2011-11-07T15:30:46-06:00 2011-03-31 DIXON HUGHES GOODMAN LLP 500 RIDGEFILD COURT ASHEVILLE NC 28806 990 2010-04-01 540524902 COVENANT WOODS COVE 8045698173 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 TIMOTHY JOHNSON 8045698173 2011-11-07 1 AMY BIBBY 8282542254 2010 2016-03-07 17:11:31Z TIMOTHY JOHNSON 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 15033548 0 X WWW.COVENANTWOODS.COM X 1901 VA NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY 21 21 282 175 0 0 100520 93775 10061793 10607441 2030126 2414113 229175 270659 12421614 13385988 0 0 0 0 6564520 6560893 0 0 117409 6398485 6423466 12963005 12984359 -541391 401629 83102976 84714451 55171216 56315931 27931760 28398520 X IT IS THE MISSION OF COVENANT WOODS, A NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY, TO PROVIDE OUR RESIDENTS WITH EXCEPTIONAL CARE, QUALITY OF LIFE, AND SECURITY AND COMFORT IN KEEPING WITH THE BENEVOLENT VISION OF OUR METHODIST AND PRESBYTERIAN FOUNDERS IN 1883. 0 0 11187126 10500713 COVENANT WOODS (CW), A VIRGINIA NONSTOCK CORPORATION FOUNDED IN OCTOBER 1883, IS A NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY IN MECHANICSVILLE, VA. CW CONSISTS OF 133 INDEPENDENT LIVING UNITS, 43 ASSISTED LIVING UNITS, AND 39 LICENSED NURSING BEDS.THE COST TO OPERATE CW DURING FY2011 APPROXIMATES $12,987,000. CW OFFERS SERVICES FOR THEIR RESIDENTS COMPARABLE TO OTHER CCRC'S IN THE STATE. UTILITIES SUCH AS WATER, ELECTRICITY, HEATING AND COOLING, AND BASIC CABLE ARE PROVIDED. HOUSEKEEPING OF ALL COTTAGES, APARTMENTS, ROOMS, LOBBIES, CORRIDORS AND OTHER COMMON AREAS AND BASIC GROUNDS KEEPING CARE, INCLUDING LAWN SERVICE AND SNOW REMOVAL FROM WALKWAYS ARE PROVIDED BY CW. NECESSARY REPAIRS, MAINTENANCE AND REPLACEMENT OF PROPERTY OWNED BY CW ARE PERFORMED. INDIVIDUAL MAIL BOXES ARE PROVIDED IN A CENTRAL LOCATION FOR ALL RESIDENTS. PROGRAMS OF SOCIAL, RECREATIONAL, AND RELIGIOUS ACTIVITIES ARE PROVIDED FOR ALL RESIDENTS' SPIRITUAL, PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS AS WELL AS FOR INTELLECTUAL APPOINTMENTS. A HEALTH CLINIC IS PROVIDED FOR RESIDENTS TO BE EXAMINED AND TREATED AS OUTPATIENTS. A PHYSICIAN IS AVAILABLE DURING SPECIFIED PERIODS OF THE WEEK.CW HAS A MISSION TO PROVIDE BENEVOLENT CARE TO THOSE RESIDENTS WHO NEED IT. THE CARE IS FUNDED THROUGH CW'S ENDOWMENT FUND THROUGH INVESTMENT EARNINGS OR THE SALE OF INVESTMENTS. THE AMOUNT OF BENEVOLENT CARE GIVEN IN FY2011 AMOUNTED TO APPROXIMATELY $485,000. 11187126 1 1 0 0 0 0 0 0 0 1 0 0 0 1 0 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 0 1 7 0 1 282 1 0 0 0 0 0 0 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X ERIK MAURITSEN 8045698002 7090 COVENANT WOODS DR MECHANICSVILLE VA 23111 JAMES ELLIOTT 1.00 X X 0 0 0 CARLENE BASS 1.00 X X 0 0 0 PATRICK BRADY 1.00 X 0 0 0 SUSAN DRUMWRIGHT 1.00 X 0 0 0 EMILY ELMORE 1.00 X 0 0 0 MARY VAUGHAN FRANCIS 1.00 X 0 0 0 HELEN GALES 1.00 X 0 0 0 NATALIE KENT 1.00 X 0 0 0 WILLIAM LAVECCHIA 1.00 X X 0 0 0 JOSEPH MARSHBURN 1.00 X 0 0 0 JIMMY MILLS 1.00 X 0 0 0 ROBERT SCOTT 1.00 X 0 0 0 CHRIS SORENSON 1.00 X 0 0 0 DONALD TINDALL 1.00 X 0 0 0 MARGIE TURBYFILL 1.00 X 0 0 0 JACK WARD 1.00 X 0 0 0 THELMA WATSON 1.00 X 0 0 0 ANNE DOWNING 1.00 X 0 0 0 KATHY MILLER 1.00 X 0 0 0 BEV LORDI 1.00 X 0 0 0 GRACE WALLACE 1.00 X 0 0 0 MARY WINTER 1.00 X 0 0 0 TIMOTHY JOHNSON 40.00 X 192713 0 18661 ERIK MAURITSEN 40.00 X 98368 0 108 291081 0 18769 1 0 1 0 SFCS 305 S JEFFERSON ST ROANOKE VA 24011 ARCHITECTURAL/DESIGN 1291931 SB&A 207 W FRANKLIN ST RICHMOND VA 23220 MARKETING CONSULTANT 1012180 MORRISON'S SENIOR DINING PO BOX 102289 ATLANTA GA 30368 DINING 344015 GOODFELLOW PO BOX 539 MECHANICSVILLE VA 23111 CIVIL ENGINEER 279834 JLR 21929 WINDY OAKS SQUARE ASHBURN VA 20148 PROJECT MANAGER 135883 5 93775 93775 HEALTH CARE SERVICES 624100 6476260 6476260 RESIDENTIAL SERVICES 623990 4024453 4024453 RESIDENT SERVICES 812900 106728 106728 10607441 1260024 1260024 28200 28200 28200 28200 2798894 1378636 266169 1420258 -266169 1154089 1154089 11516 2755 8761 8761 MEAL/FOOD REVENUE 722210 111316 111316 DRUGS/MEDICAL SUPPLIES 900099 85055 85055 OTHER MISC. INCOME 900099 37327 37327 233698 13385988 10500713 0 2791500 309850 92955 216895 4765479 3682894 1004048 78537 183578 123854 54733 4991 897301 784853 112448 404685 289771 108653 6261 5875 5875 45794 45794 319544 266317 53227 87818 87818 2023678 1928951 67766 26961 63546 63546 913845 913845 13547 11676 1871 15502 13573 1864 65 453570 453570 2206847 2206847 257034 257034 MISCELLANEOUS 16866 3747 12525 594 12984359 11187126 1679824 117409 277872 178171 402724 183434 2273634 2739884 12348 11866 2473174 3394815 59325263 14789299 43805610 44535964 31235769 26674793 4103663 2621845 2891861 83102976 84714451 2111981 809959 22971667 24745374 28085000 29435000 1127857 2002568 0 197741 55171216 56315931 X 25320352 26641249 2055 2611408 1755216 27931760 28398520 83102976 84714451 X 401629 65131 X 0 1 1 X 0 X 132889 84832 123567 100520 91720 533528 6227820 21381885 9391863 9945828 10500712 57448108 624006 929381 298569 217375 245214 2314545 6984715 22396098 9813999 10263723 10837646 60296181 0 0 0 60296181 852116 1932962 1358661 1146980 1288224 6578943 852116 1932962 1358661 1146980 1288224 6578943 7836831 24329060 11172660 11410703 12125870 66875124 0.90160 0.88040 0.09840 0.11960 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 875000 2996738 3871738 44893263 12870265 32022998 3026804 867742 2159062 3667053 1051292 2615761 3866405 3866405 44535964 OTHER 197741 197741 13385988 12984359 401629 921323 -856192 65131 466760 13453874 921323 921323 12532551 853437 853437 13385988 12987114 0 12987114 -2755 -2755 12984359 PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF PERPETUAL TRUSTS -856,192. PART XII, LINE 4B - OTHER ADJUSTMENTS: CHANGE IN VALUE OF PERPETUAL TRUSTS 856,192. SPECIAL EVENT EXPENSES -2,755. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES -2,755. WINE TASTING & SILENT AUCTION 11516 11516 145 2324 286 11516 11516 145 2324 286 2755 8761 X X X 1 0 0 1 0 0 0 0 0 TIMOTHY JOHNSON 145176 0 15912 0 31625 0 16500 0 2161 0 211374 0 0 0 PART I, LINE 4A THE ORGANIZATION'S FORMER CFO LEFT THE ORGANIZATION IN SEPTEMBER 2009 AND WILL RECEIVE SEVERANCE PAYMENTS UNTIL SEPTEMBER 2010. PART I, LINE 5 THE ORGANIZATION'S CEO AND CFO PARTICIPATE IN AN EXECUTIVE BONUS PLAN THAT CONSIDERS IMPROVEMENT IN NET OPERATING MARGIN AS ONE OF THE FACTORS FOR THE BONUS. ECONOMIC DEVELOPMENT AUTHORITY OF HANOVER COUNTY VIRGINIA 2010-12-01 29435000 CURRENT REFUNDING 0 0 0 29575000 382432 29192568 1999 1 0 1 1 0 1 0 0 0 1 FORM 990, PART VI, SECTION B, LINE 11 THE FINANCE COMMITTEE REVIEWED THE 990. AFTER THEIR REVIEW, A COPY WAS SENT TO EACH BOARD MEMBER REQUESTING COMMENTS OR QUESTIONS TO BE DIRECTED TO THE CFO WITHIN 10 DAYS. AFTER THAT POINT IN TIME, THE 990 WAS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD IS POLLED ANNUALLY AND SURVEYS ARE COLLECTED BY THE EXECUTIVE SECRETARY AND CHECKED FOR COMPLIANCE WITH THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE CEO IS EVALUATED ANNUALLY BY THE EXECUTIVE COMMITTEE OF THE BOARD. EACH COMMITTEE MEMBER DOES AN INDEPENDENT EVALUATION, AND THE COMMITTEE CHAIRMAN COMPILES THE SCORE. THE EXECUTIVE COMMITTEE REVIEWS AND APPROVES THE CEO'S COMPENSATION PACKAGE PURSUANT TO THE EVALUATION. THE CEO EVALUATES THE CFO WITH FEEDBACK FROM THE BOARD. THE BOARD CHAIR REQUESTS COMPARATIVE SALARY DATA THAT THE HR DIRECTOR ACQUIRES FROM VARIOUS LONG-TERM CARE GROUPS, WHICH IS USED TO DETERMINE BASE WAGE INCREASES. BONUS AMOUNTS ARE DETERMINED BASED ON HOW WELL THE CEO AND CFO EXECUTE THE STRATEGIC PLAN FOR THE YEAR - MEETING BUDGET, SATISFACTION, DEVELOPMENT, ETC. BONUS AMOUNTS ARE CAPPED AT 10% OF BASE SALARY. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION'S RECENT FORMS 990 ARE AVAILABLE AT WWW.GUIDESTAR.ORG AND UPON REQUEST AT THE ORGANIZATION'S OFFICE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE FOR PUBLIC INSPECTION AT THIS TIME. THE ORGANIZATION'S AUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE ON SITE AND UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 921,323. CHANGE IN VALUE OF PERPETUAL TRUSTS -856,192. TOTAL TO FORM 990, PART XI, LINE 5: 65,131.