2023-01-12T18:13:43-06:00 2021-12-31 593070669 MSL PA 255 S ORANGE AVENUE SUITE 600 ORLANDO FL 32801 990 2021-01-01 510553716 UPSTATE SENIOR LIVING INC UPST 8643713100 1500 TRAILHEAD COURT GREENVILLE SC 29617 WILLIAM D FALLS CFO 8643713100 2023-01-12 1 WILLIAM FALLS 999009999 HARRY E HARP CPA P00176471 4077405400 3 AAL1 IAL1 2021 2023-03-07 01:45:13Z THE WOODLANDS AT FURMAN WILLIAM D FALLS 1500 TRAILHEAD COURT GREENVILLE SC 29617 19753426 0 X WWW.THEWOODLANDSATFURMAN.ORG X 2003 SC TO BE THE RETIREMENT COMMUNITY OF CHOICE BY NURTURING A DISTINCTIVE CULTURE OF ENRICHMENT. 10 10 368 9 0 0 1875681 854885 16300223 17584469 286304 108086 127545 788901 18589753 19336341 0 0 0 0 7591332 6610232 0 0 16433 11358910 15256843 18950242 21867075 -360489 -2530734 111422308 125915350 155851126 171957244 -44428818 -46041894 THE MISSION OF UPSTATE SENIOR LIVING, INC. IS TO BE THE RETIREMENT COMMUNITY OF CHOICE BY NUTURING A DISTINCTIVE CULTURE OF ENRICHMENT FOR ITS RESIDENTS. 0 0 20334286 18373370 THE WOODLANDS AT FURMAN HAS A UNIQUE AFFILIATION WITH FURMAN UNIVERSITY WHICH HELPS RESIDENTS STAY HEALTHY, CONNECTED AND INVOLVED. THE ORGANIZATION DOES EVERYTHING POSSIBLE TO MAKE RETIREMENT ONE OF THE MOST REWARDING AND ENRICHING PARTS OF LIFE BY OFFERING A LIFESTYLE THAT ENCOURAGES PHYSICAL, MENTAL AND SOCIAL GROWTH. IN 2001, 44 NEW INDEPENDENT LIVING APARTMENTS WERE BROUGHT ONLINE, BRINGING THE TOTAL NUMBER OF INDEPENDENT LIVING APARTMENTS TO 174, RANGING IN SIZE FROM 700 TO 2,060 SQUARE FEET. THE WOODLANDS' VILLAS CONSIST OF 28 SINGLE FAMILY HOMES. FOR THOSE WHO NEED INCREASED CARE, THE WOODLANDS' SKILLED NURSING UNIT HAS 30 BEDS. THE COMMUNITY ALSO HAS 48 ASSISTED LIVING UNITS. 20334286 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 0 0 0 0 0 1 55 0 1 368 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 SC X WILLIAM D FALLS CHIEF FINANCIAL OFFICER 8643713100 1500 TRAILHEAD COURT GREENVILLE SC 29617 JAMES RICK BRACKETT VP OF OPERATIONS / CEO (BEG. 7/1) 40.00 0.00 X 178788 0 22489 MARY LOU MERKT PRESIDENT/CEO (END. 6/30) 40.00 0.00 X 174162 0 6920 ANGELA HECKER DIRECTOR OF MARKETING 40.00 0.00 X 150673 0 18156 DONALD LILLY VICE PRESIDENT OF HEALTH SERVICES 40.00 0.00 X 149821 0 13629 STEPHANIE ESTRADA CFO 40.00 0.00 X 140598 0 21045 BECKY VUKSTA EXECUTIVE DIRECTOR OF OPERATIONS 40.00 0.00 X 125057 0 18717 DEBORAH HENRY SALES COUNSELOR 40.00 0.00 X 137662 0 12908 KATHY YOUNG CONTROLLER 40.00 0.00 X 101566 0 11626 WALTER GOLDSMITH CHAIR 2.00 0.50 X X 0 0 0 BEN NORWOOD VICE CHAIR 1.00 0.00 X X 0 0 0 DR SARAH FLETCHER SECRETARY 1.00 0.50 X X 0 0 0 BRUCE BROWN TREASURER 1.00 0.50 X X 0 0 0 SUSAN BICHEL DIRECTOR 1.00 0.00 X 0 0 0 BEN DEIBLER DIRECTOR 1.00 0.00 X 0 0 0 DAVID JOHNSON DIRECTOR 1.00 0.00 X 0 0 0 TODD MALO DIRECTOR 1.00 0.00 X 0 0 0 KATHLEEN MCKINNEY DIRECTOR 2.00 0.00 X 0 0 0 DR LANDRUM MCCARRELL DIRECTOR 1.00 0.00 X 0 0 0 1158327 0 125490 8 0 1 0 BON APPETIT MANAGEMENT COMPANY PO BOX 417632 BOSTON MA 022417632 DINING SERVICES 2819203 ENVIROCARE LANDSCAPE MANAGEMENT PO BOX 80394 SIMPSONVILLE SC 29680 LANDSCAPE SERVICES 352269 JD LANE CONSTRUCTION PO BOX 189 TIGERVILLE SC 29688 CONSTRUCTION SERVICES 221299 ALAN DICKERSON 10 MILFORD CHURCH RD TAYLORS SC 29687 CONSTRUCTION SERVICES 194460 GLYNNDEVINS ADVERTISING INC 8880 WARD PKWY SUITE 400 KANSAS CITY MO 64114 ADVERTISING SERVICES 145252 6 854885 854885 INDEPENDENT LIVING FEES 623000 8457702 8457702 SKILLED NURSING FEES 623000 3547368 3547368 ASSISTED LIVING FEES 623000 3142189 3142189 EARNED ENTRANCE FEES 623000 1807550 1807550 COMPANION SERVICE REVENUE 623000 629660 629660 17584469 239526 239526 285645 0 417085 285645 -417085 -131440 -131440 OTHER RESIDENT REVENUE 623000 788901 788901 788901 19336341 18373370 0 108086 X 342624 308362 34262 5236154 4508636 727518 675162 591490 69746 13926 356292 306641 47144 2507 39699 39699 48000 48000 60997 60997 3598380 3553848 44532 772437 540706 231731 221834 149182 72652 111057 95745 15312 2995545 2956119 39426 39706 26559 13147 19347 11803 7544 2953563 2936535 17028 3145770 3127634 18136 436997 434478 2519 SUPPLIES 416056 403532 12524 DIETARY EXPENSES 189253 189253 EMPLOYEE EXPENSES 112328 102949 9379 EQUIPMENT 38792 37673 1119 57082 53141 3941 21867075 20334286 1516356 16433 9213516 5061443 519956 252327 42145 765 65642 334640 117196905 26403765 80865251 90793140 20334120 29078796 353137 372804 28541 21435 111422308 125915350 4513677 1645600 59623197 80065507 74415095 73481953 17299157 16764184 155851126 171957244 X -44491846 -46127227 63028 85333 -44428818 -46041894 111422308 125915350 -2530734 917658 0 X X 0 1 X 1 0 X 1875681 854885 2730566 14120018 13860246 14706448 16300223 17584469 76571404 14120018 13860246 14706448 18175904 18439354 79301970 0 146037 146037 146037 146037 79155933 125715 205904 256511 241465 239526 1069121 125715 205904 256511 241465 239526 1069121 162866 184854 159838 127545 788901 1424004 14408599 14251004 15122797 18544914 19467781 81795095 0.96770 0.97620 0.01310 0.01180 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 104754761 19736827 85017934 5961393 3185642 2775751 6480751 3481296 2999455 90793140 CASH AND CASH EQUIVALENTS 9563496 F FIXED INCOME 10141076 F EQUITIES 9374224 F 29078796 APPLICANT DEPOSITS 611330 RIGHT-OF-USE OPERATING LEASE OBLIGATIONS 16054096 MEDICARE ADVANCE PAYMENTS 98758 16764184 X 20193002 917658 917658 19275344 60997 60997 19336341 21806078 0 21806078 60997 60997 21867075 PART X, LINE 2: THE ORGANIZATION IS TAX-EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND UNDER SIMILAR STATE STATUTES. ACCORDINGLY, NO INCOME TAX LIABILITY OR PROVISION FOR INCOME TAXES IS REFLECTED IN THESE FINANCIAL STATEMENTS. AS OF DECEMBER 31, 2021, THE ORGANIZATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATION FOR ITS FEDERAL INCOME TAX RETURNS PRIOR TO 2018. X 0 0 0 0 0 0 0 0 0 BECKY VUKSTA EXECUTIVE DIRECTOR OF OPERATIONS 125057 0 0 0 0 0 0 0 18717 0 143774 0 0 0 DEBORAH HENRY SALES COUNSELOR 67893 0 69769 0 0 0 0 0 12908 0 150570 0 0 0 KATHY YOUNG CONTROLLER 101566 0 0 0 0 0 0 0 11626 0 113192 0 0 0 JAMES RICK BRACKETT VP OF OPERATIONS / CEO (BEG. 7/1) 178788 0 0 0 0 0 0 0 22489 0 201277 0 0 0 MARY LOU MERKT PRESIDENT/CEO (END. 6/30) 174162 0 0 0 0 0 0 0 6920 0 181082 0 0 0 ANGELA HECKER DIRECTOR OF MARKETING 87023 0 63650 0 0 0 0 0 18156 0 168829 0 0 0 DONALD LILLY VICE PRESIDENT OF HEALTH SERVICES 149821 0 0 0 0 0 0 0 13629 0 163450 0 0 0 STEPHANIE ESTRADA CFO 140598 0 0 0 0 0 0 0 21045 0 161643 0 0 0 A SOUTH CAROLINA JOBS - ECONOMIC DEVELOPMENT AUTHORITY 570960018 837036DA7 2017-06-01 57455000 SEE PART VI 0 0 0 B SOUTH CAROLINA JOBS - ECONOMIC DEVELOPMENT AUTHORITY 570960018 837031ZL0 2020-01-22 35695000 SEE PART VI 0 0 0 A 3250000 58611008 3523175 1172220 4157073 49758540 2017 1 0 1 1 B 16999260 37609953 1185000 640547 34442189 1342217 0 0 0 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 1 0 0 1 0 0 0 1 B 0 1 0 0 1 0 0 0 1 A 0 B 0 SCHEDULE K, PART I, COLUMN (E) THE TOTAL PROCEEDS FOR SERIES 2017 BOND ISSUE ARE NOT IDENTICAL TO THE TOTAL ISSUE PRICE LISTED IN PART I, COLUMN (E). THE DIFFERENCE IS AN ORIGINAL ISSUE PREMIUM OF $1,614,819 AS WELL AS AN ORIGINAL ISSUE DISCOUNT OF $458,811. SCHEDULE K, PART I, COLUMN (F) IN JUNE 2017, THE SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY ISSUED ECONOMIC DEVELOPMENT REFUNDING AND REVENUE BONDS (THE "SERIES 2017 BONDS") IN THE AMOUNT OF $57,455,000 FOR THE ORGANIZATION. THE PROCEEDS OF THE SERIES 2017 BONDS WERE USED TO REFUND ALL OF THE PREVIOUSLY ISSUED BOND DEBT AND NOTES PAYABLE, TO FUND CAPITAL ADDITIONS INCLUDING PRE-DEVELOPMENT COSTS OF THE COMMUNITY'S EXPANSION, TO FUND A DEBT SERVICE RESERVE FUND, AND TO PAY COSTS OF ISSUANCE. THE SERIES 2017 BONDS ARE DUE IN VARYING INSTALLMENTS THROUGH NOVEMBER 2052 AND ACCRUE INTEREST AT FIXED RATES RANGING FROM 4.0% TO 5.25%. THE SERIES 2017 BONDS ARE COLLATER-ALIZED BY ALL GROSS REVENUES OF THE ORGANIZATION, ASSIGNMENT OF LEASES, RENTS AND PROFITS, FUNDS AND ACCOUNTS HELD BY THE BOND TRUSTEE, AND PROPERTY AND EQUIPMENT HELD BY THE ORGANIZATION. SCHEDULE K, PART I, COLUMN (E) THE TOTAL PROCEEDS FOR SERIES 2020A AND SERIES 2020B BOND ISSUE ARE NOT IDENTICAL TO THE TOTAL ISSUE PRICE LISTED IN PART I, COLUMN (E). THE DIFFERENCE IS AN ORIGINAL ISSUE PREMIUM OF $1,914,953. SCHEDULE K, PART I, COLUMN (F) IN JANUARY 2020, THE AUTHORITY ISSUED ECONOMIC DEVELOPMENT REVENUE BONDS OF (A) $18,695,000 OF SERIES A (THE "SERIES 2020A BONDS") AND (B) UP TO $17,000,000 OF SERIES B (THE "SERIES 2020B BONDS"). THE PROCEEDS OF THE SERIES 2020 BONDS WERE USED TO (A) FUND A PROJECT FUND FOR THE COMMUNITY'S EXPANSION AND RENOVATIONS (B) FUND A DEBT SERVICE AND INTEREST RESERVE AND (C) TO PAY COSTS OF ISSUANCE. THE SERIES 2020A BONDS ARE DUE IN VARYING INSTALLMENTS THROUGH NOVEMBER 2054 AND ACCRUE INTEREST AT FIXED RATES RANGING FROM 4.0% TO 5.0%. DURING 2021, THE INITIAL ENTRANCE FEE PROCEEDS RECEIVED ON THE SALE OF THE 44 INDEPENDENT LIVING EXPANSION UNITS WAS USED TO PAY OFF THE BALANCE ON THE SERIES 2020B BONDS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED AND APPROVED BY THE ORGANIZATION'S FINANCE COMMITTEE. THE RETURN IS MADE AVAILABLE TO ALL VOTING BOARD MEMBERS BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS IS REQUIRED TO SIGN A CONFLICT OF INTEREST POLICY ANNUALLY. INDIVIDUALS REALIZE THEIR FIDUCIARY DUTY TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST SO THAT THE BOARD CAN DETERMINE THE APPROPRIATE COURSE OF ACTION SHOULD A CONFLICT ARISE. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD APPROVES THE SALARIES OF TOP MANAGEMENT OFFICIALS BY UTILIZING COMPARABILITY DATA. THE CEO DETERMINES SALARY FOR KEY EMPLOYEES BY UTILIZING COMPARABILITY DATA AND INDUSTRY SALARY SURVEYS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G CONTRACT LABOR: PROGRAM SERVICE EXPENSES 3,553,848. MANAGEMENT AND GENERAL EXPENSES 44,532. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,598,380. FORM 990, PART XII, LINE 2C THE FINANCE COMMITTEE IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT OF THE ORGANIZATION'S FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THERE WAS NO CHANGE IN THIS PROCESS FROM THE PRIOR YEAR.