2011-11-09T15:24:42-06:00 2010-12-31 LARSONALLEN LLP 18 SENTRY PARK WEST SUITE 300 BLUE BELL PA 194222240 990 2010-01-01 521862674 ASBURY FOUNDATION INC ASBU 3012504050 20030 CENTURY BLVD NO 300 GERMANTOWN MD 20874 KIM EHRENFRIED 3012504050 2011-11-09 1 BERNADETTE O'TOOLECPA 2156433900 2010 2016-03-07 17:11:31Z DOUGLAS C MYERS 20030 CENTURY BLVD NO 300 GERMANTOWN MD 20874 10273429 0 X WWW.THEASBURYFOUNDATION.ORG X 1994 MD SEE SCHEDULE O FOR ORGANIZATION'S MISSION STATEMENT.TO SECURE CHARITABLE SUPPORT TO ENHANCE THE QUALITY OF LIFE FOR SENIORS SERVED BY THE ASBURY AFFILIATES 14 9 10 13 0 0 4053931 3631818 0 0 -1099533 824137 -23770 -30385 2930628 4425570 0 0 0 0 894858 899525 0 0 2250508 751626 1350983 1646484 2250508 1284144 2175062 19719895 20971626 4824757 5222756 14895138 15748870 TO SECURE CHARITABLE SUPPORT TO ENHANCE THE QUALITY OF LIFE FOR SENIORS SERVED BY THE AFFILIATES OF ASBURY COMMUNITIES. 0 0 ASBURY FOUNDATION IS A SUPPORTING ORGANIZATION OF ASBURY ATLANTIC, INC., ASBURY SOLOMONS, INC. AND INVERNESS VILLAGE, INC. TO PROMOTE CHARITABLE GIVING AND HELP FUND CHARITABLE PROGRAMS. 1 1 0 0 0 0 0 0 1 1 0 0 1 0 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 10 1 0 0 0 0 0 0 0 0 0 0 0 X 14 9 0 0 0 0 0 0 0 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 LOUIS F GRAMMES 1.00 X 0 0 0 NICHOLAS J SERENYI 1.00 X X 0 0 0 STEVEN B JACKSON 1.00 X 0 0 0 J LAURENCE KENT 1.00 X 0 0 0 TOM E LEWIS 1.00 X 0 0 0 PHYLLIS V SCHWEIZER 1.00 X 0 0 0 JOHN SCHULZE 1.00 X X 0 0 0 TITA HERSHNER EBERLY 1.00 X 0 0 0 MARY ELLEN ELWELL 1.00 X 0 0 0 KATHRYN B GORRELL 1.00 X 0 0 0 JUDY BANKSON 1.00 X 0 0 0 REV JOAN SMITH 1.00 X 0 0 0 DENNIS YOCUM 1.00 X 0 0 0 DOUGLAS C MYERS 50.00 X X 203201 0 11641 ANDREW JOSEPH 1.00 X 0 187352 13008 MICHAEL CONNELL 1.00 X 0 274308 15246 DOUGLAS LEIDIG 1.00 X 0 339009 12746 PEGGY CRESPI KAPLAN 1.00 X 0 280330 13672 KIM EHRENFRIED 1.00 X 0 153551 10728 203201 1234550 77041 1 0 1 0 0 100216 3531602 128926 3631818 132386 132386 6494496 5802745 691751 691751 691751 14729 100216 45114 -30385 -30385 4425570 0 0 793752 214842 214842 569146 569146 15783 15783 49906 49906 49848 49848 79570 79570 675 675 2835 2835 43710 43710 2452 2452 77129 77129 60871 60871 1168 1168 22894 22894 1133 1133 4121 4121 TRANSFERS TO (FROM) AFO 712360 712360 TEMPORARY RESTRICTION E 310539 310539 EDUCATION AND TRAINNING 3883 3883 DUES AND SUBSCRIPTIONS 2865 2865 24778 24778 2250508 0 0 2250508 182585 124996 31 11705 56434 23345 16884 33089 9442401 10362342 10077994 10439494 19719895 20971626 3722 5347 4821035 5217409 4824757 5222756 X 150000 150000 1537613 799149 13207525 14799721 14895138 15748870 19719895 20971626 X 2175062 -1321330 X X 0 1 1 X 0 X X 0 0 0 ASBURY ATLANTIC INC 520607956 9 1 1 1 0 ASBURY SOLOMONS 521862675 9 1 1 1 0 INVERNESS VILLAGE 731539802 9 1 1 1 0 3 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 22632606 2218711 -734517 24116800 21954643 1242577 -564614 22632606 21994377 562983 -602717 21954643 1.00000 0 0 30811 30811 25623 23345 2278 33089 DUE FROM AFFILIATES 8379274 FUNDS HELD IN TRUST 1684127 PLEDGES RECEIVABLE 183232 OTHER RECEIVABLES 192861 10439494 4425570 2250508 2175062 123516 -1444846 -1321330 853732 2992510 1165191 1165191 1827319 2598251 2598251 4425570 2295622 45114 45114 2250508 0 2250508 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 2007 TO 2009 ARE OPEN TO EXAMINATION BY FEDERAL, LOCAL, AND STATE AUTHORITIES. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF GIFT ANNUITIES -624,442. NET ASSETS RELEASED FROM RESTRICTIONS USED FOR PURCHASE OF CAPITAL ITEMS -820,404. PART XII, LINE 2D - OTHER ADJUSTMENTS: NET ASSETS RELEASED FOR OPERATIONS 344,787. NET ASSETS RELEASED FOR CAPITAL ITEMS 820,404. PART XII, LINE 4B - OTHER ADJUSTMENTS: CONTRIBUTIONS - TEMPORARILY RESTRICTED 426,727. CONTRIBUTIONS - PERMANENTLY RESTRICTED 2,216,638. DIRECT EXPENSES FROM FUNDRAISING EVENTS -45,114. PART XIII, LINE 2D - OTHER ADJUSTMENTS: DIRECT EXPENSES FROM FUNDRAISING EVENTS 45,114. CARING CLASSIC GOLF TOURNAMENT 83045 73943 9102 5562 15439 9111 3470 INVERNESS VILLAGE BLUES FESTIVAL 19150 14627 4523 4552 1 12750 11646 1104 2000 4980 114945 100216 14729 5562 15439 9111 2000 13002 45114 -30385 X X X X X 0 0 0 0 0 0 0 0 0 DOUGLAS C MYERS 202762 0 0 0 439 0 6245 0 5396 0 214842 0 0 0 ANDREW JOSEPH 0 182457 0 4500 0 395 0 5824 0 7184 0 200360 0 0 MICHAEL CONNELL 0 253822 0 20000 0 486 0 7350 0 7896 0 289554 0 0 DOUGLAS LEIDIG 0 333469 0 5000 0 540 0 7350 0 5396 0 351755 0 0 PEGGY CRESPI KAPLAN 0 273008 0 5000 0 2322 0 7350 0 6322 0 294002 0 0 KIM EHRENFRIED 0 148744 0 4500 0 307 0 4909 0 5819 0 164279 0 0 X 5 93670 MARKET VALUE X 1 35256 APPRAISAL 0 0 0 FORM 990, PART I, LINE 6 ON THE PART I SUMMARY, LINE 6, WE HAVE LISTED 13 TOTAL VOLUNTEERS. THESE ARE OUR OUTSIDE BOARD OF DIRECTORS THAT DONATE THEIR TIME AND EXPERIENCE. THESE DIRECTORS ARE VOLUNTEERS THAT PERFORM AN INDEPENDENT, OBJECTIVE FUNCTION, KEEPING AN EYE ON THE ORGANIZATION'S STRUCTURE, FINANCES, AND THE RESULTS OF THE CARE AND SERVICES WE DELIVER. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS CAN ACT IN PLACE OF THE BOARD BETWEEN MEETINGS. ALL MEMBERS OF THE EXECUTIVE COMMITTEE ARE MEMBERS OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 1 WE REPORTED 9 INDEPENDENT VOTING MEMBERS OF THE GOVERNING BODY. THE NON-INDEPENDENT BOARD MEMBERS CONSIST OF ONE EMPLOYEE OF THE FOUNDATION, ONE RESIDENT OF ASBURY SOLOMONS, TWO RESIDENTS OF BETHANY VILLAGE AND ONE RESIDENT OF ASBURY METHODIST VILLAGE. 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 12TH 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 TOWER 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 TOWER 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 VI, SECTION A, LINE 2 A DIRECTOR OF THE FOUNDATION IS AN EMPLOYEE OF THE COMPANY THAT MANAGES ASBURY'S 401(K) PLAN. HE IS ALSO AN ADVISOR TO ASBURY AND HIS FIRM IS COMPENSATED FOR THEIR SERVICES ON AN ARMS LENGTH TRANSACTION BASIS. 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 2010 CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR ASBURY COMMUNITIES, INC. HAD TOTAL REVENUES OF $162.1 MILLION AND TOTAL ASSETS IN EXCESS OF $540 MILLION. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 123,516. CHANGE IN VALUE OF GIFT ANNUITIES -624,442. NET ASSETS RELEASED FROM RESTRICTIONS USED FOR PURCHASE OF CAPITAL ITEMS -820,404. TOTAL TO FORM 990, PART XI, LINE 5: -1,321,330. FORM 990, PART XII, LINE 8A THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 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