2024-11-06T13:41:12-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 4 BATTERYMARCH PARK SUITE 100 QUINCY MA 02169 990 2023-01-01 043195775 EDGEWOOD RETIREMENT COMMUNITY INC EDGE 9787253300 575 OSGOOD STREET NORTH ANDOVER MA 01845 MARLENE ROTERING PRESIDENT/CEO 9787253300 2024-11-06 1 1 KATARZYNA O PADZIK P02268641 7819821001 2024-11-06 2023 2024-10-15 13:58:12Z MARLENE ROTERING 575 OSGOOD STREET NORTH ANDOVER MA 01845 37315899 0 X WWW.EDGEWOODRC.COM X 1993 MA THE ORGANIZATION IS A CONTINUING CARE RETIREMENT COMMUNITY. 16 15 373 25 0 0 304497 327127 27000433 28585989 1197916 673010 0 0 28502846 29586126 0 283395 0 0 13343982 14287596 0 0 0 14981960 15165608 28325942 29736599 176904 -150473 134239865 144132237 167252714 172900529 -33012849 -28768292 THE ORGANIZATION OFFERS INDEPENDENT LIVING, HEALTHCARE AND SUPPORTIVE SERVICES TO EMPOWER MEMBERS TO BE ARCHITECTS OF THEIR OWN WELL-BEING. THE ORGANIZATION ACCOMPLISHES THIS BY A RELENTLESS PURSUIT OF A CARING CULTURE WITH PASSIONATE ATTENTION TO INDIVIDUAL NEEDS AND VALUES. 0 0 26723722 283395 28585989 THE COMMUNITY CONSISTS OF 217 RESIDENTIAL UNITS, 24 COTTAGES, COMMON SPACE, 40 NURSING CARE BEDS AND 40 ASSISTED LIVING BEDS. THE COMMUNITY OPERATES UNDER THE "LIFE CARE" CONCEPT IN WHICH RESIDENTS ENTER INTO A RESIDENCY AGREEMENT WHICH REQUIRES PAYMENT OF A ONE-TIME ENTRANCE FEE AND MONTHLY SERVICE FEES. THESE PAYMENTS ENTITLE RESIDENTS TO THE USE AND PRIVILEGES OF THE COMMUNITY FOR LIFE. EDGEWOOD ALSO OPERATES THE WOODLANDS INN WHICH IS AN ASSISTED LIVING FACILITY. 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PART X, LINE 2: THE COMMUNITY FOLLOWS ASC 740, INCOME TAXES, WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES BY PRESCRIBING THE RECOGNITION THRESHOLD A TAX POSITION IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. THE COMMUNITY RECOGNIZES A TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES. AS OF DECEMBER 31, 2023, MANAGEMENT HAS EVALUATED THE COMMUNITY'S TAX POSITIONS AND CONCLUDED THAT THE COMMUNITY HAD NO MATERIAL UNCERTAINTIES IN INCOME TAXES THAT REQUIRE DISCLOSURE IN THE FINANCIAL STATEMENTS. WITH FEW EXCEPTIONS, THE COMMUNITY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR THREE YEARS AFTER THE DATE FILED. PART XII, LINE 4B - OTHER ADJUSTMENTS: TRANSFER TO RELATED ORGANIZATION 283,395. 1 EDGEWOOD SENIOR SOLUTIONS GROUP INC 575 OSGOOD STREET NORTH ANDOVER MA 01845 824269225 501(C)(3) 283395 0 THE ORGANIZATION MADE A TRANSFER TO ITS RELATED SUPPORTING ORGANIZATION. 1 PART I, LINE 2: THE GRANT RECIPIENT IS A RELATED TAX EXEMPT ORGANIZATION UNDER IRC SECTION 501(C)(3) AND THE RECIPIENT'S BOARD HAS THE FIDUCIARY RESPONSIBILITY TO ENSURE FUNDS ARE MONITORED AND USED FOR ITS CHARITABLE PURPOSE. 0 0 0 0 0 0 0 1 0 MARLENE ROTERING PRESIDENT/CEO 0 452483 0 76639 0 52445 0 13235 0 50347 0 645149 0 0 JANE SULLIVAN CFO 0 223565 0 78967 0 22375 0 8102 0 26032 0 359041 0 0 ROBERT COPPOLA PROJECT MANAGER 165555 0 62455 0 7747 0 6319 0 25120 0 267196 0 0 0 ROZA KHAN HOUSE MANAGER 174440 0 2032 0 0 0 3698 0 15450 0 195620 0 0 0 DAVID BOTTE EXECUTIVE DIRECTOR 145125 0 27318 0 0 0 5919 0 12226 0 190588 0 0 0 KATHLEEN D' AMICO DIRECTOR OF MARKETING 112636 0 35532 0 0 0 3388 0 45813 0 197369 0 0 0 PART I, LINE 3 THE PRESIDENT/CEO IS COMPENSATED BY A RELATED ORGANIZATION, WHICH USES FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE TO ESTABLISH THE COMPENSATION. PART I, LINE 7 BONUSES ARE BASED ON PERFORMANCE. THE BOARD OF TRUSTEES APPROVES THE BONUS FOR THE PRESIDENT/CEO AND THE PRESIDENT/CEO APPROVES THE BONUSES FOR ALL OTHERS. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2017-03-31 58700000 SEE PART VI 0 0 0 A 11621088 58700000 37818121 473679 956117 17330722 2121361 2019 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 A 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MASSACHUSETTS DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 03/31/2022 PART I - COLUMN F, DESCRIPTION OF PURPOSE: REFINANCING OF SERIES 2013A AND SERIES 2013B BONDS, TERMINATION FEE ASSOCIATED WITH THE 2013A BOND SWAP, FINANCING THE COSTS RELATING TO THE ACQUISITION AND CONSTRUCTION OF ENHANCED LIVING BUILDING, AS WELL AS IMPROVEMENT AND RENOVATION OF EXISTING FACILITY AND CAPITAL ASSETS. FORM 990, PART VI, SECTION A, LINE 2 MARLENE ROTERING AND JANE SULLIVAN ARE OFFICERS AND EMPLOYEES OF EDGEWOOD SENIOR SOLUTIONS, INC. ("ESSG"), A RELATED ORGANIZATION THAT PROVIDES MANAGEMENT SERVICES TO EDGEWOOD. IN 2023, THOMAS SMITH, CAMILLE MIRAGLIOTTA DALY, MICHAEL W. HAWKINS, MICHAEL B. TULE, AND DONALD P. PICCIRILLO WERE BOARD MEMBERS OF BOTH ESSG AND EDGEWOOD, AND THEREFORE MS. ROTERING AND MS. SULLIVAN MAY BE DEEMED TO HAVE BUSINESS RELATIONSHIPS WITH THESE BOARD MEMBERS. FORM 990, PART VI, SECTION A, LINE 6 EDGEWOOD SENIOR SOLUTIONS GROUP, INC. IS THE SOLE MEMBER. FORM 990, PART VI, SECTION A, LINE 7B EDGEWOOD SENIOR SOLUTIONS GROUP, INC. IS THE SOLE MEMBER OF THE CORPORATION AND POSSESSES THE POWERS RESERVED BY THE MEMBER AS WRITTEN IN THE BY-LAWS. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH BROAD AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY THE ORGANIZATION'S MANAGEMENT. THE FORM 990 IS REVIEWED BY MANAGEMENT AND PROVIDED TO THE GOVERNING BOARD PRIOR TO SUBMISSION WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR, OFFICER AND MEMBER OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS SHALL ANNUALLY SIGN A STATEMENT WITH AFFIRMS SUCH PERSON: A. HAS RECEIVED A COPY OF THE CONFLICT-OF-INTEREST POLICY B. HAS READ AND UNDERSTANDS THE POLICY C. HAS AGREED TO COMPLY WITH THE POLICY, AND D. HAS DISCLOSED ANY ACTIVITY RELATIONSHIP, POSITION OR CIRCUMSTANCE THAT COULD CONTRIBUTE TO A CONFLICT OF INTEREST AS DEFINED IN THE CONFLICT-OF-INTEREST POLICY. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE BOARD OR GOVERNING COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. PROCEDURES FOR ADDRESSING THE CONFLICT OF INTEREST: A. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE BOARD OR GOVERNING COMMITTEE MEETING BUT, AFTER THE PRESENTATION, HE/SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF AND THE VOTE ON THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. B. THE CHAIRPERSON OF THE BOARD OR GOVERNING COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. C. AFTER EXERCISING DUE DILIGENCE, THE BOARD OR GOVERNING COMMITTEE SHALL DETERMINE WHETHER EDGEWOOD CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. D. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE GOVERNING BOARD OR COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN EDGEWOOD'S BEST INTERESTS, FOR ITS OWN BENEFIT AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION, IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. VIOLATIONS OF THE CONFLICTS OF INTEREST POLICY: A. IF THE BOARD OR GOVERNING COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A DIRECTOR OR OFFICER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE DIRECTOR OR OFFICER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE DIRECTOR OR OFFICER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. B. IF, AFTER HEARING THE DIRECTOR OR OFFICER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE BOARD OR GOVERNING COMMITTEE DETERMINES THE DIRECTOR OR OFFICER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15A THE CEO'S COMPENSATION PACKAGE WAS PREPARED AND VOTED ON BY THE INDEPENDENT MEMBERS OF THE BOARD OF TRUSTEES. THE BOARD USES COMPARABILITY DATA FROM AREA COMMUNITIES (NEW ENGLAND) TO FORM THIS PACKAGE. CONTEMPORANEOUS DOCUMENTATION OF THE DELIBERATIONS AND DECISIONS IS KEPT. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FORM 990 & FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE SET FORTH IN SECTION 6104(D). IN ADDITION, THE ORGANIZATION'S FORM 990 (WITHOUT SCHEDULE B) IS AVAILABLE VIA GUIDESTAR AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. EDGEWOOD SENIOR SOLUTIONS GROUP INC 575 OSGOOD STREET NORTH ANDOVER MA 01845 824269225 TO SUPPORT INTEGRATED SYSTEM OF SENIOR LIVING FACILITIES MA 501(C)(3) LINE 12A, I N/A 0 THE BALDWIN SENIOR LIVING 50 WOODMONT AVENUE LONDONDERRY NH 03053 371930273 SENIOR LIVING FACILITY NH 501(C)(3) LINE 10 EDGEWOOD SENIOR SOLUTIONS GROUP 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 1 0 1 0 0 THE BALDWIN SENIOR LIVING INC D 15093587 COST