2013-07-01T11:36:54-05:00 2012-12-31 010494526 Baker Newman & Noyes LLC Box 507 Portland ME 04112 990 2012-01-01 010496258 Maine Life Care Retirement Community Inc MAIN 2078838700 15 Piper Road Scarborough ME 04074 Patrick O'Reilly 2078838700 2013-06-24 Nicholas E Porto P01310283 2078792100 2012 2016-02-24 21:20:13Z Piper Shores Patrick O'Reilly 15 Piper Road Scarborough ME 04074 23459899 0 X www.pipershores.org X 1995 ME Continuing care retirement community 14 14 245 25 0 0 58554 125591 15044331 15880457 1085422 1428321 115035 0 16303342 17434369 0 0 0 0 6523861 6819817 0 0 0 8683407 8972553 15207268 15792370 1096074 1641999 83929974 91057029 88269111 92483741 -4339137 -1426712 X Piper Shores strives to be an innovative non-profit retirement community that promotes residents' long term wellbeing and health within a continuum of life care services. We aspire to be a leading community with excellence in services and provide residents with the highest quality of life possible. We value and support residents' diverse educational and cultural backgrounds and respect each resident's individuality. 0 0 12904505 15880457 Maine Life Care provides residents with a safe and secure home community, providing for independent living needs and continued health care services for the remainder of their lives. It consists of 160 independent living units, 40 independent living cottages, 20 assisted living units, 40 skilled nursing beds, and common areas. 12904505 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 55 0 1 245 1 0 0 0 0 0 0 0 0 0 0 X 14 14 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Richard Ashley 2078838700 15 Piper Road Scarborough ME 04074 X Thomas Amoroso 2.00 X 0 0 0 Kathryn Barber 2.00 X 0 0 0 Mary Bertolet 2.00 X 0 0 0 Patrick Costin 2.00 X 0 0 0 Susan Doliner 2.00 X 0 0 0 Mary Keysor 2.00 X 0 0 0 Victoria Kuhn 2.00 X 0 0 0 Suzanne McCormick 2.00 X 0 0 0 Karen Milliken 2.00 X 0 0 0 Sylvia Most 2.00 X 0 0 0 Dennis O'Donovan 2.00 X 0 0 0 Matthew O'Reilly 2.00 X 0 0 0 Patrick O'Reilly 4.00 X X 0 0 0 Stephen Larned MD 4.00 X X 0 0 0 Stephen Decastro 4.00 X X 0 0 0 Suzanne Austin 4.00 X X 0 0 0 Peggy Farrington 40.00 X 0 0 0 Andrea Killiard 40.00 X 126257 0 11509 Richard Ashley 40.00 X 120853 0 7108 Marcie Butkovic 40.00 X 119610 0 8087 Kevin Eames 40.00 X 103281 0 11050 Michelle McGarrity 40.00 X 100631 0 17440 570632 0 55194 5 0 0 0 Hebert Construction LLC 9 Gould Road Lewiston ME 04240 Construction 4351024 Life Care Services LLC 400 Locust St Suite 420 Des Moines IA 50309 Management 639559 Rehab Works 11350 McCormick Rd Hunt Valley MD 21031 Physical therapy 313694 Ethos Marketing & Design 907 Main St Westbrook ME 04092 Marketing 141342 Seabreeze Property Services PO Box 617 Portland ME 04104 Property services 118342 7 125591 125591 Resident services 541300 15740351 15740351 Miscellaneous Revenue 541300 140106 140106 15880457 530030 530030 6923821 6025530 898291 898291 898291 17434369 15880457 0 1428321 5492509 4247521 1244988 115418 89256 26162 790344 696855 93489 421546 345296 76250 639768 639768 62138 62138 38200 38200 228548 36300 192248 198444 198444 151484 21191 130293 2441136 2441136 20844 574 20270 1057494 1004619 52875 2254803 2142063 112740 117182 117182 Dining services 913391 913391 Health services 605601 605601 Provider Tax 149826 149826 Housekeeping & laundry 83694 83694 10000 10000 15792370 12904505 2887865 0 10892721 10530522 56237 57317 314088 429384 295207 305325 26393 26750 281644 145023 72461283 20855038 47357732 51606245 23711621 27008035 755494 678674 238837 269754 83929974 91057029 1979607 2493473 59175483 58724634 25019298 28973519 2094723 2292115 88269111 92483741 X -4941031 -2189415 601894 762703 -4339137 -1426712 83929974 91057029 1641999 1270426 0 X X 0 1 X 1 0 X 427809 36774 21724 58554 125591 670452 14497101 15106196 15449522 15159366 15880457 76092642 14924910 15142970 15471246 15217920 16006048 76763094 101447 101447 0 101447 101447 76661647 589020 518476 470109 477350 530030 2584985 589020 518476 470109 477350 530030 2584985 15513930 15661446 15941355 15695270 16536078 79348079 0.96610 0.96210 0.03260 0.03790 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 640835 124302 34825 799962 584193 63324 -6682 640835 515140 39254 29799 584193 445059 20957 49124 515140 463738 -18679 445059 1.00000 0 0 2837480 2837480 61865873 13914460 47951413 5202177 3704615 1497562 2555753 3235963 -680210 51606245 Deposits 2129937 Interest rate swap liability 162178 2292115 X 18704795 1270426 1270426 17434369 0 17434369 15792370 0 15792370 0 15792370 Description of Intended Use of Endowment Funds: Part V, Line 4: The endowment fund will be used to help the community with the loss of revenue from residents whose financial resources have eroded and to help stabilize resident monthly fees. Gifts to the endowment fund may also support projects and programs that might otherwise not be affordable. Description of Uncertain Tax Positions Under FIN 48: Part X, Line 2: The Community is exempt from federal income taxes under sections 501(c)(3) of the Internal Revenue Code. Tax-exempt organizations could be required to record an obligation for income taxes as the result of a tax position they have historically taken on various tax exposure items including unrelated business income or tax status. The Community has evaluated the positions taken on its filed tax returns. The Community has concluded no uncertain income tax positions exist at December 31, 2012. The Community's tax years from 2009 through 2012 are open and subject to examination. A MHHEFA Series 2004B 010314384 2004-12-09 42265000 Construction & refund $24.9M rev. bonds, Piper Shores issue, Series 1999A 0 0 0 B MHHEFA Series 2012 010314384 2012-03-07 5000000 Construction 0 0 0 A 30146249 2298751 192594 3171508 2005 0 0 1 1 B 5000000 37399 4962601 2012 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 A 0 B 0 Schedule K Supplental Information Maine Health and Higher Educational Facilities Authority issued its $42,265,000 revenue bonds, Series 2004B on December 9, 2004 and loaned $30,146,249.32 of that amount to Maine Life Care Retirement Community, Inc. Maine Life Care issued its $30,146,249.32 Series 2004B note to evidence its obligation to repay that loan. (The loan was part of a MHHEFA pool that also financed other facilities of other borrowers). Schedule K, Part IV, Line 7: Neither of the Organization's bonds are arbitrage bonds. Therefore, no written procedures have been established to monitor the requirements of Section 148. Form 990, Part VI, Section A, line 3 Life Care Services, LLC (LCS) managed the Organization in 2012. The executive director was an employee of LCS. The Community elected to be self-managed in 2013 and has hired a new CEO who is an employee of the entity. Form 990, Part VI, Section B, line 11 The finance committee reviews and accepts the Form 990 and the board affairs committee reviews the governance section. Copies are distributed to the entire board before filing. Form 990, Part VI, Section B, line 12c Officers & directors complete a questionnaire and the executive director reviews the disclosures. The information is submitted to the Bureau of Insurance, annually. Form 990, Part VI, Section B, line 15 The management company sets compensation for the executive director and administrator based on numerous factors including comparability data and industry information. The executive director sets compensation for top management based on industry data. The board will set the CEO compensation with our new self-managed arrangement. Form 990, Part VI, Section C, line 19 Form 990 and other documents are provided upon request. Form 990 may also be viewed at www.guidestar.org. Form 990, Part XII, line 2c: The finance committee is responsible for overseeing the audit of the financial statements and selecting an independent auditor. The audit process has not changed from the prior year.