2015-11-12T14:33:18-06:00 2014-12-31 410746749 CLIFTONLARSONALLEN LLP 227 WEST TRADE STREET SUITE 800 CHARLOTTE NC 28202 990 2014-01-01 570337132 BISHOP GADSDEN EPISCOPAL RETIREMENT COMMUNITY BISH 8437623300 1 BISHOP GADSDEN WAY CHARLESTON SC 29412 LYNNE KERRISON CFO 5434066298 2015-11-11 1 JOHN NORMAN P01506766 7049985200 2014 2016-02-25 16:41:14Z C WILLIAM TRAWICK 1 BISHOP GADSDEN WAY CHARLESTON SC 29412 31096989 0 X WWW.BISHOPGADSDEN.ORG X 1948 SC TO PROVIDE HOUSING AND OTHER HEALTH CARE SERVICES THROUGH OPERATION OF A FAITH-BASED RETIREMENT FACILITY. 14 14 481 300 0 0 1208924 3545720 24655355 25476898 5529197 825157 1003476 1219562 32396952 31067337 360289 499342 0 0 11594321 12117385 0 0 327753 13954563 14694189 25909173 27310916 6487779 3756421 134360370 152135498 105005247 119756554 29355123 32378944 X FOUNDED BY THE FOURTH EPISCOPAL BISHOP OF SOUTH CAROLINA IN 1850 , BISHOP GADSDEN EPISCOPAL RETIREMENT COMMUNITY UPHOLDS THE TRADITION OF A FAITH-BASED, NOT-FOR-PROFIT ORGANIZATION DEDICATED TO THE WELL-BEING OF THOSE PERSONS, WHO BECAUSE OF AGE, PERSONAL CONDITIONS, HEALTH AND THEIR EXPRESS DESIRE, CHOSE TO RESIDE IN A RETIREMENT COMMUNITY. BISHOP GADSDEN IS A MISSION-DRIVEN, NOT PROFIT DRIVEN, ORGANIZATION. IT HAS A LONG-TERM OBLIGATION TO ITS RESIDENTS. IT IS COMMITTED TO REMOVING FINANCIAL BARRIERS TO RESIDENCY. ITS ROOTS IN THE GREATER CHARLESTON COMMUNITY SPAN OVER 160 YEARS, AND, THROUGH THE YEARS, IT HAS RESPONDED TO SPECIFIC NEEDS OF THE GREATER COMMUNITY. IT HAS LONG BEEN OPEN TO ALL MEN AND WOMEN WITHOUT REGARD TO RACE, CREED, RELIGIONS, SEXUAL PREFERENCE OR NATIONAL ORIGIN. 0 0 17232027 26653466 RETIREMENT COMMUNITY:BISHOP GADSDEN SERVES APPROXIMATELY 435 SENIOR ADULTS, 62 YEARS OF AGE AND OLDER, RESIDING IN FOUR LEVELS OF CARE: INDEPENDENT COMMUNITY (215 UNITS), ASSISTED LIVING (80 UNITS), MEMORY SUPPORT (19 BEDS) AND SKILLED NURSING CARE (50 BEDS). BISHOP GADSDEN OPERATES TO MEET THE PRIMARY NEEDS OF SENIOR CITIZENS BY PROVIDING (1) RESIDENTIAL FACILITIES DESIGNED TO MEET PHYSICAL, EMOTIONAL, RECREATIONAL, SOCIAL, RELIGIOUS AND SIMILAR NEEDS OF THE ELDERLY; (2) ACCESS TO HEALTHCARE SERVICES AS NEEDED; (3) ASSURANCE THAT THE ORGANIZATION IS RUN IN A FISCALLY RESPONSIBLE MANNER; AND (4) THE COMMITMENT OF FINANCIAL SECURITY TO ANY RESIDENT WHO RUNS OUT OF MONEY THROUGH NO FAULT OF HIS/HER OWN. 499342 499342 RESIDENT ASSISTANCE PROGRAM:BISHOP CHRISTOPHER GADSDEN FOUNDED THE HOME FOR ORPHANS AND WIDOWS IN 1850, TO ASSIST THOSE IN NEED. HIS VISION FOR A CARING COMMUNITY IS THE HEART AND SOUL OF THE ORGANIZATION NOW CALLED BISHOP GADSDEN. AT THE CORE OF BISHOP GADSDEN, IS THE BELIEF AND EXECUTION OF THE CHARITABLE MISSION. SINCE 1995, BISHOP GADSDENS RESIDENT ASSISTANCE FUND HAS DONATED MORE THAN $2.9 MILLION IN CHARITABLE CARE TO RESIDENTS FACING FINANCIAL DIFFICULTIES. THE RESIDENT ASSISTANCE FUND ALLEVIATES ANY ANXIETIES RESIDENTS AND THEIR FAMILIES HAVE BY ASSURING THEM THAT THEY WILL CONTINUE TO RECEIVE THE CARE THEY NEED REGARDLESS OF WHETHER THEY CAN PAY. THROUGH THE CONTINUED EFFORTS OF BISHOP GADSDEN RESIDENTS, FAMILIES, STAFF, AND OTHER ORGANIZATIONS, THE RESIDENT ASSISTANCE FUND CONTINUES TO BE HIGH PRIORITY. THIS IMPERATIVE FUND ALLOWS BISHOP GADSDEN TO ASSIST RESIDENTS AND FUTURE RESIDENTS THAT, BY NO FAULT OF THEIR OWN, CAN NO LONGER AFFORD THEIR CONTINUED CARE. ALL RESIDENTS THAT ARE RECEIVING MONIES FROM THE RESIDENT ASSISTANCE FUND ARE BETWEEN THE AGES OF 73-98; THEY COME FROM THE GREATER CHARLESTON AREA, ARE BOTH MALE AND FEMALE, AND CROSS ALL SOCIOECONOMIC LINES. THEIR QUALIFICATIONS RANGE FROM HAVING A PAST STRONG COMMITMENT TO THEIR CHURCH COMMUNITY-THROUGH VOLUNTEERING TIME AND TALENTS. SOME RESIDENTS HAVE MADE SIGNIFICANT CONTRIBUTION TO THE CHARLESTON AREA AND/OR BEYOND. THEIR CONTRIBUTIONS MAY BE OF AN ARTISTIC NATURE, ONE OF PUBLIC SERVICE, OR THE ABILITY TO HAVE CREATED A POSITIVE PHILOSOPHICAL CHANGE.BISHOP GADSDEN WILL CONTINUE TO EXTEND ASSISTANCE TO RESIDENTS, ACTING ON THE FIRM BELIEF THAT REMOVING ECONOMIC BARRIERS TO RESIDENCY IS PART OF ITS MISSION. OUTREACH PROGRAM:THROUGHOUT BISHOP GADSDEN'S EXISTENCE, A GIVING COMMITMENT HAS BEEN ON THE FOREFRONT RESULTING IN OVER $3,390,000 DOLLARS IN CHARITABLE CARE AND GIFTS BEING RAISED FOR AND DISTRIBUTED TO OTHER NON-PROFIT ORGANIZATIONS IN OUR LOCAL COMMUNITY. - THE RESIDENT OUTREACH COMMITTEE: AS PART OF THE BISHOP GADSDEN'S RESIDENTS' COUNCIL, THIS COMMITTEE CHOOSES TO SUPPORT A SPECIFIC CHARITABLE ORGANIZATION(S) EACH YEAR. LED BY RESIDENTS, WITH ASSISTANCE FROM STAFF, THE COMMITTEE SETS A FUNDRAISING GOAL AND CONDUCTS ALL SOLICITATIONS AND APPEALS. IN 2014, THIS IMPORTANT COMMITTEE RAISED $81,250 FOR LOWCOUNTRY FOOD BANK AND RESPITE CARE MINISTRIES, $4,000 FOR CHARLESTON AREA THERAPEUTIC RIDING AND FISHER HOUSE CHARLESTON. IN PREVIOUS YEARS, THE COMMITTEE HAS SUPPORTED SEA ISLAND HABITAT FOR HUMANITY, TRICOUNTY FAMILY MINISTRIES, THE BARRIER ISLANDS FREE MEDICAL CLINIC, CHARLESTON AREA SENIOR CITIZENS, INC., CRISIS MINISTRIES AND MANY MORE.- THE GENEROUS SPIRIT PROGRAM: OFFICIALLY ORGANIZED IN 2009 AS AN OPPORTUNITY FOR RESIDENTS, FAMILIES AND STAFF TO SUPPORT AND VOLUNTEER TOGETHER ON IMPORTANT AND WORTHWHILE PROJECTS FOR THE GREATER CHARLESTON COMMUNITY. PROJECTS HAVE INCLUDED DONATING TIME AND MONEY TO ALL CAUSES, SUCH AS SC ALZHEIMERS ASSOCIATION., COASTAL CRISIS CHAPLAINCY, TOYS FOR TOTS, SUSAN G. KOMEN, RONALD MCDONALD HOUSE, AND PET HELPERS. SINCE 2000, MORE THAN $1,000,000 IN CASH, $4,000 OF IN-KIND ITEMS (CLOTHES, FURNITURE, LINENS, PILLOWS, BLANKETS, BOOKS, SHOES, AND OTHER MISCELLANEOUS ITEMS TO ORGANIZATIONS SUCH AS PET HELPERS, CHARLESTON PUBLIC LIBRARY AND GOODWILL), AND IN 2014, 10,500 HOURS OF VOLUNTEER AND TUTORING TIME, EQUALLING $190,000, HAS BEEN GIVEN BY RESIDENTS AND STAFF, TO AREA AND NATIONAL CHARITIES. RESIDENTS AND STAFF CONTRIBUTE TO MORE THAN 1,000 LOCAL AND NATIONAL CHARITABLE ORGANIZATIONS.- BISHOP GADSDEN'S DINING DEPARTMENT DONATED 15,666 LBS OF FOOD, EQUALLING A GIFT OF $106,529 AND 22,089 MEALS.- OTHER PUBLIC SUPPORT: THE ORGANIZATION PROVIDES OTHER SUPPORT TO THE LOCAL COMMUNITY, SUCH AS THE FREE USE OF MEETING SPACE TO LOCAL CHARITIES, STUDENT INTERNSHIPS FROM LOCAL COLLEGES, TUTORING SERVICES TO THE NEIGHBORING MIDDLE SCHOOL, SPACE FOR AFTER SCHOOL ACTIVITIES, PERFORMANCE SPACE FOR SCHOOLS AND OTHER LOCAL GROUPS, FOOD DONATIONS TO LOCAL FOOD BANKS, THE OPERATION OF A COMMUNITY FESTIVAL TO THANK THE LOCAL COMMUNITY AND THE LOCAL FIRST RESPONDERS, AND OTHER ACTIVITIES MEANT TO CEMENT THE ORGANIZATION'S RELATIONSHIP WITH THE LOCAL COMMUNITY INCLUDING HAVING EXECUTIVE STAFF ON COMMUNITY BOARD SUCH AS ROPER ST. FRANCIS, SEA ISLAND HABITAT FOR HUMANITY, LEADINGAGE SC, AND THE CHARLESTON CONCERT ASSOCIATION. 17731369 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 60 0 1 481 1 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 SC X X LYNNE KERRISON CFO 8434066298 1 BISHOP GADSDEN WAY CHARLESTON SC 29412 WALLACE T BONAPARTE BOARD MEMBER 1.00 X 0 0 0 JAMES T GETTYS III CHAIR 1.00 X 0 0 0 WE APPLEGATE III ESQUIRE BOARD MEMBER 1.00 X 0 0 0 DOROTHY PAGLIARO BOARD MEMBER 1.00 X 0 0 0 SUSAN G LEGARE BOARD MEMBER 1.00 X 0 0 0 BARBARA CHRISTIE BOARD MEMBER 1.00 X 0 0 0 DR FRANK MIDDLETON VICE CHAIR 1.00 X 0 0 0 HEYWARD CARTER JR ESQUIRE BOARD MEMBER 1.00 X 0 0 0 THE REV ALASTAIN VOTAW BOARD MEMBER 1.00 X 0 0 0 WARREN MERSEREAU BOARD MEMBER 1.00 X 0 0 0 THE RT REV CHARLES VONROSENBERG EX-OFFICIO 1.00 X 0 0 0 MARGARET P BLACKMER BOARD MEMBER 1.00 X 0 0 0 PAUL MCMANUS BOARD MEMBER 1.00 X 0 0 0 C WILLIAM TRAWICK PRESIDENT/CEO 50.00 X 262019 0 34644 SARAH E H TIPTON VICE PRESIDENT/COO 50.00 X 149944 0 34416 LYNNE L KERRISON CFO 50.00 X 134897 0 14859 546860 0 83919 3 0 1 0 MICHAEL MITCHELL 436 KING ST CHARLESTON SC 29403 INTERIOR DESIGN 487984 MARGARET DONALDSON INTERIORS LLC 1557 MEETING ST CHARLESTON SC 29405 INTERIOR DESIGN 388800 C MICHAEL POPLIN LLC 958 MIKELL DR CHARLESTON SC 29412 CONSTRUCTION 365970 COASTAL LANDSCAPESROBERT CODY 5960 LOWELL REED RD RAVENEL SC 29470 LANDSCAPING 206993 CLIFTONLARSONALLEN LLP 101 N TRYON ST STE1000 CHARLOTTE NC 28246 ACCOUNTING 157382 6 3545720 3545720 RESIDENT REVENUE 623000 25476898 25476898 25476898 846796 846796 42994 0 42994 42994 42994 8013 0 29652 8013 -29652 -21639 -21639 FORFEITURES & TERM INC 900099 788947 788947 387621 387621 1176568 31067337 26653466 0 868151 499342 499342 637037 379037 251793 6207 9091000 7700785 1249153 141062 151707 151707 1548390 14005 1534010 375 689251 588799 92366 8086 5399 5399 38082 38082 156275 156275 1578166 1460074 104293 13799 130820 68357 62463 241665 100912 121551 19202 203568 7381 184360 11827 2056858 2021388 29884 5586 37310 12552 24483 275 82108 28945 52312 851 1964116 1964116 4214677 4214677 735089 1546 733543 DIETARY SUPPLIES 2034370 2034370 OTHER SUPPLIES 697932 662870 34011 1051 HEALTHCARE SUPPLIES 112809 112809 MINOR EQUIPMENT 75632 62909 12234 489 329313 79529 193304 56480 27310916 17731369 9251794 327753 4368480 5754725 1057458 252490 36956 591831 97707 48556 124908 108719 537418 447437 137793055 48623690 76946511 89169365 48662428 54311191 2528504 1451184 134360370 152135498 2918969 3516775 49116774 51677382 51961556 63497722 1007948 1064675 105005247 119756554 X 24525154 24728949 3295667 3409452 1534302 4240543 29355123 32378944 134360370 152135498 X 3756421 841252 -1573852 X 0 1 X 1 0 X 942474 751759 624520 1208924 3545720 7073397 21670289 23490279 23901290 24655355 25476850 119194063 22612763 24242038 24525810 25864279 29022570 126267460 10210 65875 76085 2008245 1732645 1368317 1928264 7037471 2008245 1742855 1368317 1928264 65875 7113556 119153904 857351 819519 812080 804904 889790 4183644 857351 819519 812080 804904 889790 4183644 465272 1069958 868075 979986 1176568 4559859 23935386 26131515 26205965 27649169 31088928 135010963 0.88250 0.85480 0.03100 0.03210 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 4047 4047 0 PART II-B, LINE 1: THIS AMOUNT REPRESENTS THE PORTION OF MEMBERSHIP DUES ATTRIBUTABLE TO LOBBYING. 2483618 2143250 44153 6000 4665021 2199789 40259 248070 4500 2483618 1971626 7641 225022 4500 2199789 1940168 44405 -8447 4500 1971626 1629579 180635 134454 4500 1940168 0.78830 0.21170 0 0 13937221 13937221 94883159 39091792 55791367 13936089 9531898 4404191 15036586 15036586 89169365 INVESTMENTS 49180174 F ASSETS LIMITED AS TO USE 4155597 F FIDUCIARY ASSETS 975420 F 54311191 GIFT ANNUITIES 549944 OTHER LIABILITIES 514731 1064675 X 30334737 841252 -1573852 -732600 31067337 0 31067337 27310916 0 27310916 0 27310916 PART V, LINE 4: THE ENDOWMENT ASSETS ARE INVESTED IN A MANNER THAT IS INTENDED TO PRESERVE AND GROW CAPITAL, STRIVE FOR CONSISTENT ABSOLUTE RETURNS, PRESERVE PURCHASING POWER BY STRIVING FOR LONG-TERM RETURNS WHICH EITHER MATCH OR EXCEED THE SET PAYOUT, CONTROL FEES AND INFLATION WITHOUT PUTTING THE PRINCIPAL VALUE AT IMPRUDENT RISK, AND DIVERSIFY INVESTMENTS CONSISTENT WITH COMMONLY ACCEPTED INDUSTRY STANDARDS TO MINIMIZE THE RISK OF LARGE LOSSES. PART X, LINE 2: BISHOP GADSDEN IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. BISHOP GADSDEN QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 170 AND HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(2). BISHOP GADSDEN FILES AS A TAX-EXEMPT ORGANIZATION. THE TAX YEARS ENDING DECEMBER 31, 2012, 2013, AND 2014, RESPECTIVELY, ARE OPEN FOR EXAMINATION BY FEDERAL, STATE, AND LOCAL AUTHORITIES. MANAGEMENT IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS. MANAGEMENT IS NOT AWARE OF ANY SIGNIFICANT ACTIVITIES THAT ARE SUBJECT TO TAX ON UNRELATED BUSINESS INCOME, EXCISE OR OTHER TAXES. BISHOP GADSDEN FOLLOWS THE GUIDANCE ON THE INCOME TAX STANDARD REGARDING THE RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. THE APPLICATION OF THE STANDARD HAS HAD NO IMPACT ON BISHOP GADSDEN'S FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN MARKET VALUE OF INTEREST RATE SWAP CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 28,510. LOSS ON REFUNDING OF DEBT -1,602,362. 1 FINANCIAL ASSISTANCE 10 499342 PART I, LINE 2: FINANCIAL ASSISTANCE IS GIVEN TO RESIDENTS WHO QUALIFY FOR RESIDENCY IN EVERY WAY EXCEPT FINANCIAL. ALL PROSPECTIVE RESIDENTS SEEKING FINANCIAL ASSISTANCE UNDERGO THE SAME SCREENING THAT ALL OTHER PROSPECTIVES RESIDENTS DO. IF A CURRENT RESIDENT SEEKS FINANCIAL ASSISTANCE, BISHOP GADSDEN REQUIRES AN UPDATE OF HIS/HER CONFIDENTIAL FINANCIAL INFORMATION. WE MAY ALSO REQUIRE FURTHER DOCUMENTS IN THE FORM OF TAX RETURNS AND/OR BANK STATEMENTS. A RESIDENT IS NEVER ASKED TO LEAVE BISHOP GADSDEN IF HE/SHE OUTLIVES RESOURCES THROUGH NO FAULT OF HIS/HER OWN. X X X X X 0 1 0 0 0 0 0 0 0 C WILLIAM TRAWICK PRESIDENT/CEO 227312 0 25000 0 9707 0 27585 0 7059 0 296663 0 0 0 SARAH E H TIPTON VICE PRESIDENT/COO 127364 0 20000 0 2580 0 23201 0 11215 0 184360 0 0 0 PART I, LINE 3 C. WILLIAM TRAWICK (PRESIDENT/CEO) AND SARAH E.H. TIPTON (VICE PRESIDENT/COO) PARTICIPATE IN 457(B) AND 401(K) DEFERRED COMPENSATION PLANS. AT THE END OF THE YEAR THE TOTAL AMOUNT OF EMPLOYER CONTRIBUTIONS TO THE 457(B) PLANS WERE $17,000 AND $17,000, RESPECTIVELY. ALSO, AT THE END OF THE YEAR THE TOTAL AMOUNT OF EMPLOYER CONTRIBUTIONS TO THE 401(K) PLANS WERE $10,585 AND $6,201, RESPECTIVELY. THIS COMPENSATION IS REFLECTED AS PART OF THE DEFERRED COMPENSATION REPORTED ON FORM 990, PART VII AND IN SCHEDULE J, PART II, COLUMN (C). A SC JOBS - ECONOMIC DEVELOPMENT AUTHORITY 837033JV2 2007-04-01 28867719 REFUNDING OF SERIES 2003 0 0 0 B SC JOBS - ECONOMIC DEVELOPMENT AUTHORITY 837033JE7 2002-10-01 20770000 REFUNDING OF SERIES 1995 & 1997 0 0 0 C SC JOBS - ECONOMIC DEVELOPMENT AUTHORITY NONEAVAIL 2014-05-07 56563209 REFUNDING OF SERIES 2014 0 0 0 A 9055000 28185000 2481940 542135 25843644 1 1 1 1 B 6070000 20770000 1037562 229092 2742495 16760851 2003 1 0 1 1 C 56563209 660000 42791783 13111426 1 0 1 1 A 0 0 0 0 0.01300 0.01300 0 0 0 B 0 0 0 0 0.01300 0.01300 0 0 1 C 0 0 0 0 0.01300 0.01300 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 0 0 1 1 WELLS FARGO 10.000000000000 0 0 0 0 0 C 0 1 0 0 1 0 0 0 0 A 0 B 0 C 1 FORM 990, PART VI, SECTION B, LINE 11 A COPY OF FORM 990 WAS PROVIDED TO THE GOVERNING BODY BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C AT THE BEGINNING OF EACH BOARD YEAR, ALL MEMBERS OF THE BOARD OF TRUSTEES, ARE REQUIRED TO COMPLETE A "CONFLICT OF INTEREST" STATEMENT. AFTER THE STATEMENTS ARE TURNED IN, THEY ARE REVIEWED BY THE CHAIRMAN OF THE BOARD AND THE PRESIDENT/CEO WHO TAKE ACTION. EITHER THE BOARD MEMBER IS ASKED TO RESOLVE THE CONFLICT OR HE/SHE IS ASKED TO RECUSE HIM OR HERSELF FROM VOTING ON MATTERS WHERE A CONFLICT EXISTS. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE REVIEWS THE PRESIDENT/CEO'S COMPENSATION EACH YEAR. FORM 990, PART VI, SECTION C, LINE 19 THE CONFLICT OF INTEREST POLICY AND THE FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: LOSS ON REFUNDING OF DEBT -1,602,362. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 28,510.