2015-11-16T15:20:03-06:00 2014-12-31 BDO USA LLP 200 OTTAWA AVE NW STE 300 GRAND RAPIDS MI 49503 990 2014-01-01 383087328 HENRY FORD VILLAGE INC % DAVID HENRY HENR 3135841000 15101 FORD ROAD DEARBORN MI 48126 BRUCE BLALOCK EXECUTIVE DIRECTOR 3135841000 2015-11-15 true Kathleen Guider P00177866 6167747000 2015-11-15 2014 2016-04-25 22:37:26Z BRUCE BLALOCK 15101 FORD ROAD DEARBORN MI 48126 37984744 false X N/A X 1992 MI PROMOTION OF HEALTH FOR THE ELDERLY BY PROVIDING A CONTINUING CARE RESIDENTIAL COMMUNITY IN DEARBORN, MICH- IGAN WITH RECREATION, SOCIAL, AND RELIGIOUS ACTIVITES FOR RESIDENTS. 6 6 508 315 0 409933 672324 35254514 35515962 396748 241278 0 0 36061195 36429564 0 0 0 0 16957755 15441557 0 0 0 19726990 19860179 36684745 35301736 -623550 1127828 104594476 99766551 124777813 118975580 -20183337 -19209029 PROMOTION OF HEALTH FOR THE ELDERLY BY PROVIDING A CONTINUING CARE RESIDENTIAL COMMUNITY LOCATED IN DEARBORN, MICHIGAN WITH RECREATIONAL, SOCIAL, AND RELIGIOUS ACTIVITIES FOR RESIDENTS. false false 29240336 35515962 HENRY FORD VILLAGE, INC. IS A MICHIGAN NON-STOCK CORPORATION ESTABLISHED TO OPERATE A NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY LOCATED IN DEARBORN, MICHIGAN. THE PROPERTY IS PRESENTLY ZONED FOR 856 INDEPENDENT LIVING UNITS (INCLUDING TWO GUEST ROOMS AND TWO MODELS), 96 ASSISTED LIVING UNITS, AND 89 SKILLED NURSING BEDS. AS OF DECEMBER 31, 2014 THERE WERE 789 OCCUPIED UNITS, WHICH CONSISTED OF 629 INDEPENDENT LIVING UNITS, 81 ASSISTED LIVING UNITS, AND 79 SKILLED NURSING BEDS. 29240336 true true false false false false false false true true true false false false true true true false false false false false false false false false false false false true true false false false false false false false false false false false false false false false true true true false false true 59 0 true 508 true false false false false true true false false false false false X 6 6 false true false false false false false true true false false false true true true true true true false false MI X DAVID HENRY 3135841000 15101 FORD ROAD DEARBORN MI 48126 JOHN BYRNE SECRETARY/TREASURER 4.0 1.0 X X 0 0 0 STEVE CHOWEN MEMBER (TERM ENDED DEC. 2014) 4.0 0.0 X 0 0 0 ROBERT MUELLER MEMBER 4.0 0.0 X 0 0 0 GARY GLENN CHAIRPERSON 4.0 0.0 X X 0 0 0 DR KAREN ROSS MEMBER 4.0 1.0 X 0 0 0 DR WALTER TALAMONTI MEMBER 4.0 0.0 X 0 0 0 DONALD JESMORE MEMBER 4.0 1.0 X 0 0 0 JOAN BUDDEN MEMBER (TERM ENDED DEC. 2014) 4.0 0.0 X 0 0 0 BRUCE BLALOCK EXECUTIVE DIRECTOR 40.0 1.0 X 194618 0 48891 DAVID HENRY DIRECTOR OF FINANCE 40.0 4.0 X 78115 0 0 ROBERT O DISANTO DIRECTOR, GENERAL SERVICES 40.0 0.0 X 110022 0 0 382755 0 48891 2 false true false LIFE CARE SERVICES LLC CAPITAL SQUARE 400 LOCUST SUITE 8 DES MOINES IA 503092334 MANAGEMENT SERVICES 1039062 REHABCARE GROUP THERAPY SERVICES 680 SOUTH FOURTH STREET LOUISVILLE KY 40202 PHYSICAL THERAPY 2189653 OMNICARE INC 900 OMNICARE CENTER 201 EAST 4TH S CINCINNATI OH 45202 PHARMACY SERVICES 503386 ALTERNATIVE CONTRACTING INC 7703 DONNA STREET WESTLAND MI 48185 RENOVATION/REPAIR 698990 GLYNNDEVINS ADVERTISING MARKETING 11230 COLLEGE BOULEVARD OVERLAND PARK KS 66210 ADVERTISING/MARKET. 400321 9 525667 146657 672324 NON-REFUNDABLE DEPOSIT 623000 1101600 1101600 OCCUPANCY REVENUE 623000 29301932 29301932 ANCILLARY FEES 623000 1814074 1814074 RESIDENT FEE AMORTIZATION 623000 2993001 2993001 RENT RELATED TO CLINIC PROGRAMS 623000 120000 120000 185355 185355 35515962 104869 104869 0 0 0 0 0 1691589 1555180 136409 136409 136409 0 0 0 0 36429564 35515962 241278 0 0 0 0 0 0 0 0 324276 0 324276 0 0 0 0 0 11978107 8883260 3094847 0 0 0 0 0 2141259 1773599 367660 0 997915 826570 171345 0 466186 0 466186 0 212938 176376 36562 0 55996 46381 9615 0 0 0 0 0 0 0 52703 43654 9049 0 2207350 1828342 379008 0 1086991 900352 186639 0 197351 163465 33886 0 416685 345139 71546 0 0 0 0 0 1655740 1655740 0 0 47402 39263 8139 0 0 0 0 0 0 0 0 0 2905097 2905097 0 0 0 0 0 0 4279893 4279893 0 0 480421 480421 0 0 BLDG, GROUNDS & MAINTENANCE 1254426 1039038 215388 0 RESIDENT RELATIONS 34563 28629 5934 0 REAL ESTATE TAXES 538412 538412 0 0 SUPPLIES 3797480 3145443 652037 0 170545 141262 29283 35301736 29240336 6061400 0 X 549668 1084640 1207647 1205750 0 0 3222452 2317830 0 0 0 0 658077 658077 129754 115319 675356 675139 160854257 74037223 89257187 86817034 2371580 2542382 0 0 0 0 0 0 6522755 4350380 104594476 99766551 6399892 3533996 0 0 0 0 40828139 40433895 1258188 1689161 0 0 0 0 0 0 76291594 73318528 124777813 118975580 X -20233896 -19252535 50559 43506 0 0 -20183337 -19209029 104594476 99766551 X 1127828 -141737 -11783 X false true X true false X 19513 372331 407247 409933 672324 1881348 37071718 36721957 36821693 35254514 35515962 181385844 0 0 0 37091231 37094288 37228940 35664447 36188286 183267192 0 0 0 183267192 537747 475864 358339 146442 104869 1623261 0 537747 475864 358339 146442 104869 1623261 0 -130510 -19371 115769 -34112 37498468 37550781 37703048 35810889 36293155 184856341 0.99140 0.98925 0.00878 0.01093 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true X 50559 95664 -11783 90934 43506 128072 111760 -76592 112681 50559 233543 116408 -103513 118366 128072 221620 111704 24659 124440 233543 -4090 157031 229794 161115 221620 1.00000 false true true 4992523 4992523 146630821 66026637 80604184 242499 242499 4890477 4533204 357273 4097937 3234883 863054 86817034 0 RESIDENT DEPOSITS 71420489 FUNDS HELD FOR RESIDENTS 79568 REFUNDS DUE TO RESIDENTS 1171184 ACCOUNTS PAYABLE - RELATED PARTY 647287 CLAIMS RESERVE 0 73318528 35337843 90934 90934 35246909 1182655 1182655 36429564 34214745 34214745 1086991 1086991 35301736 PART XI, LINES 2D AND 4B RECONCILATION OF REVENUE: OTHER AMOUNTS INCLUDED IN AUDIT INCOME BUT NOT FORM 990 INCOME INCLUDE ASSETS RELEASED FROM RESTRICTIONS OF $90,934 THAT WERE RECORDED AS CONTRIBUTION INCOME IN PRIOR YEAR(S). OTHER AMOUNTS INCLUDED IN FORM 990 INCOME BUT NOT IN AUDIT INCOME INCLUDE $1,086,991 OF MARKETING EXPENSES NETTED AGAINST AMORTIZED RESIDENT DEPOSITS IN THE AUDIT, AND $95,664 OF TEMPORARILY RESTRICTED CONTRIBUTIONS. PART XII, LINE 4B RECONCILATION OF EXPENSES: OTHER AMOUNT INCLUDED IN FORM 990 EXPENSES BUT NOT IN AUDIT EXPENSES REPRESENTS $1,086,991 OF MARKETING EXPENSES. PART V, LINE 4 ENDOWMENT FUNDS: HENRY FORD VILLAGE, INC. ADMINISTERS THREE ENDOWMENT FUNDS WITH THE PURPOSE TO CARRY OUT THE CHARITABLE PURPOSE OF HENRY FORD VILLAGE, INC.: 1) THE BENEVOLENT CARE FUND, 2) THE SCHOLARSHIP FUND, AND 3) THE STAFF APPRECIATION FUND. THE TOTAL ASSETS IN ALL THREE FUNDS AT 12/31/2014 WAS $43,506. PART IV, LINE 2B ESCROW ACCOUNTS: Residents are required to remit entrance deposits, which may vary in amount depending upon the unit to be occupied. Prospective residents are required to make certain installment payments prior to the final settlement of the given unit. These amounts are included in escrow cash and advance deposits in the accompanying balance sheets. Deposit timing differences may cause escrow cash not to be equal to advance deposits. As of 12/31/2014, Escrow cash and advance deposits were $839,862 and $1,689,161, respectively. X X false false false false false false false false false BRUCE BLALOCK EXECUTIVE DIRECTOR 183375 0 11243 0 0 0 12352 36539 243509 0 LINE 5A, MANAGEMENT AGREEMENT: On December 1, 2010, HFV contracted with Life Care Services (LCS) for management services. The LCS contract term is for five years. The executive director and administrator are employees of LCS, but their salaries and related employee benefits are reimbursed by HFV. Reimbursement paid to LCS for LCS employees in 2014 totaled $324,276. Other corporate services that HFV may obtain are not required contractually and are on an as-needed basis. A EDC OF CITY OF DEARBORN 521310485 242563AWY 2008-10-01 42535000 REFINANCE A 1998 VAR. RATE BOND true false false A 0 0 41842922 3317550 0 34540625 836858 0 0 3147889 0 3984747 2008 true false true true A false false false false 0.00000 0.00000 0.00000 false false 0.00000 false false A true false false 0 false 0 false false A false BONDS PAYABLE On October 1, 2008, HFV closed on Series 2008 Bonds issued by Economic Development Corporation of the City of Dearborn in the amount of $42,535,000. The 2008 Bonds ARE tax-exempt WITH A fixed interest rate of 7.15% AND final maturity in November 2043. No letter of credit is required for the Series 2008 Bonds. As part of this agreement, HFV is subject to certain financial covenants. Bondholders approved the First Amendment to the Loan Agreement on March 23, 2012, modifying the days cash on hand (liquidity covenant) requirement from 180 days to 110 days for the year ended December 31, 2011, as well as for the years endED December 31, 2012 and 2013. The day's cash on hand requirement increaseD to 125 days for the year endED December 31, 2014, 150 days for the year ending December 31, 2015, and to 180 days for years ending after December 31, 2016. The First Amendment to the Loan Agreement does have a provision that allows the liquidity covenant to be lower than 108 days as of December 31, 2014. However, if the liquidity covenant is less than 108 days, HFV must retain a management consultant to make recommendations with respect to the rates, fees and charges of HFV and HFVs methods of operations and other factors affecting its financial condition in order to increase the days cash on hand to the liquidity requirement for future periods. The consultant must be retained within 30 days of HFV disclosing the deficiency in the liquidity covenant. As of December 31, 2014, the liquidity covenant was less than 108 days. Subsequent to December 31, 2014, HFV obtained a waiver of noncompliance from the bond trustee that waived HFVs noncompliance with the liquidity covenant and also waived HFV's obligation to retain a management consultant. PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS: DAVID HENRY (DIRECTOR OF FINANCE) AND A MEMBER OF THE FINANCE COMMITTEE OF THE BOARD OF DIRECTORS REVIEW THE 2014 form 990 PRIOR TO FILING. PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY MONITORING AND COMPLIANCE: COMPLIANCE WITH THE CONFLICT OF INTEREST, WHISTLEBLOWER, AND DOCUMENT RETENTION AND DESTRUCTION POLICIES WAS MONITORED BY THE MANAGEMENT COMPANY, LIFE CARE SERVICES, LLC. BOARD MEMBERS SIGN A CONFLICT OF INTEREST FORM ON AN ANNUAL BASIS. PART VI, SECTION B, LINE 15A COMPENSATION DETERMINATION PROCESS: MANAGEMENT (HENRY FORD VILLAGE, INC. & LIFE CARE SERVICES, LLC) CONDUCTS MARKET SURVEYS ON AN ANNUAL BASIS TO DETERMINE IF A COMPENSATION ADJUSTMENT IS WARRANTED. BASED ON THIS INFORMATION MANAGEMENT RECOMMENDS ANNUAL SALARIES, TYPICALLY A PERCENTAGE INCREASE FROM THE PRIOR YEAR. THE BOARD APPROVES THE BUDGET ON AN ANNUAL BASIS. PART X, LINE 15 BOND AMORTIZATION: Deferred financing costs related to the 2008 issuance of bonds totaled $1,004,757 and are beING amortized over the bond term of 35 years. Amortization of deferred financing costs in the year ended December 31, 2014 was $37,311. Deferred financing fees, net of accumulated amortization, were $744,394 as of December 31, 2014. PART X, LINE 25 RESIDENT REFUNDS PAYABLE: RESIDENTS ARE REQUIRED TO REMIT ENTRANCE DEPOSITS, WHICH VARY IN AMOUNT DEPENDING ON THE UNIT TO BE OCCUPIED. RESIDENT DEPOSITS ARE REFUNDABLE WHEN THE UNIT HAS BEEN VACATED AND RELEASED, ALL OUTSTANDING OBLIGATIONS OF THE RESIDENT HAVE BEEN PAID, AND THE UNIT HAS BEEN RE-SETTLED AND PAID FOR BY A NEW RESIDENT. AMORTIZATION OF RESIDENT DEPOSITS IS RECOGNIZED AS OPERATING REVENUE ON A STRAIGHT-LINE BASIS OVER THE REMAINING USEFUL LIFE OF THE BUILDINGS. THE NET RESIDENT DEPOSITS LIABILITY WAS $71,420,489 AS OF DECEMBER 31, 2014. THE CURRENT YEAR INCOME AMORTIZATION WAS $2,993,001. PART VI, LINE 3 MANAGEMENT COMPANY AND GOVERNANCE: Life Care Services, LLC IS A FOR-PROFIT Iowa LIMITED LIABILITY COMPANY WHICH OPERATES AND MANAGES a variety of CONTINUING CARE RETIREMENT COMMUNITIES nationwide, INCLUDING HENRY FORD VILLAGE, INC. HENRY FORD VILLAGE, INC. IS GOVERNED BY AN INDEPENDENT BOARD OF DIRECTORS AND IS ADVISED BY A RESIDENTS COUNCIL ELECTED BY THE HENRY FORD VILLAGE COMMUNITY. THREE MEMBERS OF THE HENRY FORD VILLAGE, INC. BOARD ALSO SERVE ON THE HENRY FORD VILLAGE FOUNDATION BOARD OF DIRECTORS. On December 1, 2010, HFV contracted with Life Care Services (LCS) for management services. The LCS contract term is for five years. The executive director and administrator are employees of LCS, but their salaries and related employee benefits are reimbursed by HFV. Reimbursement paid to LCS for LCS employees in 2014 totaled $324,276. Other corporate services that HFV may obtain are not required contractually and are on an as-needed basis. PART VIII, LINE 2F LEASE REVENUE: HENRY FORD VILLAGE, INC. LEASES SPACE TO VARIOUS ENTITIES FOR THE PROVISION OF SERVICES SUCH AS PHYSICIAN CARE, DENTAL CARE, AND COSMETOLOGY. THESE SERVICES ARE PROVIDED solely FOR THE BENEFIT AND CONVENIENCE OF THE RESIDENTS OF HENRY FORD VILLAGE. THE REVENUE RELATED TO THESE FACILITIES LEASES FOR 2014 WAS $229,749. PART VI, LINE 19 DOCUMENT DISCLOSURE: THE ORGANIZATION'S FORM 990 IS AVAILABLE UPON REQUEST. DAVID HENRY, HENRY FORD VILLAGE DIRECTOR OF FINANCE, HAS PUBLIC INSPECTION COPIES AVAILABLE AT 15101 FORD ROAD, DEARBORN, MI 48126. PART V, LINE 6A/B CERTAIN CONTRIBUTIONS NOT TAX DEDUCTIBLE: HENRY FORD VILLAGE, INC. HAS AN ANNUAL CAMPAIGN TO RAISE FUNDS FOR THE STAFF APPRECIATION FUND, WHICH PROVIDES END-OF-THE-YEAR BONUS CHECKS TO HENRY FORD VILLAGE, INC. EMPLOYEES. CONTRIBUTORS ARE NOTIFIED THAT DONATIONS TO THIS FUND ARE NOT TAX DEDUCTIBLE. PART XI, LINE 9 OTHER CHANGES IN NET ASSETS OR FUND BALANCES: THIS AMOUNT REFLECTS CHANGES IN INTEREST OF TEMPORARILY RESTRICTED NET ASSETS OF THE HENRY FORD VILLAGE FOUNDATION. PART VIII OCCUPANCY REVENUE: INCLUDED IN RESIDENT OCCUPANCY REVENUE ARE INDEPENDENT, ASSISTED LIVING, AND SKILLED NURSING MONTHLY FEES. REVENUE ATTRIBUTABLE TO THE SKILLED NURSING FACILITY IS RECEIVED UNDER CONTRACTUAL ARRANGEMENTS WITH THIRD-PARTY PAYERS SUCH AS MEDICARE AND MEDICAID. IN 2014 APPROXIMATELY 19% OF THE REVENUE FROM RESIDENTS WAS RECEIVED FROM THE MEDICARE AND MEDICAID PROGRAMS. HFV HAS AGREEMENTS WITH THE MEDICARE AND MEDICAID PROGRAMS TO PROVIDE REIMBURSEMENT TO HFV AT AMOUNTS DIFFERENT FROM ITS ESTABLISHED RATES FOR PRIVATE PAYERS. CONTRACTUAL ADJUSTMENTS UNDER THIRD-PARTY REIMBURSEMENT PROGRAMS REPRESENT THE DIFFERENCE BETWEEN HFV'S ESTABLISHED RATES FOR SERVICES AND AMOUNTS REIMBURSED BY THIRD-PARTY PAYERS. A SUMMARY OF THE BASIS OF REIMBURSEMENT WITH THESE THIRD-PARTY PAYERS FOLLOWS: MEDICARE: SERVICES RENDERED TO MEDICARE PROGRAM BENEFICIARIES ARE REIMBURSED AT PROSPECTIVELY DETERMINED RATES BASED UPON CLINICAL ASSESSMENTS COMPLETED BY HFV THAT ARE SUBJECT TO REVIEW AND FINAL APPROVAL BY MEDICARE. MEDICAID: SERVICES rendered to Medicaid program beneficiaries are reimbursed on a per diem basis based on a cost reimbursement methodology. based on a cost reimbursement methodology. HENRY FORD VILLAGE FOUNDATION 15101 FORD ROAD DEARBORN MI 48126 542159197 SUPPORT MI 501(C)(3) 11 HFV INC true false false true true false false false false false false false false true true true false false false false HENRY FORD VILLAGE FOUNDATION C 525667 FMV (CASH) HENRY FORD VILLAGE FOUNDATION D 658077 FMV (CASH)