2011-07-21T10:06:36-05:00 2010-12-31 PARENTEBEARD LLC 46 PUBLIC SQUARE SUITE 400 WILKESBARRE PA 18701 990 2010-01-01 221574538 MARCUS L WARD HOME MARC 9737625050 333 ELMWOOD AVENUE MAPLEWOOD NJ 07040 GREGORY L ROGERINO 9737625050 2011-07-20 1 JULIUS GREEN CPA 5708200100 2010 2016-02-24 21:20:13Z WINCHESTER GARDENS GREGORY L ROGERINO 333 ELMWOOD AVENUE MAPLEWOOD NJ 07040 55746352 0 X WWW.WINCHESTERGARDENS.COM X 1921 NJ WINCHESTER GARDENS IS AN ACCREDITED CONTINUING CARE RETIREMENT COMMUNITY. 17 16 275 10 0 0 200 1000 19923444 20083758 1210042 1374915 200449 195372 21334135 21655045 900 2060 0 0 8350212 8456147 0 0 0 12720275 12497996 21071387 20956203 262748 698842 73146984 73843986 88852403 88255352 -15705419 -14411366 X WINCHESTER GARDENS IS COMMITTED TO PROVIDING MATURE ADULTS AN ACTIVE LIFESTYLE THAT FOSTERS DIGNITY, PRIVACY, INDIVIDUALITY AND INDEPENDENCE IN A CARING ENVIRONMENT. THIS IS ACHIEVED THROUGH A HIGHLY SKILLED AND CONCERNED STAFF PROVIDING EXCEPTIONAL SERVICE WITH A FOCUS ON RESIDENT NEEDS AND DESIRES. 0 0 17840248 2060 20083758 DURING 2010, 241 RESIDENTS WERE PROVIDED A TOTAL OF 75,536 DAYS OF RESIDENCY IN THE 162 APARTMENTS AND 40 VILLAS UNDER THE TERMS OF THEIR CCRC CONTRACTS. THE AVERAGE AGE OF THE INDEPENDENT LIVING RESIDENTS AS OF DECEMBER 31, 2010 WAS 87.6 YEARS.DURING 2010, 144 RESIDENTS WERE PROVIDED A TOTAL OF 31,697 DAYS OF CARE IN THE HEALTH CENTER. THE AVERAGE AGE OF THE HEALTHCARE RESIDENTS AS OF DECEMBER 31, 2010 WAS 88.8 YEARS.OF THE 144 RESIDENTS IN THE HEALTH CENTER, 76 RECEIVED 14,321 DAYS OF CARE UNDER THE TERMS OF THE CCRC RESIDENCY AGREEMENTS AND RECEIVED DISCOUNTS TOTALING $816,000 WHEN COMPARED TO RATES CHARGED TO DIRECT ADMIT RESIDENTS. OF THE 68 DIRECT ADMIT RESIDENTS (WHO RECEIVED 17,376 DAYS OF CARE) WINCHESTER GARDENS PROVIDED $834,800 OF CHARITABLE ASSISTANCE TO 25 RESIDENTS (FOR A TOTAL OF 7,735 DAYS) UNDER THE TERMS OF A REDUCED RATE DIRECT ADMIT CONTRACT IN COMPLIANCE WITH THE TERMS OF A COURT-APPROVED CONSENT AGREEMENT MODIFYING THE WILL OF MARCUS L. WARD OR THROUGH PARTICIPATION IN THE NJ ASSISTED LIVING MEDICAID WAIVER PROGRAM. 17840248 1 0 0 1 0 0 0 1 0 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 1 0 0 0 0 0 0 0 0 0 0 1 75 0 1 275 1 0 0 0 0 0 0 0 0 0 0 X 17 16 1 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 NJ X DANIEL RAUCH CFO 9733782392 333 ELMWOOD AVENUE MAPLEWOOD NJ 07040 ELAINE BECKER 2.00 X 0 0 0 S JERVIS BRINTON 2.00 X X 0 0 0 ROBERT CHILSTROM 2.00 X X 0 0 0 ELIZABETH CRANDALL MD 2.00 X 0 0 0 WALTER DANIELS 2.00 X 0 0 0 TILLY JO EMERSON 2.00 X 0 0 0 SPENCER GEORGE 2.00 X 0 0 0 PATRICK HELLEN 4.00 X X 0 0 0 ERNA HOOVER 2.00 X X 0 0 0 ROBERT KLEIN 2.00 X 0 0 0 FREDERICK LAPPIN 2.00 X 0 0 0 MARY ANN MOORE 2.00 X 0 0 0 ROBERT PUDLAK 2.00 X 0 0 0 GEORGE REINER 2.00 X 0 0 0 LEONARD SICHEL 2.00 X 0 0 0 JAQUELINE VOGELMAN TESTA 2.00 X 0 0 0 DENNIS IRVIN 2.00 X 0 0 0 GREGORY ROGERINO 37.50 X 355878 0 232466 DANIEL RAUCH 37.50 X 168586 0 31728 KEITH GRADY 37.50 X 131133 0 25063 ERNEST DIGIOVANNI 37.50 X 123472 0 6886 COLIN STEWART 37.50 X 126919 0 5813 DIANA LIDDY 37.50 X 100126 0 6384 EVELYN BLAIR X 11000 0 0 1017114 0 308340 6 1 1 0 SODEXHO PO BOX 81049 WOBURN MA 01801 DINING MANAGEMENT & SUPPLIES 1365225 SB&A 207 WEST FRANKLIN STREET RICHMOND VA 23220 MARKETING CONSULTANT & ADVERTISING 517059 WARREN G REINER 384 MORRIS AVE SPRINGFIELD NJ 07088 INSURANCE BROKER 374466 PREFERRED ELECTRIC SERVICES 2107 SPRINGFIELD AVENUE VAUXHALL NJ 07088 ELECTRICAL CONTRACTOR 315184 ARTHUR SHUSTER PO BOX 131115 ST PAUL MN 55113 DESIGN & CONTRACT FURNISHINGS 186274 9 1000 1000 INDEPENDENT LIVING REV 623000 8826909 8826909 ASSISTED LIVING REV 623000 7488065 7488065 AMORT OF ENTRANCE FEES 623000 3688610 3688610 NET RESIDENT SVC REV 623000 80174 80174 20083758 811726 811726 36171 24476 11695 11695 11695 34630020 34048683 18148 581337 -18148 563189 563189 MEAL REVENUE 722210 89438 89438 BEAUTY/BARBER SHOP 812900 40256 40256 PARKING REVENUE 812930 33426 33426 20557 20557 183677 21655045 20083758 0 1570287 2060 2060 788658 788658 6149388 5417335 732053 114717 93119 21598 697359 580111 117248 706025 573098 132927 182086 85847 96239 75777 75777 67617 67617 920 920 145776 145776 522818 380202 142616 324319 324319 1001321 939907 61414 56607 1930 54677 4998178 4998178 31133 9692 21441 85742 68273 17469 72796 72796 3507460 3507460 288354 147478 140876 DIETARY EXPENSES 727785 727785 RES ACTIVITIES/ENTRTNMT 243245 167542 75703 UNIT TURN-OVER EXP 53429 53429 COLLATERAL MATERIALS 36915 36915 DUES & SUBSCRIPTIONS 21102 255 20847 54616 13751 40865 20956203 17840248 3115955 0 5997 5182 439476 450218 101032 97700 222345 287559 80453572 37491665 44299020 42961907 26957900 28974925 830322 783584 290892 282911 73146984 73843986 1290845 2029409 45695381 45202461 40320276 39263471 526072 540061 1019829 1219950 88852403 88255352 X -16953798 -15871048 1248379 1459682 -15705419 -14411366 73146984 73843986 X 698842 595211 X X 0 1 1 X 0 X 2500 2128 1500 200 1000 7328 17911411 18844501 20108572 19953324 20083758 96901566 17913911 18846629 20110072 19953524 20084758 96908894 0 0 0 96908894 1041887 1115600 1045642 917004 847897 4968030 1041887 1115600 1045642 917004 847897 4968030 213414 223900 171055 189194 183677 981240 19169212 20186129 21326769 21059722 21116332 102858164 0.94220 0.94290 0.04830 0.04860 X SCHEDULE A, PART II, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME MEAL REVENUE PARKING REVENUE BEAUTY/BARBER SHOP PRIVATE FUNCTION REV RECOVERY OF BAD DEBTS ALL OTHER REVENUE 0 0 0 0 0 0 0 0 1 920 920 0 EXPLANATION OF OTHER LOBBYING ACTIVITIES: PART II-B, LINE 1I: THE ORGANIZATION PAYS DUES TO LEADING AGE, A MEMBER ORGANIZATION WHICH SUPPORTS SENIOR LIVING FACILITIES. A PORTION OF THE DUES PAID ARE ALLOCABLE TO LOBBYING EXPENSES. THE TOTAL AMOUNT OF DUES PAID THAT ARE ALLOCABLE TO LOBBYING IS $920. 0 1 166379 166379 73070529 33039988 40030541 5055259 3602375 1452884 2161405 849302 1312103 42961907 OTHER LIABILITIES 635 EXECUTIVE PENSION LIABILITY 1219315 1219950 21655045 20956203 698842 595211 595211 1294053 22133856 595211 595211 21538645 140876 -24476 116400 21655045 20839803 24476 24476 20815327 140876 140876 20956203 PART IV, LINE 2B: FOR RESIDENTS DIRECTLY ADMITTED TO THE HEALTH CENTER, WINCHESTER HOLDS A ONE MONTH ESCROW PAYMENT THAT IS APPLIED TO THEIR ACCOUNT IN THE MONTH OF MOVE OUT. WINCHESTER ALSO COLLECTS WAIT-LIST DEPOSITS AND 10% DEPOSITS FOR POTENTIAL RESIDENTS WHO MOVE INTO INDEPENDENT LIVING APARTMENTS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: WINCHESTER GARDENS FOLLOWS THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") INTERPRETATION NO. 48, "ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES - AN INTERPRETATION OF FASB STATEMENT NO. 109" ("FIN 48"). FIN 48 CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN A COMPANY'S FINANCIAL STATEMENTS AND PRESCRIBES A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS BEEN MET. FIN 48 ALSO PROVIDES GUIDANCE ON DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, AND DISCLOSURE. MANAGEMENT HAS DETERMINED THAT FIN 48 DOES NOT HAVE A MATERIAL EFFECT ON THE FINANCIAL STATEMENTS. WINCHESTER GARDENS' FEDERAL RETURNS OF ORGANIZATION EXEMPT FROM INCOME TAX FOR THE YEARS ENDED DECEMBER 31, 2009, 2008, AND 2007 REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -24,476. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 24,476. X X 0 1 X X X X X X 0 1 0 0 0 0 0 0 0 GREGORY ROGERINO 322000 0 25500 0 8378 0 210206 0 22260 0 588344 0 0 0 DANIEL RAUCH 165763 0 2500 0 323 0 6756 0 24972 0 200314 0 0 0 KEITH GRADY 130484 0 500 0 149 0 5300 0 19763 0 156196 0 0 0 EVELYN BLAIR 11000 0 0 0 0 0 0 0 0 0 11000 0 0 0 PART I, LINE 1A AS A CONDITION OF EMPLOYMENT, THE CEO AND THE DIRECTOR OF MARKETING ARE PROVIDED WITH HOUSING ON THE CAMPUS IN A BUILDING OWNED BY WINCHESTER GARDENS. THIS IS NOT TREATED AS TAXABLE COMPENSATION TO THE CEO OR THE DIRECTOR OF MARKETING. PART I, LINE 1B EXPENSES INCURRED IN THE MAINTENANCE AND OPERATION OF THE EMPLOYER-PROVIDED HOUSING ARE PAID DIRECTLY BY WINCHESTER GARDENS. PART I, LINE 4B WINCHESTER GARDENS SPONSORS A NON-QUALIFIED RETIREMENT PLAN FOR THE PRESIDENT/CEO. THE PLAN IS STRUCTURED TO PROVIDE A LUMP SUM PAYMENT AT RETIREMENT THAT WILL PROVIDE AN ANNUAL RETIREMENT BENEFIT OF $150,000 FOR THE LIFE OF THE CEO. THE EXPENSE INCURRED IN 2010 WAS $200,405. NJ ECONOMIC DEVELOPMENT AUTHORITY 222045817 645916YQ4 2004-02-01 35810000 ADVANCE REFUNDING OF 1996 NJEDA BONDS 0 0 0 NJ ECONOMIC DEVELOPMENT AUTHORITY 222045817 645916XL6 2004-02-25 10000000 ADVANCE REFUNDING OF 1996 NJEDA BONDS 0 0 0 35740936 688782 135532 34916622 2004 0 1 1 1 9980713 192343 37848 9750522 2004 0 1 1 1 0 1 0 0 1 0.01000 0.00000 0.01000 1 0 1 0 0 1 0.01000 0.00000 0.01000 1 1 0 0 0 0 0 1 1 0 0 0 0 PART II, LINE 3 DIFFERENCE BETWEEN ISSUE PRICE AND TOTAL PROCEEDS THE BOND ISSUE OF $35,810,000 AND $10,000,000 HAD ORIGINAL ISSUE DISCOUNTS TOTALING $88,350. THE AMOUNT ACCOUNTS FOR THE ENTIRE DIFFERENCE BETWEEN THE ORIGINAL ISSUE PRICE AND THE TOTAL PROCEEDS. GEORGE REINER BOARD MEMBER 374466 MR. REINER OWNS WARREN G. REINER, INC., WHICH IS AN INSURANCE BROKER THAT PROVIDES SERVICES TO WINCHESTER GARDENS. NOTE THE AMOUNT REPORTED IS ENTIRELY PREMIUMS, NOT PAYMENT FOR SERVICES RENDERED.THE BOARD MAINTAINS A CONFLICT OF INTEREST POLICY AND ALL TRANSACTIONS WITH MR. REINER'S FIRM ARE CONDUCTED AT ARM'S LENGTH. 0 FORM 990, PART VI, SECTION A, LINE 2 THE SPOUSE OF MARY ANN MOORE, BOARD MEMBER, IS EMPLOYED AT THE SAME FIRM AS ROBERT CHILSTROM, VICE CHAIRMAN. THE ORGANIZATION USES THE PREPARATION AND REVIEW OF ANNUAL CONFLICT OF INTEREST STATEMENTS TO DETERMINE WHETHER A FAMILY OR BUSINESS RELATIONSHIP EXISTS BETWEEN OFFICERS, TRUSTEES AND KEY EMPLOYEES. FORM 990, PART VI, SECTION A, LINE 3 WINCHESTER GARDENS UTILIZED THE SERVICES OF SB&A ASSOCIATES TO PROVIDE DIRECT MARKETING OVERSIGHT AND THE SERVICES OF SODEXO TO PROVIDE MANAGEMENT OVERSIGHT OF THE DINING OPERATIONS. FORM 990, PART VI, SECTION B, LINE 11 THE AUDIT COMMITTEE REVIEWS THE INITIAL DRAFT OF THE FORM 990 FILING. AFTER THIS REVIEW, A DRAFT IS CIRCULATED TO THE ENTIRE BOARD OF TRUSTEES FOR COMMENT PRIOR TO THE FILING OF THE RETURN WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANNUAL CONFLICT OF INTEREST STATEMENTS ARE PREPARED BY EMPLOYEES AND BOARD MEMBERS. EACH STATEMENT IS REVIEWED BY THE CORPORATE COMPLIANCE OFFICER WHO DETERMINES IF ANY ACTION IS REQUIRED. A SUMMARY OF ALL NOTED CONFLICTS IS PROVIDED TO THE BOARD AUDIT COMMITTEE. SHOULD A POSSIBLE OR APPARENT CONFLICT BE NOTED, THE RESPONSIBLE PARTY WILL RECUSE HIM OR HERSELF FROM ANY DISCUSSIONS AND/OR DECISIONS PERTAINING TO THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD COMMITTEE ANNUALLY EVALUATES THE PRESIDENT/CEO'S PERFORMANCE AND USES AVAILABLE DATA FROM CONSULTANTS, SALARY SURVEYS AND SIMILAR ENTITIES' INFORMATIONAL FILINGS TO ENSURE THAT THE COMPENSATION OF THE PRESIDENT/CEO IS WITHIN FMV RANGE. THE COMMITTEE DECISION IS SHARED WITH THE ENTIRE BOARD, DOCUMENTED IN BOARD MINUTES, AND WRITTEN EMPLOYMENT CONTRACTS ARE DRAWN. THE PRESIDENT/CEO IS RESPONSIBLE FOR DETERMINING THE COMPENSATION FOR KEY EMPLOYEES. LOCAL SALARY SURVEYS ARE REFERENCED TO DETERMINE THE LOCAL MARKET RANGE FOR THE POSITION'S SALARY BEING NEGOTIATED. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST TO THE CORPORATE COMPLIANCE OFFICER. QUARTERLY FINANCIAL STATEMENTS ARE DISTRIBUTED BY MAIL TO BONDHOLDERS, THE FOUR NATIONALLY RECOGNIZED MUNICIPAL SECURITIES INFORMATION REPOSITORIES AND THE RESIDENT FINANCE COMMITTEE WITHIN 45 DAYS OF THE END OF THE QUARTER AND ARE AVAILABLE UPON REQUEST TO THE CHIEF FINANCIAL OFFICER. THE ANNUAL AUDITED FINANCIAL STATEMENTS ARE INCLUDED IN THE ANNUAL DISCLOSURE STATEMENT, WHICH IS AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 595,211. AUDIT OVERSIGHT: FORM 990, PART XI, LINE 2C THE ORGANIZATION HAS NOT HAD ANY CHANGES IN THE PROCESSES USED BY THE COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT SINCE THE PRIOR YEAR. DOCUMENT RETENTION AND DESTRUCTION POLICY FORM 990, PART VI, SECTION B, LINE 14 THE ORGANIZATION IS CURRENTLY IN THE PROCESSING OF DEVELOPING A DOCUMENT RETENTION POLICY AND WILL FORMALLY INTRODUCE THE POLICY ONCE ALL ANALYSIS OF AND DOCUMENTATION FOR THE POLICY IS COMPLETE.