 37204340 38502018 181786855 0 0 0 181786855 539196 323384 454297 290680 423113 2030670 539196 323384 454297 290680 423113 2030670 1051407 960112 1129656 137574 195440 3474189 35834873 36533252 38170424 37632594 39120571 187291714 0.97060 0.96210 0.01080 0.01500 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: OTHER REVENUE RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 1712 0 0 1712 0 PART II-B, LINE 1: PORTION OF MEMBERSHIP DUES ASSOCIATED WITH LOBBYING ACTIVITIES 1 1 164387546 70797378 93590168 11449304 7605852 3843452 26930190 8944886 17985304 115418925 WAITING LIST DEPOSITS 1017477 REFUNDABLE ENTRANCE FEE DEPOSITS 144954933 RESIDENT DEPOSITS 21777 DUE TO STERLING HOME CARE, INC. 3034482 PREMIUM ON BOND PAYABLE 1913531 150942200 X 53401618 -1233834 11806624 10572790 42828828 0 42828828 55226165 10403209 10403209 44822956 1037481 1037481 45860437 PART X, LINE 2: THE ASSOCIATION HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PERIODS ENDING DECEMBER 31, 2011 AND SUBSEQUENT REMAIN SUBJECT TO EXAMINATION BY APPLICABLE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: OPERATING REVENUE OF RELATED NON-INCLUDABLE ENTITY 11,700,165. INCREASE CASH SURRENDER VALUE OF LIFE INSURANCE 106,459. PART XII, LINE 2D - OTHER ADJUSTMENTS: OPERATING EXPENSES OF RELATED NON-INCLUDABLE ENTITY 10,403,209. PART XII, LINE 4B - OTHER ADJUSTMENTS: STERLING HOME CARE MANAGEMENT FEE 1,037,481. X 1 1 X X X X X X 1 1 0 0 0 0 0 1 0 MARK ZWERGER CEO 307200 31623 41898 4313 850813 87584 0 0 25524 2627 1225435 126147 779250 77050 NATHAN P SOFFIO CFO & TREASURER 138956 15440 29323 3019 527219 53137 0 0 22551 2321 718049 73917 156145 16973 KATHLEEN LONERGAN CHIEF CLINICAL OFFICER 61896 6878 34143 3515 497319 50689 0 0 17897 1842 611255 62924 142210 14639 JANET MALANG VP STERLING PARK 166969 0 38586 0 1524 0 0 0 14396 0 221475 0 0 0 MATTHEW ANDERSON CHIEF OPERATING OFFICER 189283 0 20400 0 525 0 16500 0 31385 0 258093 0 0 0 ROBERT PAUL MACKEY VP FACILITIES & PROPERTY 159348 0 19373 0 874 0 9514 0 31681 0 220790 0 0 0 ELIZABETH ROSSI VP HUMAN RESOURCES 153409 0 19314 0 735 0 9480 0 31372 0 214310 0 0 0 PART I, LINE 1A THE CEO, ADMINISTRATOR & FACILITY MANAGER RESIDE ON CAMPUS AS REQUIRED BY THE OSBORN AS A CONDITION OF EMPLOYMENT. THIS BENEFIT QUALIFIES UNDER SECTION 119 OF THE IRS CODE AND IS NON-TAXABLE. PART I, LINES 4A-B IN 2014, MR.ZWERGER BECAME VESTED IN A RETIREMENT BENEFIT AMOUNT OF $935,664, WHICH WAS FULLY DISTRIBUTED TO HIM ($850,813 FROM THE OSBORN AND $84,851 FROM STERLING HOME CARE). ALTHOUGH MR. ZWERGER ACCRUED THIS BENEFIT OVER THE LAST 16 YEARS OF SERVICE TO THE OSBORN, DUE TO THE TAXATION RULES PERTAINING TO NONPROFIT ORGANIZATIONS, 100% OF THE VALUE OF THE BENEFIT IS REPORTABLE AS TAXABLE INCOME TO MR. ZWERGER IN 2014 (THE YEAR THE AMOUNT VESTED). THE COMPENSATION COMMITTEE REVIEWED AND APPROVED THIS RETIREMENT BENEFIT FOR MR. ZWERGER IN A MANNER FOLLOWING INTERMEDIATE SANCTIONS RULES OF FEDERAL TAX LAW. NATHAN SOFFIO RECEIVED SEVERANCE PAYMENTS OF $409,775 WHICH CONSISTED OF PAYMENTS OF $369,600 FROM THE OSBORN AND $40,175 FROM STERLING HOME CARE. MR. SOFFIO ALSO RECEIVED A DISTRIBUTION OF $173,118 FROM THE NON-QUALIFIED DEFERRED COMPENSATION PLAN TO WHICH HE IS ENTITLED BY VIRTUE OF HIS SEPARATION FROM THE OSBORN, WHICH CONSISTED OF PAYMENTS OF $156,145 FROM THE OSBORN AND $16,973 FROM STERLING HOME CARE. KATHLEEN LONERGAN RECEIVED SEVERANCE PAYMENTS OF $387,095 WHICH CONSISTED OF PAYMENTS OF $350,966 FROM THE OSBORN AND $36,129 FROM STERLING HOME CARE. MS. LONERGAN ALSO RECEIVED A DISTRIBUTION OF $156,849 FROM THE NON-QUALIFIED DEFERRED COMPENSATION PLAN TO WHICH SHE IS ENTITLED BY VIRTUE OF HER SEPARATION FROM THE OSBORN, WHICH CONSISTED OF PAYMENTS OF $142,210 FROM THE OSBORN AND $14,639 FROM STERLING HOME CARE. IN 2014, THE FOLLOWING INDIVIDUALS RECEIVED DEFERRED COMPENSATION BENEFITS: MATTHEW ANDERSON $16,500 ROBERT PAUL MACKEY $9,514 ELIZABETH ROSSI $9,480 PART I, LINE 7 THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES DETERMINES ALL BONUSES FOR THE OFFICERS AND HIGHEST COMPENSATED EMPLOYEES. WHEN CALCULATING THE BONUSES, THEY USE A FORMULA THAT TAKES INTO CONSIDERATION BOTH THE OSBORN'S FINANCIAL PERFORMANCE AND THE PERFORMANCE EVALUATION OF THE OFFICER OR HIGHLY COMPENSATED EMPLOYEE. A DORMITORY AUTHORITY OF THE STATE OF NY 146000293 649906W67 2012-09-13 47202488 TO REFUND THE 2002 BONDS AND FINANCE CAPITAL EXPENDITURES IN IL AND AL UNITS 0 0 0 A 3145000 47212537 2924169 1004257 10004810 33279301 2014 1 0 1 1 A 0 1 0 0 0.00180 0.00000 0.00180 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 PART II LINE 3 TOTAL PROCEEDS OF ISSUE CONSISTS OF THE FOLLOWING: ISSUE PROCEEDS 9/13/12 $47,202,488.30 ESCROW EARNINGS TO 12/31/14 $10,048.95 TOTAL PROCEEDS OF ISSUE $47,212,537.25 PART II LINE 11 OTHER SPENT PROCEEDS CONSISTS OF THE FOLLOWING: PROCEEDS USED TO REFUND THE 2002 DASNY BONDS $33,243,300.87 DASNY TRANSFER OF EXCESS FUNDS IN DEBT RESERVE ESCROW FUND TO THE CURRENT ESCROW FUND $36,000.00 TOTAL OTHER SPENT FUNDS $33,279,300.87 X PIANO 1 108400 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 THE 990 WAS REVIEWED BY THE CFO, THE CONTROLLER, THE DIRECTOR OF FINANCIAL REPORTING AND INTERNAL AUDIT, THE AUDIT COMMITTEE AND THE BOARD OF TRUSTEES PRIOR TO BEING SUBMITTED TO THE IRS. ANY ISSUES WITH THE 990 ARE PRESENTED TO THE CFO. THE AUDIT COMMITEE MUST APPROVE ANY CHANGES. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, DIRECTORS, AND KEY EMPLOYEES FOLLOW THE CONFLICT OF INTEREST POLICY SET FORTH BY MIRIAM OSBORN MEMORIAL HOME ASSOCIATION.IF ANY CONFLICT OF INTEREST EXISTS, IT MUST BE DISCLOSED TO THE BOARD PRIOR TO IMPORTANT DECISION VOTES TAKEN. IF THE BOARD DETERMINES THAT A CONFLICT OF INTEREST DOES EXIST, THE INDIVIDUAL ASSOCIATED WITH THE CONFLICT IS PROHIBITED FROM PARTICIPATING IN THE DELIBERATIONS AND DECISIONS RELATING TO THAT CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE OSBORN'S EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES ESTABLISHES COMPENSATION, WHICH IS THEN SUBMITTED FOR REVIEW AND APPROVAL TO THE BOARD. TO DETERMINE COMPENSATION,THE EXECUTIVE COMPENSATION COMMITEE UTLIZES AN INDEPENDANT COMPENSATION CONSULTANT, FORM 990'S OF OTHER ORGANIZATIONS, COMPENSATION SURVEYS,AND A WRITTEN EMPLOYMENT CONTRACT. PERFORMANCE EVALUATIONS FOR 2013 AND SALARIES FOR 2014 WERE REVIEWED IN FEB/MARCH OF 2014. FORM 990, PART VI, SECTION C, LINE 19 THESE DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: ADJUSTMENT TO MINIMUM PENSION LIABILITY -6,352,088. INCREASE IN CASH SURENDER VALUE OF LIFE INSURANCE 106,459. MANAGEMENT FEES STERLING HOME CARE 1,037,481. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM PRIOR YEAR STERLING HOME CARE INC 101 THEALL ROAD RYE NY 10580 133890611 HOME CARE NY 501(C)(3) 9 MIRIAM OSBORN MEMORIAL HOME ASSOCIATION 0 THE OSBORN NETWORK INC 101 THEALL ROAD RYE NY 10580 463093940 PENDING HOLDING COMPANY NY N/A N/A N/A 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0