2012-11-08T15:09:57-06:00 2011-12-31 410746749 CLIFTONLARSONALLEN LLP 610 WGERMANTOWN PIKESTE 400 PLYMOUTH MTG PA 19462 990 2011-01-01 521862674 ASBURY FOUNDATION INC ASBU 3012504050 20030 CENTURY BLVD NO 300 GERMANTOWN MD 208741112 KIM EHRENFRIED 3012504050 2012-11-08 1 BERNADETTE O'TOOLE CPA P00229258 2156433900 2011 2016-02-24 21:20:13Z DOUGLAS C MYERS 20030 CENTURY BLVD NO 300 GERMANTOWN MD 208741112 8191960 0 X WWW.THEASBURYFOUNDATION.ORG X 1994 MD SEE SCHEDULE O FOR ORGANIZATION'S MISSION STATEMENT.TO SECURE SUPPORT TO ENHANCE THE QUALITY OF LIFE FOR SENIORS SERVED BY THE AFFILIATES OF ASBURY COMMUNITIES. 14 9 11 13 0 0 3631818 2618627 0 0 824137 976969 -30385 -6031 4425570 3589565 0 0 0 0 899525 1024912 0 0 1904405 1350983 1234850 2250508 2259762 2175062 1329803 20971626 23167260 5222756 5362806 15748870 17804454 TO SECURE CHARITABLE SUPPORT TO ENHANCE THE QUALITY OF LIFE FOR SENIORS SERVED BY THE AFFILIATES OF ASBURY COMMUNITIES. 0 0 81242 ASBURY FOUNDATION IS A SECTION 509(A)(1)ORGANIZATION THAT PROMOTES CHARITABLE GIVING AND FUNDS THE CHARITABLE PROGRAMS OF ASBURY ATLANTIC, INC., ASBURY SOLOMONS, INC. AND INVERNESS VILLAGE, INC. 81242 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 0 0 11 1 0 0 0 0 0 0 0 0 0 1 0 X 14 9 0 0 0 0 0 0 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X X X MICHAEL CONNELL CFO 3012502028 20030 CENTURY BLVD GERMANTOWN MD 20874 X NICHOLAS J SERENYI 1.00 X X 0 0 0 JOHN SCHULZE 1.00 X X 0 0 0 LEONA BACRACH 1.00 X 0 0 0 JUDY BANKSON 1.00 X 0 0 0 TITA HERSHNER EBERLY 1.00 X 0 0 0 JONATHAN EBINGER 1.00 X 0 0 0 MARY ELLEN ELWELL 1.00 X 0 0 0 KATRYN B GORRELL 1.00 X 0 0 0 LOUIS F GRAMMES 1.00 X 0 0 0 STEPHEN JACKSON 1.00 X 0 0 0 PHYLLIS SCHWEIZER 1.00 X 0 0 0 THOMAS WILLICH 1.00 X 0 0 0 DENNIS YOCUM 1.00 X 0 0 0 REV JOAN SMITH 1.00 X 0 0 0 DOUGLAS C MYERS 50.00 X X 219986 0 18637 PEGGY CRESPI KAPLAN 1.00 X 0 300409 18905 ANDREW JOSEPH 1.00 X 0 195921 19895 MICHAEL CONNELL 1.00 X 0 299129 21712 DOUGLAS LEIDIG 1.00 X 0 370281 19212 KIM EHRENFRIED 1.00 X 0 153655 18207 SANDRA POLLACK 50.00 X 100999 0 3072 320985 1319395 119640 2 0 1 0 0 112664 2505963 209996 2618627 359100 359100 5174448 4556579 617869 617869 617869 39785 112664 45816 -6031 -6031 3589565 0 0 970938 342695 342695 565892 216808 349084 10637 4074 6563 48647 11870 36777 57041 13918 43123 702 702 7152 7152 51461 9375 15770 26316 8807 8807 88229 88229 59488 59488 1011 1011 18495 18495 4454 4454 3821 3821 TRANSFERS TO (FROM) AFO 666696 666696 TEMPORARY RESTRICTION E 237952 237952 SPECIAL PROGRAMS 71867 71867 0 14715 14715 2259762 81242 274115 1904405 124996 138200 11705 2361 83575 27800 33089 55775 10362342 11828449 10439494 11142475 20971626 23167260 5347 5251 5217409 5356228 0 1327 5222756 5362806 X 150000 150000 799149 1371445 14799721 16283009 15748870 17804454 20971626 23167260 X 1329803 725781 X X 0 1 1 X 0 X 4053931 3631818 2618627 10304376 4053931 3631818 2618627 10304376 10304376 59103 147115 398885 605103 10909479 0.94450 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 24116800 566076 -713891 23968985 22632606 2218711 -734517 24116800 21954643 1242577 -564614 22632606 21994377 562983 -602717 21954643 0.00000 1.00000 0.00000 0 0 41461 2650 38811 42114 25150 16964 55775 DUE FROM AFFILIATES 9161507 FUNDS HELD IN TRUST 1875541 PLEDGES RECEIVABLE 99233 OTHER RECEIVABLES 6194 11142475 LEASES PAYABLE 1327 1327 3589565 2259762 1329803 -1021460 1747241 725781 2055584 3353885 1100299 1100299 2253586 1335979 1335979 3589565 2305578 45816 45816 2259762 0 2259762 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE INTENDED USE OF THE ORGANIZATION'S ENDOWMENT FUNDS IS TO PROVIDE BENEVOLENT CARE. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: ASBURY COMMUNITIES AND AFFILIATES, EXCEPT THE ASBURY GROUP, INC. (TAG), ARE EXEMPT FROM FEDERAL INCOME TAXES PURSUANT TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC); ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS REQUIRED. TAG IS ORGANIZED AS A FOR-PROFIT ENTITY AND IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. INCOME TAXES FOR TAG ARE RECORDED AS DEFERRED TAX ASSETS AND LIABILITIES IN THE ACCOMPANYING CONSOLIDATED BALANCE SHEETS TO REFLECT TEMPORARY BOOK AND TAX DIFFERENCES. 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 2008 TO 2010 ARE OPEN TO EXAMINATION BY FEDERAL, LOCAL, AND STATE AUTHORITIES. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF GIFT ANNUITIES -672,138. TRANSFER FROM ASBURY FOUNDATION, INC 811,360. TRANSFER OF FUNDS FROM WASF UPON DISSOLUTION 1,634,866. NET ASSETS RELEASED FROM RESTRICTIONS USED FOR PURCHASE OF CAPITAL ITEMS -26,847. TOTAL TO SCHEDULE D, PART XI, LINE 8: 1,747,241. PART XII, LINE 2D - OTHER ADJUSTMENTS: NET ASSETS RELEASED FOR OPERATIONS 262,092. NET ASSETS RELEASED FOR CAPITAL ITEMS 26,847. TRANSFER FROM ASBURY FOUNDATION, INC 811,360. PART XII, LINE 4B - OTHER ADJUSTMENTS: CONTRIBUTIONS - TEMPORARILY RESTRICTED 815,719. CONTRIBUTIONS - PERMANENTLY RESTRICTED 566,076. DIRECT EXPENSES FROM FUNDRAISING EVENTS -45,816. PART XIII, LINE 2D - OTHER ADJUSTMENTS: DIRECT EXPENSES FROM FUNDRAISING EVENTS 45,816. CARING CLASSIC GOLF TOURNAMENT 111235 78761 32474 9486 10498 13071 2347 INVERNESS SPRING FLING 25864 19861 6003 2960 400 2465 1 15350 14042 1308 191 2500 1898 152449 112664 39785 9486 10498 16222 2900 6710 45816 -6031 X X X X X 0 0 0 0 0 0 0 0 0 DOUGLAS C MYERS 219318 0 0 0 668 0 6775 0 11862 0 238623 0 0 0 PEGGY CRESPI KAPLAN 0 277087 0 20000 0 3322 0 7350 0 11555 0 319314 0 0 ANDREW JOSEPH 0 185521 0 10000 0 400 0 6110 0 13785 0 215816 0 0 MICHAEL CONNELL 0 273614 0 25000 0 515 0 7350 0 14362 0 320841 0 0 DOUGLAS LEIDIG 0 339741 0 30000 0 540 0 7350 0 11862 0 389493 0 0 KIM EHRENFRIED 0 145843 0 7500 0 312 0 4922 0 13285 0 171862 0 0 X 5 209996 MARKET VALUE 0 0 0 FORM 990, PART VI, SECTION A, LINE 7B ANY PROPOSAL WITH RESPECT TO ANY OF THE FOLLOWING SHALL BE SUBMITTED TO THE BOARD OF DIRECTORS OF ASBURY COMMUNITIES, INC. AND SHALL NOT BECOME EFFECTIVE UNTIL AND UNLESS APPROVED BY THE BOARD OF DIRECTORS OF ASBURY COMMUNITIES, INC.: (I) CHANGE THE MISSION OR PURPOSE OF THE CORPORATION; (II) ELECT AND REMOVE DIRECTORS (THE REMOVAL OF DIRECTORS SHALL REQUIRE A VOTE OF NOT LESS THAN SEVENTYFIVE PERCENT (75%) OF THE DIRECTORS OF ASBURY COMMUNITIES; (III) UNDERTAKE ANY EXTRAORDINARY CORPORATE ACTIONS; (IV) INCUR ANY SUBSTANTIAL DEBT OR TRANSFER A SUBSTANTIAL PORTION OF ITS ASSETS; (V) ADOPT AN ANNUAL OPERATING OR CAPITAL BUDGET; (VI) APPOINT COUNSELOR AN AUDITOR FOR THE CORPORATION; (VII) CHANGE THE CORPORATION'S FISCAL YEAR OR ACCOUNTING METHOD. FORM 990, PART VI, SECTION B, LINE 11 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. ASBURY RECORDED THE OCTOBER 17TH AUDIT COMMITTEE MEETING REVIEW OF THE ASBURY COMMUNITIES, INC. (ACOMM) DRAFT 990 VIA THE 1-800 CONFERENCE LINE. THE ACOMM, FOUNDATION, ASBURY ATLANTIC, ASBURY SOLOMONS, AND INVERNESS VILLAGE BOARD OF DIRECTORS WERE CONTACTED VIA EMAIL THAT THE DRAFT FORM 990S WERE OUT ON BOARDLINK AND PROVIDED THE LINK TO THE RECORDING OF THE AUDIT COMMITTEE MEETING IF BOARD MEMBERS CHOSE TO LISTEN TO THE MEETING 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 COMPLIANCE OFFICER 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. ANNUALLY, EACH MEMBER OF THE GOVERNING BODY COMPLETES A DETAILED QUESTIONNAIRE DESIGNED TO IDENTIFY ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST. A FULL REPORT OF RESPONSES TO THIS QUESTIONNAIRE IS REVIEWED BY THE COMPLIANCE OFFICER AND PROVIDED TO THE AUDIT COMMITTEE. A SUMMARY IS THEN PRESENTED TO THE BOARD OF DIRECTORS AT THE ANNUAL MEETING. IN CASE CONFLICT OF INTEREST ARISE, THE MEMBER OF GOVERNING BODY WILL BE ASKED TO RESIGN FROM THE ORGANIZATION. 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 WITH MAKING DECISIONS REGARDING COMPENSATION. THE SYSTEM WIDE COMPENSATION COMMITTEE IS COMPOSED OF 5 VOTING MEMBERS, THE CHIEF PEOPLE OFFICER (NON-VOTING), A RETAINED ATTORNEY (NON-VOTING; RECORDS PROCEEDINGS IN MINUTES), AND IS ADVISED BY TOWERS WATSON (A COMPENSATION CONSULTING FIRM). THE SYSTEM WIDE OMPENSATION COMMITTEE HOLDS 4 MEETINGS EACH YEAR (JAN, MARCH, JULY, AND NOV). IN THE NOVEMBER MEETING THEY REVIEW TOWERS WATSON DATA AND REPORTS IN ORDER TO MAKE RECOMMENDATIONS REGARDING SALARIES AND BENEFITS. THE EXECUTIVE COMMITTEE OF THE ASBURY FOUNDATION ANNUALLY REVIEWS THE PERFORMANCE AND SETS THE COMPENSATION OF THE PRESIDENT BASED ON RECOMMENDATIONS OF THE SYSTEM-WIDE COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON THE WEBSITE. GOVERNING DOCUMENTS AND CONFLICTS OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. 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 AND ASBURY FOUNDATION, INC. 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 2011 CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR ASBURY COMMUNITIES, INC. HAD TOTAL REVENUES OF $171.8 MILLION AND TOTAL ASSETS IN EXCESS OF $542 MILLION. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -1,021,460. CHANGE IN VALUE OF GIFT ANNUITIES -672,138. TRANSFER FROM ASBURY FOUNDATION, INC 811,360. TRANSFER OF FUNDS FROM WASF UPON DISSOLUTION 1,634,866. NET ASSETS RELEASED FROM RESTRICTIONS USED FOR PURCHASE OF CAPITAL ITEMS -26,847. TOTAL TO FORM 990, PART XI, LINE 5: 725,781. FORM 990, PART XII, LINE 8A THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART IV, LINE 28C MORGAN STANLEY SMITH BARNEY SERVES AS INVESTMENT ADVISORS TO THE ASBURY COMMUNITIES, INC. 401(K) PLAN. THE "GROUP" AT MORGAN STANLEY WHICH IS SERVING AS THE INVESTMENT ADVISOR IS HEADED BY A FORMER ASBURY COMMUNITIES BOARD MEMBER AND A CURRENT MEMBER OF THE FINANCE COMMITTEE. ALSO IN THE GROUP IS THE VICE CHAIR OF THE ASBURY ATLANTIC BOARD OF DIRECTORS. THE GROUP WAS SELECTED THROUGH A COMPETITIVE BID AND INTERVIEW PROCESS. ASBURY ATLANTIC INC 20030 CENTURY BOULEVARD GERMANTOWN MD 20874 520607956 HOUSING AND HEALTHCARE FOR OLDER ADULTS MD 501(C)(3) 9 N/A 0 ASBURY SOLOMONS INC 20030 CENTURY BOULEVARD GERMANTOWN MD 20874 521862675 HOUSING AND HEALTHCARE FOR OLDER ADULTS MD 501(C)(3) 9 N/A 0 ASBURY COMMUNITIES INC 20030 CENTURY BOULEVARD GERMANTOWN MD 20874 521862677 MANAGEMENT SERVICES MD 501(C)(3) 11 N/A 0 INVERNESS VILLAGE 2516 EAST 71ST STREET TULSA OK 74136 731539802 HOUSING AND HEALTHCARE FOR OLDER ADULTS MD 501(C)(3) 9 N/A 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0