2025-03-12T08:52:46-05:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 227 WEST TRADE STREET SUITE 800 CHARLOTTE NC 28202 990 2023-01-01 560547462 ALDERSGATE UNITED METHODIST RETIREMENT COMMUNITY INC ALDE 7045327000 3800 SHAMROCK DRIVE CHARLOTTE NC 28215 CHERIE GRISSO CFO 7045327000 2025-03-04 1 1 KATHERINE A WARLICK P02065266 7049985200 2025-03-04 2023 2025-03-06 01:10:19Z CHERIE GRISSO 3800 SHAMROCK DRIVE CHARLOTTE NC 28215 72349793 0 X WWW.ALDERSGATELIVING.ORG X 1945 NC ALDERSGATE PROVIDES EXCELLENT CONTINUING CARE SERVICES FOR SENIORS. 12 12 583 25 0 0 314427 2546515 42486825 45639749 1671820 1915148 0 310222 44473072 50411634 0 0 0 0 21854091 20544578 0 0 237864 33634944 27461130 55489035 48005708 -11015963 2405926 148180690 147033162 193182312 189525402 -45001622 -42492240 WE CELEBRATE AND RESPECT THE VALUE OF EACH INDIVIDUAL WITHIN AN INCLUSIVE AND VIBRANT ALDERSGATE COMMUNITY. 0 0 40050488 46034699 ALDERSGATE PROVIDES HOUSING, MEALS, SECURITY, ASSISTANCE WITH ESSENTIAL ACTIVITIES OF DAILY LIVING, SKILLED NURSING CARE, AND RELATED SERVICES DESIGNED SPECIFICALLY FOR SENIOR ADULTS WHILE OFFERING RELIGIOUS, CULTURAL, RECREATIONAL AND OTHER ACTIVITIES INCLUDING OPPORTUNITIES FOR COMMUNITY VOLUNTEERING AND TRANSPORTATION TO EVENTS AND APPOINTMENTS. SERVICES ARE PROVIDED 24 HOURS PER DAY. ALDERSGATE MAKES EVERY EFFORT TO CONTINUE PROVIDING SERVICES TO RESIDENTS WHO NEED SUPPLEMENTAL FINANCIAL ASSISTANCE. 40050488 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 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 1 1 0 0 0 1 31 0 583 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 1 0 1 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X SARAH CROCKFORD 7045327000 3800 SHAMROCK DR CHARLOTTE NC 28211 PATRICIA PAT G GARRETT PAST CHAIR 1.00 2.00 X 0 0 0 KEVIN MCKANE BOARD DIRECTOR 1.00 2.00 X 0 0 0 OTTO HARRIS BOARD DIRECTOR 1.00 2.00 X 0 0 0 JEAN GOSSETT BOARD DIRECTOR 1.00 2.00 X 0 0 0 MANDY GRIMES BOARD DIRECTOR 1.00 2.00 X 0 0 0 BILL JONES III BOARD DIRECTOR 1.00 2.00 X 0 0 0 TOMMY LAWING BOARD DIRECTOR 1.00 2.00 X 0 0 0 FRED LONGIETTI BOARD DIRECTOR 1.00 2.00 X 0 0 0 BILLY MADDALON CHAIR 1.00 2.00 X X 0 0 0 GENE ROBBINS BOARD DIRECTOR 1.00 2.00 X 0 0 0 IRENE VOGELSONG BOARD DIRECTOR 1.00 1.00 X 0 0 0 STANLEY WATKINS SECRETARY 1.00 2.00 X X 0 0 0 JUDY WIESNER BOARD DIRECTOR 1.00 2.00 X 0 0 0 SHERRI WILLIAMS BOARD DIRECTOR 1.00 2.00 X 0 0 0 SAMMY JACKSON BOARD DIRECTOR 1.00 2.00 X 0 0 0 MIKE GIANG BOARD DIRECTOR 1.00 2.00 X 0 0 0 ROBERT VAUGHN BOARD DIRECTOR (9/2023) 1.00 2.00 X 0 0 0 SUZANNE PUGH CEO 2.00 38.00 X 0 259755 21852 CHERIE GRISSO CFO 2.00 38.00 X 0 123731 9060 BROOKE HODGE EXECUTIVE DIRECTOR 40.00 X 172610 0 14379 JORGE MILLARES SALES & MARKETING 40.00 X 151294 0 11193 KATHLENE HENDRICK COO AND SR. HR DIR 36.00 4.00 X 0 135792 14462 JENNIFER BURDESHAW INTERIM DIRECTOR OF NURSING 40.00 X 139035 0 12331 KOURTNEY CARTER SALES COUNSELOR 40.00 X 125012 0 12803 587951 519278 96080 5 0 1 0 SELECT REHABILITATION PO BOX 71985 CHICAGO IL 60694 REHABILITATION SERVICES 2279106 US FOODS PO BOX 602286 CHARLOTTE NC 28260 FOOD SERVICE 2000815 HARMON CONSTRUCTION SERVICES LLC 2759 INTERSTATE ST CHARLOTTE NC 28208 CONSTRUCTION 779601 SOUTHERN PHARMACY 1031 E MOUNTAIN ST KERNERSVILLE NC 27284 MEDICATIONS 671980 RELIABLE RESTORATIONS 12259 NATIONS FORD RD SUITE A PINEVILLE NC 28134 RESTORATION SERVICES 469847 5 2099018 447497 2546515 RESIDENT REVENUE 623000 40356351 40356351 ENTRANCE FEES EARNED 623000 4531777 4531777 751621 751621 45639749 84728 84728 310222 0 310222 310222 310222 22268579 1500000 21745307 192852 523272 1307148 1830420 1830420 50411634 46034699 0 1830420 17607193 16964478 520717 121998 229985 154791 75194 1445512 972897 472615 1261888 1122809 127108 11971 2028233 2028233 442065 442065 92743 92743 24343 24343 2168528 1145611 1022917 292722 267481 25241 778982 85623 630538 62821 1797470 1689622 107848 92193 16155 64362 11676 38136 5067 32160 909 4260812 4244050 16762 7129444 6701677 427767 362924 144689 218235 SUPPLIES 3339808 3339808 FOOD 1986098 1986098 EQUIPMENT EXPENSES 1480544 740272 740272 GENERAL AND ADMINISTRAT 618791 581664 37127 527294 155177 368869 3248 48005708 40050488 7717356 237864 1400 1400 1766148 3036583 4528110 4286583 80646 114444 39554 250241 208238188 100111300 113597916 108126888 0 5689305 23505939 20458601 4660977 5069117 148180690 147033162 8746773 6654522 27512701 27318869 77046109 103420488 26250000 0 53626729 52131523 193182312 189525402 X -45911102 -44127313 909480 1635073 -45001622 -42492240 148180690 147033162 X 2405926 1448618 -1345162 X X 0 1 X 1 0 X 786376 1308014 3720746 314427 2546515 8676078 38141807 39039933 40696925 42486825 45639749 206005239 38928183 40347947 44417671 42801252 48186264 214681317 51096 192775 243871 0 51096 192775 243871 214437446 640035 203093 394950 1238078 640035 203093 394950 1238078 39568218 40551040 44417671 42801252 48581214 215919395 0.99310 0.99180 0.00570 0.00710 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1528731 597076 2125807 2034534 -505803 1528731 1876106 158428 2034534 1756325 119781 1876106 1683034 73291 1756325 0.47507 0.52493 0 0 3742785 3742785 166693028 77134098 89558930 9766065 5320430 4445635 20728960 15933975 4794985 7307350 1722797 5584553 108126888 DESIGNATED FOR STATUTORY OPERATING RESERVE 9232000 F HELD UNDER BOND AGREEMENT 8581627 F RESTRICTED INVESTMENTS 2644974 F 20458601 REFUNDABLE ENTRANCE FEES 51280595 OTHER LIABILITIES 103680 ENTRANCE FEE DEPOSITS 747248 52131523 X PART V, LINE 4: THE ORGANIZATION USES ENDOWMENT FUNDS TOWARDS VARIOUS DONOR DESIGNATED PURPOSES INCLUDING FINANCIAL ASSISTANCE TO RESIDENTS UNABLE TO PAY AND EMPLOYEE TRAINING. PART X, LINE 2: ALDERSGATE AT SHAMROCK AND HOLDINGS ARE EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) AND 501(C)(2), RESPECTIVELY, OF THE INTERNAL REVENUE CODE (IRC). ACCORDINGLY, ALDERSGATE AT SHAMROCK AND HOLDINGS HAVE MADE NO PROVISION FOR INCOME TAXES IN THE CONSOLIDATED FINANCIAL STATEMENTS. ALDERSGATE AT SHAMROCK AND HOLDINGS ARE NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE THEIR TAX-EXEMPT STATUS. ALDERSGATE AT SHAMROCK AND HOLDINGS FOLLOW ACCOUNTING GUIDANCE REGARDING RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. AS OF DECEMBER 31, 2023 AND 2022, MANAGEMENT IS NOT AWARE OF ANY UNCERTAIN TAX POSITIONS. 0 0 0 0 0 0 0 0 0 SUZANNE PUGH CEO 0 259755 0 0 0 0 0 5332 0 16520 0 281607 0 0 BROOKE HODGE EXECUTIVE DIRECTOR 172610 0 0 0 0 0 3467 0 10912 0 186989 0 0 0 JORGE MILLARES SALES & MARKETING 88366 0 62928 0 0 0 1254 0 9939 0 162487 0 0 0 JENNIFER BURDESHAW INTERIM DIRECTOR OF NURSING 115136 0 23899 0 0 0 1389 0 10942 0 151366 0 0 0 KATHLENE HENDRICK COO AND SR. HR DIR 0 135792 0 0 0 0 0 2751 0 11711 0 150254 0 0 PART I, LINE 3 ALL OFFICERS ARE COMPENSATED BY A RELATED ORGANIZATION. ALL EMPLOYEES (INCLUDING THE TOP MANAGEMENT AND KEY EMPLOYEES) ARE COMPARED PERIODICALLY TO WAGE DATA THAT IS DEVELOPED INDEPENDENTLY THROUGH A LOCAL EMPLOYERS AND TRADE ASSOCIATION. THE WAGES ARE REVIEWED TO CONFIRM THEY ARE COMPETITIVE IN THE LOCAL MARKET AND ALIGNED WITH INDUSTRY COMPS. THE COMPENSATION OF THE CEO IS APPROVED BY THE BOARD OF DIRECTORS OR THE EXECUTIVE COMMITTEE AS THE BOARD'S DESIGNEE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. A NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 65820YLM6 2015-11-18 49240000 FINANCE NEW CONSTRUCTION AND REFINANCE CURRENT PROJECTS. 0 0 0 B NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 65820YNG7 2017-05-31 35094238 REFUND BANK LOAN; FINANCE NEW CONSTRUCTION 0 0 0 C NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 NONEAVAIL 2021-07-29 15340000 REFUND 2017B BONDS, TERMINATE INTEREST RATE SWAP AND PAY ISSUANCE COSTS 0 0 0 D NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 NONEAVAIL 2023-04-03 25470000 REFUND 2013 BONDS 0 0 0 A 49125093 2399588 982502 43811540 2112265 2019 1 0 1 1 B 17639238 35094238 1242528 687884 29608184 3555642 2019 0 0 1 1 C 1180000 15340000 170191 15169809 1 0 1 1 D 25470000 25470000 0 1 0 1 A 0 1 0 0 0.04000 0.04000 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 0 0 0 1 0 0 0 0 C 0 0 1 0 1 0 0 0 1 D 0 1 0 0 1 1 TRUIST BANK 9.500000000000 0 0 0 0 1 A 1 B 1 C 1 D 1 FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE IS COMPRISED OF BOARD OFFICERS. THE SCOPE OF THE EXECUTIVE COMMITTEE IS: THERE SHALL BE AN EXECUTIVE COMMITTEE COMPOSED OF THE BOARD OFFICERS AND THE CHAIRPERSONS OF THE FINANCE AND GOVERNANCE COMMITTEES OF THE BOARD. THE EXECUTIVE COMMITTEE SHALL MEET UPON THE CALL OF THE CHAIRPERSON OF THE BOARD, WHICH CALL SHALL SPECIFY THE TIME, PLACE AND PURPOSE OF THE MEETING. SUBJECT TO THE LIMITATIONS SET FORTH HEREIN AND APPLICABLE LAW, THE COMMITTEE SHALL BE AUTHORIZED TO TAKE ACTION IN THE NAME OF THE CORPORATION, PROVIDED, HOWEVER, THAT A FULL REPORT OF ANY SUCH ACTION TAKEN SHALL BE MADE AT THE NEXT MEETING OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION COMBINED ITS FINANCE AND INVESTMENT COMMITTEESS INTO A SINGLE COMMITEE AND UPDATED ITS MISSION AND VISION STATEMENTS. THE NEW MISSION STATEMENT IS, "WE CELEBRATE AND RESPECT THE VALUE OF EACH INDIVIDUAL WITHIN AN INCLUSIVE AND VIBRANT ALDERSGATE COMMUNITY." THE NEW VISION STATEMENT IS, "LIVING YOUR BEST POSSIBLE DAY." FORM 990, PART VI, SECTION A, LINE 6 PARENT, AS THE SOLE MEMBER OF THIS CORPORATION, MAY ACT WITHOUT A FORMAL MEETING; PROVIDED THAT SUCH ACTION IS AUTHORIZED AND APPROVED BY PARENT'S BOARD OF DIRECTORS (THE PARENT BOARD), EITHER BEFORE OR AFTER THE ACTION (WHICH AUTHORIZATION AND APPROVAL MAY BE GENERAL IN NATURE OR LIMITED TO SPECIFIC INSTANCES). SUCH ACTION MAY BE EVIDENCED BY A WRITTEN CONSENT SIGNED BY AN INDIVIDUAL OR INDIVIDUALS DESIGNATED BY THE PARENT BOARD PURSUANT TO ARTICLE II, SECTION 3 OR, IN THE ABSENCE OF SUCH DESIGNATION, BY THE CHAIR OF THE PARENT BOARD, BEFORE OR AFTER SUCH ACTION, DESCRIBING THE ACTION TAKEN, WHICH CONSENT SHALL BE DELIVERED TO THE CORPORATION AND SHALL BE INCLUDED IN THE CORPORATE MINUTES OR FILED WITH THE CORPORATE RECORDS FORM 990, PART VI, SECTION B, LINE 11B CFO REVIEWS AND PROVIDES TO THE FINANCE COMMITTEE OF THE BOARD FOR REVIEW AND APPROVAL TO SUBMIT. THE ENTIRE BOARD RECEIVES A COPY OF THE FORM 990 FORM 990, PART VI, SECTION B, LINE 12C ALL MEMBERS OF THE BOARD OF DIRECTORS ARE COVERED AND SIGN THE CONFLICT OF INTEREST POLICY. AT THE BEGINNING OF EACH MEETING, THE CHAIR REMINDS DIRECTORS OF THE POLICY AS WELL AS OTHER RULES OF ORDER. ITEMS WITH POTENTIAL CONFLICT THAT REPRESENT MAJOR EXPENDITURES ARE SUBJECT TO A BID PROCESS WHERE THE LOWEST COST PROVIDER OF THE DESIRED SERVICE IS GENERALLY SELECTED. FORM 990, PART VI, SECTION B, LINE 15 ALL EMPLOYEES (INCLUDING THE TOP MANAGEMENT AND KEY EMPLOYEES) ARE COMPARED PERIODICALLY TO WAGE DATA THAT IS DEVELOPED INDEPENDENTLY THROUGH A LOCAL EMPLOYERS AND TRADE ASSOCIATION. THE WAGES ARE REVIEWED TO CONFIRM THEY ARE COMPETITIVE IN THE LOCAL MARKET AND ALIGNED WITH INDUSTRY COMPS. THE COMPENSATION OF THE CEO IS APPROVED BY THE BOARD OF DIRECTORS OR THE EXECUTIVE COMMITTEE AS THE BOARD'S DESIGNEE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 AUDITED FINANCIAL STATEMENTS ARE FILED ANNUALLY WITH THE NORTH CAROLINA DEPARTMENT OF INSURANCE AND PUBLISHED ON ITS WEBSITE. THEY ARE ALSO PRINTED ANNUALLY IN STATUTORILY REQUIRED DISCLOSURE STATEMENTS WHICH ARE AVAILABLE TO THE PUBLIC. ARTICLES OF INCORPORATION ARE AVAILABLE ONLINE AT THE NORTH CAROLINA SECRETARY OF STATE WEBSITE. THE CONFLICTS OF INTEREST POLICY IS AVAILABLE FOR EXAMINATION UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN INTEREST RATE SWAP -783,694. WRITE-OFF OF RELATED PARTY RECEIVABLE -1,032,758. CHANGE IN VALUE OF BENEFICIAL INTEREST WITH DONOR RESTRICTIONS 471,290. FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS HAS ESTABLISHED ITS AUDIT COMMITTEE TO ASSUME RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THE ORGANIZATION HAS NOT CHANGED ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. ALDERSGATE HOLDINGS INC 3800 SHAMROCK DR CHARLOTTE NC 28215 475163378 LAND INVESTMENT NC 501(C)(2) 1 ALDERSGATE LIFE PLAN SERVICES INC 3400 SHAMROCK DR CHARLOTTE NC 28215 812698156 HOLDING COMPANY NC 501(C)(3) LINE 12B, II 1 ALDERSGATE AT SHARON INC 3800 SHAMROCK DR CHARLOTTE NC 28215 812672298 SENIOR LIVING SERVICES (INACTIVE) NC 501(C)(3) LINE 10 1 ALDERSGATE AT SHALOM PARK INC 3800 SHAMROCK DR CHARLOTTE NC 28215 821000888 SENIOR LIVING SERVICES (INACTIVE) NC 501(C)(3) LINE 10 1 ALDERSGATE AT HOME 3800 SHAMROCK DR CHARLOTTE NC 28215 812678570 SENIOR LIVING SERVICES NC 501(C)(3) LINE 10 1 ALDERSGATE FOUNDATION INC 3800 SHAMROCK DR CHARLOTTE NC 28215 832495423 FOUNDATION (INACTIVE) NC 501(C)(3) LINE 7 1 0 0 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 ALDERSGATE LIFE PLAN SERVICES M 2028233 PERCENT OF REVENUE