2020-10-28T12:56:41-05:00 2020-06-30 593070669 MSL PA 255 S ORANGE AVENUE SUITE 600 ORLANDO FL 32801 990 2019-07-01 590624420 PENNEY RETIREMENT COMMUNITY INC PENN 9042848200 PO BOX 555 PENNEY FARMS FL 320790555 TERESA SCOTT PRESIDENT 9042848200 2020-10-28 1 NORMAN B NEAL CPA P00071411 4077405400 73.179.45.151 2020-10-28 12:54:00 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 D82DAE13932C41878502CF208E25BB5BC26ECAE2 2019 2021-01-29 14:40:06Z TERESA SCOTT PO BOX 555 PENNEY FARMS FL 320790555 15573329 0 X WWW.PENNEYRETIREMENTCOMMUNITY.ORG X 1965 FL PENNEY RETIREMENT COMMUNITY SERVES SENIORS WHO DESIRE TO LIVE THE FINAL THIRD OF THEIR LIVES IN A CHRISTIAN ENVIRONMENT. PROGRAMS AND SERVICES, INCLUDING HEALTH CARE, ARE PROVIDED TO ENHANCE DAILY LIVING AND DIMINISH FEARS OF THE FUTURE. 17 17 305 375 0 0 746643 610884 13841316 14349308 369476 325902 56037 287235 15013472 15573329 1500 0 0 0 6806663 7279665 0 0 13151 7118895 8281038 13927058 15560703 1086414 12626 57516616 58338823 39164435 40391832 18352181 17946991 PENNEY IS AN INCLUSIVE CHRISTIAN CONTINUING CARE RETIREMENT COMMUNITY SEEKING THE ABUNDANT LIFE THROUGH SOCIAL INTERACTION AND SERVICE. 0 0 13953416 14636543 THE ORGANIZATION PROVIDES HOUSING, HEALTH CARE AND OTHER RELATED SERVICES THROUGH THE OPERATION OF A RETIREMENT COMMUNITY. THE COMMUNITY INCLUDES 301 APARTMENTS, COTTAGES AND HOMES, A 20-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. 13953416 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 0 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 10 0 1 305 1 0 0 0 0 0 0 0 0 0 0 0 0 X 17 17 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 32079 BERT VAN ROYAL DIRECTOR/CHAIRMAN 2.00 X X 0 0 0 ALISON E HICKMAN DIRECTOR/FIRST VICE CHAIR 2.00 X X 0 0 0 JAMES JB RENNIGER DIRECTOR/SECOND VICE CHAIR 2.00 X X 0 0 0 JAMES KNIGHT DIRECTOR/TREASURER 2.00 X X 0 0 0 EVELYN DOLLY HILLMAN DIRECTOR/SECRETARY 2.00 X X 0 0 0 GERALD AGRESTI DIRECTOR 2.00 X 0 0 0 TERESA BARTON DIRECTOR 2.00 X 0 0 0 RON COLEMAN DIRECTOR 2.00 X 0 0 0 WILLIAM COURTNEY DIRECTOR 2.00 X 0 0 0 JIMMY LOVELACE 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 CYNTHIA RUSSELL DIRECTOR 2.00 X 0 0 0 HELEN STEPHENS DIRECTOR 2.00 X 0 0 0 CHERIAN THOMAS DIRECTOR 2.00 X 0 0 0 LISA VALENTINE DIRECTOR 2.00 X 0 0 0 GEORGE WEST DIRECTOR 2.00 X 0 0 0 VERNON SMITH DIRECTOR 2.00 X 0 0 0 DARIN ROARK DIRECTOR 2.00 X 0 0 0 STANLEY BISHOP DIRECTOR 2.00 X 0 0 0 JENNIFER MORTON DIRECTOR 2.00 X 0 0 0 CHAD PATRICK DIRECTOR 2.00 X 0 0 0 DAVID QUIRK DIRECTOR 2.00 X 0 0 0 TERESA D SCOTT PRESIDENT/CHIEF EXECUTIVE OFFICER 40.00 X 177058 0 15386 WILLIAM D FISH CHIEF FINANCIAL OFFICER 40.00 X 118140 0 17483 BETH A MCANALLY CHIEF FINANCIAL OFFICER 40.00 X 85795 0 16114 380993 0 48983 3 0 1 0 STEVENSON CONSTRUCTION COMPANY INC PO BOX 1178 STARKE FL 32091 CONSTRUCTION CONTRACTOR 1386890 FUNCTIONAL PATHWAYS 10133 SHERRILL BLVD SUITE 200 KNOXVILLE TN 37932 PATIENT THERAPY 768800 SAUER INC 9728-1 FL MINING BLVD WEST JACKSONVILLE FL 32257 CONSTRUCTION CONTRACTOR 618960 JAMES DEAN MASONRY INC 3750 CR 315-A GREEN COVE SPRINGS FL 32043 CONSTRUCTION CONTRACTOR 301070 CHANEY'S HOME IMPROVEMENT 116 N ORANGE AVE GREEN COVE SPRINGS FL 32043 CONSTRUCTION CONTRACTOR 258420 8 610884 610884 RESIDENT SERVICE 623000 10395413 10395413 EARNED ENTRANCE FEES 623000 2499915 2499915 RESIDENT SERVICE - OTH 623000 1453980 1453980 14349308 269455 269455 56447 0 56447 56447 56447 MISCELLANEOUS INCOME 900099 261686 261686 TRANSPORTATION INCOME 900099 25549 25549 287235 15573329 14636543 0 325902 321234 321234 5491590 4905847 585743 196347 165617 30730 812940 738770 66685 7485 457554 394398 63156 1199749 1048124 151625 55418 55418 82642 8944 73698 2824564 2755408 67044 2112 2408 885 1400 123 386920 376358 10562 2797246 2716206 81040 219767 203203 16564 SUPPLIES AND EQUIPMENT 590801 567105 20800 2896 BAD DEBT EXPENSE 40571 40571 EMPLOYEE RELATED EXPENS 25948 22436 3467 45 LIFE SAFETY - FIRST AIR 25152 25152 29852 9544 19818 490 15560703 13953416 1594136 13151 555185 654643 698880 625926 1938652 1529097 130257 137511 43178 348082 75209360 33547340 39507816 41662020 14642648 13381544 57516616 58338823 1258479 973509 25238264 26467973 10199219 9830403 2468473 3119947 39164435 40391832 X 15268069 14896497 3084112 3050494 18352181 17946991 57516616 58338823 12626 -417816 0 X X 0 1 X 1 0 X 540671 961357 2347104 746643 610884 5206659 11600081 12117395 12707454 13841316 14349308 64615554 12140752 13078752 15054558 14587959 14960192 69822213 0 915400 413876 733209 1115849 712539 3890873 915400 413876 733209 1115849 712539 3890873 65931340 179330 211736 308123 419995 269455 1388639 179330 211736 308123 419995 269455 1388639 39777 95740 149821 64662 287235 637235 12359859 13386228 15512502 15072616 15516882 71848087 0.91760 0.92380 0.01930 0.01850 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1654054 45542 1699596 1593951 60103 1654054 1476354 117597 1593951 1361189 115165 1476354 1262325 98864 1361189 0 0 3265027 3265027 65256521 29585264 35671257 6462076 3962076 2500000 225736 225736 41662020 CASH AND CASH EQUIVALENTS 973479 F U.S. GOVERNMENT AND AGENCY OBLIGATIONS 5663908 F DEBT SECURITIES 2646113 F MUTUAL FUNDS - EQUITY SECURITIES 1249169 F MUTUAL FUNDS - DEBT SECURITIES 2372845 F BOND FUNDS 476030 F 13381544 DEPOSITS 228900 CHARITABLE ANNUITY OBLIGATION 142113 ACCRUED GIFT BONDS 1603765 INTEREST RATE SWAP AGREEMENT 1145169 3119947 14722380 -397805 -397805 15120185 453144 453144 15573329 15092941 0 15092941 467762 467762 15560703 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 OPERATONS, GIFT BOND REDEMPTIONS AND OTHER STIPULATED PURPOSES. PART XI, LINE 4B - OTHER ADJUSTMENTS: RESIDENTS AID FUND OF PRC, LLC - TOTAL REVENUE 143,617. ASSOCIATION OF PRC RESIDENTS, LLC - TOTAL REVENUE 309,527. PART XII, LINE 4B - OTHER ADJUSTMENTS: RESIDENTS AID FUND OF PRC, LLC - TOTAL EXPENSES 166,096. ASSOCIATION OF PRC RESIDENTS, LLC - TOTAL EXPENSES 301,666. X X X 0 0 0 0 0 0 0 0 0 TERESA D SCOTT PRESIDENT/CHIEF EXECUTIVE OFFICER 177058 0 0 0 0 0 8956 0 6430 0 192444 0 0 0 A CLAY COUNTY DEVELOPMENT AUTHORITY 596583087 2017-12-07 13355113 SEE SUPPLEMENTAL INFORMATION 0 0 0 A 861385 13355113 2762691 267102 10325319 173546 2018 0 0 0 0 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 SCHEDULE K, ROW A, PART I (F) IN DECEMBER 2017, THE CLAY COUNTY DEVELOPMENT AUTHORITY ISSUED ON BEHALF OF THE COMMUNITY, A $13,355,113 HEALTHCARE FACILITIES AND IMPROVEMENT REVENUE BOND, SERIES 2017 ("SERIES 2017 BOND") TO PAY FOR THE CONSTRUCTION OF A NEW 50-BED SKILLED NURSING FACILITY, TO FUND AN ESCROW ACCOUNT TO DEFEASE THE PREVIOUS BONDS, AND TO PAY CERTAIN COSTS OF ISSUING THE SERIES 2017 BOND. THE SERIES 2017 BOND WAS PURCHASED BY A FINANCIAL INSTITUTION. THE SERIES 2017 BOND HAS A VARIABLE INTEREST RATE EQUAL TO 82.6% OF LIBOR PLUS .91%, ADJUSTED FOR ANY CHANGE IN THE HIGHEST CORPORATE INCOME TAX RATE SUBSEQUENT TO ISSUANCE, (1.06% AT JUNE 30, 2020). PRINCIPAL AND INTEREST PAYMENTS ON THE SERIES 2017 BOND ARE PAYABLE MONTHLY THROUGH MATURITY IN DECEMBER 2042. THE COMMUNITY ENTERED INTO A VARIABLE-TO-FIXED INTEREST RATE SWAP AGREEMENT TO EFFECTIVELY FIX THE ANNUAL INTEREST RATE OF THE SERIES 2017 BOND AT 3.018% 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. FORM 990, PART VI, SECTION B, LINE 15A THE ORGANIZATION'S COMPENSATION POLICY REQUIRES THE PRESIDENT'S COMPENSATION BE DETERMINED BY THE DIRECTORS USING COMPARABILITY DATA GATHERED FROM OTHER RETIREMENT COMMUNITIES. ALL DIRECTORS ARE INDEPENDENT WITH REGARD TO THE COMPENSATION AND THE DELIBERATION AND DECISION ARE 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 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 PENNEY FARMS FL 32079 273142533 SUPPORT THE RESIDENTS OF PENNEY RETIREMENT COMMUNITY FL 309527 310400 PENNEY RETIREMENT COMMUNITY RESIDENTS' AID FUND OF PENNEY RETIREMENT COMMUNITY LLC PO BOX 555 PENNEY FARMS FL 32079 273456236 SUPPORT THE RESIDENTS OF PENNEY RETIREMENT COMMUNITY FL 143616 415557 PENNEY RETIREMENT COMMUNITY