2018-11-29T09:58:20-06:00 2018-03-31 410746749 CLIFTONLARSONALLEN LLP 1301 W 22ND ST STE 1100 OAK BROOK IL 60523 990 2017-04-01 471545753 PRESBYTERIAN HOMES PRES 8479793904 8707 SKOKIE BOULEVARD SUITE 400 SKOKIE IL 60077 TODD F SWORTZEL CHIEF EXECUTIVE OFFICER 8479793904 2018-11-20 1 CHRIS MANDERFIELD P01238973 6305738600 2018-11-20 67.137.57.251 2018-11-20 12:27:09 CS P 4F402DDF36D721BD6AB3A2CA290BB815499705B6 F5C70261B48DF0DABF14721562C696050A4B2BF8 2017 2019-02-21 02:37:17Z TODD F SWORTZEL 8707 SKOKIE BOULEVARD SUITE 400 SKOKIE IL 60077 80174467 0 X WWW.PRESBYTERIANHOMES.ORG X 2014 IL PRESBYTERIAN HOMES, A FAITH BASED NOT FOR PROFIT, CREATES VIBRANT COMMUNITIES FOR OLDER ADULTS THAT INSPIRE WELLNESS, INDEPENDENCE, JOY, AND SECURITY - ENRICHING THE LIVES OF RESIDENTS AND THEIR FAMILIES. 17 17 833 235 0 0 6657868 2063672 62730926 64507905 4623827 525916 3547930 3375670 77560551 70473163 0 0 0 0 30921739 33446170 0 0 0 32108545 40791395 63030284 74237565 14530267 -3764402 379757828 439476075 314899267 351963480 64858561 87512595 X PRESBYTERIAN HOMES, A FAITH BASED NOT FOR PROFIT, CREATES VIBRANT COMMUNITIES FOR OLDER ADULTS THAT INSPIRE WELLNESS, INDEPENDENCE, JOY, AND SECURITY - ENRICHING THE LIVES OF RESIDENTS AND THEIR FAMILIES. 0 0 27310904 34270798 LAKE FOREST PLACE AND THE MOORINGS OF ARLINGTON HEIGHTS ("THE MOORINGS") ARE NOT-FOR-PROFIT INDEPENDENT LIVING, LIFE PLAN COMMUNITIES (FORMERLY KNOWN AS CONTINUING CARE RETIREMENT COMMUNITIES). INDEPENDENT LIVING FACILITIES AT LAKE FOREST PLACE AND THE MOORINGS CONSIST A TOTAL OF 555 APARTMENTS, VILLAS AND COTTAGES. AVAILABLE RESIDENTIAL SERVICES INCLUDE FLEXIBLE DINING OPTIONS, HOUSEKEEPING AND COMPLETE MAINTENANCE SERVICES, TRANSPORTATION AS WELL AS PLANNED SOCIAL AND EDUCATIONAL ACTIVITIES AND PROGRAMS. TEN TWENTY GROVE IS AN INDEPENDENT LIVING FACILITY CONSISTING 46 APARTMENTS. DURING THE FILING YEAR, THE THREE INDEPENDENT LIVING FACILITIES SERVED 772 INDEPENDENT LIVING RESIDENTS IN TOTAL. 4845153 5580290 THE MOORINGS OPENED A NEW ASSISTED LIVING BUILDING IN FEBRUARY 2018, WHICH INCREASED ITS ASSISTED LIVING CAPACITY FROM 42 UNITS TO 73 UNITS. ASSISTED LIVING FACILITY AT LAKE FOREST PLACE CONSISTS 31 UNITS. THE PROGRAM PROVIDES CARE TO OLDER ADULTS WHO NEED ASSISTANCE WITH PERSONAL CARE AND DAILY ACTIVITIES. BOTH FACILITIES SERVED A TOTAL OF 121 ASSISTED LIVING RESIDENTS DURING THE FILING YEAR. 22245148 24263468 LAKE FOREST PLACE AND THE MOORINGS HEALTH CARE CENTERS PROVIDE INTERMEDIATE AND SKILLED NURSING FOR BOTH SHORT AND LONG TERM STAYS. RESPITE, REHABILITATION, AND PROGRAMS TO CARE FOR THOSE WITH ALZHEIMER'S DISEASE AND OTHER COGNITIVE IMPAIRMENTS ARE ALSO AVAILABLE. LAKE FOREST PLACE HEALTH CARE CENTER CONSISTS 50 SKILLED, MEDICARE-CERTIFIED NURSING BEDS AND 20 MEMORY CARE BEDS. THE MOORINGS HEALTH CARE CENTER CONSISTS 60 SKILLED, MEDICARE-CERTIFIED NURSING BEDS AND 39 INTERMEDIATE AND MEMORY CARE BEDS. THE TWO HEALTH CARE CENTERS SERVED A TOTAL OF 803 RESIDENTS DURING THE FILING YEAR. 393349 REVENUE IS RELATED TO INCOME FROM PARKING/GARAGE/TRANSPORTATION, GUEST FROM RENTAL AND OTHER INCOME. 393349 54401205 1 1 0 0 0 0 0 0 0 0 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 1 0 0 1 82 0 833 1 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 1 0 IL X MARK HAVRILKA 8479793904 8707 SKOKIE BOULEVARD SUITE 400 SKOKIE IL 60077 CHARLES DENISON DIRECTOR 1.00 2.00 X 0 0 0 GEORGE DROST DIRECTOR 1.00 2.00 X 0 0 0 LELAND HUTCHINSON CHAIR 1.00 2.00 X X 0 0 0 DENNIS MARX DIRECTOR 1.00 2.00 X 0 0 0 BETSY NICHOLS DIRECTOR 1.00 2.00 X 0 0 0 MONICA HEENAN DIRECTOR 1.00 2.00 X 0 0 0 PAULA NOBLE TREASURER 1.00 2.00 X X 0 0 0 MARK TOLEDO DIRECTOR 1.00 2.00 X 0 0 0 JANE WESTERN DIRECTOR 1.00 2.00 X 0 0 0 DENNIS MURPHY DIRECTOR 1.00 2.00 X 0 0 0 MICHAEL KIRBY SECRETARY 1.00 2.00 X X 0 0 0 MARK DENNIS DIRECTOR 1.00 2.00 X 0 0 0 FRAN CARROLL DIRECTOR 1.00 2.00 X 0 0 0 DONALD C CLARK JR DIRECTOR 1.00 2.00 X 0 0 0 ELINOR HITE DIRECTOR 1.00 2.00 X 0 0 0 VINCENT KELLY DIRECTOR 1.00 2.00 X 0 0 0 NEELE STEARNS DIRECTOR 1.00 2.00 X 0 0 0 TODD F SWORTZEL CEO 15.00 22.50 X 555197 0 31370 MARK HAVRILKA CFO 24.50 13.00 X 273992 0 47253 NADIM M ABI-ANTOUN COO 21.50 16.00 X 293689 0 29908 ROBERT A WERDAN VP MARKETING 25.50 12.00 X 213951 0 44365 ANDREW T WISSEL VP HUMAN RESOURCES 20.50 17.00 X 179745 0 35909 NANCY TOLAN VP FACILITIES MANAGEMENT 28.50 9.00 X 210649 0 30709 LISA J VANDERMARK EXEC. DIR. THE MOORINGS 37.50 X 182101 0 21480 GLENN B BRICHACEK EXEC. DIR. LAKE FOREST PLACE 37.50 X 165790 0 23996 DANIEL M WEINBERGER VP OF INFORMATION TECHNOLOGY 25.50 12.00 X 164976 0 33088 MARY ANN ANICHINI VP QUALITY IMPROVEMENT 24.50 13.00 X 168934 0 12979 VINCENT CONNOLLY DIRECTOR OF ENVIRONMENTAL 37.50 X 136247 0 8152 LINDSEY M AUMICK DIRECTOR OF FINANCE 24.50 13.00 X 143869 0 10339 DENISE DALE H/C ADMINISTRATOR, LAKE FOREST PLACE 37.50 X 135137 0 19961 DAVID L BENNI FORMER VP/EXEC. DIR. THE MOORINGS 0.00 X 115736 0 0 2940013 0 349509 32 1 1 0 POWER CONSTRUCTION COMPANY 8750 W BRYN MAWR AVENUE SUITE 500 CHICAGO IL 60631 CONSTRUCTION 40776278 MORRISON COMMUNITY LIVING PO BOX 102289 ATLANTA GA 30368 DINING/FOOD SERVICES 3419316 LASALLE ASOCIATES CONSULTING INC 605 WILDWOOD LANE WEST CHICAGO IL 60185 ELECTRICAL ENGINEERING AND BUILDER 2572722 EXECUTIVE CONSTRUCTION INC 235 FENCL LANE HILLSIDE IL 60162 CONSTRUCTION 2421500 HEALTHPRO REHABILITATION 307 INTERNATIONAL CIRCLE SUITE 100 HUNT VALLEY MD 21030 THERAPY MANAGEMENT AND CONSULTING SERVIC 2162662 45 2063672 2063672 HEALTHCARE FEES 623311 24263468 24263468 INDEPENDENT LIVING FEES 623311 22986532 22986532 DEFERRED ENTRANCE FEE INCOME 623311 11284266 11284266 ASSISTED LIVING FEES 623311 5580290 5580290 PARKING/GARAGE/TRANSPORTATION 623311 393349 393349 64507905 3467353 3467353 31500 0 31500 31500 31500 6370816 6270494 3041759 100322 -3041759 -2941437 -2941437 483720 389051 94669 94669 MANAGEMENT FEES 561000 3249501 3249501 3249501 70473163 64507905 0 3901586 X 2455012 2455012 23547282 18899909 4647373 1814514 720296 1094218 3938622 3233963 704659 1690740 1360304 330436 132685 132685 461382 461382 328493 328493 5593183 4956670 636513 1188851 1188851 218349 30450 187899 732588 732588 346829 86232 260597 23850 1553 22297 2726921 2726921 14152509 13973992 178517 474763 136366 338397 EXTRAORDINARY ITEM - DE 5734315 5734315 BUILDING SERVICES & UTI 3700675 3526155 174520 RAW FOOD COST 2202184 2202184 DRUGS & SUPPLIES 1557208 1551811 5397 1216610 861714 354896 74237565 54401205 19836360 0 25902186 28290716 1326038 6583214 2199224 2129552 603808 690851 400451623 125377955 236566250 275073668 104126467 117549618 9033855 9158456 379757828 439476075 24987789 18803204 79215519 81467651 103183450 143397158 107512509 108295467 314899267 351963480 X 64858561 87512595 64858561 87512595 379757828 439476075 X -3764402 3469644 22948792 X X 0 1 X 1 0 X 343158 6657868 2063672 9064698 19606749 62730926 64507905 146845580 194281 444606 483720 1122607 20144188 69833400 67055297 157032885 343158 6657868 2063672 9064698 0 343158 6657868 2063672 9064698 147968187 894048 2476445 3498853 6869346 894048 2476445 3498853 6869346 1184529 3409496 3249501 7843526 22222765 75719341 73803651 171745757 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MANAGEMENT FEE - 2015 AMOUNT: $ 1,184,529. 2016 AMOUNT: $ 3,409,496. 2017 AMOUNT: $ 3,249,501. 28415077 28415077 330985309 108307911 222677398 384907 28592 356315 38771948 17041452 21730496 1894382 1894382 275073668 SAFEKEEPING 308611 DEPOSITS - ENTRANCE FEES 1864961 REFUNDABLE ENTRANCE FEES 103319931 OTHER 2801964 108295467 X PART X, LINE 2: PRESBYTERIAN HOMES IS A NOT-FOR-PROFIT CORPORATION EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE(IRC). LAKE FOREST PLACE, LLC, THE MOORINGS LLC, TEN TWENTY GROVE, LLC, PH MANAGER, LLC, AND PH OUTPATIENT REHABILITATION, LLC ARE SINGLE MEMBER LIMITED LIABILITY COMPANIES AND THEREFORE ARE CONSIDERED DISREGARDED ENTITIES FOR TAX PURPOSES. PRESBYTERIAN HOMES FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. PREBYTERIAN HOMES FILES INFORMATIONAL RETURNS AS A TAX-EXEMPT ORGANIZATION. THE INCOME TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL, STATE, AND LOCAL AUTHORITIES. X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 TODD F SWORTZEL CEO 448312 0 20563 0 86322 0 16586 0 14784 0 586567 0 0 0 MARK HAVRILKA CFO 250419 0 12081 0 11492 0 18031 0 29222 0 321245 0 0 0 NADIM M ABI-ANTOUN COO 263396 0 12240 0 18053 0 15123 0 14785 0 323597 0 0 0 ROBERT A WERDAN VP MARKETING 181501 0 6523 0 25927 0 13094 0 31271 0 258316 0 0 0 ANDREW T WISSEL VP HUMAN RESOURCES 150806 0 21132 0 7807 0 11155 0 24754 0 215654 0 0 0 NANCY TOLAN VP FACILITIES MANAGEMENT 164744 0 27030 0 18875 0 11847 0 18862 0 241358 0 0 0 LISA J VANDERMARK EXEC. DIR. THE MOORINGS 160402 0 20250 0 1449 0 9133 0 12347 0 203581 0 0 0 GLENN B BRICHACEK EXEC. DIR. LAKE FOREST PLACE 155790 0 10000 0 0 0 0 0 23996 0 189786 0 0 0 DANIEL M WEINBERGER VP OF INFORMATION TECHNOLOGY 144568 0 20100 0 308 0 10421 0 22667 0 198064 0 0 0 MARY ANN ANICHINI VP QUALITY IMPROVEMENT 149283 0 18430 0 1221 0 11846 0 1133 0 181913 0 0 0 LINDSEY M AUMICK DIRECTOR OF FINANCE 142642 0 1000 0 227 0 8610 0 1729 0 154208 0 0 0 DENISE DALE H/C ADMINISTRATOR, LAKE FOREST PLACE 121333 0 12200 0 1604 0 8294 0 11667 0 155098 0 0 0 DAVID L BENNI FORMER VP/EXEC. DIR. THE MOORINGS 0 0 0 0 115736 0 0 0 0 0 115736 0 0 0 PART I, LINE 1A TODD F. SWORTZEL, CEO, RECEIVES A $24,000 TAXABLE HOUSING ALLOWANCE WHICH IS INCLUDED IN W-2 WAGES. PART I, LINE 4B THE FOLLOWING INDIVIDUALS PARTICIPATED IN A NON-QUALIFIED SECTION 457(F) DEFERRED COMPENSATION PLAN: TODD SWORTZEL, MARK HAVRILKA, NADIM ABI-ANTOUN, NANCY TOLAN, ROBERT WERDAN, ANDREW WISSEL, LISA VANDERMARK, DANIEL WEINBERGER, MARY ANN ANICHINI, ANDREW CLAUSON, AND GLEN BRICHACEK. DURING THE YEAR TODD SWORTZEL RECEIVED PAYMENTS TOTALING $60,000 FROM A NON-QUALIFIED SECTION 457(F) DEFERRED COMPENSATION PLAN. DURING THE YEAR NADIM ABI-ANTOUN RECEIVED PAYMENTS TOTALING $7,129 FROM A NON-QUALIFIED SECTION 457(F) DEFERRED COMPENSATION PLAN. DURING THE YEAR NANCY TOLAN RECEIVED PAYMENTS TOTALING $14,997 FROM A NON-QUALIFIED SECTION 457(F) DEFERRED COMPENSATION PLAN. DURING THE YEAR ROBERT WERDAN RECEIVED PAYMENTS TOTALING $17,975 FROM A NON-QUALIFIED SECTION 457(F) DEFERRED COMPENSATION PLAN. A ILLINOIS FINANCE AUTHORITY 861091967 45204EBD9 2016-04-27 114484316 TO REFUND THE SERIES 1996A, 2001, 2006 AND 2007 BONDS 0 0 0 B ILLINOIS FINANCE AUTHORITY 861091967 2016-09-30 69615000 TO FUND CAMPUS EXPANSION AT THE MOORINGS OF ARLINGTON HEIGHTS 0 0 0 A 3156899 100253916 90415000 1586771 8252145 2016 1 0 1 1 B 69215000 400000 49967752 19247248 2016 0 0 1 1 A 0 0 0 0 0 0 1 B 1 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 1 0 0 0 1 A 1 B 1 FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE SHALL CONSIST OF THE CHAIR, THE VICE CHAIR, THE SECRETARY, THE TREASURER, AND SUCH ADDITIONAL MEMBERS OF THE BOARD AS FROM TIME TO TIME MAY BE DETERMINED BY THE BOARD OF DIRECTORS. THE PRESIDENT/CEO SHALL BE A NON-VOTING ATTENDEE AT ALL MEETINGS OF THE COMMITTEE. THE EXECUTIVE COMMITTEE SHALL HAVE AND EXERCISE THE AUTHORITY OF THE BOARD OF DIRECTORS IN EMERGENCIES WHEN CONVENING THE FULL BOARD IS NOT PRACTICABLE AND SHALL REPORT ITS ACTIONS TO THE BOARD AT THE EARLIEST OPPORTUNITY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM AND IS THEN PRESENTED TO THE AUDIT COMMITTEE, WHICH ACTS AS A REPRESENTATIVE OF THE BOARD OF DIRECTORS FOR REVIEW AND APPROVAL. THIS IS ACCOMPLISHED PRIOR TO THE FILING OF THE FORM 990. THE AUDIT COMMITTEE FORWARDS ITS RECOMMENDATION FOR ACCEPTANCE OF THE FORM 990 TO THE BOARD OF DIRECTORS. COPIES OF THE FORM 990 ARE ALSO FORWARDED TO THE ENTIRE BOARD FOR THEIR REVIEW AND COMMENT PERIOD. THE BOARD THEN ACTS ON THE RECOMMENDATION OF THE AUDIT COMMITTEE PRIOR TO THE 990'S BEING FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C PRESBYTERIAN HOMES EMPLOY MULTIPLE PRACTICES TO ENSURE SENIOR STAFF AND MEMBERS OF THE BOARD OF DIRECTORS FOLLOW BEST GOVERNANCE PRACTICES. AN EXTENSIVE CONFLICTS OF INTEREST POLICY WAS ADOPTED IN APRIL 2001, REVISED IN APRIL 2004 AND FURTHER REVISED IN 2011. ALL DIRECTORS AND SENIOR STAFF ARE REQUIRED TO FILE AN ANNUAL STATEMENT RELATED TO CONFLICTS OF INTEREST. IN ACCORDANCE WITH PRESBYTERIAN HOME'S ACCREDITATION BY THE COMMISSION ON ACCREDITATION OF REHABILITATION FACILITIES-CONTINUING CARE ACCREDITATION COMMISSION (CARF-CCAC), A CODE OF ETHICS WAS ADOPTED IN APRIL 2007 AND ALL DIRECTORS ARE REQUIRED TO FILE AN ANNUAL STATEMENT CONFIRMING THEIR ACCEPTANCE OF THE CODE. FINALLY, PRESBYTERIAN HOMES ADMINISTERS THE IRS RELATIONSHIP SURVEY TO ALL DIRECTORS AND KEY EMPLOYEES ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE GOVERNANCE COMMITTEE OF PRESBYTERIAN HOMES IS RESPONSIBLE FOR ALL COMPENSATION AND BENEFIT MATTERS FOR SENIOR MANAGEMENT AND KEY EMPLOYEES. PRESBYTERIAN HOMES ANNUALLY PARTICIPATES IN AN INDUSTRY SPECIFIC EXECUTIVE COMPENSATION SURVEY. THE RESULTS OF THIS SURVEY IS REVIEWED BY MANAGEMENT AND SHARED WITH THE COMMITTEE AS NECESSARY. IN ADDITION THE COMMITTEE REGULARLY ENGAGES AN EXTERNAL COMPENSATION CONSULTING FIRM TO ASSIST IN ITS REVIEW OF THE LEVEL OF COMPENSATION, INCENTIVES AND BENEFITS FOR SENIOR EXECUTIVES AND KEY EMPLOYEES EVERY THREE YEARS. THE COMPENSATION CONSULTANTS ACCUMULATE AND PRESENT TO THE GOVERNANCE COMMITTEE MARKET INFORMATION FOR EACH SENIOR EXECUTIVE POSITION, SUMMARIZE INDIVIDUAL EXECUTIVE COMPENSATION, INCENTIVE AND BENEFITS PACKAGES AND BENCHMARK THAT INFORMATION TO THE INDUSTRY DATA THEY HAVE ACCUMULATED. ANNUALLY, THE ORGANIZATION'S STAFF AND/OR THE BOARD OF DIRECTORS PREPARES PERFORMANCE REVIEWS FOR ALL SENIOR MANAGERS AND KEY EMPLOYEES AND MAKES A RECOMMENDATION TO THE GOVERNANCE COMMITTEE REGARDING COMPENSATION, INCENTIVES AND BENEFITS ADJUSTMENTS. THE GOVERNANCE COMMITTEE CONSIDERS THE PERFORMANCE RECOMMENDATION, COMPARISONS OF TOTAL COMPENSATION BY EXECUTIVE TO MARKET COMPENSATION PERCENTILE FOR INDUSTRY EXECUTIVES WITH SIMILAR JOB TITLES AND/OR SKILL SETS, AND ORGANIZATIONAL NEEDS IN TERMS OF MEETING THE CHALLENGES OF THE UNIQUE BUSINESS OF PROVIDING SENIOR CARE SERVICES. THE GOVERNANCE COMMITTEE MAKES A RECOMMENDATION REGARDING COMPENSATION AND BENEFITS CHANGES FOR SENIOR MANAGEMENT WHICH IS APPROVED ANNUALLY BY THE FULL BOARD OF DIRECTORS WITHIN THE BUDGET PROCESS. THE GOVERNANCE COMMITTEE PROCEEDINGS ARE CONTEMPORANEOUSLY DOCUMENTED AND MINUTES ARE MAINTAINED AND ON FILE AT THE CORPORATE OFFICE. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST TO THE PUBLIC. CONTACT FOR THE INFORMATION IS THE CHIEF FINANCIAL OFFICER, MARK HAVRILKA AT PRESBYTERIAN HOMES, 8707 SKOKIE BOULEVARD, SUITE 400, SKOKIE, IL 60077. THE FINANCIAL STATEMENTS ARE AVAILABLE THROUGH THE ILLINOIS ATTORNEY GENERAL'S OFFICE. FORM 990, PART IX, LINE 8 AND 24A PRESBYTERIAN HOMES RECEIVED ALL NECESSARY REGULATORY APPROVALS DURING THE YEAR ENDED MARCH 31, 2018 AND FORMALLY TERMINATED THE DEFINED BENEFIT RETIREMENT PLAN ON MARCH 1, 2018. DUE TO THE PLAN TERMINATION, PRESBYTERIAN HOMES RECOGNIZED $553,792 NET PERIODIC PENSION EXPENSES FOR THE YEAR ENDED MARCH 31, 2018, AND $5,734,315 LOSS AS NON-OPERATING EXPENSE FOR THE EFFECT OF SETTLEMENT ON PENSION LIABILITY. ALL EXPENSES RELATED TO PENSION TERMINATION HAVE BEEN REPORTED AS G&A EXPENSE ON PART IX STATEMENT OF FUNCTIONAL EXPENSES. FORM 990, PART XI, LINE 9: CHANGE IN MARKET VALUE OF SWAP 729,759. PENSION RELATED CHANGES OTHER THAN NET PERIODIC PENSION COST 5,256,033. NET ASSETS TRANSFERRED FROM AFFILIATE 16,963,000. FORM 990, PART XII, LINE 2C THE CONSOLIDATED FINANCIAL STATEMENTS OF PRESBYTERIAN HOMES AND AFFILIATES ARE AUDITED BY AN INDEPENDENT AUDITOR. THERE HAS BEEN NO CHANGE TO THE PROCESS WHEN COMPARED TO THE PRIOR YEAR. 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