2015-11-12T10:29:20-06:00 2014-12-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 1650 MARKET STREET SUITE 4500 PHILADELPHIA PA 19103 990 2014-01-01 232377560 FRIENDS RETIREMENT CONCEPTS INC FRIE 9085956520 100 MONROE STREET BRIDGEWATER NJ 088073043 FELIX ROSENWASSER PRESIDENT/CEO 9085956520 2015-11-11 1 BARBARA LAPUTKA CPA P00782769 2159720701 2015-11-11 2014 2016-02-25 16:41:14Z ARBOR GLEN FELIX ROSENWASSER 100 MONROE STREET BRIDGEWATER NJ 088073043 20548660 0 X WWW.ARBORGLEN.ORG X 1985 PA TO OPERATE A CONTINUING CARE RETIREMENT COMMUNITY. 11 10 203 14 5701 -8160 399928 59567 17450758 17204616 439913 370071 129376 210855 18419975 17845109 0 0 0 0 5527764 6561693 0 0 0 12924195 12502866 18451959 19064559 -31984 -1219450 53595956 50167750 112035718 109810405 -58439762 -59642655 X THE MISSION OF ARBOR GLEN, SPONSORED BY FRIENDS RETIREMENT CONCEPTS, INC., IS TO ENHANCE THE DIGNITY AND WORTH OF OUR INDIVIDUAL MEMBERS BY PROVIDING QUALITY LIFE CHOICES FOR SENIORS IN A CONTINUUM OF CARE SERVICES ON A FISCALLY SECURE BASIS AND PROVIDING SOCIALLY ACCOUNTABLE SERVICES TO OUR LARGER COMMUNITY. 0 0 15562477 17204616 THE CORPORATION IS INCORPORATED UNDER THE NONPROFIT CORPORATION LAW OF 1972 OF THE COMMONWEALTH OF PENNSYLVANIA, AS AMENDED, FOR THE PURPOSES OF CONDUCTING EXCLUSIVELY CHARITABLE, SCIENTIFIC, OR EDUCATIONAL ACTIVITIES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (OR THE CORRESPONDING PROVISION OF ANY SUCCESSOR UNITED STATES INTERNAL REVENUE LAW) (THE "INTERNAL REVENUE CODE"), INCLUDING BUT NOT LIMITED TO (1) PROVIDING ADMINISTRATIVE, PROPERTY MANAGEMENT, AND OTHER SUPPORT SERVICES FOR NONPROFIT ORGANIZATIONS; (2) OWNING OR OPERATING, INCLUDING DEVELOPING AND MANAGING, OR BOTH, EITHER DIRECTLY OR INDIRECTLY THROUGH ANY OTHER ENTITY OR ORGANIZATION, ANY LIFE CARE FACILITY IN THE NATURE OF CONTINUING CARE RETIREMENT COMMUNITY OR LIFE CARE AT HOME PROGRAM OR OTHERWISE DESIGNED TO BENEFIT ELDERLY PERSONS AND IN GENERAL TO IMPLEMENT PROGRAMS DESIGNED TO MEET THE NEEDS OF ELDERLY PERSONS; AND (3) MAKING DONATIONS AND OTHER TRANSFERS TO CHARITABLE ORGANIZATIONS AND OTHER ORGANIZATIONS AFFILIATED WITH THE CORPORATION AND DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, CONSISTENT WITH AND IN FURTHERANCE OF THESE PURPOSES.FRIENDS RETIREMENT CONCEPTS, INC. ("FRIENDS") IS A NOT-FOR-PROFIT ORGANIZATION WHICH OPERATES ARBOR GLEN OF BRIDGEWATER CONTINUING CARE RETIREMENT COMMUNITY ("ARBOR GLEN"). ARBOR GLEN IS LOCATED ON APPROXIMATELY 24 ACRES IN SOMERSET COUNTY, NEW JERSEY. THE COMPLEX CONSISTS OF AN APARTMENT BUILDING WITH 183 INDEPENDENT LIVING APARTMENT UNITS, 19 INDEPENDENT LIVING VILLA UNITS, A HEALTH CENTER COMPRISED OF 35 ASSISTED LIVING UNITS AND 64 MEDICARE CERTIFIED NURSING BEDS, AND A COMMUNITY CENTER. ARBOR GLEN WAS ACCREDITED BY THE CONTINUING CARE ACCREDITATION COMMISSION DURING 2002.OUR HEALTHCARE CENTER PROVIDES SERVICES IN THE FOLLOWING AREAS: ASSISTED LIVING AND ALZHEIMER CARE, REHAB, SUB ACUTE CARE AND SKILLED NURSING. OUR EXTENSIVE DINING PROGRAM OFFERS OUR RESIDENTS A VARIETY OF DINING OPTIONS AND SPECIALIZED MENUS TO MEET INDIVIDUAL HEALTH NEEDS. AVERAGE OCCUPANCY RATES FOR 2014 FOR NURSING CARE WAS 74.6%, THE AVERAGE OCCUPANCY RATE FOR THE ASSISTED LIVING AND THE ASSISTED LIVING DEMENTIA UNIT WAS 80.2%. THE END OF THE YEAR OCCUPANCY RATE FOR THE INDEPENDENT LIVING UNITS FOR 2014 WAS 60.4%. 15562477 1 0 0 1 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 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 58 0 1 203 1 1 1 0 0 0 0 0 0 0 0 0 X 11 10 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NJ X LISA I CODDINGTON CONTROLLER 9085956524 100 MONROE STREET BRIDGEWATER NJ 088073043 JOHN VINCENT CHAIRPERSON 1.00 X X 0 0 0 RANDY MALONE VICE CHAIR 1.00 X X 0 0 0 CHESTER BREWER TREASURER 1.00 X X 0 0 0 ROBERT GREEN SECRETARY 1.00 X X 37692 0 0 MILDRED POTENZA DIRECTOR 1.00 X 0 0 0 PAULA MCCLURE DIRECTOR 1.00 X 0 0 0 LEE VARIAN DIRECTOR 1.00 X 0 0 0 BARBARA ANDREWS DIRECTOR 1.00 X 0 0 0 BARBARA MENZEL DIRECTOR 1.00 X 0 0 0 CHARLOTTE MCAFEE DIRECTOR 1.00 X 0 0 0 JAMES H WELLS PRES. & CEO RESIGNED 5/22/14 40.00 X 402104 0 12690 FELIX ROSENWASSER PRES & CEO EFF. 5/22/14; PRIOR CFO 40.00 X 214998 0 10233 AMY COVELLO DIRECTOR OF SALES & MARKETING 40.00 X 107593 0 12918 762387 0 35841 3 0 1 0 SODEXO INC & AFFILIATES PO BOX 81049 WOBURN MA 01813 DINING MANAGEMENT SERVICES 1814609 GLYNN DEVINS ADVERTISING INC 11230 COLLEGE RD OVERLAND PARK KS 66210 ADVERTISING SERVICES 461964 NC DUNN RENAISAANCE INTERIORS 1 BAYSIDE ROAD SUITE 110 GREENLAND NH 03840 CONSTRUCTION SERVICES 221590 3 59567 59567 NET RESIDENT SERVICE REV 623000 15560989 15560989 AMORTIZATION OF ENTRANCE FEES 623000 1382092 1382092 COMPANION PROGRAM 623000 119760 119760 OTHER RESIDENT SERVICES 623000 103275 103275 NURSE VISIT/HELPING HANDS 623000 38500 38500 17204616 417974 417974 8825 7626 1199 1199 1199 2648022 2695925 -47903 -47903 -47903 COFFEE SHOP/DINING REV 722210 58044 58044 RESIDENTS ASSOCIATION 900099 45000 45000 INSURANCE DISTRIBUTION 900099 32806 32806 73806 5701 68105 209656 17845109 17204616 5701 575225 X 523735 419575 104160 5003677 4008709 994968 63440 50829 12611 441312 378813 62499 529529 424234 105295 402609 402609 72000 72000 683 683 19834 19834 2324393 2179139 145254 505034 505034 1169827 811652 358175 22294 7024 15270 1659691 1651291 8400 19007 10467 8540 19286 3403 15883 3238840 3238840 2251413 2251413 220971 220971 REFINANCING COSTS 317959 317959 DUES, SUBS & LICENSES 106649 19870 86779 BAD DEBT EXPENSE 100000 100000 RECRUITMENT & HIRING EX 27297 27297 25079 7218 17861 19064559 15562477 3502082 0 769988 528802 45087 5170 642396 1188172 47069 47069 134681 72912 73316072 37740473 36684909 35575599 13362317 10985390 80778 80778 1828731 1683858 53595956 50167750 1244591 2064815 39965625 39993568 59764675 56755035 11060827 10996987 112035718 109810405 X -58605195 -59836217 165433 193562 -58439762 -59642655 53595956 50167750 -1219450 16557 0 X 0 1 X 1 0 X 124884 19258 155038 399928 59567 758675 19073109 19313926 18805341 17450758 17204616 91847750 19197993 19333184 18960379 17850686 17264183 92606425 0 0 0 92606425 841498 691260 511323 415159 426799 2886039 841498 691260 511323 415159 426799 2886039 83117 185728 144542 177030 203955 794372 20122608 20210172 19616244 18442875 17894937 96286836 0.96180 0.95750 0.03000 0.03400 X 0 0 0 0 0 0 0 0 1 683 683 0 PART II-B, LINE 1: THE ORGANIZATION PAYS DUES TO NATIONAL (LEADING AGE) AND STATE (LEADINGAGE NJ) ASSOCIATIONS OF HOMES AND SERVICES FOR THE AGING. A PORTION OF THE ORGANIZATION'S DUES ARE USED FOR LOBBYING PURPOSES. THE $683 REPORTED AS LOBBYING EXPENDITURES IS THE PORTION OF LEADINGAGE AND LEADINGAGE NJ'S DUES THAT WERE USED FOR LOBBYING PURPOSES (4.8% OF THE ORGANIZATION'S TOTAL DUES OF $14,246). 6767216 6767216 59211569 32175566 27036003 4655580 3480455 1175125 2522892 2084452 438440 158815 158815 35575599 REFUNDABLE DEPOSITS 204987 FUTURE SERVICE OBLIGATION 10792000 10996987 X 17869292 16557 16557 17852735 -7626 -7626 17845109 19072185 7626 7626 19064559 0 19064559 PART X, LINE 2: ARBOR GLEN ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES USING A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS BEEN MET. MANAGEMENT DETERMINED THAT THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD IN 2014 AND 2013. ARBOR GLEN'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS FOR YEARS ENDED PRIOR TO DECEMBER 31, 2011 ARE NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -7,626. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 7,626. X X X X 1 0 0 0 0 0 0 1 0 JAMES H WELLS PRES. & CEO RESIGNED 5/22/14 98290 0 0 0 303814 0 3613 0 9077 0 414794 0 0 0 FELIX ROSENWASSER PRES & CEO EFF. 5/22/14; PRIOR CFO 196998 0 18000 0 0 0 8434 0 1799 0 225231 0 0 0 PART I, LINE 4A MR. JAMES H. WELLS RECEIVED A SEVERANCE PAYMENT OF $303,814 THAT REPRESENTS 18 MONTHS OF HIS SALARY. PART I, LINE 7 THE CHIEF EXECUTIVE OFFICER RECEIVED AN INCENTIVE BONUS IN 2014. THIS AMOUNT WAS SUBJECT TO BOARD APPROVAL. A NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY 645916A64 2004-05-17 36500000 TO ADVANCE REFUND CERTAIN 1998 BONDS 0 0 0 A 4110000 36500000 1384000 1320000 33796000 2004 0 1 1 1 A 0 0 0 1 1 0 0 0 1 A 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 05/15/2013 SCHEDULE K, PART II, LINE 11, OTHER SPENT PROCEEDS THE AMOUNT ON LINE 11, OTHER SPENT PROCEEDS REPRESENTS ADVANCE REFUNDING OF CERTAIN 1998 BONDS. FORM 990, PART VI, SECTION A, LINE 7A ONE MEMBER OF THE BOARD OF FRIENDS RETIREMENT CONCEPTS, INC. SHALL BE SELECTED BY THE BOARD OF FRIENDS RETIREMENT CONCEPTS, INC. FROM AMONG PERSONS NOMINATED BY THE ELECTED REPRESENTATIVES OF THE RESIDENTS OF THE ARBOR GLEN CONTINUING CARE RETIREMENT CENTER. FORM 990, PART VI, SECTION B, LINE 11 MANAGMENT DOES A DETAIL REVIEW OF THE 990 BEFORE PRESENTATION TO THE BOARD. THE CHAIRMAN OF THE BOARD CONDUCTS THE BOARD MEETING. THE 990 FORM IS PRESENTED TO THE BOARD MEMBERS AT THE MEETING FOR REVIEW. THE BOARD WILL APPROVE THE FORM BEFORE SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY THROUGH ANNUAL DISCLOSURE. THE CONFLICT OF INTEREST POLICY IS DISCUSSED ANNUALLY AT A BOARD MEETING AND TRAINING IS PROVIDED ANNUALLY BY THE ORGANIZATION'S COMPLIANCE OFFICER. THE CHAIRMAN OF THE BOARD REVIEWS THE SIGNED CONFLICT OF INTEREST STATEMENTS ANNUALLY. THE EXECUTIVE COMMITTEE OF THE BOARD AND THE CEO HANDLE ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST. BOARD MEMBERS MUST DISCLOSE ANY CONFLICTS OF INTEREST AND ABSTAIN FROM VOTING IF SUCH CONFLICT ARISES. FORM 990, PART VI, SECTION B, LINE 15 EACH YEAR THE BOARD OF DIRECTORS FORMS A COMPENSATION AND REVIEW COMMITTEE TO EVALUATE PERFORMANCE AND REVIEW MARKET BASED SALARIES FOR OTHER TAX EXEMPT STAND-ALONE COMMUNITIES USING AASHA SALARY SURVEYS AND GUIDESTAR. THE COMMITTEE RECOMMENDS CHANGES IN CEO COMPENSATION TO THE FULL BOARD BASED ON CONTRACT OBLIGATIONS, PAST YEAR PERFORMANCE, SALARY SURVEYS AND FINANCIAL CONDITION OF THE ORGANIZATION. THE SALARY PROCESS FOR THE CFO IS ALSO ESTABLISHED ON THE BASIS OF SALARY SURVEY DATA. THE DECISIONS ARE DOCUMENTED IN THE COMPENSATION AND REVIEW COMMITTEE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 2,179,139. MANAGEMENT AND GENERAL EXPENSES 145,254. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,324,393.