2014-11-05T15:25:05-06:00 2013-12-31 410746749 CLIFTONLARSONALLEN LLP 610 WGERMANTOWN PIKE STE400 PLYMOUTH MEETING PA 19462 990 2013-01-01 731539802 INVERNESS VILLAGE AN OKLAHOMA NOT-FOR-P INVE 9184819988 20030 CENTURY BLVD NO 300 GERMANTOWN MD 208741112 KIM EHRENFRIED ASSISTANT TREASURER 9184819988 2014-11-03 1 BERNADETTE O'TOOLE CPA P00229258 2156433900 2013 2015-11-30 17:44:51Z MARK GRAY 20030 CENTURY BLVD NO 300 GERMANTOWN MD 208741112 17455495 0 X WWW.INVERNESSVILLAGE.COM X 1998 OK DOING ALL THE GOOD WE CAN BY PROVIDING EXCEPTIONAL LIFESTYLE OPPORTUNITIES TO THOSE WE SERVE. 11 8 284 214 0 0 0 264918 17374925 17633561 2823 57230 -837813 -502362 16539935 17453347 0 0 0 0 6580809 6676688 0 0 0 15125427 16077138 21706236 22753826 -5166301 -5300479 88210730 87763447 172314667 172171140 -84103937 -84407693 X DOING ALL THE GOOD WE CAN BY PROVIDING EXCEPTIONAL LIFESTYLE OPPORTUNITIES TO THOSE WE SERVE. 0 0 3462522 3288781 OPERATION OF A 44 BED SKILLED NURSING FACILITY (SNF) FOR THE AGED PROVIDING 14,527 RESIDENT DAYS OF SERVICE IN 2013. $1,538,716 OF CONTRACTUAL ALLOWANCES WERE PROVIDED TO RESIDENTS IN THE SNF INCLUDING LIFE CARE CONTRACTS. $16,107 OF BENEVOLENT CARE WAS PROVIDED TO SNF RESIDENTS IN 2013. 2019646 1918305 OPERATION OF A 47 SUITE ASSISTED LIVING FACILITY FOR THE AGED, PROVIDING 14,571 RESIDENT DAYS OF SERVICE IN 2013. $40,985 OF BENEVOLENT CARE WAS PROVIDED TO ASSISTED LIVING RESIDENTS. 13125966 12426475 OPERATION OF 256 RESIDENTIAL LIVING UNITS FOR THE AGED, PROVIDING 89,011 RESIDENT DAYS OF SERVICE IN 2013. $967,230 OF CONTRACTUAL ALLOWANCES WERE PROVIDED TO RESIDENTIAL LIVING RESIDENTS.SEE SCHEDULE O FOR COMMUNITY BENEFITS INFORMATION. 18608134 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 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 0 1 0 0 0 1 9 0 284 1 0 0 0 0 0 0 0 0 0 0 X 11 8 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 OK X X MICHAEL CONNELL CFO 3012502100 20030 CENTURY BLVD STE 300 GERMANTOWN MD 20874 X ELAINE HORKEY CHAIR 1.00 0.00 X X 0 0 0 PAT BAILEY DIRECTOR 1.00 0.00 X 0 0 0 ROBERT BOYD DIRECTOR 1.00 0.00 X 0 0 0 DALE GARDNER DIRECTOR 1.00 0.00 X 0 0 0 ROBERT LIST VICE CHAIR 1.00 0.00 X X 0 0 0 DR KENDRA JEZEK DIRECTOR 1.00 0.00 X 0 0 0 DIXIE REPPE DIRECTOR 1.00 0.00 X 0 0 0 SUE DACAMARA PRESIDENT 1.00 0.00 X X 0 337436 17611 NORMA TYLER DIRECTOR 1.00 0.00 X 0 0 0 JAN SLATER DIRECTOR 1.00 0.00 X 0 0 0 STEVE MACKEY DIRECTOR 1.00 0.00 X 0 0 0 ROBIN STERN VP, SECRETARY 1.00 0.00 X 0 174363 18059 MARK GRAY VP 50.00 1.00 X 182649 0 5330 PEGGY CRESPI KAPLAN VP, SECRETARY 1.00 65.00 X 0 333343 17611 ANDREW JOSEPH ASST. SECRETARY 1.00 55.00 X 0 212139 19260 SANDRA DANIELS ASST. SECRETARY 40.00 2.00 X 52752 0 5705 MICHAEL CONNELL VP, TREASURER 1.00 65.00 X 0 376471 20067 DOUG LEIDIG VP, ASST. TREASURER 1.00 65.00 X 0 398297 20067 KIM EHRENFRIED ASST. TREASURER 1.00 65.00 X 0 177908 18072 235401 2009957 141782 1 0 1 0 SODEXO INC & AFFILIATES PO BOX 536922 ATLANTA GA 30353 FOOD SERVICE 2531240 REHABCARE GROUP INC PO BOX 503534 ST LOUIS MO 63150 REHAB SERVICE 427562 GREEN WING LAWN & LANDSCAPE SERVICES INC PO BOX 471498 TULSA OK 74147 LAWN MAINTENANCE 419293 HARP SERVICE COMPANY 5009 WEST 62ND ST TULSA OK 74131 APARTMENT RENOVATION 179092 MILL CREEK CARPET & TILE PO BOX 4770 TULSA OK 74159 FLOORING SERVICE 173305 7 264918 264918 NET SERVICE REVENUE 623312 14247036 14247036 AMORTIZATION OF ENTRANCE FEES 623312 1867749 1867749 MEDICARE PAYMENTS 623312 1373670 1373670 OTHER OPERATING REVENUE 623312 145106 145106 17633561 58339 58339 41264 425 40839 40839 40839 614 1723 -1109 -1109 -1109 LOSS ON RETIREMENT OF DEBT 900099 -543201 -543201 -543201 17453347 17633561 0 -445132 246436 246436 5066678 4674543 392135 105718 96809 8909 878335 451990 426345 379521 341433 38088 913170 913170 151267 151267 38814 38814 1660551 1423567 236984 51733 51397 336 679679 538624 141055 563000 3550 559450 1257536 1253399 4137 53504 36210 17294 4083189 3442724 640465 3501618 3490098 11520 96384 96384 FOOD 1052710 1052710 REPAIRS & MAINTENANCE 623176 620737 2439 PHARMACY & MEDICAL SUPP 278644 276960 1684 1072163 853383 218780 22753826 18608134 4145692 0 11231218 7517182 6084812 9158912 516385 410074 2679787 2685447 32759 36264 221713 50957 87105585 25384903 63003787 61720682 2795 1614344 4437474 4569585 88210730 87763447 2086203 2717579 10389571 9218460 72699485 70799008 87139408 89436093 172314667 172171140 X -84242614 -84751468 125788 99507 12889 244268 -84103937 -84407693 88210730 87763447 X -5300479 -9077 5005800 X X 0 1 X 1 0 X 187731 264918 452649 17507972 17344163 18529357 17374925 17633561 88389978 17695703 17344163 18529357 17374925 17898479 88842627 0 0 0 88842627 27978 26509 34318 41484 99603 229892 27978 26509 34318 41484 99603 229892 17723681 17370672 18563675 17416409 17998082 89072519 0.99740 0.99810 0.00260 0.00190 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 12889 231379 244268 10282 2607 12889 2854 -7428 10282 7050 4196 2854 7544 494 7050 0.00000 1.00000 0.00000 0 1 1 4543498 4543498 74001120 19815477 54185643 6473180 4504410 1968770 2087787 1065016 1022771 61720682 DEFERRED MARKETING COST 2152293 DEFERRED FINANCING COST 1565150 OTHER RECEIVABLES 429693 INTEREST IN ASSETS OF FOUNDATION 343776 DEPOSITS AND OTHER ASSETS 78673 4569585 REFUNDABLE ENTRANCE FEES 2048068 DUE TO ACOMM 24888491 DEPOSITS FROM PROSPECTIVE RESIDENTS 834836 PROJECTED REFUND OF STANDARD ENTRANCE FEES 447257 CONTINGENT REFUNDABLE ENTRANCE FEE LIABILITY 61217441 89436093 X 22450495 -9077 5006225 4997148 17453347 0 17453347 22754251 425 425 22753826 0 22753826 PART V, LINE 4: THE INTENDED USE OF THE ENDOWMENT FUNDS IS TO PROVIDE BENEVOLENT CARE. PART X, LINE 2: ASBURY COMMUNITIES IS EXEMPT FROM FEDERAL INCOME TAXES PURSUANT TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE; ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS REQUIRED FOR ASBURY COMMUNITIES INCLUDING INVERNESS VILLAGE. THE COMPANY HAS IMPLEMENTED PROCESSES TO ENSURE COMPLIANCE WITH THE INTERNAL REVENUE SERVICE INTERMEDIATE SANCTIONS PROVISIONS FOR ALL ITS SUPPORTED ORGANIZATIONS, INCLUDING THE COMPANY. THIS INCLUDES AN INDEPENDENT REVIEW BY THE BOARD'S COMPENSATION COMMITTEE OF ALL COMPENSATION ARRANGEMENTS WITH DISQUALIFIED PERSONS, RETENTION OF OUTSIDE COUNSEL AND OUTSIDE COMPENSATION CONSULTANTS TO PROVIDE INDEPENDENT THIRD-PARTY REVIEW AND ADVISEMENT, AND THE IMPLEMENTATION OF A DETAILED CONFLICT-OF-INTEREST POLICY AND ANNUAL DISCLOSURE PROCESS FOR ALL DISQUALIFIED PERSONS. THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION MUST BE RECOGNIZED ONLY IF IT IS MORE-LIKELY THAN-NOT THAT THE TAX POSITION WILL BE SUSTAINED UPON EXAMINATION BY THE TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE RESOLUTION. THE COMPANY IS NOT AWARE OF ANY TAX POSITIONS THAT WOULD HAVE A MATERIAL IMPACT ON THE COMPANY'S RESULTS OF OPERATIONS OR FINANCIAL POSITION. THE COMPANY'S INCOME TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL, STATE, AND LOCAL AUTHORITIES. THE COMPANY IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS. THE TAX RETURNS FOR THE YEARS 2010 TO 2012 ARE OPEN TO EXAMINATION BY FEDERAL, LOCAL, AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN BENEFICIAL INTEREST IN NET ASSETS OF ASBURY FOUNDATION, INC. 205,800. TRANSFER FROM ACOMM 4,800,000. RENTAL EXPENSES 425. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 425. X X X X X X 0 0 0 0 0 0 0 1 0 SUE DACAMARA PRESIDENT 0 310114 0 25000 0 2322 0 7650 0 9961 0 355047 0 0 ROBIN STERN VP, SECRETARY 0 163563 0 10000 0 800 0 5388 0 12671 0 192422 0 0 MARK GRAY VP 152668 0 29549 0 432 0 0 0 5330 0 187979 0 0 0 PEGGY CRESPI KAPLAN VP, SECRETARY 0 309779 0 20000 0 3564 0 7650 0 9961 0 350954 0 0 ANDREW JOSEPH ASST. SECRETARY 0 196492 0 15000 0 647 0 6589 0 12671 0 231399 0 0 MICHAEL CONNELL VP, TREASURER 0 305931 0 70000 0 540 0 7650 0 12417 0 396538 0 0 DOUG LEIDIG VP, ASST. TREASURER 0 372487 0 25000 0 810 0 7650 0 12417 0 418364 0 0 KIM EHRENFRIED ASST. TREASURER 0 170033 0 7500 0 375 0 5655 0 12417 0 195980 0 0 PART I, LINE 3 APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE THE COMPENSATION OF THE ORGANIZATION'S CEO/EXECUTIVE DIRECTOR IS APPROVED BY THE EXECUTIVE COMMITTEE OF THE BOARD. THE FULL BOARD IS INFORMED BUT IS NOT TASKED WITH APPROVING. PART I, LINE 7 IN 2009, DURING THE FINANCIAL CRISIS IN THE U.S., ASBURY COMMUNITIES EXECUTIVES AND MANAGEMENT VOLUNTARILY DECLINED PLANNED INCENTIVES EARNED IN 2008 DUE FOR AWARD IN 2009. THE ASBURY PLANNED INCENTIVE COMPENSATION PLAN WAS SUSPENDED BY THE BOARD IN 2009. FOR 2009 THROUGH 2013, SMALLER DISCRETIONARY BONUSES WERE PROVIDED TO EXECUTIVES AND MANAGEMENT IN AMOUNTS SUBSTANTIALLY REDUCED FROM THE PLANNED INCENTIVE COMPENSATION PLAN. IN DECEMBER OF EACH YEAR, THESE DISCRETIONARY BONUSES WERE REVIEWED AND ADOPTED BY THE EXECUTIVE COMMITTEE OF THE ASBURY COMMUNITIES BOARD AND REPORTED TO THE ASBURY COMMUNITIES BOARD OF DIRECTORS. A THE OKLAHOMA DEVELOPMENT FINANCE AUTHORITY 731083741 67884WAJ8 2012-05-10 47718801 CURRENT REFUNDING 0 0 0 B THE OKLAHOMA DEVELOPMENT FINANCE AUTHORITY 731083741 67884WAV1 2013-07-10 23721590 CURRENT REFUNDING 0 0 0 A 1188801 47718801 4167018 954376 42597407 2012 1 0 1 1 B 23721590 1380070 474431 21867089 2013 1 0 1 1 A 0 1 1 1 0 0.00050 0.00000 0.00050 0 0 1 B 0 1 1 1 0 0.00050 0.00000 0.00050 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 FORM 990, PART III, LINE 4 INVERNESS VILLAGE CONTRIBUTES TIME, SPACE AND MANPOWER BACK TO THE GREATER COMMUNITY IN WHICH ITS CONTINUING CARE RETIREMENT COMMUNITY IS LOCATED. INVERNESS VILLAGE DIVIDES ITS COMMUNITY BENEFIT ACTIVITIES INTO FOUR CATEGORIES: BENEVOLENT CARE, TRAINING THE NEXT GENERATION OF SENIOR LIVING PROFESSIONALS, SERVING THE BROADER COMMUNITY AND SENIOR SERVICES, AND GOING GREEN AND SUSTAINABLE DESIGN. INVERNESS VILLAGE PROVIDES CHARITY CARE TO THOSE RESIDENTS WHOSE NEEDS EXCEED THEIR FUNDS, AND NO RESIDENT HAS EVER BEEN ASKED TO LEAVE BECAUSE OF DEPLETED FUNDS THROUGH NO FAULT OF THEIR OWN. HIGHLIGHTS OF THIS YEAR'S COMMUNITY BENEFIT ACCOMPLISHMENTS AT INVERNESS VILLAGE INCLUDE THE FOLLOWING: IN THE AREA OF TRAINING THE NEXT GENERATION OF SENIOR CARE LEADERS, INVERNESS VILLAGE ASSOCIATES PROVIDED INTERNSHIP EXPERIENCE FOR HEALTH EDUCATION & PROMOTION STUDENTS FROM OKLAHOMA STATE UNIVERSITY .THE COMMUNITY'S WELLNESS STAFF PROVIDED JOB SHADOWING OPPORTUNITIES FOR PHYSICAL THERAPY STUDENTS FROM OKLAHOMA STATE UNIVERSITY (OSU). IN MARCH A WELLNESS ASSOCIATE AT INVERNESS HELD MOCK INTERVIEWS FOR OSU STUDENTS CLOSE TO GRADUATION. INVERNESS DONATED THE USE OF THE SKILLED NURSING FACILITY AS THE SITE FOR THE CLINICAL ROTATION FOR 8 STUDENTS ENROLLED IN THE RN PROGRAM AT TULSA COMMUNITY COLLEGE. 9 INVERNESS ASSOCIATES PROVIDED SUPERVISION. CNA STUDENTS FROM TULSA TECH TOOK PART IN CLINICAL ROTATIONS IN INVERNESS'S SKILLED NURSING FACILITY. IN SUPPORT OF THE LOCAL COMMUNITY AND SENIOR SERVICES, INVERNESS VILLAGE ALSO MADE SIGNIFICANT CONTRIBUTIONS. THE CAMPUS'S WELLNESS DIRECTOR SERVED AS A GUEST LECTURER ON SEVEN OCCASIONS FOR UNDERGRADUATES AT OSU DISCUSSING TRENDS IN ACTIVE AGING AND PREPAREDNESS AS HEALTHCARE AND WELLNESS/FITNESS PROFESSIONALS. IN 2013, INVERNESS VILLAGE STAFF PARTICIPATED IN THE WALK TO END ALZHEIMER'S FUNDRAISER, RAISING FUNDS FOR THE ALZHEIMER'S ASSOCIATION. DONATED 1,250 MEDICATIONS TO INDIGENT POPULATIONS AND THE UNINSURED IN THE TULSA AREA THROUGH THE TULSA COUNTY PHARMACY. INVERNESS VILLAGE DONATED A USED REFRIGERATOR TO NEIGHBORS ALONG THE LINE, AN ORGANIZATION THAT SUPPORTS LOW INCOME FAMILIES IN WHICH SINGLE PARENT AND GRANDPARENTS ON FIXED INCOMES RAISE CHILDREN. THE INVERNESS BUS DRIVER PROVIDED TRANSPORTATION FOR RESIDENTS FROM VINTAGE HOUSING TO AREA RESTAURANTS FOR DINNER. THE WELLNESS DIRECTOR WROTE 3 ARTICLES FOR VINTAGE MAGAZINE, A PUBLICATION FROM LIFE SENIOR SERVICES. INVERNESS VILLAGE ASSOCIATES COLLECTED $600 FOR OKLAHOMA TORNADO VICTIMS. DURING THE MONTH OF FEBRUARY, INVERNESS VILLAGE ASSOCIATES AND RESIDENTS RAISED MONEY AND PROVIDED FOOD FOR THE FOOD PANTRY OF CATHOLIC CHARITIES OF TULSA. FOOD WITH A VALUE OF $1,800 WAS DONATED. ADDITIONALLY, INVERNESS VILLAGE DONATED $1,200 TO SUPPORT A CAMP FOR DISABLED CHILDREN AT HOPES'S CROSSING CAMP. INVERNESS VILLAGE DONATED 16 TURKEYS TO FEED THE HOMELESS ON THANKSGIVING. $2,250 WAS PROVIDED TO THE ROTARY CLUB OF TULSA AS A SPONSOR OF THE ANNUAL AWARDS DINNER. AND, FINALLY, IN THE AREA OF ENVIRONMENTAL SUSTAINABILITY, INVERNESS RECYCLED AN AVERAGE OF 7,500 POUNDS OF MATERIALS EACH MONTH WITH SHOW, INC., A RECYCLING COMPANY WHICH HIRES PEOPLE WITH DEVELOPMENTAL DISABILITIES. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS CAN ACT IN PLACE OF THE BOARD BETWEEN MEETINGS. ALL MEMBERS OF THE EXECUTIVE COMMITTEE ARE MEMBERS OF THE BOARD OF DIRECTORS. WE HAVE REPORTED EIGHT INDEPENDENT VOTING MEMBERS OF THE GOVERNING BODY. THE NON-INDEPENDENT BOARD MEMBERS CONSIST OF TWO RESIDENTS AND ONE EMPLOYEE OF INVERNESS VILLAGE. FORM 990, PART VI, SECTION A, LINE 6 INVERNESS VILLAGE HAS ONE MEMBER, THE SOLE MEMBER IS ASBURY COMMUNITIES, INC. FORM 990, PART VI, SECTION A, LINE 7A ASBURY COMMUNITIES, INC. IS THE SOLE MEMBER OF INVERNESS VILLAGE AND ELECTS THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN DECISIONS OF THE GOVERNING BODY ARE SUBJECT TO ASBURY COMMUNITIES INC.'S APPROVAL. THESE DECISIONS INCLUDE (1) MANAGEMENT SERVICES RELATIONSHIPS AND CONTRACTS; (2) ANY ORGANIZATIONAL CHANGE IN GENERAL, INCLUDING MERGERS, SALES, LEASES, ETC, OF SUBSTANTIALLY ALL OF THE ASSETS AND THE CREATION OF NEW ENTITIES; (3) AMENDEMENTS TO MISSION OR VISION STATEMENTS; (4) AMENDMENTS TO THE ARTICLES OF INCORPORATION OR BYLAWS. FORM 990, PART VI, SECTION B, LINE 11 ASBURY COMMUNITIES IS THE SOLE MEMBER OF ASBURY ATLANTIC INC., ASBURY SOLOMONS INC., INVERNESS VILLAGE, AN OKLAHOMA NOT FOR PROFIT CORPORATION AND ASBURY COMMUNITIES HCBS, INC. ASBURY COMMUNITIES HAS A SYSTEM WIDE AUDIT COMMITTEE. THE ASBURY COMMUNITIES BOARD OF DIRECTORS HAS DELEGATED A REVIEW OF THE FORM 990 TO THE SYSTEM AUDIT COMMITTEE WHICH PERFORMED THEIR REVIEW ON OCTOBER 16TH. THE ASBURY COMMUNITIES, INC., FOUNDATION, ASBURY ATLANTIC, ASBURY SOLOMONS, ASBURY COMMUNITIES HCBS, AND INVERNESS VILLAGE BOARD OF DIRECTORS WERE FORWARDED A COPY OF THEIR RESPECTIVE DRAFT FORM 990 FOR THEIR REVIEW AND PROVIDED A LINK TO RECORDING OF THE AUDIT COMMITTEE MEETING IF MEMBERS CHOSE TO LISTEN TO THE MEETINGS AS THEY REVIEWED ANY OF THE FORM 990S. ALL DIRECTORS MAY POSE QUESTIONS OR ASK FOR CLARIFICATION FROM THE STAFF AND AUDIT COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C THE ASBURY COMMUNITIES CONFLICT OF INTEREST POLICY WAS APPROVED BY THE BOARD OF DIRECTORS. THE ASSISTANT GENERAL COUNSEL IS GENERALLY RESPONSIBLE FOR THE POLICY PROCESS. ALL THE ENTITIES WITHIN THE ASBURY COMMUNITIES GROUP ARE SUBJECT TO THE POLICY. ANNUALLY, THE COMPLIANCE OFFICER CONDUCTS A COMPREHENSIVE CONFLICT DISCLOSURE PROCESS COVERING ALL MEMBERS OF THE GOVERNING BOARDS, SYSTEM WIDE COMMITTEES, AND INDIVIDUALS IN MANAGEMENT POSITIONS. EACH PERSON COMPLETES A CONFLICT DISCLOSURE FORM AND IS ADVISED OF THEIR FIDUCIARY OBLIGATIONS. THE COMPLIANCE OFFICER ANALYZES ALL DISCLOSURE FORMS FOR POTENTIAL CONFLICTS, AND PREPARES A REPORT FOR THE SYSTEM-WIDE AUDIT COMMITTEE. A SUMMARY IS THEN PRESENTED TO THE BOARD OF DIRECTORS AT THE ANNUAL MEETING. WHEN A CONFLICT OF INTEREST ARISES, THE INTERESTED PERSON WILL BE PROHIBITED FROM VOTING ON THE SUBJECT MATTER. FORM 990, PART VI, SECTION B, LINE 15 THE SYSTEM WIDE COMPENSATION COMMITTEE MEETS WITH THE INDEPENDENT COMPENSATION CONSULTANT, AND BASED ON INFORMATION PROVIDED TO THE COMMITTEE MAKES RECOMMENDATIONS REGARDING COMPENSATION AND BENEFITS TO THE EXECUTIVE COMMITTEE WHICH IS CHARGED BY THE FULL BOARD WITH MAKING DECISIONS REGARDING COMPENSATION. THE ASBURY COMMUNITIES BOARD, THE SOLE MEMBER OF INVERNESS, HAS A PRESENTATION ONCE A YEAR ON EXECUTIVE COMPENSATION AND BENEFITS. THE CHIEF PEOPLE OFFICER IS PRESENT TO GIVE BOARD MEMBERS AN OPPORTUNITY TO ASK QUESTIONS AND TO PROVIDE SALARIES AND GRADE LEVELS FOR THEIR REVIEW. THE SYSTEM WIDE COMPENSATION COMMITTEE IS COMPOSED OF 5 VOTING MEMBERS,THE CHIEF PEOPLE OFFICER (NON-VOTING), A RETAINED ATTORNEY (NON-VOTING; RECORD PROCEEDINGS IN MINUTES), AND IS ADVISED BY TOWERS WATSON (A COMPENSATION CONSULTING FIRM). THE SYSTEM WIDE COMPENSATION COMMITTEE HOLDS A MINIMUM OF 4 MEETINGS EACH YEAR (JAN, MARCH, JULY, AND NOV). IN THE NOVEMBER MEETING THEY REVIEW TOWERS WATSON ANNUAL SURVEY RESULTS AND REPORTS IN ORDER TO MAKE INFORMED RECOMMENDATIONS REGARDING SALARIES AND BENEFITS. THIS ANNUAL REVIEW ALSO ENSURES COMPLIANCE WITH IRS INTERMEDIATE SANCTIONS REQUIREMENTS. THE EXECUTIVE COMMITTEE OF ASBURY COMMUNITIES ULTIMATELY REVIEWS/APPROVES/ AND OR ADJUSTS RECOMMENDATIONS FROM THE SYSTEM WIDE COMPENSATION COMMITTEE AND SETS COMPENSATION. THE POLICY AND PROCESS WAS LAST REVIEWED IN 2013. FORM 990, PART VI, SECTION C, LINE 19 THE CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST. THE GOVERNING DOCUMENTS ARE AVAILABLE IN THE RESIDENT LIBRARIES. THE AUDITED FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON OUR WEBSITE. FORM 990, PART VII, SECTION A THE OFFICERS THAT HAVE COMPENSATION FROM RELATED ORGANIZATIONS REPORTED IN PART VII, SECTION A, COLUMN E OF THE FORM 990 PROVIDE EXECUTIVE MANAGEMENT SUPPORT AND OVERALL GUIDANCE TO INVERNESS VILLAGE, AN OKLAHOMA NOT-FOR-PROFIT CORPORATION AS WELL AS THE OTHER RELATED ORGANIZATIONS OF ASBURY COMMUNITIES, INC. THERE ARE OVER 1,900 TOTAL EMPLOYEES IN THE ASBURY COMMUNITIES, INC. SYSTEM. THE 2013 CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR ASBURY COMMUNITIES, INC. HAD TOTAL REVENUES OF $173.6 MILLION AND TOTAL ASSETS IN EXCESS OF $562 MILLION. FORM 990, PART XI, LINE 9: CHANGE IN BENEFICIAL INTEREST IN NET ASSETS OF FOUNDATION 205,800. TRANSFER FROM ASBURY COMMUNITIES 4,800,000. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS NOT CHANGED ITS OVERSIGHT OR SELECTION PROCESS. ASBURY COMMUNITIES INC 20030 CENTURY BOULEVARD GERMANTOWN MD 20874 521862677 MANAGEMENT SERVICES MD 501(C)(3) LINE 11C, III-FI 0 ASBURY ATLANTIC INC 20030 CENTURY BOULEVARD GERMANTOWN MD 20874 520607956 HOUSING AND HEALTHCARE FOR OLDER ADULTS MD 501(C)(3) LINE 9 ASBURY COMMUNITIES INC 0 ASBURY SOLOMONS INC 20030 CENTURY BOULEVARD GERMANTOWN MD 20874 521862675 HOUSING AND HEALTHCARE FOR OLDER ADULTS MD 501(C)(3) LINE 9 ASBURY COMMUNITIES INC 0 ASBURY FOUNDATION INC 20030 CENTURY BOULEVARD GERMANTOWN MD 20874 521862674 RAISING FUNDS FOR CHARITY CARE MD 501(C)(3) LINE 7 ASBURY COMMUNITIES INC 0 AFFILIATED ASSOCIATES INC 20030 CENTURY BOULEVARD GERMANTOWN MD 20874 510426078 EMPLOYEE PAYMASTER COMPANY MD 501(C)(3) LINE 11C, III-FI ASBURY COMMUNITIES INC 0 ASBURY COMMUNITIES HCBS INC 20030 CENTURY BOULEVARD GERMANTOWN MD 20874 450634490 HOME CARE FOR OLDER ADULTS MD 501(C)(3) LINE 9 ASBURY COMMUNITIES INC 0 THE ASBURY GROUP INC 20030 CENTURY BLVD GERMANTOWN MD 20874 205038820 TECH & MGT SERVICE DE ASBURY COMMUNITIES INC C 0 TAG MARKETING LLC 20030 CENTURY BLVD GERMANTOWN MD 20874 262896006 MARKETING SRVCS DE ASBURY COMMUNITIES INC C 0 THE ASBURY GROUP INTEGRATED TECHNOLOGIES LLC 20030 CENTURY BLVD GERMANTOWN MD 20874 262896175 INFOR & CNSLT SVCS DE ASBURY COMMUNITIES INC C 0 0 0 1 0 1 0 0 0 0 0 0 0 1 0 0 1 0 0 1