2019-11-15T07:55:06-06:00 2018-12-31 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 021293742 990 2018-01-01 043195775 EDGEWOOD RETIREMENT COMMUNITY INC EDGE 9787253300 575 OSGOOD STREET NORTH ANDOVER MA 01845 MARLENE ROTERING PRESIDENT/CEO 9787253300 2019-11-12 1 LYNNE JOHNSON P00757336 6179129000 100.1.193.187 2019-11-12 11:51:20 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 1101CBF66FFAA2599057FE7F4407BFB8CB39BD08 2018 2020-03-31 21:24:44Z MARLENE ROTERING 575 OSGOOD STREET NORTH ANDOVER MA 01845 33498063 0 X WWW.EDGEWOODRC.COM X 1993 MA CONTINUING CARE RETIREMENT COMMUNITY. 17 17 462 21 0 0 218386 228418 23439136 23754435 481854 676169 0 0 24139376 24659022 0 0 0 0 12510530 12848021 0 0 0 11708439 12189392 24218969 25037413 -79593 -378391 132304605 131596249 163573266 165119776 -31268661 -33523527 X EDGEWOOD RETIREMENT COMMUNITY OFFERS INDEPENDENT LIVING, HEALTHCARE AND SUPPORTIVE SERVICES TO EMPOWER MEMBERS TO BE ARCHITECTS OF THEIR OWN WELL-BEING. EDGEWOOD WILL ACCOMPLISH THIS BY A RELENTLESS PURSUIT OF A CARING CULTURE WITH PASSIONATE ATTENTION TO INDIVIDUAL NEEDS AND VALUES. 0 0 22861914 23754435 THE COMMUNITY CONSISTS OF 217 RESIDENTIAL UNITS AND 24 COTTAGES, COMMON SPACE AND 59 NURSING CARE 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. 22861914 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 1 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 1 1 0 0 0 1 64 0 1 462 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 0 1 1 1 1 1 1 0 0 MA X BRYAN DEVEAU 9787253300 575 OSGOOD STREET NORTH ANDOVER MA 01845 MICHAEL HAWKINS TREASURER (THRU 06/18) & TRUSTEE 5.00 1.00 X X 0 0 0 THOMAS E SMITH VICE CHAIR 5.00 1.00 X X 0 0 0 MICHAEL CONSOLI TRUSTEE (FROM 06/18) 5.00 1.00 X 0 0 0 DR RABBI ROBERT GOLDSTEIN SECRETARY 5.00 1.00 X X 0 0 0 ELLIOT HACKER TRUSTEE & TREASURER (FROM 6/18) 5.00 1.00 X X 0 0 0 PAUL HEDSTROM TRUSTEE 5.00 1.00 X 0 0 0 CAMILLE MIRAGLIOTTA DALY TRUSTEE (FROM 06/18) 5.00 1.00 X 0 0 0 TIMOTHY VAILL CHAIR 5.00 1.00 X X 0 0 0 RICHARD SUMBERG TRUSTEE (FROM 06/18) 5.00 1.00 X 0 0 0 MARLENE HOYT TRUSTEE 5.00 1.00 X 0 0 0 LINDA KALOUSTIAN TRUSTEE 5.00 1.00 X 0 0 0 DONALD P PICCIRILLO TRUSTEE 5.00 1.00 X 0 0 0 HOOKS K JOHNSTON JR TRUSTEE 5.00 1.00 X 0 0 0 MORGAN KIKER FROM 0618 PRESIDENT OF RESIDENT ASSOCIATOIN 5.00 1.00 X 0 0 0 CHARLES R KENDRICK JR TRUSTEE 5.00 1.00 X 0 0 0 SAYEEDA RAHMAN MD TRUSTEE 5.00 1.00 X 0 0 0 ROBERTA WILSON TRUSTEE 5.00 1.00 X 0 0 0 DENNIS GILLESPIE TRUSTEE (THRU 06/18) 5.00 1.00 X 0 0 0 MARY WIGGIN-LOUX TRUSTEE (THRU 06/18) 5.00 1.00 X 0 0 0 RICHARD KEMP TRUSTEE (THRU 06/18) 5.00 1.00 X 0 0 0 BILL SCHIRMER TRUSTEE (THRU 06/18) 5.00 1.00 X 0 0 0 MARLENE ROTERING PRESIDENT/CEO 40.00 0.00 X 407695 0 79167 JANE SULLIVAN CFO 40.00 0.00 X 190025 0 44434 NATALIE MACBRIEN CHIEF HEALTH OFFICER 40.00 0.00 X 178070 0 32915 ROBERT COPPOLA DIRECTOR OF FACILITIES 40.00 0.00 X 144098 0 31317 SUSAN MADDEN DIRECTOR OF HUMAN RESOURCES 40.00 0.00 X 126546 0 21920 KATHLEEN D'AMICO DIRECTOR OF MARKETING 40.00 0.00 X 106745 0 32845 MARIE ADAMCZYK DIRECTOR OF NURSING 40.00 0.00 X 108441 0 24277 PAMELA BUNN SALESPERSON 40.00 0.00 X 104358 0 9340 1365978 0 276215 8 0 1 0 PIMINTEL CONSTRUCTION 231 ANDOVER STREET WILMINGTON MA 01887 CONSTRUCTION 5975997 DIMELLA SHAFER 81 SUMMER STREET BOSTON MA 02210 DESIGN SERVICES 1013122 GLYNN DEVINS 8880 WARD PARKWAY KANSAS CITY MO 64114 MARKETING SERVICES 605870 FUNCTIONAL PATHWAYS 10133 SHERRIL BOULEVARD KNOXVILLE TN 37932 REHAB SERVICES 473472 OLD SCHOOL GROUP 297 LITTLETON ROAD CHELMSFORD MA 01821 CONSTRUCTION 408370 12 228418 228418 IND. LIVING UNIT RESIDENT SERVICE 623000 15937010 15937010 HEALTH CENTER RESIDENT SERVICES F 623000 5966173 5966173 ENTRANCE FEES 623000 1286930 1286930 ENHANCED LIVING SERVICES 623000 564322 564322 23754435 541460 541460 8973750 8839041 134709 134709 134709 24659022 23754435 0 676169 878915 199597 679318 9507511 8895915 611596 224412 107998 116414 1329415 1163672 165743 907768 779013 128755 38976 38976 82992 82992 69151 69151 91977 91977 898970 898970 744919 744919 204647 130645 74002 241975 186772 55203 5941 5442 499 2742280 2717644 24636 12341 7452 4889 1018924 1010006 8918 4142616 4106464 36152 252539 227285 25254 FOOD & BEVERAGE 1106142 1106142 MEDICAL EXPENSES 287290 287290 BAD DEBT 107340 107340 RESIDENT ACTIVITIES 91169 91169 49203 49203 25037413 22861914 2175499 0 5504847 11959920 15602100 2645162 1446605 1751732 85302 82025 395816 618315 136910278 47994216 84185435 88916062 24249229 23046173 835271 2576860 132304605 131596249 4952905 2901154 99777469 103686670 57468292 56027952 1374600 2504000 163573266 165119776 X -31354686 -33612092 83375 85915 2650 2650 -31268661 -33523527 132304605 131596249 -378391 -1876475 0 X 0 1 X 1 0 X 188251 213554 215925 218386 228418 1064534 20576642 21989673 22656041 23439136 23754435 112415927 20764893 22203227 22871966 23657522 23982853 113480461 0 0 0 113480461 238996 274410 317819 447418 541460 1820103 238996 274410 317819 447418 541460 1820103 225186 225186 21229075 22477637 23189785 24104940 24524313 115525750 0.98230 0.98410 0.01580 0.01380 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2650 2650 2650 2650 2650 2650 2650 2650 2650 2650 1.00000 0 0 5334577 5334577 121198083 40396778 80801305 7154792 5708788 1446004 3222826 1888650 1334176 88916062 REFUNDABLE DEPOSITS 2504000 2504000 X 22782547 -1876475 -1876475 24659022 0 24659022 25037413 0 25037413 0 25037413 PART V, LINE 4: THE INTENDED USE OF THE ORGANIZATION'S ENDOWMENT FUNDS IS TO SUPPORT ITS PROGRAMS AND ITS EXEMPT PURPOSE. PART X, LINE 2: THE COMMUNITY FOLLOWS FASB 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. MANAGEMENT EVALUATED THE COMMUNITY'S TAX POSITIONS AND CONCLUDED THAT THE COMMUNITY HAD NO MATERIAL UNCERTAINTIES IN INCOME TAXES AS OF DECEMBER 31, 2018 AND 2017 THAT REQUIRE DISCLOSURE IN THE FINANCIAL STATEMENTS. WITH FEW EXCEPTIONS, THE COMMUNITY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2015, WHICH IS THE STANDARD STATUTE OF LIMITATIONS LOOK-BACK PERIOD. X 1 1 X X 0 0 0 0 0 0 0 1 0 MARLENE ROTERING PRESIDENT/CEO 341872 0 60000 0 5823 0 47613 0 31554 0 486862 0 0 0 JANE SULLIVAN CFO 161673 0 27842 0 510 0 23331 0 21103 0 234459 0 0 0 NATALIE MACBRIEN CHIEF HEALTH OFFICER 151016 0 26989 0 65 0 22981 0 9934 0 210985 0 0 0 ROBERT COPPOLA DIRECTOR OF FACILITIES 113164 0 22483 0 8451 0 11624 0 19693 0 175415 0 0 0 PART I, LINE 1A THE PROJECT MANAGER RECEIVES A HOUSING STIPEND, WHICH IS INCLUDED IN TAXABLE INCOME AND REPORTED ON PART VII, SECTION A, COLUMN D. PART I, LINE 3 OFFICER COMPENSATION WAS PREPARED AND VOTED ON BY THE BOARD OF TRUSTEES. THE BOARD ALSO USES DATA FROM AREA COMMUNITIES. 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 2322063 58700000 37818121 473679 956117 17330722 2121361 2019 1 0 0 1 A 0 0 0 0 0 0 1 A 0 0 1 0 0 0 0 0 1 A 1 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 B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY THE ORGANIZATION'S MANAGEMENT. THE 990 IS REVIEWED BY MANAGEMENT PRIOR TO SUBMISSION. 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 WHICH 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 BOARD OF TRUSTEES. THE BOARD USED DATA FROM AREA COMMUNITIES (NEW ENGLAND) TO FORM THIS PACKAGE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FORM 990 AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS 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. POND PASTURES LLC 28 STATE STREET FLR 29 BOSTON MA 021091775 001205134 OPERATE REAL ESTATE MA 0 0 EDGEWOOD RETIREMENT COMMUNITY INC EDGEWOOD SENIOR SOLUTIONS GROUP INC 575 OSGOOD STREET NORTH ANDOVER MA 01845 824269225 TO SUPPORT INTEGRATED SYSTEM OF SENIOR LIVING FACILITIES MA 509(A)(3) LINE 12A, I EDGEWOOD RETIREMENT COMMUNITY INC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0