2014-07-15T10:46:31-05:00 2013-12-31 010494526 Baker Newman & Noyes LLC Box 507 Portland ME 04112 990 2013-01-01 010496258 Maine Life Care Retirement Community Inc MAIN 2078838700 15 Piper Road Scarborough ME 04074 Stephen Larned MD Chair 2078838700 2014-06-27 1 Nicholas E Porto P01310283 2078792100 2013 2015-11-30 17:44:51Z Piper Shores Stephen Larned MD 15 Piper Road Scarborough ME 04074 29546990 0 X www.pipershores.org X 1995 ME Continuing care retirement community 15 15 246 25 0 0 125591 41743 15880457 15470178 1428321 3023769 0 0 17434369 18535690 0 0 0 0 6819817 7203965 0 0 0 8972553 9284606 15792370 16488571 1641999 2047119 91057029 94532115 92483741 90873756 -1426712 3658359 X Maine Life Care Retirement Community (dba Piper Shores) offers a vibrant retirement living lifestyle that enriches residents by providing a continuum of the highest quality of care and service. Piper Shores will help all residents realize their optimum potential by cultivating a rich diversity of life experience that connects to innovative programs and services. 0 0 14219297 0 15470178 Maine Life Care provides residents with a safe and secure home community, providing for independent living needs and continued health care services for the remainder of their lives. It consists of 160 independent living units, 40 independent living cottages, 20 assisted living units, 40 skilled nursing beds, and common areas. 14219297 1 1 0 0 0 0 0 0 0 1 1 0 0 0 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 55 0 1 246 1 0 0 0 0 0 0 0 0 0 0 X 15 15 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Richard Ashley 2078838700 15 Piper Road Scarborough ME 04074 Thomas Amoroso Director 2.00 X 0 0 0 Suzanne Austin Director 2.00 X 0 0 0 Kathryn Barber Director 2.00 X 0 0 0 Michael Connolly Director 2.00 X 0 0 0 Patrick Costin Director 2.00 X 0 0 0 Susan Doliner Director 2.00 X 0 0 0 Kevin French Director 2.00 X 0 0 0 Jacquelyn Hedlund Director 2.00 X 0 0 0 Victoria Kuhn Director 2.00 X 0 0 0 Karen Milliken Director 2.00 X 0 0 0 Dennis O'Donovan Director 2.00 X 0 0 0 Matthew O'Reilly Director 2.00 X 0 0 0 Patrick O'Reilly Director 2.00 X 0 0 0 Jane Pringle MD Director 2.00 X 0 0 0 Stephen Larned MD Chair 4.00 X X 0 0 0 Suzanne McCormick Vice Chair 4.00 X X 0 0 0 Stephen Decastro Treasurer 4.00 X X 0 0 0 Mary Bertolet Secretary 4.00 X X 0 0 0 James Adamowicz CEO 40.00 X 169519 0 13164 Peggy Farrington Administrator 40.00 X 161474 0 8977 Andrea Killiard Marketing Director 40.00 X 133102 0 12315 Richard Ashley Finance Director 40.00 X 130498 0 7640 Marcie Butkovic Nursing Director 40.00 X 129984 0 5846 Kevin Eames Facilities Director 40.00 X 111216 0 10241 835793 0 58183 7 0 1 0 Hebert Construction LLC 9 Gould Road Lewiston ME 04240 Construction 1230938 Systems Engineering 120 Exchange Street Portland ME 04101 Information Technology 496437 Rehab Care PO Box 503534 St Louis MO 63150 Physical therapy 290951 Seabreeze Property Services PO Box 617 Portland ME 04104 Property services 216129 Ethos Marketing & Design 907 Main Street Westbrook ME 04092 Marketing 130352 7 41743 41743 Resident services 541300 15350246 15350246 Miscellaneous Revenue 541300 119932 119932 15470178 441736 441736 13593333 11011300 2582033 2582033 2582033 18535690 15470178 0 3023769 182683 182683 5687833 4899354 788479 118058 93777 24281 748810 689366 59444 466581 399792 66789 69180 69180 55284 55284 39700 39700 92651 31689 60962 237129 237129 483297 26342 456955 2437266 2437266 39099 15162 23937 25397 15083 10314 1197012 1137161 59851 2685721 2551435 134286 152350 152350 Dining services 896284 896284 Health services 672027 672027 Provider Tax 107075 107075 Housekeeping & laundry 58426 58426 36708 36708 16488571 14219297 2269274 0 4916 839459 10582923 8944158 429384 460727 305325 697268 26750 40046 145023 203712 74559886 23214664 51606245 51345222 27008035 31188597 678674 532594 269754 280332 91057029 94532115 2493473 1701990 58724634 58736681 28973519 27549016 2292115 2886069 92483741 90873756 X -2189415 2823849 762703 834510 -1426712 3658359 91057029 94532115 2047119 3037952 0 X X 0 1 X 1 0 X 36774 21724 58554 125591 41743 284386 15106196 15449522 15159366 15880457 15470178 77065719 15142970 15471246 15217920 16006048 15511921 77350105 101447 101447 0 101447 101447 77248658 518476 470109 477350 530030 441736 2437701 518476 470109 477350 530030 441736 2437701 15661446 15941355 15695270 16536078 15953657 79787806 0.96820 0.96610 0.03060 0.03260 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 799962 41743 28426 870131 640835 124302 34825 799962 584193 63324 -6682 640835 515140 39254 29799 584193 445059 20957 49124 515140 1.00000 0 0 2837480 2837480 65359823 19022105 46337718 6362583 4192559 2170024 51345222 Resident Deposits 2862402 Interest Rate Swap Liability 23667 2886069 X 21573642 3037952 3037952 18535690 0 18535690 16488571 0 16488571 0 16488571 Part V, Line 4: The endowment fund will be used to help the community with the loss of revenue from residents whose financial resources have eroded and to help stabilize resident monthly fees. Gifts to the endowment fund may also support projects and programs that might otherwise not be affordable. Part X, Line 2: The Community is exempt from federal income taxes under section 501(c)(3) of the Internal Revenue Code. Tax-exempt organizations could be required to record an obligation for income taxes as the result of a tax position they have historically taken on various tax exposure items including unrelated business income or tax status. The Community has evaluated the positions taken on its filed tax returns. The Community has concluded no uncertain income tax positions exist at December 31, 2013. The Community's tax years from 2010 through 2013 are open and subject to examination. X X X 0 0 0 0 0 0 0 1 0 James Adamowicz CEO 169519 0 0 0 0 0 0 0 13164 0 182683 0 0 0 Peggy Farrington Administrator 114908 0 46566 0 0 0 0 0 8977 0 170451 0 0 0 Part I, Line 7 The Organization has a modest bonus program for the CEO and other senior management. One of the components of the program is actual financial performance compared to budgeted financial expectations. A MHHEFA Series 2004B 010314384 2004-12-09 42265000 Construction & refund $24.9M rev. bonds, Piper Shores issue, Series 1999A 0 0 0 B MHHEFA Series 2012 010314384 2012-03-07 5000000 Construction 0 0 0 A 30146249 2298751 192594 3171508 2005 0 0 1 1 B 5000000 37399 4962601 2012 0 0 1 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 0 0 1 0 0 0 0 0 B 0 1 0 0 0 0 0 0 0 A 0 B 0 Date Rebate Computation Performed Issuer Name: MHHEFA, Series 2004B Date the Rebate Computation was Performed: 12/16/2013 Schedule K Supplental Information Maine Health and Higher Educational Facilities Authority issued its $42,265,000 revenue bonds, Series 2004B on December 9, 2004 and loaned $30,146,249.32 of that amount to Maine Life Care Retirement Community, Inc. Maine Life Care issued its $30,146,249.32 Series 2004B note to evidence its obligation to repay that loan. (The loan was part of a MHHEFA pool that also financed other facilities of other borrowers). Schedule K, Part IV, Line 7 Neither of the Organization's bonds are arbitrage bonds. Therefore, no written procedures have been established to monitor the requirements of Section 148. Schedule K, Part V Both bonds are carefully and consistently monitored for potential violations of federal tax requirements, but the procedures are not written. Form 990, Part VI, Section B, line 11 The finance committee reviews and accepts the Form 990 and the board affairs committee reviews the governance section. Copies are distributed to the entire board before filing. Form 990, Part VI, Section B, line 12c Officers & Directors complete a questionnaire and the CEO reviews the disclosures. The information is submitted to the Bureau of Insurance annually. Form 990, Part VI, Section B, line 15 The board of directors sets compensation for the CEO under the new self-managed arrangement adopted in 2013. The CEO sets compensation for top management based on industry data. Form 990, Part VI, Section C, line 19 Form 990 and other documents are provided upon request. Form 990 may also be viewed at www.guidestar.org. Form 990, Part XII, line 2c: The finance committee is responsible for overseeing the audit of the financial statements and selecting an independent auditor. The audit process has not changed from the prior year.