2025-02-14T14:44:20-06:00 2024-03-31 390859910 BAKER TILLY ADVISORY GROUP LP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2023-04-01 540524902 COVENANT WOODS COVE 8045698000 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 JUANITA PARKS CFO 8045698000 2025-02-10 1 1 KERRI N BOGDA CPA P00760402 7177404863 2025-02-10 2023 2025-03-06 01:10:19Z DR THOMAS WRIGHT 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 48369152 0 X WWW.COVENANTWOODS.COM X 1901 VA NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY. 14 14 455 211 -36851 0 256305 358066 33259421 35721570 2205573 1421245 1038969 1582276 36760268 39083157 389256 434371 0 0 22046767 22744257 0 0 151646 21130546 23181483 43566569 46360111 -6806301 -7276954 151782906 149123886 145853824 146719326 5929082 2404560 X IT IS THE MISSION OF COVENANT WOODS, A NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY, TO PROVIDE OUR RESIDENTS WITH EXCEPTIONAL CARE, QUALITY OF LIFE, AND SECURITY AND COMFORT IN KEEPING WITH THE BENEVOLENT VISION OF OUR METHODIST AND PRESBYTERIAN FOUNDERS IN 1883. 0 1 32106592 434371 35721570 COVENANT WOODS (CW), A VIRGINIA NONSTOCK CORPORATION FOUNDED IN OCTOBER 1883, IS A NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY IN MECHANICSVILLE, VA. CW CONSISTS OF 231 INDEPENDENT LIVING UNITS, 60 ASSISTED LIVING UNITS, AND 62 LICENSED NURSING BEDS. THE COST TO OPERATE CW DURING FY2024 WAS APPROXIMATELY $36 MILLION. CW IS A NOT-FOR-PROFIT SENIOR LIVING COMMUNITY OFFERING ACTIVE LIFESTYLES, PERSONAL FREEDOM IN DAILY LIFE, AND FINANCIAL AND PHYSICAL SECURITY WITHIN AN EXTENSIVE CONTINUUM OF CARE. LOCATED ON 90 PRIVATE ACRES, COVENANT WOODS' HANOVER COUNTY CAMPUS FACILITATES A BROAD WELLNESS PROGRAM INCLUDING EXTENSIVE WALKING TRAILS AND OUTDOOR ACTIVITY SPACES, AS WELL AS MUSICAL PERFORMANCES, LECTURES, CLASSES, AND SOCIAL GATHERINGS. "CONTINUED ON SCH. O"COVENANT WOODS PROVIDES MAINTENANCE-FREE LIVING WITH INTERIOR AND EXTERIOR MAINTENANCE, LAWN CARE AND SNOW REMOVAL, AND HOUSEKEEPING INCLUDED. NUMEROUS RESOURCES ARE AVAILABLE TO RESIDENTS INCLUDING FOUR DIFFERENT DINING VENUE CHOICES IN INDEPENDENT LIVING, PRIVATE DINING ROOMS, A FITNESS CENTER AND INDOOR SALTWATER SWIMMING POOL, GAME AND EVENT SPACES, BILLIARDS ROOM, ART STUDIO, GARDENING AREAS, WOOD WORKING AND POTTERY SHOPS, AND A PAVED WALKING TRAIL SURROUNDING A STOCKED POND. COVENANT WOODS OFFERS TRANSPORTATION SERVICES, 24-HOUR SECURITY AND A PERSONAL EMERGENCY ALERT SYSTEM, THERAPY, AND CLINIC SERVICES. IN JANUARY 2020, COVENANT WOODS ACQUIRED ADVANCE CARE LLC, A HOME HEALTH AGENCY LOCATED IN CHESTERFIELD COUNTY. ADVANCE CARE SERVES THE HOME HEALTH NEEDS FOR INDIVIDUALS WITHIN A 50-MILE RADIUS OF ITS OFFICE LOCATION, WHICH INCLUDES ALL OF THE METRO RICHMOND AREA. THEY ARE BOTH MEDICARE AND MEDICAID CERTIFIED AND ARE ACCREDITED BY ACHC. THEIR SERVICES ARE ALSO OFFERED TO RESIDENTS OF COVENANT WOODS WHO QUALIFY AND REQUEST THESE SERVICES. IN DECEMBER 2023, ADVANCE CARE CEASED OPERATIONS. IN SEPTEMBER 2020, COVENANT WOODS CREATED ADVANCE CARE HOSPICE LLC, A HOSPICE AGENCY LOCATED IN CHESTERFIELD COUNTY. ADVANCE CARE HOSPICE WILL SERVE THE HOSPICE NEEDS FOR INDIVIDUALS WITHIN A 50-MILE RADIUS OF ITS OFFICE LOCATION, WHICH INCLUDES ALL OF THE METRO RICHMOND AREA. IN DECEMBER 2023, ADVANCE CARE HOSPICE CEASED OPERATIONS. 32106592 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 120 0 455 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X X X JUANITA PARKS CFO 8045698000 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 BRANDON ARMOR CHAIR 1.00 0.00 X X 0 0 0 KYLE RUSSELL VICE CHAIR 1.00 0.00 X X 0 0 0 ROGER BOWERS SECRETARY 1.00 0.00 X X 0 0 0 JOE O'CONNOR BOARD MEMBER 1.00 0.00 X 0 0 0 JENNIFER GENTRY BOARD MEMBER 1.00 0.00 X 0 0 0 CHARLES GRAVES BOARD MEMBER 1.00 0.00 X 0 0 0 NATALIE KENT BOARD MEMBER 1.00 0.00 X 0 0 0 MICHELE SATTERLUND BOARD MEMBER 1.00 0.00 X 0 0 0 MELISSA BALL BOARD MEMBER 1.00 0.00 X 0 0 0 MARJORIE COOK BOARD MEMBER 1.00 0.00 X 0 0 0 RICHARD ADAMS BOARD MEMBER 1.00 0.00 X 0 0 0 ED CLINGMAN BOARD MEMBER 1.00 0.00 X 0 0 0 KELSEY BEAULIEU BOARD MEMBER 1.00 0.00 X 0 0 0 LINDA PEARSON BOARD MEMBER 1.00 0.00 X 0 0 0 JOHN SCHOLER BOARD MEMBER (UNTIL 4/23) 1.00 0.00 X 0 0 0 DR THOMAS WRIGHT PRESIDENT/CEO 40.00 1.00 X 371501 0 47664 ERIK MAURITSEN CHIEF FINANCIAL OFFICER 40.00 1.00 X 277861 0 36975 JILL MCMILLIN EX DIRECTOR HOME HEALTH (UNTIL 12/23) 40.00 0.00 X 225634 0 12771 CARRIE DAVIS ADMINISTRATOR 40.00 0.00 X 147842 0 18557 MICHAEL SCHEFF DIRECTOR OF DINING 40.00 0.00 X 148168 0 18525 EMILY ENDERT DIRECTOR OF HR 40.00 0.00 X 157230 0 31321 THOMAS DIEHL IT DIRECTOR (UNTIL 12/23) 40.00 0.00 X 154041 0 17780 NORMAN DAVIS DIR BUSINESS DEVELOP (UNTIL 12/23) 40.00 0.00 X 183677 0 14314 1665954 0 197907 38 0 1 0 PFG - PERFORMANCE FOODSERVICE 7420 RANCO ROAD RICHMOND VA 23228 FOOD FOR CAMPUS RESTAURANTS 1272267 THS CONSTRUCTION COMPANY INC PO BOX 218 OILVILLE VA 23129 APARTMENT AND COTTAGE CONSTRUCTION WORK 501542 DMA FLOORS INC PO BOX 38578 RICHMOND VA 23231 APARTMENT AND COTTAGE CONSTRUCTION WORK 420373 JOHNSON CONTROLS INC PO BOX 730068 DALLAS TX 75373 HVAC SYSTEM CONTRACTOR 263672 RICHMOND MARBLE & GRANITE 11107 AIRPARK RD ASHLAND VA 23005 APARTMENT AND COTTAGE CONSTRUCTION WORK 221010 31 358066 358066 NET PATIENT SERVICE REVENUE 623990 27929623 27929623 AMORTIZATION OF ENTRANCE FEES 623990 7791947 7791947 35721570 1866166 -36851 1903017 9100 0 9100 9100 9100 8560486 280588 8757840 528155 -197354 -247567 -444921 -444921 EMPLOYEE/GUEST MEALS 900099 447152 447152 ADMIN FEES 900099 438554 438554 DINING/CATERING REVENUE 900099 387942 387942 299528 299528 1573176 39083157 35721570 -36851 3040372 434371 434371 745857 581246 164611 18042725 14106580 3817328 118817 636872 446760 183290 6822 1965360 280248 1685112 1353443 1070779 273986 8678 83100 83100 74420 74420 376 376 84790 781 84009 771494 510187 261307 282480 272479 9431 570 840386 733836 103896 2654 94149 94149 2924821 1859845 1064976 138917 123813 15099 5 57737 12740 44922 75 3737792 2429565 1308227 6619621 4302754 2316867 402390 642 401748 FOOD & BEVERAGES 1795413 1782118 10709 2586 DUES & SUBSCRIPTIONS 911081 157094 745200 8787 REPAIRS & MAINTENANCE 612041 609026 3015 MEDICAL/LAB EXPENSES 280209 280209 3470266 2017370 1450244 2652 46360111 32106592 14101873 151646 219619 130278 2002046 2171343 4470 4470 1655896 426034 32336 28354 476489 393595 167691246 63121534 109497280 104569712 30286805 34463741 3301541 3658530 2363516 2493177 1481436 461472 784652 151782906 149123886 2770223 2718239 52861079 53920658 86281539 85893794 3500 3500 3937483 4183135 145853824 146719326 X 1834124 -2012227 4094958 4416787 5929082 2404560 151782906 149123886 X -7276954 3606150 146282 X 0 1 X 1 0 X 404800 2880432 898633 256305 358066 4798236 27320032 31133309 31318239 33259421 35721570 158752571 523337 769506 792235 922019 1536809 4543906 28248169 34783247 33009107 34437745 37616445 168094713 0 0 0 168094713 1338177 1385086 1853808 1357290 1875266 7809627 1338177 1385086 1853808 1357290 1875266 7809627 29248 31238 60486 110750 36367 147117 29615594 36199571 34862915 35905785 39528078 176111943 0.95450 0.95080 0.04430 0.04820 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: REBATES - 2022 AMOUNT: $ 50,750. 2023 AMOUNT: $ 16,339. OTHER - 2022 AMOUNT: $ 60,000. 2023 AMOUNT: $ 20,028. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 376 376 0 PART II-B, LINE 1: THE ORGANIZATION IS A MEMBER OF LEADINGAGE VIRGINIA. A SMALL PORTION OF THE DUES PAID TO THIS ORGANIZATION HAS BEEN ALLOCATED TO LOBBYING EXPENDITURES CONDUCTED BY THESE ORGANIZATIONS. DURING THE CURRENT FISCAL YEAR, 1.53% OF THE LEADINGAGE ANNUAL DUES ARE RELATED TO LOBBYING. 0 1 X 4734221 4734221 142793250 49171493 93621757 13083224 9562316 3520908 7080551 4387725 2692826 104569712 REFUNDABLE DEPOSITS 626565 LEASE LIABILITY 357468 OTHER LIABILITIES 543059 REFUNDABLE ADVANCE FEE 2656043 4183135 X PART IV, LINE 2B: FUNDS HELD BY ESCROW AGENT ARE ALL ADVANCED FEE DEPOSITS FROM POTENTIAL FUTURE RESIDENTS FOR UNITS THAT ARE NOT YET AVAILABLE FOR OCCUPANCY. THESE DEPOSITED FUNDS ARE KEPT AND MAINTAINED IN AN ACCOUNT SEPARATE FROM THE ORGANIZATION'S BUSINESS ACCOUNT AS REQUIRED BY LAW. PART X, LINE 2: INCOME TAX RETURNS OF COVENANT WOODS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. MANAGEMENT IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS OR ANY ACTIVITIES THAT ARE SUBJECT TO TAX ON UNRELATED BUSINESS INCOME, EXCISE OR OTHER TAXES FOR COVENANT WOODS. COVENANT WOODS FOLLOWS THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S CONSOLIDATED FINANCIAL STATEMENTS. THIS STANDARD PRESCRIBES RECOGNITION AND MEASUREMENT OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. THIS STANDARD HAD NO MATERIAL IMPACT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED MARCH 31, 2024 AND 2023. 1 COVENANT PROGRAM RECIPIENTS 14 434371 0 N/A N/A PART I, LINE 2: COVENANT WOODS PROVIDES BENEVOLENCE FUNDS UNDER THE COVENANT PROGRAM TO RESIDENTS WITHIN THE ORGANIZATION WHO CAN NO LONGER AFFORD TO PAY FOR THEIR CARE. THE PROGRAM IS DESIGNED TO PRESERVE THE DIGNITY OF THE PARTICIPANTS AND TO ENHANCE THEIR QUALITY OF LIFE IN KEEPING WITH THE MISSION OF COVENANT WOODS. THE IDENTITY OF PERSONS RECEIVING COVENANT PROGRAM ASSISTANCE IS STRICTLY CONFIDENTIAL. FROM THE INFORMATION PROVIDED BY THE APPLICANT, A DETERMINATION WILL BE MADE BY THE CFO AND CEO REGARDING WHETHER OR NOT THE RESIDENT QUALIFIES FOR FINANCIAL ASSISTANCE FROM THE COVENANT PROGRAM, AND IF SO, HOW MUCH. ASSISTANCE MAY BE PROVIDED IN TWO FORMS: MONTHLY FEE ASSISTANCE OR MEDICAL EXPENSE ASSISTANCE. X X 1 0 0 0 0 0 0 1 0 DR THOMAS WRIGHT PRESIDENT/CEO 371501 0 0 0 0 0 18150 0 29514 0 419165 0 0 0 ERIK MAURITSEN CHIEF FINANCIAL OFFICER 258261 0 19600 0 0 0 15548 0 21427 0 314836 0 0 0 JILL MCMILLIN EX DIRECTOR HOME HEALTH (UNTIL 12/23 211211 0 0 0 14423 0 12771 0 0 0 238405 0 0 0 NORMAN DAVIS DIR BUSINESS DEVELOP (UNTIL 12/23) 157927 0 0 0 25750 0 4746 0 9568 0 197991 0 0 0 EMILY ENDERT DIRECTOR OF HR 149835 0 7395 0 0 0 9894 0 21427 0 188551 0 0 0 THOMAS DIEHL IT DIRECTOR (UNTIL 12/23) 154041 0 0 0 0 0 8212 0 9568 0 171821 0 0 0 MICHAEL SCHEFF DIRECTOR OF DINING 144352 0 3816 0 0 0 8957 0 9568 0 166693 0 0 0 CARRIE DAVIS ADMINISTRATOR 143297 0 4545 0 0 0 8989 0 9568 0 166399 0 0 0 PART I, LINE 4A THE FOLLOWING INDIVIDUALS RECEIVED A SEVERANCE PAYMENT FROM COVENANT WOODS DURING 2023: JILL MCMILLIN - $14,423 NORMAN DAVIS - $25,750 PART I, LINE 7 BONUS AMOUNTS ARE DETERMINED BASED ON HOW WELL THE CEO AND CFO EXECUTE THE STRATEGIC PLAN FOR THE YEAR - MEETING BUDGET, SATISFACTION, DEVELOPMENT, ETC. BONUS AMOUNTS ARE CAPPED AT 20% OF BASE SALARY FOR THE CEO AND 15% OF BASE SALARY FOR THE CFO. BONUS AMOUNTS ARE AWARDED IF THE KEY EMPLOYEES ACHIEVE BENCHMARKS SET BY THE CEO (MEETING BUDGET, COMPLETING PROJECTS, SATISFACTION SCORES ON SURVEYS, ETC.). THESE BENCHMARKS ARE REVIEWED BY THE CEO EACH YEAR AND THE BONUSES ARE CAPPED AT 10% OF BASE SALARY. A ECONOMIC DEVELOPMENT AUTHORITY OF HANOVER COUNTY 541200391 41077CAS4 2018-07-31 30200000 SEE PART VI 0 0 0 B ECONOMIC DEVELOPMENT AUTHORITY OF HANOVER COUNTY 541200391 41077CBC8 2022-04-06 57105368 SEE PART VI 0 0 0 A 795000 30200000 1678054 638182 10950502 18778516 3176 2019 1 0 1 1 B 210000 57105368 3774756 1142100 52188512 2014 1 0 1 1 A 0 1 1 1 0 0.00000 0.00000 0.00000 0 0 1 B 0 1 1 1 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 1 0 0 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: ECONOMIC DEVELOPMENT AUTHORITY OF HANOVER COUNTY DATE THE REBATE COMPUTATION WAS PERFORMED: 08/01/2024 SCHEDULE K, PART I, BOND ISSUES: (A) ISSUER NAME: ECONOMIC DEVELOPMENT AUTHORITY OF HANOVER COUNTY (2018) (F) DESCRIPTION OF PURPOSE: FINANCE AND REFINANCE VARIOUS CAPITAL PROJECTS. (A) ISSUER NAME: ECONOMIC DEVELOPMENT AUTHORITY OF HANOVER COUNTY (2022) (F) DESCRIPTION OF PURPOSE: REFINANCE 2012 BONDS. SCHEDULE K, PART II, COLUMN A, LINE 12: THE BOND ISSUE WAS STRUCTURED AS A DRAW DOWN. THEREFORE, OTHER UNSPENT PROCEEDS SHOWN ON LINE 12 REPRESENT FUNDS THAT ARE AVAILABLE BUT HAVE NOT BEEN ACCESSED BY THE ORGANIZATION. FORM 990, PART III, LINE 3 IN DECEMBER 2023, ADVANCE CARE (HOME HEALTH AGENCY) AND ADVANCE CARE HOSPICE CEASED OPERATIONS. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 WAS REVIEWED BY MANAGEMENT AND SENT TO EACH BOARD MEMBER PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD IS POLLED ANNUALLY FOR ANY POTENTIAL CONFLICTS OF INTEREST, AND SURVEYS ARE COLLECTED BY THE EXECUTIVE SECRETARY AND CHECKED FOR COMPLIANCE WITH THE POLICY. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, A REPRESENTATIVE MUST DISCLOSE THE EXISTENCE AND NATURE OF HIS OR HER FINANCIAL INTEREST TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH BOARD-DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. RELATIONSHIPS WITH COMPETING ORGANIZATIONS OR SELF INTEREST GROUPS MUST ALSO BE DISCLOSED. AFTER DISCLOSURE OF THE CONFLICT OF INTEREST, THE REPRESENTATIVE SHALL LEAVE THE BOARD OR COMMITTEE MEETING WHILE THE CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD ANNUALLY EVALUATES THE CEO'S COMPENSATION. EACH COMMITTEE MEMBER DOES AN INDEPENDENT EVALUATION, AND THE COMMITTEE CHAIRMAN COMPILES THE SCORE. THE CEO EVALUATES THE CFO WITH FEEDBACK FROM THE BOARD. THE BOARD CHAIR REQUESTS COMPARATIVE SALARY DATA THAT THE HR DIRECTOR ACQUIRES FROM VARIOUS LONG-TERM CARE GROUPS, WHICH IS USED TO DETERMINE BASE WAGE INCREASES FOR THE OFFICERS. THE CFO AND DIRECTOR OF HR REVIEW COMPARATIVE SALARY DATA THAT THE HR DIRECTOR ACQUIRES FROM VARIOUS LONG-TERM CARE GROUPS, WHICH IS USED TO DETERMINE BASE WAGE INCREASES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE FOR PUBLIC INSPECTION AT THIS TIME. FINANCIAL STATEMENTS ARE PROVIDED TO WWW.EMMA.ORG. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF PERPETUAL TRUSTS 146,282. ADVANCE CARE LLC 7501 BOULDERS VIEW DRIVE SUITE 602 RICHMOND VA 23225 205417657 HOME HEALTH SERVICES VA 2554734 306111 COVENANT WOODS ADVANCE CARE HOSPICE LLC 7501 BOULDERS VIEW DRIVE SUITE 602 RICHMOND VA 23225 853017045 HOSPICE SERVICES VA 407378 154447 COVENANT WOODS PARKER & GREGG LLC 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 540524902 INVESTMENT HOLDING VA 31086 546469 COVENANT WOODS