2012-03-27T11:20:09-05:00 2011-06-30 CLIFTONLARSONALLEN LLP 610 WGERMANTOWN PIKESTE 400 PLYMOUTH MTG PA 19462 990 2010-07-01 251816434 THE VILLAGE AT PENN STATE RETIREMENT COMMUNITY VILL 8142381949 260 LIONS HILL ROAD STATE COLLEGE PA 16803 GARY SCHULTZ 8142381949 2012-03-27 1 JAMES D WATSON 2156433900 2010 2016-02-24 21:20:13Z X GARY SCHULTZ 260 LIONS HILL ROAD STATE COLLEGE PA 16803 9231946 0 X WWW.VILLAGEATPENNSTATE.COM X 1998 PA TO PROVIDE A PREMIER RETIREMENT COMMUNITY THAT SUPPORTS LIFE AND AGING. 10 10 171 10 0 0 8362 18850 10231207 9146640 113220 30897 990208 9355 11342997 9205742 0 0 0 0 3537638 3544254 0 0 0 7772691 7823603 11310329 11367857 32668 -2162115 49808760 47443938 60498068 63207572 -10689308 -15763634 TO PROVIDE A PREMIER RETIREMENT COMMUNITY THAT SUPPORTS LIFE AND AGING. 0 0 8873752 9146640 THE VILLAGE OPERATED A CONTINUING CARE COMMUNITY FOR 179 INDEPENDENT RESIDENTS FOR 65,247 RESIDENT DAYS. THE VILLAGE OPERATED A CONTINUING CARE COMMUNITY FOR 9 PERSONAL CARE RESIDENTS FOR 3,128 RESIDENT DAYS. THE VILLAGE OPERATED A CONTINUING CARE COMMUNITY FOR 27 SKILLED NURSING RESIDENTS FOR 9,752 RESIDENT DAYS. 8873752 1 1 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 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 1 27 0 1 171 1 0 0 0 0 0 0 0 0 0 0 X 10 10 1 1 0 0 0 0 0 1 1 1 0 1 1 1 1 1 1 1 0 0 PA X X MARIANNE HOGG 8142381949 260 LIONS HILL RD STATE COLLEGE PA 16803 GARY SCHULTZ 1.00 X X 0 0 0 JACK INFIELD 1.00 X X 0 0 0 JAMES E CARNES 1.00 X 0 0 0 ARNOLD HOFFMAN 1.00 X 0 0 0 WILLIAM MAHON 1.00 X 0 0 0 SUSAN WELCH 1.00 X 0 0 0 PAUL RIGBY 1.00 X 0 0 0 JOHN RHODES 1.00 X 0 0 0 RODNEY KIRSCH 1.00 X 0 0 0 TOM SCHWARTZ 1.00 X 0 0 0 MARIANNE HOGG 40.00 X 142485 0 345 142485 0 345 1 0 0 0 GEISINGER QUALITY OPTIONS PO BOX 822434 PHILADELPHIA PA 19182 HEALTH INSURANCE 374756 US FOODSERVICE PO BOX 641303 PITTSBURGH PA 15264 FOOD 327740 JOHN SPEARLY CONSTRUCTION 523 SEIBERT RD BELLEFONTE PA 16823 CONSTRUCTION 206414 MCELROY DEUTSCH MULVANEY & CARPENTER 1617 JFK BLVD STE 1500 PHILADELPHIA PA 19103 ATTORNEY 176206 REHABCARE GROUP INC PO BOX 503534 ST LOUIS MO 63150 THERAPY SERVICES 128099 8 18850 18850 RESIDENT CARE SERVICES 623000 5496486 5496486 EARNED ENTRANCE FEES 623000 2234682 2234682 HEALTH CENTER REVENUE 623000 1415472 1415472 9146640 26872 26872 30229 26204 4025 4025 4025 MISCELLANEOUS INCOME 623000 9355 9355 9355 9205742 9146640 0 40252 142830 142830 2724567 2458484 266083 427164 384448 42716 249693 211200 38493 31157 31157 120774 120774 36850 36850 11710 11710 337825 245034 92791 138417 150 138267 420779 273495 147284 1006596 905936 100660 6420 5599 821 6651 6114 537 2289288 2060359 228929 1743661 1569295 174366 105214 94693 10521 KITCHEN FLOOR EXCAVATIO 756227 756227 FOOD AND BEVERAGES 446640 446640 HEALTHCARE SERVICES 199587 199587 165807 12718 153089 11367857 8873752 2494105 0 825524 1767857 1959943 590880 259409 133525 37018 43496 494963 371205 50363607 11269288 40051568 39094319 2170676 1827264 4009659 3615392 49808760 47443938 2280788 2673884 24305231 25287505 29305000 29305000 957760 957760 3649289 4983423 60498068 63207572 X -10704936 -15771164 15628 7530 -10689308 -15763634 49808760 47443938 X -2162115 -2912211 X X 0 1 1 X 0 X 22082 8362 18850 49294 10286323 10301536 10236545 10231207 9146640 50202251 10286323 10301536 10258627 10239569 9165490 50251545 0 0 0 50251545 126369 293442 92130 113220 26872 652033 126369 293442 92130 113220 26872 652033 990208 9355 999563 10412692 10594978 10350757 11342997 9201717 51903141 0.96820 0.96540 0.01260 0.01570 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 47337506 8839474 38498032 335482 197277 138205 2412464 2232537 179927 278155 278155 39094319 FINANCING COSTS 2229852 CAPITALIZED MARKETING COST 1385540 3615392 ACCRUED INTEREST PAYABLE 4983423 4983423 9205742 11367857 -2162115 -2912211 -2912211 -5074326 9205742 0 9205742 0 9205742 11367857 0 11367857 0 11367857 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE VILLAGE HAS BEEN GRANTED EXEMPT STATUS RELATIVE TO FEDERAL AND STATE CORPORATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND APPLICABLE STATE CODES PURSUANT TO SECTION 501(A) OF THE CODE. THE VILLAGE FOLLOWS THE GUIDANCE IN THE INCOME TAX STANDARD REGARDING THE RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. THE GUIDANCE CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS. THE GUIDANCE FURTHER PRESCRIBES RECOGNITION AND MEASUREMENT OF TAX PROVISIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. THE APPLICATION OF THIS STANDARD HAS NO IMPACT ON THE VILLAGE'S FINANCIAL STATEMENTS. THE VILLAGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL, STATE AND LOCAL AUTHORITIES. THE TAX RETURNS FOR THE YEARS 2008 TO 2010 ARE OPEN TO EXAMINATION BY FEDERAL, LOCAL AND STATE AUTHORITIES. MARIANNE HOGG EXECUTIVE DIRECTOR 24881 A PORTION OF SALARY AND OTHER MANAGEMENT FEES WERE PAID BY THE VILLAGE AT PENN STATE TO CRSA. 0 FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE SHALL BE COMPOSED OF THE OFFICERS OF THE CORPORATION. THE EXECUTIVE COMMITTEE SHALL BE AUTHORIZED TO ACT FOR THE BOARD BETWEEN ITS REGULAR MEETINGS. EXCEPT AS OTHERWISE PROVIDED BY THE ORGANIZATION'S BYLAWS OR BY RESOLUTION OF THE BOARD, THE EXECUTIVE COMMITTEE SHALL HAVE AND EXERCISE ALL OF THE POWERS AND AUTHORITY OF THE BOARD IN THE MANAGEMENT OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 2 JACK INFIELD, RODNEY KIRSCH, BILL MAHON, PAUL RIGBY, GARY SCHULTZ, AND SUSAN WELCH ALL HAVE BUSINESS RELATIONSHIPS. FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION ENTERED INTO A MANAGEMENT AGREEMENT WITH CRSA MANAGEMENT COMPANY, LLC, EFFECTIVE APRIL 26, 2004 WHICH TERMINATED ON AUGUST 31, 2010. UPON TERMINATION OF THE MANAGEMENT AGREEMENT, THE ORGANIZATION HIRED A FULL-TIME EXECUTIVE DIRECTOR AND ENTERED INTO A CONSULTING AGREEMENT WITH CRSA THROUGH FEBRUARY 2011. FORM 990, PART VI, SECTION B, LINE 11 THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE 990 PRIOR TO THE FILING THEREOF. FORM 990, PART VI, SECTION B, LINE 12C NO CONTRACT OR TRANSACTION BETWEEN THE CORPORATION AND ONE OR MORE OF ITS DIRECTORS OR OFFICERS OR BETWEEN THE CORPORATION AND ANY OTHER CORPORATION, PARTNERSHIP, ASSOCIATION, OR OTHER ORGANIZATION IN WHICH ONE OR MORE OF ITS DIRECTORS OR OFFICERS ARE DIRECTORS OR OFFICERS, OR HAVE A FINANCIAL INTEREST, SHALL BE VOID OR VOIDABLE SOLELY FOR SUCH REASON, OR SOLELY BECAUSE THE DIRECTOR OR OFFICER IS PRESENT AT OR PARTICIPATES IN THE MEETING OF THE BOARD WHICH AUTHORIZES THE CONTRACT OR TRANSACTION, OR SOLELY BECAUSE HIS, HER, OR THEIR VOTES ARE COUNTED FOR THAT PURPOSE IF: (A) THE MATERIAL FACTS AS TO THE RELATIONSHIP OR INTEREST AND AS TO THE CONTRACT OR TRANSACTION ARE DISCLOSED OR ARE KNOWN TO THE BOARD AND THE BOARD IN GOOD FAITH AUTHORIZES THE CONTRACT OR TRANSACTION BY THE AFFIRMATIVE VOTES OF A MAJORITY OF THE DISINTERESTED DIRECTORS EVEN THOUGH THE DISINTERESTED DIRECTORS ARE LESS THAN A QUORUM; OR (B)THE CONTRACT OR TRANSACTION IS FAIR AS TO THE CORPORATION AS OF THE TIME IT IS AUTHORIZED, APPROVED, OR RATIFIED BY THE BOARD. COMMON OR INTERESTED DIRECTORS MAY BE COUNTED IN DETERMINING THE PRESENCE OF A QUORUM AT A MEETING OF THE BOARD WHICH AUTHORIZES THE CONTRACT OR TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS MEET WITH AN EMPLOYMENT ATTORNEY TO DETERMINE A COMPETITIVE LEVEL OF COMPENSATION FOR THEIR EXECUTIVE DIRECTOR. AFTER THIS MEETING, A COMPENSATON PACKAGE IS AGREED UPON AND PROVIDED TO THE EXECUTIVE DIRECTOR. REVIEW OF THE EXECUTIVE DIRECTOR'S COMPENSATION IS COMPLETED ON AN ANNUAL BASIS AND LAST OCCURED IN 2010. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. THE ORGANIZATIONS FINANCIAL STATEMENTS ARE DISTRIBUTED TO RESIDENTS & FILED WITH THE PA INSURANCE DEPARTMENT. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: PRIOR PERIOD ADJUSTMENTS: -2,912,211. FORM 990, PART XII, LINE 2C: THE OVERSIGHT PROCESS AND SELECTION OF AN INDEPENDENT AUDITOR HAVE NOT CHANGED FROM PRIOR YEAR. FORM 990, PART VI, LINE 9: JAMES CARNES- 7038 KINGSMILL CT., LAKEWOOD RANCH, FL 34202 ARNOLD HOFFMAN- 101 CHESWOLD LN., 3G, HAVEFORD, PA 19041 JOHN RHODES- RHODES DEVELOPMENT GROUP, INC., PO BOX 622, 1300 MARKET ST., STE.305, LEMOYNE, PA 17043