2013-11-15T07:38:22-06:00 2012-12-31 420714325 MCGLADREY LLP 80 CITY SQUARE BOSTON MA 021293742 990 2012-01-01 043195775 EDGEWOOD RETIREMENT COMMUNITY INC EDGE 9787253300 575 OSGOOD STREET NORTH ANDOVER MA 01845 MARLENE ROTERING 9787253300 2013-11-14 1 LYNNE JOHNSON P00757336 6179129000 2012 2016-02-25 16:41:14Z MARLENE ROTERING 575 OSGOOD STREET NORTH ANDOVER MA 01845 22251870 0 X WWW.EDGEWOODRC.COM X 1993 MA CONTINUING CARE RETIREMENT COMMUNITY 16 16 432 16 0 0 163221 168771 20436555 21651457 422117 431642 0 0 21021893 22251870 0 0 0 0 9109757 10225887 0 0 0 11184921 11569564 20294678 21795451 727215 456419 102241996 104435552 107988195 108952546 -5746199 -4516994 X PROVIDE HOUSING, HEALTH CARE AND OTHER RELATED SERVICES TO THE ELDERLY THROUGH THE CONSTRUCTION AND OPERATION OF THE RETIREMENT COMMUNITY. THIS COMMUNITY OPERATES UNDER THE "LIFE CARE" CONCEPT IN WHICH RESIDENTS ENTER INTO A RESIDENCY AGREEMENT THAT REQUIRES PAYMENT OF A ONE-TIME ENTRANCE AND MONTHLY SERVICE FEES. GENERALLY, THESE PAYMENTS ENTITLE RESIDENTS TO THE USE AND PRIVILEGES OF THE COMMUNITY FOR LIFE. 0 0 17656916 21651457 THE COMMUNITY CONSISTS OF 219 RESIDENTIAL UNITS AND 24 COTTAGES, COMMON SPACE AND 60 NURSING CARE BEDS. THE COMMUNITY OPERATES UNDER THE "LIFE CARE" CONCEPT IN WHICH RESIDENTS ENTER INTO A RESIDENCY AGREEMENT WHICH REQUIRES PAYMENT OF A ONE-TIME ENTRANCE FEE AND MONTHLY SERVICE FEES. THESE PAYMENTS ENTITLE RESIDENTS TO THE USE AND PRIVILEGES OF THE COMMUNITY FOR LIFE. 17656916 1 0 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 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 53 0 1 432 1 0 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 0 0 MA X JANE SULLIVAN 9787253300 575 OSGOOD STREET NORTH ANDOVER MA 01845 DAVID K BREEN 5.00 X X 0 0 0 MICHAEL HAWKINS 5.00 X X 0 0 0 CHARLES R KENDRICK JR 5.00 X 0 0 0 TOM E SMITH 5.00 X 0 0 0 GERARD J FOLEY 5.00 X X 0 0 0 DR RABBI ROBERT GOLDSTEIN 5.00 X 0 0 0 CAMILLE MIRAGLIOTTA-DALY ESQ 5.00 X 0 0 0 DAVID BRYAN 5.00 X 0 0 0 ELLIOT HACKER 5.00 X 0 0 0 DENNIS C GILLESPIE 5.00 X 0 0 0 TIMOTHY VAILL 5.00 X X 0 0 0 DON HUGHES 5.00 X 0 0 0 DICK COOK 5.00 X 0 0 0 THEODORE KRUSE 5.00 X 0 0 0 MARY WIGGIN-LOUX RN MS 5.00 X 0 0 0 SHEILA DOHERTY 5.00 X 0 0 0 MARLENE ROTERING 40.00 X 159642 0 2574 JANE SULLIVAN 40.00 X 111003 0 31660 NATALIE MACBRIEN 40.00 X 38481 0 1821 309126 0 36055 2 0 1 0 REHABCARE GROUP INC CONTRACT THERAPY DIVISION ST LOUIS MO 631503534 REHAB SERVICES 921963 LIFE CARE SERVICES LLC 400 LOCUST STREET SUITE 820 DESMOINES IA 50309 MANAGEMENT CONSULTANTS 593141 AJ GALLAGHER RISK MANAGEMENT 5229 PAYSPHERE CIRLCE CHICAGO IL 60674 INSURANCE PROVIDER 322311 3 168771 168771 IND. LIVING UNIT RESIDENT SERVICE 532000 12543434 12543434 HEALTH CENTER RESIDENT SERVICES F 900099 6004208 6004208 ENTRANCE FEES 900099 3103815 3103815 21651457 323384 323384 97347 10911 0 0 97347 10911 108258 108258 22251870 21651457 0 431642 279436 279436 8010321 7370799 639522 75237 62743 12494 1233138 1132815 100323 627755 570192 57563 590052 590052 76535 76535 64554 64554 874743 114688 760055 437089 437089 78202 78202 49982 49982 1106030 1106030 19388 849 18539 824913 824913 3186128 3186128 225820 225820 THERAPIES 922298 922298 FOOD 909006 909006 TAXES 585422 585422 SUPPLIES 402648 402648 1216754 1053807 162947 21795451 17656916 4138535 0 1048711 2841771 3083778 3243913 1093445 1444041 53911 53289 263694 255897 106827505 28081380 81100441 78746125 12816413 15364771 2781603 2485745 102241996 104435552 1067316 1335772 64138929 66013451 40600000 39755000 2181950 1848323 107988195 108952546 X -5787186 -4562571 38337 42927 2650 2650 -5746199 -4516994 102241996 104435552 X 456419 529253 243533 X 0 1 X 1 0 X 107610 142094 157715 163221 168771 739411 14758899 15433339 17919380 20436555 21651457 90199630 14866509 15575433 18077095 20599776 21820228 90939041 0 0 0 90939041 383962 79076 133116 344023 323384 1263561 383962 79076 133116 344023 323384 1263561 5200 350 500 6050 15255671 15654859 18210711 20943799 22143612 92208652 0.98620 0.98140 0.01370 0.01840 X 2650 2650 2650 2650 2650 2650 1.00000 0 0 4679755 4679755 95012726 23068179 71944547 5065583 3685859 1379724 2069441 1327342 742099 78746125 REFUNDABLE WAIT LIST DEPOSITS 101668 INTEREST RATE SWAP AGREEMENT LIABILITY 1746655 1848323 X 23024656 529253 243533 772786 22251870 0 22251870 21795451 0 21795451 0 21795451 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE INTENDED USE OF THE ORGANIZATION'S ENDOWMENT FUNDS IS TO SUPPORT ITS PROGRAMS AND ITS EXEMPT PURPOSE. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE COMMUNITY FOLLOWS THE ACCOUNTING STANDARD, "ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES". THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES BY PRESCRIBING THE RECOGNITION THRESHOLD A TAX POSITION IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION. MANAGEMENT BELIEVES THAT THE ORGANIZATION HAS NO MATERIAL UNCERTAINTIES IN INCOME TAXES. MANAGEMENT BELIEVES THE COMMUNITY HAS NO MATERIAL UNCERTAINTIES IN INCOME TAXES. THE COMMUNITY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2009. THE COMMUNITY WILL ACCOUNT FOR INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, AS PART OF TAX EXPENSE. PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN ON INTEREST RATE SWAP AGREEMENT 243,533. X X 0 0 0 0 0 0 0 0 0 MARLENE ROTERING 159642 0 0 0 0 0 0 0 2574 0 162216 0 0 0 PART I, LINE 3 OFFICER COMPENSATION WAS PREPARED AND VOTED ON BY THE BOARD OF TRUSTEES. THE BOARD ALSO USES DATA FROM AREA COMMUNITIES. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583RB61 2008-01-01 41080000 FUNDS ARE FOR FINANCING THE CONSTRUCTION AND RENOVATIONS OF THE FACILITIES 0 0 0 A 14815000 41080000 886070 299480 39894450 2010 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 1 1 1 BANK OF AMERICA 13.500000000000 0 0 0 0 0 SCHEDULE K PART IV, ARBITRAGE, LINE 2C DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MASSACHUSETTS DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 02/05/2013 FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS PREPARED BY THE ORGANIZATION'S ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY THE ORGANIZATION'S MANAGEMENT. THE AUDIT COMMITTEE WILL REVIEW THE DRAFT FORM 990 AND APPROVE THE FORM AS IT IS TO BE FILED. A FULL COPY OF THE FINAL FORM 990 WILL BE PROVIDED TO EACH VOTING MEMBER OF THE BOARD, EITHER ELECTRONICALLY OR IN PAPER FORM, PRIOR TO ITS FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR, OFFICER AND MEMBER OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS SHALL ANNUALLY SIGN A STATEMENT WHICH AFFIRMS SUCH PERSON: A. HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, B. HAS READ AND UNDERSTANDS THE POLICY, C. HAS AGREED TO COMPLY WITH THE POLICY, AND D. HAS DISCLOSED ANY ACTIVITY, RELATIONSHIP, POSITION OR CIRCUMSTANCE THAT COULD CONTRIBUTE TO A CONFLICT OF INTEREST AS DEFINED IN THE CONFLICT OF INTEREST POLICY. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE BOARD OR GOVERNING COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. PROCEDURES FOR ADDRESSING THE CONFLICT OF INTEREST A. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE BOARD OR GOVERNING COMMITTEE MEETING BUT, AFTER THE PRESENTATION, HE/SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF AND THE VOTE ON THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. B. THE CHAIRPERSON OF THE BOARD OR GOVERNING COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. C. AFTER EXERCISING DUE DILIGENCE, THE BOARD OR GOVERNING COMMITTEE SHALL DETERMINE WHETHER EDGEWOOD CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. D. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE GOVERNING BOARD OR COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN EDGEWOOD'S BEST INTERESTS, FOR ITS OWN BENEFIT AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION, IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. VIOLATIONS OF THE CONFLICTS OF INTEREST POLICY A. IF THE BOARD OR GOVERNING COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A DIRECTOR OR OFFICER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE DIRECTOR OR OFFICER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE DIRECTOR OR OFFICER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. B. IF, AFTER HEARING THE DIRECTOR OR OFFICER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE BOARD OR GOVERNING COMMITTEE DETERMINES THE DIRECTOR OR OFFICER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15A THE CEO'S COMPENSATION PACKAGE WAS PREPARED AND VOTED ON BY THE BOARD OF TRUSTEES. THE BOARD USED DATA FROM AREA COMMUNITIES (NEW ENGLAND) TO FORM THIS PACKAGE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FORM 990 AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. IN ADDITION, THE ORGANIZATION'S FORM 990 IS AVAILABLE VIA GUIDESTAR AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: GAIN ON INTERST RATE SWAP AGREEMENT 243,533.