2015-01-26T13:58:23-06:00 2014-06-30 410746749 CLIFTONLARSONALLEN LLP 610 W GERMANTOWN PIKE STE 400 PLYMOUTH MEETING PA 19462 990 2013-07-01 521381348 ANNAPOLIS LIFE CARE INC ANNA 4102667300 4000 RIVER CRESCENT DRIVE ANNAPOLIS MD 21401 DR EDGAR MALLICK EXECUTIVE DIRECTOR 4102667300 2015-01-23 1 BERNADETTE O'TOOLE CPA P00229258 2156433900 2013 2016-04-25 22:37:26Z DR EDGAR MALLICK 4000 RIVER CRESCENT DRIVE ANNAPOLIS MD 21401 49235919 0 X WWW.GINGERCOVE.COM X 1988 MD TO OWN AND OPERATE A CONTINUING CARE COMMUNITY FOR PERSONS OVER THE AGE OF 60 16 16 332 50 -4205 -4205 383266 618466 19971849 18488060 1594614 2344835 277331 257713 22227060 21709074 138343 0 0 0 10230056 10911909 0 0 0 12732218 13037321 23100617 23949230 -873557 -2240156 100828825 105146964 102259378 150705726 -1430553 -45558762 OUR VISION - A PREMIER LIFE-CARE COMMUNITY COMMITTED TO QUALITY. OUR MISSION - TO PROVIDE RESIDENTS AN ABUNDANT LIFE. OUR VALUES - RESIDENT INDEPENDENCE, DIGNITY, SECURITY, STAFF EXCELLENCE, BUSINESS INTEGRITY, AND FISCAL PRUDENCE. 0 0 14128119 12702308 ANNAPOLIS LIFE CARE, INC OPERATES A LIFE-CARE COMMUNITY WHICH OFFERS THREE LEVELS OF CARE. THESE CONSIST OF INDEPENDENT LIVING, ASSISTED LIVING, AND NURSING.INDEPENDENT LIVING - THE ORGANIZATION PROVIDES HOUSING, HEALTH CARE, AND RECREATIONAL ACTIVITIES FOR SENIOR CITIZENS WHO ARE STILL ABLE TO MAINTAIN AN ACTIVE LIFESTYLE. THERE WERE 236 INDEPENDENT LIVING UNITS AVAILABLE WITH AN AVERAGE OCCUPANCY RATE OF 93.6%. 958111 1383567 ASSISTED LIVING - THIS PROGRAM IS FOR SENIOR CITIZENS WHO MAY NEED ADDITIONAL HELP TO MAINTAIN A HEALTHY LIFESTYLE BUT WHO DO NOT REQUIRE SKILLED NURSING. THE ORGANIZATION HAS A 30 BED ASSISTED LIVING COMPLEX WHICH PROVIDED A TOTAL OF 10,977 LIFE CARE DAYS. 5403875 4402186 SKILLED NURSING - THE ORGANIZATION HAS A 61 BED COMPREHENSIVE CARE COMMUNITY HEALTH CENTER FOR RESIDENTS WHO REQUIRE A HIGH LEVEL OF SKILLED NURSING ASSISTANCE. TEMPORARY AND PERMANENT CARE DAYS TOTALED 19,844. 20490105 1 1 0 1 0 0 0 0 0 0 1 1 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 1 1 1 0 0 0 1 51 0 332 1 1 1 0 0 0 0 0 0 0 0 0 X 16 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X TIM ELLIOTT 4102667300 4000 RIVER CRESCENT DRIVE ANNAPOLIS MD 21401 THOMAS STEMMY DIRECTOR 2.00 0.00 X 0 0 0 KEN DRIESSEN DIRECTOR 2.00 0.00 X 0 0 0 JEFFREY A NORRIS VICE PRESIDENT 5.00 2.00 X X 0 0 0 ANN M FLIGSTEN DIRECTOR 2.00 0.00 X 0 0 0 FREDERICK GREGORY DIRECTOR 2.00 0.00 X 0 0 0 GARY GEISEL DIRECTOR 2.00 0.00 X 0 0 0 MARGARET JACKSON DIRECTOR 2.00 0.00 X 0 0 0 CHARLES R LARSON PRESIDENT 5.00 2.00 X X 0 0 0 VALENTINE F LYNCH TREASURER 5.00 0.00 X X 0 0 0 ELLA BASSETT DIRECTOR 2.00 0.00 X 0 0 0 CAROLYN GORSUCH DIRECTOR 2.00 0.00 X 0 0 0 JAMES E KOEHR DIRECTOR 2.00 0.00 X 0 0 0 ARLENE HALL DIRECTOR 2.00 0.00 X 0 0 0 ROBERT J PELRINE SECRETARY 5.00 0.00 X X 0 0 0 JAMES REINIG DIRECTOR 2.00 0.00 X 0 0 0 HELEN STOUGH DIRECTOR 2.00 X 0 0 0 DR EDGAR MALLICK EXECUTIVE DIRECTOR 40.00 X 214129 0 5713 TIMOTHY ELLIOTT CFO 40.00 X 132701 0 3773 DENISE BERT-HALL DIRECTOR OF NURSING 40.00 X 126556 0 3465 WENDY FERRIS ADMINISTRATOR 40.00 X 144686 0 8300 FAYE HIGGINS RN 48.00 X 122283 0 1468 LAURA ANAGHO LPN 47.00 X 114400 0 4547 CHARITY OKAFOR RN 52.00 X 119083 0 3495 973838 0 30761 7 0 1 0 SELECT REHABILITATION PO BOX 809056 CHICAGO IL 60680 THERAPY SERVICES 987886 US FOOD SERVICES PO BOX 7780 PHILADEPLHIA PA 19182 FOOD SUPPLIES 785348 HEALTHSENSE INC 1191 NORTHLAND DRIVE MENDOTA HEIGHTS MN 55120 NURSE CALL SYSTEM 668846 PAINTING AND CONTRACTING 1637 JOHN BROWN RD QUEENSTOWN MD 21658 APARTMENT REHAB 411640 WF HAISLIP JR CONSTRUCTION GOVERNORS BRIDGE RD DAVIDSONVILLE MD 21035 APARTMENT REHAB 271832 16 210063 408403 618466 RESIDENT SERVICE FEES 621610 13075594 13075594 HEALTH CENTER FEES 621610 4405362 4405362 ENTRANCE FEES EARNED 621610 914606 914606 HOME HEALTH REVENUE 621610 92498 92498 18488060 1006505 -4205 1010710 33627 842 32785 32785 32785 28822141 27483811 1338330 1338330 1338330 46484 42192 4292 4292 BEAUTY/BARBER SHOP 621610 123275 123275 GUEST MEALS 621610 53260 53260 CATERING INCOME 621610 44101 44101 220636 21709074 18488060 -4205 2606753 366657 366657 8708578 7847803 860775 106968 80808 26160 816772 714765 102007 912934 822955 89979 47280 47280 49327 49327 47423 47423 1333 1333 102545 102545 1715288 1475181 240107 386199 386199 2590540 2373761 216779 557249 557249 20786 8522 12264 2288469 2288469 3440770 3440770 151029 151029 FOOD 1091364 1091364 MEDICAL SUPPLIES 238312 238312 MISCELLANEOUS 232260 60115 172145 BAD DEBT 77147 77147 23949230 20490105 3459125 0 600 800 3375340 3300923 895824 696218 1908027 2166049 124751 104266 64341 80709 87925105 33707650 55770090 54217455 27392162 34547352 9506695 7647139 1466783 2111481 324212 274572 100828825 105146964 1225524 1467196 50635991 85092381 42555001 41742916 7842862 22403233 102259378 150705726 X -2973324 -47188079 1392621 1479167 150150 150150 -1430553 -45558762 100828825 105146964 X -2240156 3037547 -44925601 X X 0 1 X 1 0 X 57860 255542 339683 383266 618466 1654817 17558473 18122436 18909540 20779596 20084945 95454990 150284 139717 270113 242884 220636 1023634 17766617 18517695 19519336 21405746 20924047 98133441 0 0 0 98133441 563937 508320 776504 1008205 937587 3794553 563937 508320 776504 1008205 937587 3794553 4709 25833 29373 59915 18335263 19051848 20325213 22413951 21861634 101987909 0.96220 0.96390 0.03720 0.03520 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 1333 1333 0 PART II-B, LINE 1: ANNAPOLIS LIFE CARE, INC IS A MEMBER OF INDUSTRY GROUP LIFESPAN NETWORK. THE ORGANIZATION PAID $6,667 IN DUES OF WHICH 20% WERE ALLOCATED TO LOBBYING EXPENSES. 3735917 3735917 76506908 29992150 46514758 7670845 3715500 3955345 11435 11435 54217455 TITAN MASTERS INTERNATIONAL FUND 1272853 F SILVER CREEK EARLY ADVANTAGE FUND 77999 F COLLINS CAPITAL LOW VOLATILITY PERFORMANCE 104759 F PINE GROVE ASSOCIATES 2910399 F WMS PARTNERS INCOME OPPORTUNITY FUND B 471063 F WMS PARTNERS FAIRMOUNT FUND 494822 F VALSTONE OPPORTUNITY INVESTMENTS III 101814 F VALSTONE OPPORTUNITY FUND IV 1070022 F IRONSIDES PARTNERSHIP FUND II 1143408 F 7647139 DEPOSITS 3008220 INTEREST RATE SWAP 3899013 FUTURE SERVICE OBLIGATION 15496000 22403233 X 26266156 3037547 1621238 4658785 21607371 102545 -842 101703 21709074 26035713 2189029 2189029 23846684 102545 102545 23949229 PART X, LINE 2: THE CORPORATION IS A NOT-FOR-PROFIT ENTITY AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM INCOME TAXES ON RELATED ACTIVITIES PURSUANT TO SECTION 509(A) OF THE INTERNAL REVENUE CODE. THE CORPORATION FOLLOWS THE PROVISIONS OF ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN A COMPANY'S FINANCIAL STATEMENTS, INCLUDING NOT-FOR-PROFIT CORPORATIONS, AND PRESCRIBES 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. THE STANDARDS ALSO PROVIDE GUIDANCE ON DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, AND DISCLOSURE. MANAGEMENT HAS DETERMINED THAT THIS STANDARD DOES NOT HAVE A MATERIAL IMPACT ON THE FINANCIAL STATEMENTS. THE CORPORATION'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. THE TAX RETURNS FOR THE YEARS 2011 TO 2013 ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED GAIN ON INTEREST RATE SWAP 957,641. CHANGE IN INTEREST IN SUBSIDIARY 644,697. NET ASSETS RELEASED FROM RESTRICTIONS 18,900. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE - NETTED WITH REVENUE ON 990 -842. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE - NETTED WITH REVENUE ON 990 842. CHANGE IN FUTURE SERVICE OBLIGATION 1,974,072. NET ASSETS RELEASED FROM RESTRICTIONS 18,900. FORGIVENESS OF DEBT FROM RELATED PARTY 195,215. X X X 0 0 0 0 0 0 0 1 0 DR EDGAR MALLICK EXECUTIVE DIRECTOR 199129 0 15000 0 0 0 5713 0 0 0 219842 0 0 0 WENDY FERRIS ADMINISTRATOR 130848 0 13838 0 0 0 4144 0 4156 0 152986 0 0 0 PART I, LINE 7 THE EXECUTIVE DIRECTOR AND OTHER KEY EMPLOYEES ESTABLISH GOALS AND OBJECTIVES FOR THE UPCOMING YEAR. THESE GOALS AND OBJECTIVES ARE REVIEWED ANNUALLY AND THE ACCOMPLISHMENT OF THESE GOALS IS TAKEN INTO CONSIDERATION WHEN DETERMINING BONUSES. THE BONUS RANGE IS 3% TO 7% FOR DIRECTORS WITH A HIGHER RANGE FOR THE EXECUTIVE DIRECTOR. A MARYLAND HEALTH AND HIGHER EDUCATION FACILITIES AUTHORITY 520936091 2009-11-04 30000000 REFINANCING PRIOR BOND ISSUE 0 0 0 B MARYLAND HEALTH AND HIGHER EDUCATION FACILITIES AUTHORITY 520936091 2010-01-04 15266180 REFINANCING PRIOR BOND ISSUE 0 0 0 A 2408614 30000000 272028 29727972 2009 1 0 1 1 B 1114650 15266180 140136 15126044 2010 1 0 1 1 A 0 1 1 1 0 0.00300 0.00300 1 0 1 B 0 1 1 1 0 0.00300 0.00300 1 0 1 A 0 0 0 1 1 0 0 0 1 B 0 0 0 1 1 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MARYLAND HEALTH AND HIGHER EDUCATION FACILITIES AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 07/01/2014 ISSUER NAME: MARYLAND HEALTH AND HIGHER EDUCATION FACILITIES AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 07/01/2014 FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE SHALL BE FULLY AUTHORIZED TO CARRY OUT ALL POWERS OF THE BOARD OF DIRECTORS BETWEEN MEETINGS OF THE BOARD, PROVIDED THEIR ACTIONS AND DECISIONS COULD NOT REASONABLY HAVE BEEN DEFERRED UNTIL THE NEXT MEETING OF THE BOARD. ACTIONS OF THE EXECUTIVE COMMITTEE SHALL BE REPORTED TO THE NEXT REGULAR OR SPECIAL MEETING OF THE BOARD OF DIRECTORS. ACTIONS OF THE EXECUTIVE COMMITTEE WHICH ARE WITHIN THE AUTHORITY OF THE EXECUTIVE COMMITTEE SHALL NOT REQUIRE RATIFICATION BY THE BOARD OF DIRECTORS, BUT ANY ACTIONS OF THE EXECUTIVE COMMITTEE MAY BE MODIFIED AT A MEETING OF THE BOARD OF DIRECTORS BY VOTE OF A MAJORITY OF THE MEMBERS OF THE BOARD OF DIRECTORS PRESENT AND CONSTITUTING AT LEAST A QUORUM. HOWEVER, ANY SUCH MODIFICATIONS SHALL NOT AFFECT THE RIGHTS OF ANY THIRD PERSONS. FORM 990, PART VI, SECTION B, LINE 11 THE ANNAPOLIS LIFE CARE FINANCE COMMITTEE CHAIRMAN, CHIEF FINANCIAL OFFICER, EXECUTIVE DIRECTOR/CEO, AND DIRECTOR OF FINANCIAL SERVICES PERFORM AN INITIAL REVIEW OF THE FORM 990. THE APPROVED FORM IS THEN REPORTED TO THE FINANCE & AUDIT COMMITTEE AND ALL BOARD MEMBERS RECEIVE A COPY OF THE RETURN BEFORE THE FORM IS SUBMITTED TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANNAPOLIS LIFE CARE HAS A CONFLICT OF INTEREST POLICY FOR ALL BOARD MEMBERS OF WHICH THE CONFLICT OF INTEREST STATEMENT IS UPDATED ANNUALLY. THIS POLICY ALSO APPLIES TO ADVISORY MEMBERS OF BOARD COMMITTEES. ANY ACTUAL OR POTENTIAL CONFLICTS ARE EXPECTED TO BE DISCLOSED. THE PRESIDENT AND SECRETARY OF THE BOARD AND ALL CHAIRMEN OF STANDING BOARD COMMITTEES WILL RECEIVE ALL ANNUAL CONFLICT OF INTEREST STATEMENTS. IF AN ACTUAL OR POTENTIAL CONFLICT WERE TO EXIST, THE INTERESTED PARTY WOULD ABSTAIN FROM ALL DISCUSSIONS AND DECISIONS ON THE CONFLICT. ANY TRANSACTIONS OR EVENTS THAT VIOLATE THE CONFLICT OF INTEREST POLICY MAY ALSO BE REVIEWED BY LEGAL COUNSEL. FAMILY AND BUSINESS RELATIONSHIPS WHICH MAY POSE A CONFLICT ARE EXPRESSLY CONSIDERED IN THE POLICY AND THE ANNUAL STATEMENT. FORM 990, PART VI, SECTION B, LINE 15 A THREE MEMBER COMMITTEE FROM THE ANNAPOLIS LIFE CARE BOARD OF DIRECTORS COMPILES RESULTS OF PERFORMANCE EVALUATIONS COMPLETED BY EACH BOARD MEMBER, REVIEWS THE CURRENT COMPENSATION STRUCTURE FOR THE EXECUTIVE DIRECTOR, REVIEWS INDUSTRY SALARY SURVEY DATA FOR THE REGION AND NATIONALLY, AND MAKES RECOMMENDATIONS TO BOTH THE EXECUTIVE COMMITTEE AND THE FULL BOARD OF DIRECTORS. THIS PROCESS IS COMPLETED ANNUALLY. OTHER KEY EMPLOYEES ARE REVIEWED BY THE EXECUTIVE DIRECTOR ANNUALLY ON A VARIETY OF STRATEGIC MEASURES. INCREASES AND/OR BONUSES ARE DETERMINED BASED ON THE RESULTS OF THE ANNUAL REVIEW. ALL COMPENSATION ADJUSTMENTS ARE MEASURED AGAINST INDUSTRY STANDARDS TO ENSURE COMPENSATION IS SET WITHIN FAIR MARKET RANGE FOR THE INDUSTRY. FORM 990, PART VI, SECTION C, LINE 19 THE BYLAWS AND FINANCIAL STATEMENTS ARE LOCATED IN THE GINGER COVE LIBRARY FOR PUBLIC REVIEW AND THE CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: UNREALIZED GAIN OR LOSS ON DERIVATIVES 957,641. CHANGE IN INTEREST OF SUBSIDIARY 644,697. CHANGE IN FUTURE SERVICE OBLIGATION -1,974,072. FORGIVENESS OF DEBT FROM RELATED PARTY -195,215. ADOPTION OF ASU 12-01 FOR PY ADJUST. DUE TO CHANGE IN ACCOUNTING PRINCIPAL -44,358,652. FORM 990, PAGE 12, PART XII, QUESTION 2C THIS PROCESS HAS NOT CHANGED SINCE PRIOR YEAR. GINGER COVE HOME HEALTH CARE LLC 4000 RIVER CRESCENT DRIVE ANNAPOLIS MD 21401 521381348 HOME HEALTH CARE SERVICES MD 92498 1283 ANNAPOLIS LIFE CARE INC GINGER COVE FOUNDATION INC 4000 RIVER CRESCENT DRIVE ANNAPOLIS MD 21401 113656031 TO SUPPORT AFFILIATED ORGANIZATIONS MD 501(C)(3) LINE 11C, III-FI ANNAPOLIS LIFE CARE INC 1 0 1 1 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 GINGER COVE HOME HEALTH CARE LLC P 119874 COST GINGER COVE FOUNDATION INC C 210063 COST