2025-05-15T14:07:36-05:00 2024-06-30 390859910 BAKER TILLY ADVISORY GROUP LP 101 WASHINGTON STREET EAST CHARLESTON WV 25301 990 2023-07-01 550701159 EDGEWOOD SUMMIT INC EDGE 3043462323 300 BAKER LANE CHARLESTON WV 25302 REED SPANGLER PRESIDENT 3043462323 2025-05-15 1 1 DOLORES ROSE P01286262 3043460441 2025-05-15 2023 2025-03-06 01:10:19Z REED SPANGLER 300 BAKER LANE CHARLESTON WV 25302 15547962 0 X WWW.EDGEWOODSUMMIT.COM X 1990 WV THE ORGANIZATION'S PRIMARY EXEMPT FUNCTION IS TO PROVIDE, ON A NON-PROFIT BASIS, LONG-TERM CARE FACILITIES IN THE STATE OF WEST VIRGINIA SPECIFICALLY DESIGNED TO MEET THE PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS OF ELDERLY AND INFIRM PERSONS, INCLUDING BUT NOT LIMITED TO HOUSING, BUILDINGS, STRUCTURES, EQUIPMENT, FURNISHINGS, PROGRAMS AND RELATED HEALTH AND OTHER SERVICES CONTRIBUTING TO THEIR HEALTH, SECURITY, HAPPINESS AND PHYSICAL AND MENTAL WELL-BEING.THE MISSION OF EDGEWOOD SUMMIT IS TO PROVIDE AN ATTRACTIVE, CARING, COMFORTABLE SENIOR LIVING COMMUNITY. A SECURE ENVIRONMENT AND QUALITY SERVICE THAT WILL BE THE HALLMARK OF THIS COMMUNITY. 20 20 233 21 0 0 6000 10487 12213902 14193335 899418 1293220 27024 21370 13146344 15518412 0 0 0 0 6495922 7047192 0 0 0 7431137 8087529 13927059 15134721 -780715 383691 39518993 41164467 36280158 37185592 3238835 3978875 X THE ORGANIZATION'S PRIMARY EXEMPT FUNCTION IS TO PROVIDE, ON A NON-PROFIT BASIS, LONG-TERM CARE FACILITIES IN THE STATE OF WEST VIRGINIA SPECIFICALLY DESIGNED TO MEET THE PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS OF ELDERLY AND INFIRM PERSONS, INCLUDING BUT NOT LIMITED TO HOUSING, BUILDINGS, STRUCTURES, EQUIPMENT, FURNISHINGS, PROGRAMS AND RELATED HEALTH AND OTHER SERVICES CONTRIBUTING TO THEIR HEALTH, SECURITY, HAPPINESS AND PHYSICAL AND MENTAL WELL-BEING. THE MISSION OF EDGEWOOD SUMMIT IS TO PROVIDE AN ATTRACTIVE, CARING, COMFORTABLE SENIOR LIVING COMMUNITY. A SECURE ENVIRONMENT AND QUALITY SERVICE THAT WILL BE THE HALLMARK OF THIS COMMUNITY. 0 0 11158660 14214705 THE ORGANIZATION PROVIDED, ON A NON-PROFIT BASIS, HOUSING, DINING, HOUSEKEEPING, LAUNDRY, TRANSPORTATION, ACTIVITIES, NURSING AND ASSISTED LIVING CARE, MEMORY SUPPORT CARE, AND SKILLED NURSING CARE THROUGH THE OPERATION OF A CCRC - CONTINUUM CARE RETIREMENT COMMUNITY - THAT SERVED 228 RESIDENTS IN 127 INDEPENDENT AND 40 ASSISTED LIVING, 18 MEMORY SUPPORT AND 20 SKILLED NURSING UNITS. 787801 1. EDGEWOOD SUMMIT, INC. HAS BEEN OPEN FOR 29 YEARS. APARTMENTS ARE UPGRADED WHEN TURNOVER OCCURS; THIS INCLUDES FRESH PAINT, NEW CARPET. AN ENHANCED UPGRADE TO EACH UNIT INCLUDES - NEW KITCHEN AND BATH CABINETS WITH SOLID SURFACE COUNTERTOPS, NEW LIGHTING, NEW KITCHEN APPLIANCES INCLUDING WASHER AND DRYER. ALL ITEMS WITH A USEFUL LIFE REMAINING ARE DONATED TO HABITAT FOR HUMANITY RESTORE. THESE ITEMS INCLUDE: RANGES, REFRIGERATORS, DISHWASHERS, WASHER/DRYER COMBOS AND KITCHEN AND BATH CABINETS, AND LIGHT FIXTURES. EDGEWOOD SUMMIT TURNED OVER APPROXIMATELY 54 UNITS THIS PAST FISCAL YEAR AND 14 UNITS WERE TOUCHED UP.TOTAL EXPENSES INCURRED: $34,803.00 (SEE CONTINUATION ON SCHEDULE O)2. ANNUALLY EDGEWOOD SUMMIT, INC. PARTICIPATED IN THE FOLLOWING CHARITABLE ACTIVITIES: > MANNA MEAL FOOD DRIVE - JANUARY - FEBRUARY 2024 > UNION MISSION FOOD DRIVE - NOVEMBER - DECEMBER 2024 > S. CHARLESTON BOOK DONATIONS - ON-GOING THROUGHT THE YEAR > CITY OF CHARLESTON - 30,000 EASTER EGGS - MARCH 2024 > CITY OF S. CHARLESTON - 5,000 EASTER EGGS - MARCH 2024 > ALZHEIMERS ASSOC. FUNDRAISING - OCTOBER 2023 > HEART ASSOC. FUNDRAINING - FEBRUARY 2024 > KANAWHA HUMANE SOCIETY FUNDRAISER - FEBRUARY 2024 3. EDGEWOOD SUMMIT, INC. WAS A SPONSOR FOR WEST VIRGINIA ALZHEIMER'S MEMORY WALK, WEST VIRGINIA SYMPHONY ORCHESTRA, AND THE CHARLESTON BALLET.TOTAL EXPENSE INCURRED: $8,957.234. IN THE FALL OF 2013 EDGEWOOD SUMMIT, INC. OPENED THE ARTHUR B. HODGES CENTER WITH 20 SKILLED NURSING AND 18 MEMORY SUPPORT UNITS TO COMPLETE THE FULL CONTINUUM OF CARE ON OUR CAMPUS. ALONG WITH THIS ADDITION ALL NEW RESIDENTS MOVING INTO INDEPENDENT LIVING WITH GET A 20% DISCOUNT FROM FULL CONTRACTUAL RATES AS THEY MOVE THROUGH THE CONTINUUM. FOR THE THEN CURRENT INDEPENDENT LIVING RESIDENTS A PLAN WAS OFFERED WHERE THE CURRENT RESIDENT COULD PAY A ONE-TIME NON-REFUNDABLE DEPOSIT OF $15,000 AND THEY WOULD ALSO RECEIVE THE HEALTH CARE BENEFIT AS THEY MOVED THROUGH THE CONTINUUM. DURING THE FISCAL YEAR ENDING JUNE 30, 2024 EDGEWOOD SUMMIT HAD 14 RESIDENTS MOVE TO HIGHER LEVELS OF CARE AND BEGAN UTILIZING THE 20% DISCOUNT - AL 11, MS 3, AND SN 0.TOTAL EXPENSE INCURRED: $103,240 DURING THE FISCAL YEAR ENDING JUNE 30, 2024 EDGEWOOD SUMMIT HAD A TOTAL OF 37 RESIDENTS WITH THE HEALTH CARE BENEFIT RESIDING IN HIGHER LEVELS OF CARE THAT WERE UTILIZING THE 20% DISCOUNT - AL 16, MS 3, AND SN 18.TOTAL EXPENSE INCURRED: $639,908 5. DINING SERVICES CONTRIBUTED 40 THANKSGIVING TURKEYS TO VARIOUS NOT FOR PROFITS AND VOLUNTEER ORGANIZATIONS IN THE CHARLESTON COMMUNITYTOTAL EXPENSE INCURRED: $892.63ANNUAL TOTAL EXPENSE FOR COMMUNITY SERVICES $684,560.86 11946461 1 1 0 0 0 0 0 0 0 1 1 0 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 1 0 0 0 0 0 0 0 0 0 0 1 44 0 233 1 0 0 0 0 0 0 0 0 0 0 0 0 X 20 20 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X LESLEY THOMPSON 3043462323 300 BAKER LANE CHARLESTON WV 25302 GEORGE BARKER ADMINISTRATOR 40.00 X 148522 0 24273 CHERIE LITTON DIRECTOR OF MARKETING 40.00 X 127603 0 6778 GREG FABER MAINTENANCE DIRECTOR 40.00 X 104207 0 24915 DIANE GOUHIN EXECUTIVE DIRECTOR UNTIL 6/2024 40.00 X 0 0 0 REED SPANGLER PRESIDENT 1.00 X X 0 0 0 ELIZABETH KEIGHTLY VICE PRESIDENT 1.00 X X 0 0 0 JOHN DERITO TREASURER 1.00 X X 0 0 0 KATHLEEN MERRILL SECRETARY 1.00 X X 0 0 0 FONDA ELLIOT DIRECTOR 1.00 X 0 0 0 AUGUSTINUS LOBACH DIRECTOR 1.00 X 0 0 0 TOM PEARCY DIRECTOR 1.00 X 0 0 0 TIM WILCOX DIRECTOR 1.00 X 0 0 0 RYAN LINDSAY DIRECTOR 1.00 X 0 0 0 JOE NASSIF DIRECTOR 1.00 X 0 0 0 BILL MULLET DIRECTOR 1.00 X 0 0 0 BETTY IRELAND DIRECTOR 1.00 X 0 0 0 NORMA PARKER DIRECTOR 1.00 X 0 0 0 AMY CONDARAS DIRECTOR 1.00 X 0 0 0 KIM BURTON DIRECTOR 1.00 X 0 0 0 CAM SIEGRIST DIRECTOR UNTIL 6/2024 1.00 X 0 0 0 MARK GRIGSBY DIRECTOR 1.00 X 0 0 0 CYNTHIA BARNETTE DIRECTOR UNTIL 6/2024 1.00 X 0 0 0 DAVID ELLIOTT DIRECTOR 1.00 X 0 0 0 MARY BOND DIRECTOR 1.00 X 0 0 0 CYNTHIA PERSILY DIRECTOR UNTIL 6/2024 1.00 X 0 0 0 JANE CLINE DIRECTOR UNTIL 6/2024 1.00 X 0 0 0 380332 0 55966 4 0 1 1 GMSC WEST VIRGINIA LLC 225 E JOHN CARPENTER FREEWAY SUIT IRVING TX 75062 MANAGEMENT SERVICES 526793 AGSTEN CONSTRUCTION CO PO BOX 3108 3601 SEVENTH AVE CHARLESTON WV 25312 CONSTRUCTION 362083 ATTANE PO BOX 95649 CHICAGO IL 606945649 MARKETING AGENCY 257776 MAXIM HEALTHCARE SERVICES INC 12558 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 STAFFING AGENCY 215418 NDM COMMUNICATIONS 24000 ALICIA PKWY STE 17-303 MISSION VIEJO CA 92691 MARKETING AGENCY 206444 12 10487 10487 RESIDENT SERVICES 623990 14193335 14193335 14193335 406047 406047 22330 0 22330 22330 22330 916723 0 29550 916723 -29550 887173 887173 MISCELLANEOUS INCOME 900099 -960 -960 -960 15518412 14214705 0 1293220 X 5735031 4718210 1016821 92047 75727 16320 760691 625820 134871 459423 377967 81456 536875 536875 21636 21636 52134 52134 67823 67823 474643 390489 84154 221724 182412 39312 1971237 1621991 349246 148488 122161 26327 1280623 1053569 227054 54393 44749 9644 7170 5899 1271 2179530 1793099 386431 410648 337840 72808 BAD DEBT 313100 313100 0 TAXES 161804 133116 28688 LICENSES, PERMITS & FEE 63759 52455 11304 SPECIAL EVENTS 38038 31294 6744 83904 66563 17341 15134721 11946461 3188260 0 979 500 398963 844059 838694 1418513 36759 37781 551363 527888 47701932 23608638 24673194 24093294 12427792 13620194 591249 622238 39518993 41164467 699316 831725 23211869 25080023 4524821 4257975 7844152 7015869 36280158 37185592 X 3238835 3978875 3238835 3978875 39518993 41164467 X 383691 325361 30988 X 0 1 X 1 0 X 13547 6000 10487 30034 11305186 10719916 11454396 12213902 14193335 59886735 11305186 10719916 11467943 12219902 14203822 59916769 0 0 0 59916769 423977 270894 353612 428115 428377 1904975 423977 270894 353612 428115 428377 1904975 102031 296025 38790 9614 -960 445500 11831194 11286835 11860345 12657631 14631239 62267244 0.96230 0.95980 0.03060 0.03270 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISC - 2021 AMOUNT: $ 38,790. 2022 AMOUNT: $ 9,614. 2023 AMOUNT: $ -960. CARES ACT STIMULUS RELIEF INCOME - 2019 AMOUNT: $ 102,031. 2020 AMOUNT: $ 296,025. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1915588 220871 2136459 1729313 186275 1915588 1892394 -163081 1729313 1557995 334399 1892394 1565144 -7149 1557995 1.00000 1 0 856564 856564 31534160 14704284 16829876 10692329 6309707 4382622 4618879 2594647 2024232 24093294 PHASE III EXPANSION LOAN 6223518 SERIES 2014 BOND 792351 7015869 X 15530673 325361 325361 15205312 313100 313100 15518412 14821621 0 14821621 313100 313100 15134721 PART V, LINE 4: FUNDS DESIGNATED BY THE BOARD TO PROVIDE HOUSING ASSISTANCE/CHARITY CARE FOR RESIDENTS THAT HAVE EXHAUSTED ALL OTHER MEANS OF ASSETS OR INCOME FOR HOUSING: $ 1,822,483 FUNDS RESERVED FOR BOND INDENTURE AGREEMENT-ADMINISTERED BY A THIRD PARTY: $313,976 PART X, LINE 2: THE COMPANY IS A NOT-FOR-PROFIT CORPORATION AND IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN PROVIDED. THE COMPANY FOLLOWS THE GUIDANCE FOR ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS THAT PRESCRIBES A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS BEEN MET. THE GUIDANCE ALSO ADDRESSES DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS AND DISCLOSURE. MANAGEMENT HAS DETERMINED THAT THIS GUIDANCE HAD NO MATERIAL EFFECT ON THE FINANCIAL STATEMENTS. THE COMPANY'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN GENERAL AND ADMINISTRATIVE EXPENSES. THERE WERE NO INTEREST OR PENALTIES RECOGNIZED ON THE STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS AS A RESULT OF THIS GUIDANCE. GENERALLY, TAX RETURNS FOR YEARS ENDED JUNE 30, 2021, AND THEREAFTER REMAIN SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAX AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: BAD DEBT 313,100. PART XII, LINE 4B - OTHER ADJUSTMENTS: BAD DEBT 313,100. X 0 0 0 0 0 0 0 0 0 GEORGE BARKER ADMINISTRATOR 148522 0 0 0 0 0 6260 0 18013 0 172795 0 0 0 FORM 990, PART VII, SECTION A, LINE 5 UNRELATED ORGANIZATION OFFICER COMPENSATION: FOR THE CALENDAR YEAR ENDED 12/31/2023, THE EXECUTIVE DIRECTOR RECEIVED COMPENSATION FROM THE ORGANIZATION'S MANAGEMENT COMPANY, GMSC WEST VIRGINIA LLC, AS FOLLOWS: SALARY $249,183 DEFERRED COMPENSATION $8,057, AND NONTAXABLE BENEFITS OF $5,874 FOR A TOTAL OF $263,114. A WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY 550460512 956486BL7 2004-02-25 11231025 REFUND SERIES 1993 BONDS 0 0 0 B WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY 550460512 956486CA0 2017-01-24 3587673 REFUND SERIES 2006 BONDS (REFUNDED 1999 BONDS) 0 0 0 A 8556025 11231025 285000 224845 10721180 1 0 1 1 B 1913365 3587673 71756 3515920 1 0 1 1 A 0 0 0 1 1 0 0 0 1 B 0 0 0 1 1 1 TRUIST 12.700000000000 0 0 0 0 1 A 1 B 1 SCHEDULE K, PART IV, ARBITRAGE, LINE 2C: (A) ISSUER NAME: WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY REFUND SERIES 2004 BONDS (REFUNDED 1993 BONDS) DATE THE REBATE COMPUTATION WAS PERFORMED: 8/3/2023 SCHEDULE K, PART IV, ARBITRAGE, LINE 2C: (A) ISSUER NAME: WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY REFUND SERIES 2006 BONDS (REFUNDED 1999 BONDS) DATE THE REBATE COMPUTATION WAS PERFORMED: 8/3/2023 POWERBACK REHABILITION GEORGE BARKER'S SISTER IS A DIRECTOR 203278 THERAPY SERVICES PROVIDED TO EDGEWOOD SUMMIT RESIDENTS 0 AMY CONDORAS FROST BROWN AND TODD PARTNER 11424 ASSISTANCE WITH ADOPTING NEW SOFR RATE TO REPLACE BOND LIBOR RATE 0 CAMDEN SEIGRIST BOWLES RICE PARTNER 5125 VARIOUS LEGAL CONSULTATIONS THROUGHOUT THE YEAR. 0 FORM 990, PART VI, SECTION A, LINE 3 EDGEWOOD SUMMIT, INC. (THE COMMUNITY) HAS DELEGATED MANAGEMENT DUTIES TO A MANAGEMENT COMPANY EXPERIENCED IN SENIOR LIVING. THE EXECUTIVE DIRECTOR IS AN EMPLOYEE OF THE MANAGEMENT COMPANY CONTRACTED TO PROVIDE MANAGEMENT OVERSIGHT AT THE COMMUNITY. IN ADDITION, THE EXECUTIVE DIRECTOR AND COMMUNITY STAFF ARE SUPPORTED BY VARIOUS TEAM MEMBERS OF THE MANAGEMENT COMPANY THAT PROVIDE OPERATIONS, MARKETING AND FINANCIAL SUPPORT SERVICES. FORM 990, PART VI, SECTION B, LINE 11B THE EXECUTIVE DIRECTOR AND A REPRESENTATIVE OF THE ORGANIZATION'S MANAGEMENT COMPANY REVIEW THE 990. A COPY OF THE 990 IS EMAILED TO THE BOARD OF DIRECTORS BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION CONSTANTLY MONITORS THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE DIRECTOR IS AN EMPLOYEE OF THE MANAGEMENT COMPANY, CONTRACTED TO PROVIDE MANAGEMENT OVERSIGHT AT THE COMMUNITY. THE EXECUTIVE DIRECTOR'S INITIAL COMPENSATION WAS BASED ON INDUSTRY MARKET SURVEY COMPARISONS AND INITIAL COMPENSATION AND ANNUAL WAGE ADJUSTMENTS ARE APPROVED BY THE BOARD OF DIRECTORS DURING REVIEW AND APPROVAL OF THE ANNUAL OPERATING BUDGET. KEY EMPLOYEES ARE REVIEWED ANNUALLY WITH A UNIFORM PERFORMANCE REVIEW PROCESS AND DOCUMENT WHICH RATES PERFORMANCE ON STANDARDS, GUIDELINES, FINANCIAL PERFORMANCE, QUALITY, RESIDENT SATISFACTION, EMPLOYEE RELATIONS, REGULATORY COMPLIANCE AND CUSTOMER SERVICE, AS WELL AS OTHER VARIABLES IMPORTANT TO THE ORGANIZATION. THE MERIT INCREASE, IF APPROPRIATE, IS BASED UPON THE PERFORMANCE REVIEW OF THE EMPLOYEE AND THE APPROVED BUDGET SCALE FOR EACH FISCAL YEAR. SALARIES ARE REVIEWED AT LEAST ANNUALLY FOR COMPARISON TO NATIONAL SALARY INFORMATION FROM LEADING AGE (A NATIONAL ORGANIZATION FOR CCRC'S) AND REGIONAL SALARY INFORMATION IS USED FOR COMPARISON PURPOSES AS STATE DATA IS NOT AVAILABLE. SHOULD ADJUSTMENTS BE REQUIRED IN THE SALARY SCALE BASED UPON COMPETITIVE WAGE FACTORS, THE CHANGES ARE APPROVED BY THE BOARD OF DIRECTORS AS WELL AS THE MANAGEMENT COMPANY, GREYSTONE COMMUNITIES, AND INCORPORATED INTO THE OPERATING BUDGET. FORM 990, PART VI, SECTION C, LINE 19 EDGEWOOD SUMMIT, INC. MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC THROUGH THE WEST VIRGINIA SECRETARY OF STATE'S OFFICE AND THE WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY. FORM 990 PART IX, LINE 11A THE TOTAL FOR MANAGEMENT SERVICES EXPENSE OF $536,875 INCLUDES THE COMPENSATION OF THE EXECUTIVE DIRECTOR AS FOLLOWS: EXECUTIVE DIRECTOR SALARY AND BENEFITS: $286,535 MANAGEMENT COMPANY GENERAL SERVICES: $250,340 FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF DERIVATIVE OBLIGATION 30,988.