2024-10-28T09:22:53-05:00 2024-06-30 410746749 CLIFTONLARSONALLEN LLP 420 SOUTH ORANGE AVENUE SUITE 900 ORLANDO FL 32801 990 2023-07-01 590624420 PENNEY RETIREMENT COMMUNITY INC PENN 9042848200 PO BOX 555 PENNEY FARMS FL 320790555 TERESA SCOTT PRESIDENT 9042848200 2024-10-25 1 0 TINA HENTON P00630282 4078021200 2024-10-17 2023 2024-10-15 13:58:12Z TERESA SCOTT PO BOX 555 PENNEY FARMS FL 320790555 24119367 0 X WWW.PENNEYRETIREMENTCOMMUNITY.ORG X 1965 FL TO SERVE SENIORS WHO WISH TO RETIRE IN AN INCLUSIVE CHRISTIAN COMMUNITY. 16 16 332 395 0 0 682955 618526 17346411 19202223 -84967 286622 0 0 17944399 20107371 0 600 0 0 9300546 9640119 0 0 19940 9577013 10681231 18877559 20321950 -933160 -214579 68113416 67127533 48634033 47649557 19479383 19477976 PENNEY RETIREMENT COMMUNITY, INC IS AN INCLUSIVE CHRISTIAN CONTINUING CARE RETIREMENT COMMUNITY SEEKING THE ABUNDANT LIFE THROUGH SOCIAL INTERACTION AND SERVICE. 0 0 18545713 600 19202223 THE ORGANIZATION PROVIDES HOUSING HEALTH CARE AND OTHER RELATED SERVICES THROUGH THE OPERATION OF A RETIREMENT COMMUNITY. THE COMMUNITY INCLUDES 310 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. 18545713 1 1 0 0 0 0 0 0 0 0 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 56 0 1 332 1 0 0 0 0 0 0 0 0 0 0 0 0 X 16 16 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 TERESA D SCOTT PRESIDENT/ CEO 40.00 X 204251 0 19555 BETH ANN ALLEN CONTROLLER (THRU 4.2024) 40.00 X 127721 0 15728 JAMIE STANDLEY NURSING HOME ADMINISTRATOR 40.00 X 102442 0 5122 TONY VERNON COO/CNO 40.00 X 101234 0 5062 JAMES JB RENNIGER CHAIRMAN 2.00 X X 0 0 0 RON COLEMAN FIRST VICE CHAIR 2.00 X X 0 0 0 TERESA BARTON SECOND VICE CHAIR 2.00 X X 0 0 0 JIMMY LOVELACE 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 RICHARD COSTIN DIRECTOR 2.00 X 0 0 0 WILLIAM COURTNEY DIRECTOR 2.00 X 0 0 0 FRANCES IRVINE DIRECTOR 2.00 X 0 0 0 JAMES KNIGHT DIRECTOR 2.00 X 0 0 0 W ROY LYONS 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 STEVE VANDERKAMP DIRECTOR 2.00 X 0 0 0 GARY MEERNIK DIRECTOR 2.00 X 0 0 0 BERT VAN ROYAL DIRECTOR 2.00 X 0 0 0 LISA VALENTINE DIRECTOR (EXITED 1.2024) 2.00 X 0 0 0 EDWARD WHEELER DIRECTOR (EXITED 1.2024) 2.00 X 0 0 0 CURRY PAJCIC DIRECTOR (EXITED 2.2024) 2.00 X 0 0 0 535648 0 45467 4 0 1 0 CARLTON CONSTRUCTION INC 4615 US HIGHWAY 17 FLEMING ISLAND FL 32003 CONSTRUCTION SERVICES 2919780 STEVENSON CONSTRUCTION CO INC PO BOX 1178 STARKE FL 32091 CONSTRUCTION SERVICES 898490 FUNCTIONAL PATHWAYS 10133 SHERRILL BLVD KNOXVILLE TN 37932 PATIENT THERAPY SERVICES 824108 JAMES DEAN MASONRY INC 3750 CR 315-A GREEN COVE SPRINGS FL 32043 CONSTRUCTION SERVICES 356171 CHANEY'S HOME IMPROVEMENT 116 N ORANGE AVE GREEN COVE SPRINGS FL 32043 CONSTRUCTION SERVICES 316075 16 618526 618526 RESIDENT SERVICE REVENUES 623000 18767588 18767588 OTHER RESIDENT SERVICE REVENUE 623000 434635 434635 19202223 279363 279363 4018717 538 4011996 0 6721 538 7259 7259 20107371 19202223 0 286622 600 600 469581 469581 7355516 6912018 443498 273888 253044 20844 953370 836570 116800 587764 525454 62310 2299 2299 1284077 1156421 127656 21052 21052 75935 12687 63248 127542 58089 69453 2902880 2891241 11639 10075 2933 7142 452491 446127 6364 3361050 3313776 47274 1182914 1115721 67193 SUPPLIES & EQUIPMENT 580493 550085 30408 BAD DEBT EXPENSE 160000 160000 EMPLOYEE RELATED EXPENS 28818 23082 5736 FUNDRAISING EXPENSES 19940 19940 471665 447865 23800 20321950 18545713 1756297 19940 2148374 1733349 278457 949 1055661 1146865 209466 175625 146556 177288 98062128 45756750 51994738 52305378 10998851 10988342 1281313 599737 68113416 67127533 1809701 1330033 32757038 33152723 12187210 11492272 1880084 1674529 48634033 47649557 X 18024241 18577026 1455142 900950 19479383 19477976 68113416 67127533 X -214579 475966 -262794 X X 0 1 X 1 0 X 610884 734079 1050205 682955 618526 3696649 14349308 15912986 16458906 17346411 19202223 83269834 14960192 16647065 17509111 18029366 19820749 86966483 5250 5250 712539 1333195 899665 563870 493193 4002462 712539 1333195 899665 569120 493193 4007712 82958771 269455 278007 347511 274718 279363 1449054 269455 278007 347511 274718 279363 1449054 287235 287235 15516882 16925072 17856622 18304084 20100112 88702772 0.93520 0.92150 0.01630 0.01900 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 279030 279030 1914111 69554 1704635 279030 1699596 214515 1914111 1654054 45542 1699596 1878407 1878407 87496024 40495772 47000252 7536620 5260978 2275642 1151077 1151077 52305378 CASH & CASH EQUIVALENTS 1949074 F U.S. GOVERNMENT & AGENCY OBLIGATIONS 5343953 F DEBT SECURITIES 1449864 F MUTUAL FUNDS - EQUITY SECURITIES 1945451 F BOND FUNDS 300000 F 10988342 DEPOSITS 306900 CHARITABLE ANNUITY OBLIGATION 179966 ACCRUED GIFT BONDS 1187663 1674529 X 19668119 475966 -266137 209829 19458290 649081 649081 20107371 19884009 0 19884009 437941 437941 20321950 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 -4,355. LOSS ON UNCOLLECTIBLE PLEDGES -261,782. PART XI, LINE 4B - OTHER ADJUSTMENTS: RESIDENTS' AID FUND OF PRC, LLC - TOTAL REVENUE 249,166. ASSOCIATION OF PRC RESIDENTS, LLC - TOTAL REVENUE 399,915. PART XII, LINE 4B - OTHER ADJUSTMENTS: RESIDENTS' AID FUND OF PRC, LLC - TOTAL EXPENSES 62,010. ASSOCIATION OF PRC RESIDENTS, LLC - TOTAL EXPENSES 375,931. X X X 1 0 0 0 0 0 0 0 0 TERESA D SCOTT PRESIDENT/ CEO 204251 0 0 0 0 0 10213 0 9342 0 223806 0 0 0 A CLAY COUNTY DEVELOPMENT AUTHORITY 596583087 2017-12-07 13355113 SEE SUPPLEMENTARY INFOMATION 0 0 0 A 5306494 13355113 267102 10325320 2762691 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 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 IS 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 COMMUNITIES. 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 -4,355. ADJUSTMENT TO PY NET ASSETS OF ASSOCATION OF PRC RESIDENTS, LLC 3,343. LOSS ON UNCOLLECTIBLE PLEDGES -261,782. FORM 990, PART XII, LINE 2C: OVERSIGHT OF THE AUDIT: THE ORGANIZATION'S AUDIT COMMITTEE IS RESPONSIBLE FOR THE SELECTION, MONITORING AND EVALUATION OF AN INDEPENDENT AUDIT FIRM AND OVERSIGHT OF THE AUDIT OF ITS FINANCIAL 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 399915 380919 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 249166 953858 PENNEY RETIREMENT COMMUNITY