2024-08-12T12:21:07-05:00 2023-09-30 410746749 CLIFTONLARSONALLEN LLP 227 WEST TRADE STREET SUITE 800 CHARLOTTE NC 28202 990 2022-10-01 540988608 WESTMINSTER-CANTERBURY OF LYNCHBURG INC WEST 4343863533 501 VES ROAD LYNCHBURG VA 24503 PAUL SHELTON VP & CFO 4343863533 2024-08-12 1 0 KATHERINE A WARLICK P02065266 7049985200 2024-08-06 2022 2024-08-08 14:25:15Z WESTMINISTER-CANTERBURY OF LYNCHBURG PAUL SHELTON 501 VES ROAD LYNCHBURG VA 24503 36892402 0 X WWW.WCLYNCHBURG.ORG X 1975 VA TO OPERATE A NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY GUIDED BY CHRISTIAN IDEALS. 18 18 530 178 0 0 551798 2714763 30418188 32200096 525358 1136506 0 841037 31495344 36892402 0 0 0 0 18568887 20329624 0 0 240994 14082647 15254803 32651534 35584427 -1156190 1307975 137296151 144600945 126839969 128883175 10456182 15717770 THE MISSION OF WCL IS TO OPERATE A NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY GUIDED BY CHRISTIAN IDEALS WHICH PROMOTE INDEPENDENCE AND DIGNITY, PROVIDING QUALITY HOUSING, HEALTH CARE AND SECURITY TO RESIDENTS IN A FISCALLY RESPONSIBLE MANNER. 0 0 33361576 33041133 WCL IS DESIGNED TO OPERATE A NONPROFIT CONTINUING CARE RETIREMENT COMMUNITY, GUIDED BY CHRISTIAN IDEALS WHICH PROMOTE INDEPENDENCE AND DIGNITY, PROVIDING QUALITY HOUSING, HEALTH CARE AND SECURITY TO RESIDENTS IN A FISCALLY RESPONSIBLE MANNER. WCL HAD TOTAL OF 423 UNITSACROSS INDEPENDENT LIVING, ASSISTED LIVING, AND THE HEALTH CENTER, WITH APPROXIMATELY 95.8% OF THE INDEPENDENT LIVING UNITS OCCUPIED AS OF SEPTEMBER 30, 2023. WCL IS COMMITTED TO A PROGRAM OF SERVICES WHICH PROVIDE RESIDENTS WITH HOUSING, HEALTHCARE, SECURITY AND A VARIETY OF ACTIVITIES AND SERVICES. 33361576 1 1 0 0 0 0 0 0 0 0 1 1 0 1 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 51 0 530 1 0 0 0 0 0 0 0 0 0 0 0 0 X 18 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X X PAUL SHELTON 4343863533 501 VES ROAD LYNCHBURG VA 24503 ELIZABETH M CONZEN VICE CHAIR 1.00 X X 0 0 0 ANNE R MCVEIGH CHAIR 1.00 X X 0 0 0 WILLIAM W PERKINS TRUSTEE 1.00 X 0 0 0 ROBERT S LOCKRIDGE JR MD TRUSTEE 1.00 X 0 0 0 SUSAN G ACKLEY TRUSTEE 1.00 X 0 0 0 WILLIAM W PAXTON TRUSTEE 1.00 X 0 0 0 GEORGE D VERMILYA JR TRUSTEE 1.00 X 0 0 0 BECKY W GILES TRUSTEE 1.00 X 0 0 0 MELISSA W JOHNSON TRUSTEE 1.00 X 0 0 0 WILLIAM A STUART II TRUSTEE 1.00 X 0 0 0 THOMAS R STEVENS TRUSTEE 1.00 X 0 0 0 ELIZABETH B LAUNDON TRUSTEE 1.00 X 0 0 0 SEAN HUYETT PRESIDENT/CEO 38.00 2.00 X X 342143 0 71639 PATTIE W AMES TRUSTEE 1.00 X 0 0 0 MARCUS P BOREL TRUSTEE 1.00 X 0 0 0 PAMELA S BRADFORD TRUSTEE 1.00 X 0 0 0 DAVID W FRANTZ MD TRUSTEE 1.00 X 0 0 0 ROBERT M O'BRIAN SR TRUSTEE 1.00 X 0 0 0 MARK A STROSNIDER TRUSTEE 1.00 X 0 0 0 PAUL SHELTON VP/CFO 38.00 2.00 X 199458 0 17540 LAURA HUNTER DIR OF MARKETING 40.00 X 209411 0 4849 LORI SWEENEY VP HEALTH SERVICES 40.00 X 134753 0 4005 DEBORAH CALLAHAN ENDED 922 VP MARKETING & DEVELOPMENT 38.00 2.00 X 121415 0 10129 ROBERT CLOSS IT DIRECTOR 40.00 X 122035 0 19525 ASHLEY LAWSON JORDAN DIRECTOR OF NURSING 40.00 X 123211 0 3455 1252426 0 131142 10 0 1 0 SYSCO VIRGINIA LLC PO BOX 20020 HARRISONBURG VA 22801 FOOD VENDOR 1578949 JAMERSON-LEWIS CONSTRUCTION 1306 STEPHENSON AVE LYNCHBURG VA 24501 GENERAL CONSTRUCTION CONTRACTOR 1170881 PHARMERICA PO BOX 644458 PITTSBURGH PA 152644458 RESIDENT PHARMACY 457301 ENTRUST CLIENT SERVICES 22322 GRAND CORNER DR STE 200 KATY TX 77494 EMPLOYEE HC INSURANCE TPA 432472 EPLUS TECHNOLOGY INC PO BOX 404398 ATLANTA GA 303844398 TECHNOLOGY EQUIPMENT AND CONSULTING 266010 20 228165 2011974 474624 2714763 RESIDENTIAL SVCS 623000 16937553 16937553 HEALTH CARE SVCS 623000 9757582 9757582 ASSISTED LIVING & MEMORY SUPPORT 623000 2740675 2740675 COMMUNITY SVCS 623000 2356688 2356688 407598 407598 32200096 1029858 1029858 105050 1598 0 0 105050 1598 106648 106648 MEALS AND LODGING 623000 363074 363074 MISCELLANEOUS 623000 200283 200283 APARTMENT/COTTAGE UPGRADES 623000 142884 142884 134796 134796 841037 36892402 33041133 0 1136506 597870 597870 15363852 14883943 300804 179105 2464326 2300303 150441 13582 1903576 1842668 38950 21958 18750 18116 634 23228 22442 786 76422 73837 2585 239012 200297 38465 250 230823 67426 163029 368 922267 886062 27028 9177 1677071 1635085 41986 127034 104427 20084 2523 2026544 1978515 48029 5025571 4906465 119106 RAW FOOD EXPENSE 1808421 1808421 PHARMACY 479935 479935 THERAPY 5643 5643 2594082 2147991 432060 14031 35584427 33361576 1981857 240994 3585690 2840433 1841319 1768515 214708 300511 419150 526802 177465959 79052479 96473984 98413480 28194894 30854526 6566406 9896678 137296151 144600945 2835508 2579728 49478451 55859956 73379174 69320854 1146836 1122637 126839969 128883175 X 6210280 10730798 4245902 4986972 10456182 15717770 137296151 144600945 X 1307975 2322562 1631051 X 0 1 X 1 0 X 963350 899269 3104801 551798 2714763 8233981 27797211 30017807 29100793 30418188 33041133 150375132 28760561 30917076 32205594 30969986 35755896 158609113 0 0 0 158609113 1006700 979167 713014 391806 1029858 4120545 1006700 979167 713014 391806 1029858 4120545 788935 369186 1158121 30556196 32265429 32918608 31361792 36785754 163887779 0.96780 0.95470 0.02510 0.03040 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS SERVICES TO RESIDENTS - 2018 AMOUNT: $ 788,935. 2019 AMOUNT: $ 369,186. PART III, SECTION A, LINE 1 AMOUNT REPORTED FOR 2021 GIFTS, GRANTS, CONTRIBUTIONS, AND MEMBERSHIP FEES RECEIVED WAS UNDER REPORTED BY $2 ON THE 2021 FORM 990. THIS HAS BEEN CORRECTED TO SHOW $551,798 IN CONTRIBUTIONS RECEIVED IN 2021. PART III, SECTION A, LINE 2 THE AMOUNT REPORTED AS "GROSS RECEIPTS FROM ADMISSIONS, MERCHANDISE SOLD OR SERVICES PERFORMED, OR FACILITIES FURNISHED IN ANY ACTIVITY THAT IS RELATED TO THE ORGANIZATION'S TAX EXEMPT PURPOSE" FOR 2021 WAS UNDER-REPORTED ON THE ORGANIZATION'S 2021 FORM 990. THIS HAS BEEN CORRECTED TO SHOW $30,418,188 IN GROSS RECEIPTS, RATHER THAN THE $244,075 PREVIOUSLY REPORTED. PART III, SECTION B, LINE 10A THE AMOUNT REPORTED AS "GROSS INCOME FROM INTEREST, DIVIDENDS, PAYMENTS RECEIVED ON SECURITIES, LOANS, RENTS, ROYALTIES, AND INCOME FROM SIMILIAR SOURCES FOR 2021 WAS UNDER-REPORTED ON THE ORGANIZATION'S 2021 FORM 990. THIS HAS BEEN CORRECTED TO SHOW $391,806 IN GROSS INVESTMENT INCOME, RATHER THAN THE $355,084 PREVIOUSLY REPORTED. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 857817 857817 122466692 61143358 61323334 29007567 16376033 12631534 25133883 1533088 23600795 98413480 VANGAURD INVESTMENT 30854790 F R&R S/T INVEST M/M -264 F 30854526 OTHER RECEIVABLES 2027391 TRUSTS HELD BY OTHERS 2727419 EMPLOYEE EDUCATION 28707 OTHER ASSETS LIMITED AS TO USE -115785 OTHER ASSETS/DEFERRED 10751 ASSETS UNDER INTEREST RATE SWAP AGREEMENTS 5218195 9896678 REFUNDABLE RESERVATION DEPOSIT 337600 ADVANCE FEE DEPOSITS 670561 ANNUITIES PAYABLE 58583 MISCELLANEOUS 55893 1122637 X PART X, LINE 2: THE CORPORATION IS A NOT-FOR-PROFIT ORGANIZATION EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501 (C)(3). WESTMINSTER CANTERBURY OF LYNCHBURG, INC. FILES AS A TAX EXEMPT ORGANIZATION. MANAGEMENT IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE TAX-EXEMPT STATUS OF THE ORGANIZATION. MANAGEMENT IS NOT AWARE OF ANY SIGNIFICANT ACTIVITIES THAT ARE SUBJECT TO TAX ON UNRELATED BUSINESS INCOME OR EXCISE OR OTHER TAXES FOR THE ORGANIZATION. WESTMINSTER CANTERBURY OF LYNCHBURG, INC. FOLLOWS GUIDANCE IN THE INCOME TAX STANDARD REGARDING RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. THE GUIDANCE HAS HAD NO IMPACT ON THE CORPORATION'S CONSOLIDATED FINANCIAL STATEMENTS. X X X 0 1 0 0 0 0 0 0 0 SEAN HUYETT PRESIDENT/CEO 342143 0 0 0 0 0 47468 0 24171 0 413782 0 0 0 PAUL SHELTON VP/CFO 199458 0 0 0 0 0 15442 0 2098 0 216998 0 0 0 LAURA HUNTER DIR OF MARKETING 209411 0 0 0 0 0 4849 0 0 0 214260 0 0 0 PART I, LINE 4B DURING THE YEAR, THE ORGANIZATION CONTRIBUTED THE FOLLOWING AMOUNTS TO A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN: SEAN HUYETT $20,000 PAUL SHELTON $10,000 A ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LYNCHBURG VA 541225193 NONEAVAIL 2016-08-01 10845818 REFUNDING OF SERIES 2005 BONDS AND FINANCING OF VARIOUS CAPITAL RENOVATIONS 0 0 0 B ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LYNCHBURG VA 541225193 NONEAVAIL 2017-04-05 18580411 REFUNDING OF SERIES 2007 BONDS AND FINANCING 0 0 0 C ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LYNCHBURG VA 541225193 NONEAVAIL 2017-09-01 38203000 SWAP AGREEMENT FOR FUNDING CONTRUCTION AND EQUIPMENT OF HEALTH CARE CENTER 0 0 0 D ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LYNCHBURG VA 541255193 NONEAVAIL 2021-09-22 13500000 CONSTRUCTION, RENOVATION AND PURCHASE OF FIXED ASSETS 0 0 0 A 1940878 10845818 209954 9000000 1635864 2016 1 0 1 1 B 7652660 18580411 214132 18366279 1 0 1 1 C 902064 38203000 461100 37741900 2019 0 0 0 1 D 13500000 181317 13318683 2023 0 0 0 1 A 0 0 0 0 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 0 0 1 1 1 TRUIST 13.900000000000 0 0 0 0 1 B 0 0 0 1 1 1 TRUIST 7.750000000000 0 0 0 0 1 C 0 0 0 1 0 1 TRUIST 13.750000000000 0 0 0 0 1 D 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 D 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LYNCHBURG, VA DATE THE REBATE COMPUTATION WAS PERFORMED: 08/31/2019 ISSUER NAME: ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LYNCHBURG, VA DATE THE REBATE COMPUTATION WAS PERFORMED: 04/05/2022 ISSUER NAME: ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LYNCHBURG, VA DATE THE REBATE COMPUTATION WAS PERFORMED: 08/31/2022 FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE COMMITTEE IS RESPONSIBLE FOR THE REVIEW OF THE FORM 990. IN ADDITION, A COPY IS EMAILED TO EACH BOARD MEMBER AND VOTED ON IN THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 12C TO ENSURE THE CORPORATION OPERATES IN A MANNER CONSISTENT WITH CHARITABLE PURPOSES AND DOES NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS TAX EXEMPT STATUS, PERIODIC REVIEWS SHALL BE CONDUCTED. THE PERIODIC REVIEWS SHALL, AT A MINIMUM, INCLUDE THE FOLLOWING SUBJECTS: A. WHETHER COMPENSATION ARRANGEMENTS AND BENEFITS ARE REASONABLE, BASED ON COMPETENT SURVEY INFORMATION, AND THE RESULT OF ARM'S LENGTH BARGAINING. B. WHETHER PARTNERSHIPS, JOINT VENTURES, AND ARRANGEMENTS WITH MANAGEMENT ORGANIZATIONS CONFORM TO THE CORPORATION'S WRITTEN POLICIES, ARE PROPERLY RECORDED, REFLECT REASONABLE INVESTMENT OR PAYMENTS FOR GOODS AND SERVICES, FURTHER CHARITABLE PURPOSES AND DO NOT RESULT IN INUREMENT, IMPERMISSIBLE PRIVATE BENEFIT OR IN AN EXCESS BENEFIT TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15 IN THE PAST, THE BOARD OF TRUSTEES HAS ENGAGED A FIRM THAT SPECIALIZES IN EXECUTIVE COMPENSATION TO REVIEW THE TOTAL COMPENSATION PACKAGE FOR THE CEO. FROM THAT REVIEW, THE ORGANIZATION HAS CONTINUED TO UPDATE THE CEO'S SALARY ON AN ANNUAL BASIS. ALSO, IN CONJUNCTION WITH THE CEO COMPENSATION ENGAGEMENT, THE FIRM PERFORMED A REVIEW OF SENIOR LEVEL STAFF COMPENSATION. THE ORGANIZATION ALSO USES THAT REVIEW AS A BASIS FOR ANNUAL COMPENSATION ADJUSTMENTS. THIS PROCESS WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 18 COPIES OF THE FORM 990 ARE PLACED IN THE RESIDENT LIBRARY FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE PUBLISHED IN THE RESIDENT LIBRARY AND PROVIDED ELECTRONICALLY ON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS 1,836,067. CHANGE IN VALUE OF INVESTMENTS UNDER SPLIT-INTEREST AGREEMENTS 10,562. DEFERRED ACTUARIAL PENSION LOSS -6,649. INCREASE IN FAIR VALUE OF BENEFICIAL TRUST FUND 25,652. INCREASE IN FAIR VALUE OF PERPETUAL TRUST FUNDS 132,612. RELEASED FROM RESTRICTIONS -373,842. MISCELLANEOUS ADJUSTMENT TO NET ASSETS -121. USED FOR PURCHASE OF PP&E 6,770. THE WESTMINSTER CANTERBURY OF LYNCHBURG FOUNDATION INC 501 VES ROAD LYNCHBURG VA 24503 205521424 TO SUPPORT THE MISSION OF WESTMINSTER CANTERBURY OF LYNCHBURG VA 501(C)(3) LINE 12A, I WESTMINSTER-CANTERBURY OF LYNCHBURG 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 THE WESTMINSTER CANTERBURY OF LYNCHBURG FOUNDATION INC C 228165 DIRECT TRANSFER