2024-03-14T19:55:10-05:00 2023-06-30 410746749 CLIFTONLARSONALLEN LLP 420 SOUTH ORANGE AVENUE SUITE 900 ORLANDO FL 32801 990 2022-07-01 590624420 PENNEY RETIREMENT COMMUNITY INC PENN 9042848200 PO BOX 555 PENNEY FARMS FL 320790555 TERESA SCOTT PRESIDENT 9042848200 2024-03-07 1 TERESA SCOTT 999009999 1 TINA HENTON P00630282 4078021200 2024-03-05 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z TERESA SCOTT PO BOX 555 PENNEY FARMS FL 320790555 24363891 0 X WWW.PENNEYRETIREMENTCOMMUNITY.ORG X 1965 FL TO SERVE SENIORS WHO WISH TO RETIRE IN AN INCLUSIVE CHRISTIAN COMMUNITY. 17 17 335 340 0 0 1050205 682955 16458906 17346411 531752 -84967 0 0 18040863 17944399 22200 0 0 0 8143110 9300546 0 0 11509 9189132 9577013 17354442 18877559 686421 -933160 67339393 68113416 47793841 48634033 19545552 19479383 PENNEY RETIREMENT COMMUNITY, INC IS AN INCLUSIVE CHRISTIAN CONTINUING CARE RETIREMENT COMMUNITY SEEKING THE ABUNDANT LIFE THROUGH SOCIAL INTERACTION AND SERVICE. 0 0 17133425 0 17346411 THE ORGANIZATION PROVIDES HOUSING HEALTH CARE AND OTHER RELATED SERVICES THROUGH THE OPERATION OF A RETIREMENT COMMUNITY. THE COMMUNITY INCLUDES 309 APARTMENTS, COTTAGES AND HOMES, A 10-BED MEMORY CARE CENTER, 55 INDEPENDENT LIVING UNITS OFFERING ASSISTIVE SERVICES AND A LICENSED SKILLED NURSING CENTER WITH A CAPACITY OF 50 RESIDENTS. THE COMMUNITY ALSO INCLUDES RECREATIONAL AMENITIES, INCLUDING A NINE-HOLE GOLF COURSE, INDOOR SWIMMING POOL, FITNESS CENTER, ART STUDIO, CRAFTS FACILITIES, LIBRARIES AND DINING FACILITIES. 17133425 1 1 0 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 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 61 0 1 335 1 0 0 0 0 0 0 0 0 0 0 0 0 X 17 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X TERESA SCOTT 9042848200 PO BOX 555 PENNEY FARMS FL 320790555 BERT VAN ROYAL CHAIRMAN 2.00 X X 0 0 0 JAMES JB RENNIGER FIRST VICE CHAIR 2.00 X X 0 0 0 RON COLEMAN SECOND VICE CHAIR 2.00 X X 0 0 0 JAMES KNIGHT TREASURER 2.00 X X 0 0 0 EVELYN DOLLY HILLMAN SECRETARY 2.00 X X 0 0 0 GERALD AGRESTI DIRECTOR 2.00 X 0 0 0 TERESA BARTON DIRECTOR 2.00 X 0 0 0 RICHARD COSTIN DIRECTOR 2.00 X 0 0 0 WILLIAM COURTNEY DIRECTOR 2.00 X 0 0 0 JIMMY LOVELACE DIRECTOR 2.00 X 0 0 0 W ROY LYONS DIRECTOR 2.00 X 0 0 0 CURRY PAJCIC DIRECTOR 2.00 X 0 0 0 SUSAN PONDER-STANSEL DIRECTOR 2.00 X 0 0 0 HELEN STEPHENSS DIRECTOR 2.00 X 0 0 0 LISA VALENTINE DIRECTOR 2.00 X 0 0 0 STEVE VANDERKAMP DIRECTOR 2.00 X 0 0 0 EDWARD WHEELER DIRECTOR 2.00 X 0 0 0 TERESA D SCOTT PRESIDENT/ CEO 40.00 X 193655 0 16772 BETH A MCANALLY CFO (THRU. 09/22) 40.00 X 89530 0 17559 BETH A ALLEN CONTROLLER 40.00 X 59470 0 3665 342655 0 37996 1 0 1 0 CARLTON CONSTRUCTION INC 4615 US HIGHWAY 17 FLEMING ISLAND FL 32003 CONSTRUCTION SERVICES 2530262 STEVENSON CONSTRUCTION CO INC PO BOX 1178 STARKE FL 32091 CONSTRUCTION SERVICES 1164049 FUNCTIONAL PATHWAYS 10133 SHERRILL BLVD KNOXVILLE TN 37932 PATIENT THERAPY SERVICES 802704 JAMES DEAN MASONRY INC 3750 CR 315-A GREEN COVE SPRINGS FL 32043 CONSTRUCTION SERVICES 301480 CHANEY'S HOME IMPROVEMENT 116 N ORANGE AVE GREEN COVE SPRINGS FL 32043 CONSTRUCTION SERVICES 223800 8 682955 682955 RESIDENT SERVICE REVENUES 623000 16928374 16928374 OTHER RESIDENT SERVICE REVENUE 623000 418037 418037 17346411 274718 274718 6059742 65 6419492 0 -359750 65 -359685 -359685 17944399 17346411 0 -84967 412116 412116 7150142 6665566 484576 277099 253044 24055 870962 806793 64169 590227 521984 68243 11046 11046 1292195 1156796 135399 33755 33755 76142 19230 56912 106004 44749 61255 2274304 2254245 20059 11267 4480 6787 388667 383449 5218 3187626 3137632 49994 980468 936576 43892 SUPPLIES & EQUIPMENT 519675 491605 28070 BAD DEBT EXPENSE 199277 199277 EMPLOYEE RELATED EXPENS 40248 35082 5166 FUNDRAISING EXPENSES 11509 11509 444830 422194 22636 18877559 17133425 1732625 11509 4699685 2148374 568458 278457 1077125 1055661 109435 209466 156837 146556 94390438 42395700 46753502 51994738 12806951 10998851 1167400 1281313 67339393 68113416 2282110 1809701 30865969 32757038 12673340 12187210 1972422 1880084 47793841 48634033 X 17744518 18024241 1801034 1455142 19545552 19479383 67339393 68113416 X -933160 559333 307658 X X 0 1 X 1 0 X 746643 610884 734079 1050205 682955 3824766 13841316 14349308 15912986 16458906 17346411 77908927 14587959 14960192 16647065 17509111 18029366 81733693 5250 5250 1115844 712539 1333195 899665 563870 4625113 1115844 712539 1333195 899665 569120 4630363 77103330 419995 269455 278007 347511 274718 1589686 419995 269455 278007 347511 274718 1589686 64662 287235 351897 15072616 15516882 16925072 17856622 18304084 83675276 0.92150 0.91450 0.01900 0.02010 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 279030 279030 1914111 69554 1704635 279030 1699596 214515 1914111 1654054 45542 1699596 1593951 60103 1654054 0 0 1878407 1878407 77566723 37587696 39979027 6589091 4808004 1781087 8356217 8356217 51994738 CASH & CASH EQUIVALENTS 1835570 F U.S. GOVERNMENT & AGENCY OBLIGATIONS 5079497 F DEBT SECURITIES 1811977 F MUTUAL FUNDS - EQUITY SECURITIES 1971807 F BOND FUNDS 300000 F 10998851 DEPOSITS 271400 CHARITABLE ANNUITY OBLIGATION 199389 ACCRUED GIFT BONDS 1409295 1880084 X 18164289 559333 307810 867143 17297146 647253 647253 17944399 18460457 0 18460457 417102 417102 18877559 PART V, LINE 4: THE COMMUNITY'S SPENDING POLICY OBJECTIVE IS TO PROTECT THE VALUE AND GROW THE ENDOWMENT FUNDS TO PROVIDE FUTURE CASH FLOWS FOR OPERATIONS, GIFT BOND REDEMPTIONS AND OTHER STIPULATED PURPOSES. PART X, LINE 2: THE COMMUNITY IS A NONPROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND ARE EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501 (A) OF THE IRC. THE COMMUNITYS INCOME TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL, STATE, AND LOCAL AUTHORITIES. MANAGEMENT IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FV OF INTEREST RATE SWAP AGREEMENT 307,810. PART XI, LINE 4B - OTHER ADJUSTMENTS: RESIDENTS' AID FUND OF PRC, LLC - TOTAL REVENUE 232,864. ASSOCIATION OF PRC RESIDENTS, LLC - TOTAL REVENUE 414,389. PART XII, LINE 4B - OTHER ADJUSTMENTS: RESIDENTS' AID FUND OF PRC, LLC - TOTAL EXPENSES 47,199. ASSOCIATION OF PRC RESIDENTS, LLC - TOTAL EXPENSES 369,903. X X X 1 0 0 0 0 0 0 0 0 TERESA D SCOTT PRESIDENT/ CEO 193655 0 0 0 0 0 9442 0 7330 0 210427 0 0 0 A CLAY COUNTY DEVELOPMENT AUTHORITY 596583087 2017-12-07 13355113 SEE SUPPLEMENTARY INFOMATION 0 0 0 A 4853872 13355113 267102 10325320 2018 1 0 1 1 A 0 0 0 0 0 0 0 A 0 1 0 0 1 1 BRANCH BANKING AND TRUST COMPANY 12.000000000000 0 0 0 0 0 A 0 SCHEDULE K, ROW A, PART I(F): IN DECEMBER 2017, THE CLAY COUNTY DEVELOPMENT AUTHORITY ISSUED ON BEHALF OF THE COMMUNITY, A $12,355,113 HEALTHCRAE FACILITIES AND IMPROVEMENT REVENUE BOND, SERIES 2017 ("SERIES 2017 BOND") TO PAY FOR THE CONSTRUCTION OF A NEW 50-BED SKILLED NURSING FACILITY, TO FUND AN ESCROW ACCOUNT TO DEFEASE THE PREVIOUS BONDS, AND PAY CERTAIN COSTS OF ISSUING THE SERIES 2017 BOND. FORM 990, PART VI, SECTION B, LINE 11B PER PRC POLICY, THE BOARD CHAIRMAN WILL REVIEW THE ENTIRE FORM 990 WITH ALL BOARD MEMBERS BEFORE IT S FILED WITH THE IRS. THE CHAIRMAN WILL CONFIRM IN WRITING THAT THE 990 WAS REVIEWED. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS ARE REQUIRED TO AFFIRM ANNUALLY IN WRITING THAT THEY ARE NOT AWARE OF ANY CONFLICTS OF INTEREST WITHIN THE ORGANIZATION. EMPLOYEES SIGN THAT THEY HAVE READ THE POLICY UPON HIRE. THE POLICY IS REVIEWED PERIODICALLY BY THE COMPLIANCE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15A THE ORGANIZATION'S COMPENSATION POLICY REQUESTS THE PRESIDENT'S COMPENSATION BE DETERMINED BY THE DIRECTORS USING COMPARABILITY DATA GATHERED FROM OTHER RETIREMENT COMMUNTIES. ALL DIRECTORS ARE INDEPENDENT WITH REGARDS TO COMPENSATION AND THE DELIBERATION AND DECISION MAKING PROCESS IS DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE AT THE CORPORATE OFFICE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF INTEREST RATE SWAP 307,810. ADJUSTMENT TO PY NET ASSETS OF ASSOCATION OF PRC RESIDENTS, LLC -152. FORM 990, PART XII, LINE 2C: OVERSIGHT OF THE AUDIT: THE ORGANIZATION'S AUDIT COMMITTE IS RESPONSIBLE FOR THE SELECTION MONITORING AND EVALUATION OF AN INDEPENDENT AUDIT FIRM AND OVERSIGHT OF THE AUDIT OF ITS FINACIAL STATEMENTS. THERE WAS NO CHANGE IN THIS PROCESS FROM THE PRIOR YEAR. ASSOCIATION OF PENNEY RETIREMENT COMMUNITY RESIDENTS LLC PO BOX 555 PENNY FARMS FL 32079 SUPPORT THE RESIDENTS OF PENNEY RETIREMENT COMMUNITY FL 414389 353592 PENNEY RETIREMENT COMMUNITY RESIDENTS' AID FUND OF PENNEY RETIREMENT COMMUNITY LLC PO BOX 555 PENNY FARMS FL 32079 SUPPORT THE RESIDENTS OF PENNEY RETIREMENT COMMUNITY FL 232864 766702 PENNEY RETIREMENT COMMUNITY