2011-11-15T16:12:13-06:00 2010-12-31 LARSONALLEN LLP 101 N TRYON STREET SUITE 1000 CHARLOTTE NC 28246 990 2010-01-01 570337132 THE EPISCOPAL CHURCH HOME EPIS 8437623300 ONE BISHOP GADSDEN WAY CHARLESTON SC 29412 SUSAN LEGARE 8434066345 2011-11-14 1 GREGORY W JOHNS 7049985200 2010 2016-02-24 21:20:13Z BISHOP GADSDEN RETIREMENT COMMUNITY C WILLIAM TRAWICK ONE BISHOP GADSDEN WAY CHARLESTON SC 29412 24065655 0 X WWW.BISHOPGADSDEN.ORG X 1948 SC TO PROVIDE HOUSING AND OTHER HEALTH CARE SERVICES THROUGH OPERATION OF A RETIREMENT FACILITY. 15 14 468 50 0 0 799513 942474 20475753 21670289 806417 987620 1619382 465272 23701065 24065655 111043 133433 0 0 10226892 10880074 0 0 229205 12731030 13383849 23068965 24397356 632100 -331701 126181172 128455524 110167744 110971327 16013428 17484197 X FOUNDED BY THE FOURTH EPISCOPAL BISHOP OF SOUTH CAROLINA IN 1850 AND SPONSORED BY THE DIOCESE OF SOUTH CAROLINA FROM THAT TIME FORWARD, THE EPISCOPAL CHURCH HOME (BISHOP GADSDEN) UPHOLDS THE TRADITION OF A FAITH-BASED, NOT-FOR-PROFIT ORGANIZATION DEDICATED TO THE HEALTH AND WELL-BEING OF THOSE PERSONS, WHO BECAUSE OF AGE, PERSONAL CONDITIONS, HEALTH AND THEIR EXPRESS DESIRE, CHOSE TO RESIDE IN A RETIREMENT COMMUNITY. BISHOP GADSDEN IS OPEN TO ALL MEN AND WOMEN WITHOUT REGARD TO RACE, CREED, RELIGION, SEXUAL PREFERENCE OR NATIONAL ORIGIN. BISHOP GADSDEN CLEARLY SETS FORTH ITS MANDATE IN ITS MISSION STATEMENT. "BISHOP GADSDEN, A LIFE CARE RETIREMENT COMMUNITY, EMBRACES GOD'S CALL TO MINISTRY. WE AFFIRM POSITIVE LIVING FOR ALL WHO LIVE AND WORK HERE. WE SERVE WITH INTEGRITY. WE EXERCISE WISE STEWARDSHIP. WE REACH OUT WITH A GENEROUS SPIRIT." 0 0 18376955 22119849 RETIREMENT COMMUNITY:BISHOP GADSDEN SERVES APPROXIMATELY 430 SENIOR ADULTS, 62 YEARS OF AGE AND OLDER, RESIDING IN FOUR LEVELS OF CARE--INDEPENDENT COMMUNITY (215 UNITS), ASSISTED LIVING (82 UNITS), MEMORY SUPPORT (20 BEDS) AND SKILLED NURSING CARE (50 BEDS). THE OBJECTIVE, AS THE MISSION STATEMENT ASSERTS, IS TO "AFFIRM POSITIVE LIVING FOR ALL WHO LIVE AND WORK HERE." WHETHER A RESIDENT IS ACTIVE WITH FEW HEALTH ISSUES OR PERMANENTLY BED-RIDDEN, THE GOAL IS TO MAKE EACH LIFE AS SATISFYING AND MEANINGFUL AS POSSIBLE IN THE CONTEXT OF INDIVIDUAL DESIRES AND NEEDS. 123187 123187 RESIDENT ASSISTANCE:BISHOP GADSDEN OFFERS FINANCIAL AID TO RESIDENTS WHO, THROUGH NO FAULT OF THEIR OWN, OUTLIVE THEIR RESOURCES. BISHOP GADSDEN ALSO EXTENDS ASSISTANCE TO INCOMING RESIDENTS, ACTING ON THE FIRM BELIEF THAT REMOVING ECONOMIC BARRIERS TO RESIDENCY IS PART OF ITS MISSION. SINCE 2000, BISHOP GADSDEN'S FINANCIAL AID TO ITS RESIDENTS HAS INCREASED SEVEN-FOLD. THE LONG-TERM GOAL IS TO BUILD THE ENDOWMENT FUND. FINANCIAL AID IS FUNDED FROM CONTRIBUTIONS ONLY; NO OPERATING REVENUES ARE USED FOR RESIDENT ASSISTANCE. 18869 OUTREACH:BISHOP GADSDEN'S RESIDENTS AND STAFF RECOGNIZE THE RESPONSIBILTY TO GIVE BACK IN RESPONSE TO WHAT GOD HAS GIVEN THEM. TO THAT END, TWO HABITAT FOR HUMANITY HOUSES HAVE BEEN FUNDED AND BUILT BY RESIDENTS AND STAFF--THE FIRST IN 2000 AND THE SECOND IN 2008. OTHER CHARITABLE EFFORTS OVER THE PAST TEN YEARS WERE DIRECTED TO THE DEE NORTON LOW COUNTRY CHILDREN'S CENTER, THE CHARLESTON AREA SENIOR CITIZENS CENTER, WHICH SERVES THE LOWEST INCOME SENIORS, THE MEDICAL UNIVERSITY OF SOUTH CAROLINA'S BURN UNIT, AND THE MAGDALENE HOUSE, A SAFE HAVEN FOR WOMEN COMING OUT OF PRISION. FINALLY, THE CAMPUS IS OPEN DURING THE YEAR TO THE GREATER COMMUNITY THROUGH WELLNESS PROGRAMS, GUEST LECTURES, CONCERTS AND TRADITIONAL CHURCH/SYNAGOGUE SERVICES. DURING 2009, BISHOP GADSDEN'S RESIDENTS AND STAFF GRANTED $36,663 TOWARDS OUTREACH. IN 2010, BISHOP GADSDEN'S RESIDENTS ASSOCIATION RAISED $100,000 FOR THE BARRIER ISLAND FREE MEDICAL CLINIC, AN ORGANIZATION THAT PROVIDES FREE MEDICAL CARE FOR QUALIFIED LOW INCOME INDIVIDUALS LIVING ON THE BARRIER ISLANDS AROUND CHARLESTON. THESE INDIVIDUALS TYPICALLY ARE AFRICAN-AMERICANS WHO LIVE AT OR BELOW THE POVERTY LINE. 10246 10246 TUITION REIMBURSEMENT PROGRAM 10246 10246 18529257 1 1 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 31 0 468 1 0 0 0 0 0 0 0 0 0 0 X 15 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 SC X X SUSAN LEGARE CFO 8434066345 ONE BISHOP GADSDEN WAY CHARLESTON SC 29412 WALLACE T BONAPARTE 1.00 X 0 0 0 JAMES T GETTYS III 1.00 X 0 0 0 DR BARABARA EDLUND 1.00 X 0 0 0 SUSANNE T HOLLOMAN 1.00 X 0 0 0 BRIAN A HUSSAIN 1.00 X 0 0 0 THE REV MORRIS J LENT 1.00 X 0 0 0 DR LAYTON MCCURDY 1.00 X 0 0 0 THE REV DANIEL J MESSIER 1.00 X 0 0 0 WE APPLEGATE III 1.00 X 0 0 0 DOROTHY PAGLIARO 1.00 X 0 0 0 CORNELIA PELZER 1.00 X 0 0 0 MILDRED STROBEL 1.00 X 0 0 0 THE RT REV LAWRENCE 0.00 X 0 0 0 BARBARA CHRISTIE 1.00 X 0 0 0 DR FRANK MIDDLETON 1.00 X 0 0 0 C WILLIAM TRAWICK 50.00 X 231294 0 16500 SARAH E H TIPTON 50.00 X 91137 0 16500 SUSAN G LEGARE 50.00 X 111457 0 16500 433888 0 49500 2 0 1 0 LIBERTY CONSTRUCTION PO BOX 80759 CHARLESTON SC 29407 CONSTRUCTION 829506 C MICHAEL POPLIN 958 MIKELL DRIVE CHARLESTON SC 29412 CONSTRUCTION 674016 FLANDERS CARPETS 1040 GARDNER ROAD CHARLESTON SC 29407 CONSTR./FLOORING 324797 STOLL CONTRACTING PO BOX 80783 CHARLESTON SC 29416 CONSTRUCTION 291902 BOVIS LEND LEASE PO BOX 32755 CHARLOTTE NC 28217 CONTRACTOR/CONSTR. 223309 10 942474 942474 RESIDENT REVENUE 623000 21670289 21670289 21670289 857351 857351 46852 46852 46852 46852 130269 130269 130269 130269 DEPOSIT FORFEITURES 900099 313398 313398 105022 89310 15712 418420 24065655 22072997 0 1050184 133433 133433 531520 531520 8223581 7309906 821834 91841 147668 124041 22150 1477 1259631 1058090 188945 12596 717674 602846 107651 7177 9347 9347 47488 47488 39565 39565 1320743 1227712 73950 19081 151619 93507 58112 212779 39502 148988 24289 126473 126473 1789969 1789969 24694 7993 15785 916 52361 13352 37204 1805 2673803 2673803 4137721 4137721 577639 577639 DIETARY SUPPLIES 1652223 1652223 HEALTHCARE SUPPLIES 212964 212964 OTHER SUPPLIES 95375 95375 MINOR EQUIPMENT 43998 43998 215088 80132 123045 11911 24397356 18529257 5638894 229205 4215105 5029417 1783691 1789129 141950 112647 247493 162122 85558 100514 324962 569079 111509873 33025593 79947136 78484280 34499262 38700609 4936015 3507727 126181172 128455524 2302291 1771141 42931808 46953180 63674115 60903809 1259530 1343197 110167744 110971327 X 13068565 14076506 1683501 1965694 1261362 1441997 16013428 17484197 126181172 128455524 X -331701 1802470 X X 0 1 1 X 0 X 778405 949394 540500 799513 942474 4010286 19570078 21635541 20045977 20475753 21670289 103397638 20348483 22584935 20586477 21275266 22612763 107407924 0 2382922 2008245 4391167 2382922 2008245 4391167 103016757 1806851 1966300 1566837 806417 987620 7134025 1806851 1966300 1566837 806417 987620 7134025 3104 28651 31755 261612 91178 1509960 1590751 465272 3918773 22416946 24642413 23666378 23701085 24065655 118492477 0.86940 0.89630 0.06020 0.07320 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1629579 134454 4500 1759533 1328711 12442 288426 1629579 1314650 14061 1248920 0.74000 0.26000 0 0 1840646 1840646 89226253 23515365 65710888 10420612 6272992 4147620 10022362 3237236 6785126 78484280 INVESTMENTS 24543779 F ASSETS LIMITED AS TO USE 13344318 F FIDUCIARY ASSETS 812512 F 38700609 INTEREST RATE SWAP AGREEMENT 445796 GIFT ANNUITIES 633689 OTHER LIABILITIES 263712 1343197 24065655 24397356 -331701 1854022 -51552 1802470 1470769 25405297 1854022 202062 2056084 23349213 716442 716442 24065655 24397356 0 24397356 0 24397356 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ENDOWMENT ASSETS ARE INVESTED IN A MANNER THAT IS INTENDED TO PRESERVE AND GROW CAPITAL, STRIVE FOR CONSISTENT ABSOLUTE RETURNS, PRESERVE PURCHASING POWER BY STRIVING FOR LONG-TERM RETURNS WHICH EITHER MATCH OR EXCEED THE SET PAYOUT, FEES AND INFLATION WITHOUT PUTTING THE PRINCIPAL VALUE AT IMPRUDENT RISK, AND DIVERSIFY INVESTMENTS CONSISTENT WITH COMMONLY ACCEPTED INDUSTRY STANDARD TO MINIMIZE THE RISK OF LARGE LOSSES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: BISHOP GADSDEN IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. BISHOP GADSDEN QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 170 AND HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(2). BISHOP GADSDEN FILES AS A TAX-EXEMPT ORGANIZATION. SHOULD ITS TAX STATUS BE CHALLENGED IN THE FUTURE, THE 2006 - 2009 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL, STATE, AND LOCAL AUTHORITIES. MANAGEMENT IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS. MANAGEMENT IS NOT AWARE OF ANY SIGNIFICANT ACTIVITIES THAT ARE SUBJECT TO TAX ON UNRELATED BUSINESS INCOME, EXCISE OR OTHER TAXES. EFFECTIVE JANUARY 1, 2009, BISHOP GADSDEN ADOPTED THE INCOME TAX STANDARD REGARDING THE RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS, WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE FINALIZED. THE ADOPTION OF THIS STANDARD HAD NO SIGNIFICANT IMPACT ON THE FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009. PART XI, LINE 8 - OTHER ADJUSTMENTS: TEMPORARITLY RESTRICTED UNREALIZED GAIN 151,477. CHANGE IN MARKET VALUE OF INTEREST RATE SWAP 54,296. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -257,325. PART XII, LINE 2D - OTHER ADJUSTMENTS: NET ASSETS RELEASED FROM RESTRICTION 405,091. CHANGE IN MARKET VALUE OF INTEREST RATE SWAP 54,296. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -257,325. PART XII, LINE 4B - OTHER ADJUSTMENTS: RESTRICTED CONTRIBUTIONS 659,060. RESTRICTED INVESTMENT INCOME 57,382. 1 FINANCIAL ASSISTANCE 10 123187 TUITION REIMBURSEMENT 5 10246 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: FINANCIAL ASSISTANCE IS GIVEN TO RESIDENTS WHO QUALIFY FOR RESIDENCY IN EVERY WAY EXCEPT FINANCIAL. ALL PROSPECTIVE RESIDENTS SEEKING FINANCIAL ASSISTANCE UNDERGO THE SAME SCREENING THAT ALL OTHER PROSPECTIVES RESIDENTS DO. IF A CURRENT RESIDENT SEEKS FINANCIAL ASSISTANCE, BISHOP GADSDEN REQUIRES AN UPDATE OF HIS/HER CONFIDENTIAL FINANCIAL INFORMATION. WE MAY ALSO REQUIRE FURTHER DOCUMENTS IN THE FORM OF TAX RETURNS AND/OR BANK STATEMENTS. TUITION REIMBURSEMENT IS GIVEN TO EMPLOYEES WHO QUALIFY UNDER THE PROGRAM DETAILS. REIMBURSEMENT OF TUITION IS PROVIDED ONCE APPROPRIATE SUPPORT IS PROVIDED OR DIRECT PAYMENT OF EXPENSES IS MADE TO THIRD PARITES ON THE STUDENT'S BEHALF. X X X X 0 0 0 0 0 0 0 0 0 C WILLIAM TRAWICK 209864 0 19080 0 2350 0 16500 0 0 0 247794 0 0 0 CHARLESTON COUNTY SOUTH CAROLINA 576001289 837033JV2 2007-04-01 28185000 REFUNDING OF SERIES 2003 0 0 0 31617521 2481940 28593446 542135 1 0 1 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 THE PRESIDENT/CEO REVIEW THE 990 AND WILL PROVIDE A COPY OF FORM 990 TO THE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C AT THE BEGINNING OF EACH BOARD YEAR, ALL MEMBERS OF THE BOARD OF TRUSTEES, ARE REQUIRED TO COMPLETE A "CONFLICT OF INTEREST" STATEMENT. AFTER THE STATEMENTS ARE TURNED IN, THEY ARE REVIEWED BY THE CHAIRMAN OF THE BOARD AND THE PRESIDENT/CEO WHO TAKE ACTION. EITHER THE BOARD MEMBER IS ASKED TO RESOLVE THE CONFLICT OR HE/SHE IS ASKED TO RECUSE HIM OR HERSELF FROM VOTING ON MATTERS WHERE A CONFLICT EXISTS. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE REVIEWS THE PRESIDENT/CEO'S COMPENSATION EACH YEAR. FORM 990, PART VI, SECTION C, LINE 19 THE CONFLICT OF INTEREST POLICY IS AVAILABLE TO THE PUBLIC UPON REQUEST AND THE FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC THROUGH THE ANNUAL REPORT. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 1,854,022. TEMPORARITLY RESTRICTED UNREALIZED GAIN 151,477. CHANGE IN MARKET VALUE OF INTEREST RATE SWAP 54,296. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -257,325. TOTAL TO FORM 990, PART XI, LINE 5: 1,802,470. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS AN AUDIT COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS USED HAS NOT CHANGED FROM THE PRIOR YEAR.