2025-11-17T10:27:51-06:00 2024-12-31 751044330 LANE GORMAN TRUBITT LLC 2626 HOWELL ST SUITE 700 DALLAS TX 75204 990 2024-01-01 300097872 BUCKINGHAM SENIOR LIVING COMMUNITY INC BUCK 7139793838 8580 WOODWAY DRIVE HOUSTON TX 77063 TIM BELTON TREASURER 7139793838 2025-11-13 1 1 KEVIN WARNEKE P01294950 2148717500 2024 2025-03-06 01:10:19Z THE BUCKINGHAM MICHAEL WYSE 8580 WOODWAY DRIVE HOUSTON TX 77063 37598799 0 X HTTP://WWW.BUCKINGHAMHOUSTON.COM/ X 2002 TX TO PROVIDE QUALITY RESIDENTIAL HOUSING FOR SENIOR CITIZENS ALONG WITH PERSONAL SERVICES, ASSISTED LIVING AND NURSING SERVICES. 5 0 571 0 0 0 4167 0 28301526 35080096 703057 679214 511435 1839489 29520185 37598799 0 0 0 0 16318528 18786231 0 0 0 26500251 28555499 42818779 47341730 -13298594 -9742931 191892524 187478371 356111948 361439431 -164219424 -173961060 TO PROVIDE QUALITY RESIDENTIAL HOUSING FOR SENIOR CITIZENS ALONG WITH PERSONAL SERVICES, ASSISTED LIVING AND NURSING SERVICES. 0 0 39347252 36919585 NURSING AND RETIREMENT FACILITY WITH SERVICES RANGING FROM INDIVIDUAL RETIREMENT LIVING TO 24-HOUR SKILLED NURSING CARE. 39347252 1 0 0 0 0 0 0 0 1 0 1 0 0 1 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 0 0 0 0 0 0 0 0 0 0 0 1 X 129 0 1 571 1 0 0 0 0 0 0 0 0 0 0 0 0 X 5 0 0 1 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 0 0 0 X X PHILLIP JACOB 7139793838 8580 WOODWAY HOUSTON TX 77063 MIKE WYSE CHAIR 5.00 X X 60000 0 0 MICHAEL BUCKLEY VICE CHAIR 5.00 X X 60000 0 0 TIM D BELTON TREASURER / AUDIT CHAIR 5.00 X X 60000 0 0 SYLVIA MAYER DIRECTOR AND SECRETARY 5.00 X X 60000 0 0 CAROLYN A YAPP DIRECTOR 5.00 X 60000 0 0 ROBERT MWITA REGISTERED NURSE 40.00 X 205894 0 17306 PHILLIP R TAYLOR DIRECTOR OF SALES & MARKET 40.00 X 183716 0 15925 TANETTRA DAWKINS SALES COUNSELOR 40.00 X 138485 0 7863 PHILLIP V JACOB EXCUTIVE DIRECTOR 40.00 X 207434 0 7196 PAMELA K ORTIZ SALES COUNSELOR 40.00 X 152336 0 10170 1187865 0 58460 17 0 1 0 AFCO 2141 ENTERPRISE DRIVE FLORENCE SC 295011105 INSURANCE 1367234 SYSCO FOOD SERVICES OF HOUSTON 10710 GREENS CROSSING BLVD HOUSTON TX 77038 FOOD SERVICES 1313991 GREYSTONE MANAGEMENT SERVICES COMPANY 225 E JOHN CARPENTER FRWY SUITE 7 IRVING TX 75062 MANAGEMENT SERVICES 1046447 SOLUTIONS ADVISORS 3001 EXECUTIVE DRIVE SUITE 270 CLEARWATER FL 33762 CONSULTING 971582 34 RESIDENT SERVICES 623000 35080096 35080096 35080096 369370 369370 309844 309844 FUTURE SERVICE OBLIGATION 900099 1362000 1362000 MISCELLANEOUS RENTALS 900099 167377 167377 COMMUNITY AND ADMIN FEES 900099 98406 98406 211706 211706 1839489 37598799 36919585 0 679214 300000 267000 33000 15276816 13556572 1720244 1890790 1733720 157070 1318625 1170111 148514 1545133 1545133 484997 484997 64600 64600 3200865 2487932 712933 1325073 1325073 621062 263910 357152 156390 9308 147082 3011880 2684213 327667 104356 17917 86439 5928 5928 4738479 4738479 6527317 5792160 735157 817858 725745 92113 FOOD & BEVERAGES 2796516 2796516 NURSING & ASSISTED LIVI 1200751 1200751 REPAIRS & MAINTENANCE 1018490 1018490 STORM CLAIM 419603 419603 516201 464825 51376 47341730 39347252 7994478 0 3221632 3891606 4134952 5231135 84354 77772 472368 461676 247272761 81288465 170665266 165984296 310661 580949 13003291 11250937 191892524 187478371 3223811 4330222 8050196 10261707 190860210 193461190 153977731 153386312 356111948 361439431 X -164219424 -173961060 -164219424 -173961060 191892524 187478371 -9742931 1295 0 X X 0 1 X 1 0 X 5554784 3407289 4167 8966240 25356670 33516810 33576738 28812961 36919585 158182764 30911454 36924099 33576738 28817128 36919585 167149004 0 0 0 167149004 155283 53848 173951 703057 679214 1765353 155283 53848 173951 703057 679214 1765353 31066737 36977947 33750689 29520185 37598799 168914357 0.98950 0.99150 0.01050 0.00850 X 0 1 X 23810594 23810594 195807925 59820745 135987180 7523701 6095003 1428698 20130541 15372717 4757824 165984296 ACCRUED INTEREST RECEIVABLE 4013 RESIDENT DEPOSITS 7397312 LONG TERM INVESTMENT LIMITED AS TO USE 3849612 11250937 REFUNDABLE ENTRANCE FEE LIABILITY 152819515 RESIDENT DEPOSIT LIABILITIES 290797 FUTURE SERVICE OBLIGATION 276000 153386312 X 37600094 1295 1295 37598799 0 37598799 47341730 0 47341730 0 47341730 PART IV, LINE 2B: ESCROW AND CUSTODIAL ARRANGEMENTS THE ORGANIZATION REQUIRES FUTURE RESIDENTS WISHING TO RESERVE SPACE AT THE COMMUNITY TO PAY A DEPOSIT OF A PORTION OF THE ENTRANCE FEE, WHICH WILL BE REQUIRED UPON RESIDENCY. THE DEPOSITS ARE HELD IN AN INTEREST-BEARING ACCOUNT UNTIL RESIDENCY IS ESTABLISHED, AT WHICH TIME THE RESIDENT PAYS THE BALANCE OF THE REQUIRED ENTRANCE FEE. AT DECEMBER 31, 2024 AND 2023, $290,797 AND $188,954 RESPECTIVELY, OF RESIDENT DEPOSITS ARE RESTRICTED BY THE TEXAS DEPARTMENT OF INSURANCE UNTIL THE RESIDENT MOVES IN TO THE COMMUNITY. WHEN THE BALANCE OF THE REQUIRED ENTRANCE FEE IS PAID, IT ALSO IS TEMPORARILY DEPOSITED INTO THIS INTEREST-BEARING ACCOUNT PRIOR TO BEING TRANSFERRED TO THE TRUSTEE-HELD ENTRANCE FEE FUND, AS DESCRIBED IN THE REFUNDABLE ENTRANCE FEE LIABILITY AND DEFERRED REVENUE FROM ENTRANCE FEES SECTION SUMMARY. PART X, LINE 2: THE ORGANIZATION IS A NOT-FOR-PROFIT CORPORATION AND IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE IRC. FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 THE ORGANIZATION HAD NO MATERIAL UNRELATED BUSINESS INCOME. ACCORDINGLY, NO PROVISION FOR FEDERAL INCOME TAX HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE ORGANIZATION EVALUATES TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE ORGANIZATION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE MORE LIKELY THAN NOT OF BEING SUSTAINED BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET THE MORE LIKELY THAN NOT THRESHOLD WOULD BE RECORDED AS A TAX BENEFIT OR EXPENSE IN THE CURRENT YEAR. A RECONCILIATION IS NOT PROVIDED HEREIN, AS THE BEGINNING AND ENDING AMOUNTS OF UNRECOGNIZED BENEFITS ARE ZERO, WITH NO INTERIM ADDITIONS, REDUCTIONS, OR SETTLEMENTS. HOWEVER, THE CONCLUSIONS REGARDING ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES WILL BE SUBJECT TO REVIEW AND MAY BE ADJUSTED AT A LATER DATE BASED ON FACTORS INCLUDING, BUT NOT LIMITED TO, ONGOING ANALYSIS OR TAX LAWS, REGULATIONS, AND INTERPRETATIONS THEREOF. THE ORGANIZATION'S INFORMATIONAL RETURNS FILED IN THE U.S. FEDERAL JURISDICTION ARE GENERALLY SUBJECT TO EXAMINATION FOR THREE YEARS AFTER THE LATER OF THE DUE DATE OR DATE OF FILING. 0 0 0 0 0 0 0 0 0 ROBERT MWITA REGISTERED NURSE 205894 0 0 0 0 0 3047 0 14259 0 223200 0 0 0 PHILLIP V JACOB EXCUTIVE DIRECTOR 207434 0 0 0 0 0 0 0 7196 0 214630 0 0 0 PHILLIP R TAYLOR DIRECTOR OF SALES & MARKET 183716 0 0 0 0 0 2854 0 13071 0 199641 0 0 0 PAMELA K ORTIZ SALES COUNSELOR 152336 0 0 0 0 0 2307 0 7863 0 162506 0 0 0 A NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORPORATION 203404674 64542UFR0 2021-11-30 140340000 REFUND 2007, 2014 & 2015 BOND ISSUES 0 0 0 B NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORPORATION 203404674 64542UFP4 2021-11-30 3920000 COMMUNITY IMPROVEMENTS 0 0 0 A 140340000 140340000 2020 1 0 1 1 B 3920000 293968 78000 3561222 0 0 1 1 A 0 0 1 1 0 0 0 1 B 0 0 1 1 0 0 0 1 A 0 1 0 1 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 0 B 0 SCHEDULE K, PART II, LINE 3 ADDITIONAL PROCEEDS PROCEEDS OF THE ISSUE ON PART II-LINE 3 INCLUDE INVESTMENT PROCEEDS IN ADDITION TO THE SALES PROCEEDS OF THE ISSUE REPORTED IN PART I-COLUMN E. SCHEDULE K, PART V PROCEDURES TO UNDERTAKE CORRECTIVE ACTION BUCKINGHAM SENIOR LIVING COMMUNITY, INC. (THE "CORPORATION") WILL CONSIDER ADOPTING SPECIFIC WRITTEN PROCEDURES TO ENSURE TIMELY CORRECTION OF POTENTIAL VIOLATIONS OF FEDERAL TAX REQUIREMENTS RELATED TO ITS BOND ISSUE THROUGH THE USE OF THE VOLUNTARY CLOSING AGREEMENT PROGRAM IF SELF-REMEDIATION IS NOT AVAILABLE UNDER APPLICABLE REGULATIONS. HOWEVER, THE CORPORATION HAS COVENANTED IN ITS MASTER TRUST INDENTURE AND OTHER DOCUMENTS RELATED TO ITS BOND ISSUE TO COMPLY WITH ALL APPLICABLE FEDERAL TAX REQUIREMENTS RELATED TO ITS BOND ISSUE AND THE CORPORATION MAY NOT TAKE CERTAIN ACTIONS, SUCH AS A DISPOSITION OF THE PROJECT OR DEFEASANCE OR REFUNDING OF THE BOND ISSUE, WITHOUT FIRST OBTAINING AN OPINION OF BOND COUNSEL THAT SUCH ACTIONS WILL NOT CAUSE THE BOND ISSUE TO FAIL TO MEET THE FEDERAL TAX REQUIREMENTS APPLICABLE TO THE BOND ISSUE. ADDITIONALLY, THE CORPORATION HAS COVENANTED TO MAINTAIN ALL REQUIRED RECORDS RELATED TO ITS BOND ISSUE FOR FEDERAL TAX COMPLIANCE AND ENGAGES AN EXPERT TO COMPUTE THE CORPORATION'S POTENTIAL REBATE LIABILITY UNDER APPLICABLE ARBITRAGE REBATE REGULATIONS EACH YEAR TO ENSURE TIMELY COMPLIANCE WITH THESE REQUIREMENTS. SCHEDULE K, PART IV, LINE 2C ARBITRAGE REBATE BASED ON REBATE COMPUTATIONS DATED 7/31/2021, NO REBATE LIABILITY EXISTS AND REPORTING TO THE IRS IS NOT REQUIRED AT THIS TIME. SCHEDULE K, PART III, LINE 9 AND PART IV, LINE 7, COLUMN A & COLUMN B WRITTEN MONITORING PROCEDURES THE ORGANIZATION HAS REPRESENTED THAT IT WILL, AND COVENANTED TO, COMPLY WITH ALL TAX REQUIREMENTS IMPOSED BY THE CODE TO SATISFY SECTIONS 141 AND 145 THROUGH 150 OF THE CODE IN THE TAX CERTIFICATE AND LOAN AGREEMENT RELATED TO THE TAX-EXEMPT BOND ISSUE. OTHER THAN THESE REPRESENTATIONS AND COVENANTS, THE ORGANIZATION HAS NOT ADOPTED POST-ISSUANCE MONITORING PROCEDURES. THE ORGANIZATION REALIZES THAT POST-ISSUANCE MONITORING PROCEDURES ARE AN IMPORTANT TOOL IN THE MANAGEMENT OF ISSUES ARISING AFTER TAX-EXEMPT BONDS ARE ISSUED. WHILE THE ORGANIZATION DOES NOT CURRENTLY HAVE DETAILED WRITTEN PROCEDURES, IT HOWEVER HAS CONSULTANTS, WITH WHOM IT CONSULTS FROM TIME TO TIME ON AN AD HOC BASIS, INCLUDING BOND COUNSEL, TO ENSURE ONGOING COMPLIANCE WITH TAX AND SECURITIES LAWS. IN ADDITION, THE ORGANIZATION IS CONSIDERING ESTABLISHING ADDITIONAL POST-ISSUANCE MONITORING PROCEDURES TO ENSURE CONTINUED COMPLIANCE WITH SECTIONS 141 AND 145 THROUGH 150 OF THE CODE. SCHEDULE K ON NOVEMBER 30, 2021, ALL OF THE OUTSTANDING SERIES 2015, SERIES 2014, AND SERIES 2007 BONDS WERE EXCHANGED FOR NEW SERIES 2021B TERM BONDS IN THE PRINCIPAL AMOUNT OF $140,340,000 ISSUED BY THE NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORPORATION, A NONPROFIT CORPORATION ORGANIZED BY THE CITY OF NEW HOPE, TEXAS PURSUANT TO THE CULTURAL EDUCATION FACILITIES FINANCE ACT, ARTICLE 1528M TEX. REV. CIV. STAT. ANN. IN ADDITION, NEW SERIES 2021 A BONDS IN THE PRINCIPAL AMOUNT OF $28,500,000 WERE ISSUED BY NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORPORATION TO FUND (I) PAYMENT OF THE CERTAIN ENTRANCE FEE REFUND OBLIGATIONS IN THE AMOUNT OF $2.366 MILLION, (II) LOBBY REFURBISHMENT AND CAPITAL EXPENDITURES IN THE AMOUNT OF $3.450 MILLION, (III) WORKING CAPITAL IN THE AMOUNT OF $10.685 MILLON, (IV) A DEBT SERVICE RESERVE FUND IN THE AMOUNT OF $10.204 MILLION AND (V) COSTS OF ISSUANCE. FORM 990 BENEVOLENT CARE THE ORGANIZATION PROVIDES CARE TO RESIDENTS WHO MEET CERTAIN CRITERIA UNDER ITS BENEVOLENT CARE POLICY WITHOUT CHARGE OR AT AMOUNTS LESS THAN ITS ESTABLISHED RATES. BECAUSE THE ORGANIZATION DOES NOT PURSUE COLLECTION OF AMOUNTS DETERMINED TO QUALIFY AS BENEVOLENT CARE, THEY ARE NOT REPORTED AS REVENUE. SUCH RESIDENTS ARE IDENTIFIED BASED ON FINANCIAL INFORMATION OBTAINED FROM THE RESIDENT AND SUBSEQUENT ANALYSES. FORM 990, PAGE 5, LINE 2A EMPLOYEES REPORTED THROUGH OUTSOURCED PROFESSIONAL EMPLOYER ORGANIZATION THE ORGANIZATION DID NOT ISSUE FORM W-2S DIRECTLY. THE INDIVIDUALS THAT COMPRISE THE TOTAL LISTED ON LINE 2(A) ARE CONSIDERED EMPLOYEES OF THE ORGANIZATION FOR THE PURPOSES OF PART V. HOWEVER, THE ORGANIZATION UTILIZES A PROFESSIONAL EMPLOYER ORGANIZATION, OASIS PAYCHEX HR, INC., WHICH IS THE EMPLOYER OF RECORD, ISSUES ALL W-2S AND ACTS AS AN OUTSOURCED HUMAN RESOURCES PAYROLL DEPARTMENT FOR THE ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 3 MANAGEMENT COMPANY GREYSTONE MANAGEMENT SERVICES COMPANY, LLC, AN UNRELATED ENTITY, WAS ENGAGED BY BUCKINGHAM SENIOR LIVING COMMUNITY, INC. TO PROVIDE MANAGEMENT SERVICES. MANAGEMENT DUTIES INCLUDE HIRING AND RECRUITING QUALIFIED PERSONNEL, PREPARING ANNUAL OPERATING BUDGET FOR SUBMISSION TO THE BOARD OF DIRECTORS, AND ASSISTING IN THE PREPARATION OF MONTHLY AND ANNUAL FINANCIAL REPORTING DISCLOSURES. THE BOARD OF DIRECTORS HAS FINAL AUTHORITY OVER THE APPROVAL OF THE ANNUAL OPERATING BUDGET, APPROVAL OF MONTHLY AND ANNUAL FINANCIAL REPORTING DISCLOSURES, AND OVERSIGHT OF THE MANAGEMENT COMPANY. FORM 990, PART VI, SECTION A, LINE 8B DOCUMENTATION OF COMMITTEES LINE 8B IS ANSWERED NO BECAUSE THERE ARE NO COMMITTEES IN PLACE WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY AT THIS TIME. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS THE BOARD MEMBERS OF BUCKINGHAM SENIOR LIVING COMMUNITY, INC. RECEIVE A COPY OF THE FORM 990 UPON COMPLETION, AND PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY ENFORCEMENT AND MONITORING: ANNUALLY THE CONFLICT OF INTEREST POLICY IS REVIEWED DURING A BOARD MEETING, IN ADDITION TO HAVING THE NECESSARY INDIVIDUALS SIGN THE DISCLOSURE STATEMENT ON AN ANNUAL BASIS. IT IS THE EXPECTATION THAT MANAGEMENT STAFF (COMMUNITY AND CORPORATE) IN ADDITION TO THE MANAGEMENT COMPANY WILL BRING ANY QUESTIONABLE ACTIVITY TO THE ATTENTION OF THE BOARD OR AN OFFICER. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS AVAILABLE TO PUBLIC THE FINANCIAL STATEMENTS ARE POSTED TO NATIONALLY RECOGNIZED ELECTRONIC MUNICIPAL MARKET ACCESS (EMMA) AND ALSO MADE AVAILABLE IN THE LIBRARY OF THE COMMUNITY FOR VIEWING BY RESIDENTS OR AVAILABLE UPON REQUEST BY PROSPECTIVE RESIDENTS. THE 990 IS ALSO MADE AVAILABLE IN THE LIBRARY OF THE COMMUNITY AND ALSO BY REQUEST. ANY ADDITIONAL GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C THE BOARD OF DIRECTORS ASSUMES THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM PRIOR YEARS.