2012-05-11T09:47:48-05:00 2011-12-31 410746749 CLIFTONLARSONALLEN LLP 101 N TRYON STREET SUITE 1000 CHARLOTTE NC 28246 990 2011-01-01 570337132 THE EPISCOPAL CHURCH HOME EPIS 8437623300 1 BISHOP GADSDEN WAY CHARLESTON SC 29412 SUSAN LEGARE 8434066345 2012-05-10 1 GREGORY W JOHNS P00535091 7049985200 2011 2016-02-24 21:20:13Z BISHOP GADSDEN RETIREMENT COMMUNITY C WILLIAM TRAWICK 1 BISHOP GADSDEN WAY CHARLESTON SC 29412 26198462 0 X WWW.BISHOPGADSDEN.ORG X 1948 SC TO PROVIDE HOUSING AND OTHER HEALTH CARE SERVICES THROUGH OPERATION OF A RETIREMENT FACILITY. 14 14 456 50 0 0 942474 751759 21670289 23490279 987620 795485 465272 1069958 24065655 26107481 133433 175034 0 0 10880074 11124066 0 0 215652 13383849 13272019 24397356 24571119 -331701 1536362 128455524 128018302 110971327 109766714 17484197 18251588 X FOUNDED BY THE FOURTH EPISCOPAL BISHOP OF SOUTH CAROLINA IN 1850 AND AFFILIATED WITH THE DIOCESE OF SOUTH CAROLINA FROM THAT TIME FORWARD, THE EPISCOPAL CHURCH HOME (D/B/A BISHOP GADSDEN) UPHOLDS THE TRADITION OF A FAITH-BASED, NOT-FOR-PROFIT ORGANIZATION DEDICATED TO THE WELL-BEING OF THOSE PERSONS, WHO BECAUSE OF AGE, PERSONAL CONDITIONS, HEALTH AND THEIR EXPRESS DESIRE, CHOSE TO RESIDE IN A RETIREMENT COMMUNITY. BISHOP GADSDEN IS A MISSION-DRIVEN, NOT PROFIT DRIVEN, ORGANIZATION. IT HAS A LONG-TERM OBLIGATION TO ITS RESIDENTS. IT IS COMMITTED TO REMOVING FINANCIAL BARRIERS TO RESIDENCY. ITS ROOTS IN THE GREATER CHARLESTON COMMUNITY SPAN OVER 160 YEARS, AND, THROUGH THE YEARS, IT HAS RESPONDED TO SPECIFIC NEEDS OF THE GREATER COMMUNITY. IT HAS LONG BEEN OPEN TO ALL MEN AND WOMEN WITHOUT REGARD TO RACE, CREED, RELIGIONS, SEXUAL PREFERENCE OR NATIONAL ORIGIN. 0 0 17491641 24518649 RETIREMENT COMMUNITY:BISHOP GADSDEN SERVES APPROXIMATELY 435 SENIOR ADULTS, 62 YEARS OF AGE AND OLDER, RESIDING IN FOUR LEVELS OF CARE: INDEPENDENT COMMUNITY (215 UNITS), ASSISTED LIVING (80 UNITS), MEMORY SUPPORT (19 BEDS) AND SKILLED NURSING CARE (50 BEDS). BISHOP GADSDEN OPERATES TO MEET THE PRIMARY NEEDS OF SENIOR CITIZENS BY PROVIDING (1) RESIDENTIAL FACILITIES DESIGNED TO MEET PHYSICAL, EMOTIONAL, RECREATIONAL, SOCIAL, RELIGIOUS AND SIMILAR NEEDS OF THE ELDERLY; (2) ACCESS TO HEALTHCARE SERVICES AS NEEDED; (3) ASSURANCE THAT THE ORGANIZATION IS RUN IN A FISCALLY RESPONSIBLE MANNER; AND (4) THE COMMITMENT OF FINANCIAL SECURITY TO ANY RESIDENT WHO RUNS OUT OF MONEY THROUGH NO FAULT OF HIS/HER OWN. 175034 175034 RESIDENT ASSISTANCE PROGRAM:BISHOP GADSDEN HAS A LONG HISTORY OF CHARITY CARE GOING BACK TO THE FOUNDER'S VISION OF THE EPISCOPAL CHURCH HOME FOR WIDOWS AND ORPHANS, THE PRECURSOR OF THE PRESENT DAY EPISCOPAL CHURCH HOME. THE BOARD AND ADMINISTRATION OF BISHOP GADSDEN ARE DEDICATED TO PROVIDING FINANCIAL SECURITY TO ALL RESIDENTS. IT IS THEIR INTENTION THAT NO RESIDENT WILL BE ASKED TO LEAVE BISOP GADSDEN FOR FINANCIAL REASONS OUTSIDE HIS OR HER CONTROL. BISHOP GADSDEN ALSO EXTENDS ASSISTANCE TO INCOMING RESIDENTS, ACTING ON THE FIRM BELIEF THAT REMOVING ECONOMIC BARRIERS TO RESIDENCY IS PART OF ITS MISSION. 107000 OUTREACH PROGRAM:BISHOP GADSDEN'S RESIDENTS AND STAFF RECOGNIZE THE RESPONSIBILTY TO GIVE BACK IN RESPONSE TO WHAT GOD HAS GIVEN THEM. THROUGH ITS YEARLY OUTREACH PROGRAM, BISHOP GADSDEN HAS REMAINED IN TOUCH WITH THE NEEDS OF THE GREATER COMMUNITY. IN 2000 AND 2008, RESIDENTS AND STAFF FUNDED AND BUILT TWO HABITAT FOR HUMANITY HOUSES. OVER THE YEARS, SIZEABLE CONTRIBUTIONS HAVE BEEN MADE TO THE DEE NORTON LOWCOUNTRY CHILDREN'S CENTER, THE CHARLESTON AREA SENIOR CITIZENS CENTER, WHICH SERVES THE LOWEST INCOME SENIORS, THE MAGDALENE HOUSE, A SAFE HAVEN FOR WOMEN COMING OUT OF PRISON, AND THE BARRIER ISLAND FREE MEDICAL CLINIC, AN ORGANIZATION THAT PROVIDES FREE MEDICAL CARE FOR QUALIFIED LOW INCOME INDIVIDUALS LIVING ON THE BARRIERS ISLANDS AROUND CHARLESTON. IN TANDEM WITH THE YEARLY OUTREACH PROGRAM, BISHOP GADSDEN'S RESIDENTS, STAFF MEMBERS AND FAMILIES JOINTLY SUPPORT THE "GENEROUS SPIRIT PROGRAM," AN INITIATIVE THAT TARGETS LOCAL CHARITIES FIVE TIMES A YEAR. THE CAMPUS IS OPEN DURING THE YEAR TO THE GREATER COMMUNITY THROUGH WELLNESS PROGRAMS, GUEST LECTURES, CONCERTS, AND TRADITIONAL CHURCH/SYNAGOGUE SERVICES. 17773675 1 1 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 26 0 456 1 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 SC X X SUSAN LEGARE CFO 8434066345 1 BISHOP GADSDEN WAY CHARLESTON SC 29412 WALLACE T BONAPARTE 1.00 X 0 0 0 JAMES T GETTYS III 1.00 X 0 0 0 JAMES BENNETT 1.00 X 0 0 0 SUSANNE T HOLLOMAN 1.00 X 0 0 0 BRIAN A HUSSAIN 1.00 X 0 0 0 THE REV MORRIS J LENT 1.00 X 0 0 0 DR LAYTON MCCURDY 1.00 X 0 0 0 THE RT REV JC BUCHANAN 1.00 X 0 0 0 WE APPLEGATE III 1.00 X 0 0 0 DOROTHY PAGLIARO 1.00 X 0 0 0 ROBERT SHIRLEY 1.00 X 0 0 0 THE RT REV LAWRENCE 1.00 X 0 0 0 BARBARA CHRISTIE 1.00 X 0 0 0 DR FRANK MIDDLETON 1.00 X 0 0 0 C WILLIAM TRAWICK 50.00 X 298392 0 31737 SARAH E H TIPTON 50.00 X 116891 0 27560 SUSAN G LEGARE 50.00 X 126571 0 22394 541854 0 81691 3 0 1 0 BCBS OF SOUTH CAROLINA PO BOX 6000 CHARLESTON SC 29260 INSURANCE 1292881 SYSCO FOOD SERVICES PO BOX 9224 CHARLESTON SC 29290 FOOD SERVICES 1218808 LIBERTY CONSTRUCTION PO BOX 80759 CHARLESTON SC 29407 CONSTRUCTION 829447 TIS INSURANCE SERVICES INC PO BOX 10328 KNOXVILLE TN 37939 INSURANCE 515802 C MICHAEL POPLIN 958 MIKELL STREET CHARLESTON SC 29412 CONSTRUCTION 442952 21 751759 118398 751759 RESIDENT REVENUE 623000 23490279 23490279 23490279 819519 819519 41588 41588 41588 41588 54716 12231 46088 44893 8628 -32662 -24034 -24034 FORFEITURES & TERM INC 900099 932367 932367 96003 96003 1028370 26107481 24518649 0 837073 175034 175034 623545 623545 8251687 7634353 514990 102344 221124 176990 40053 4081 1293795 1233640 48015 12140 733915 646815 80135 6965 25720 25720 49554 49554 78400 78400 1393740 1326465 52295 14980 121746 46370 26405 48971 186450 81198 92844 12408 126219 122489 3730 1819739 1794381 20244 5114 14560 8132 6107 321 71096 28196 42614 286 2401401 2401401 4107996 4107996 569030 569030 DIETARY SUPPLIES 1767656 1767656 OTHER SUPPLIES 193204 173475 19543 186 HEALTHCARE SUPPLIES 105382 105382 MINOR EQUIPMENT 76874 67780 9040 54 163252 106407 52773 4072 24571119 17773675 6581792 215652 5029417 5053700 1789129 181 112647 18000 162122 157714 0 100514 103273 569079 452223 114460733 36817909 78484280 77642824 38700609 41816240 3507727 2774147 128455524 128018302 1771141 2130822 46953180 48458880 60903809 58035742 1343197 1141270 110971327 109766714 X 14076506 14837511 1965694 1927675 1441997 1486402 17484197 18251588 128455524 128018302 X 1536362 -768971 X X 0 1 1 X 0 X 949394 540500 799513 942474 751759 3983640 21635541 20045977 20475753 21670289 23490279 107317839 22584935 20586477 21275266 22612763 24242038 111301479 10210 10210 728160 1405368 2382922 2008245 1732645 8257340 728160 1405368 2382922 2008245 1742855 8267550 103033929 1966300 1566837 806417 857351 819519 6016424 1966300 1566837 806417 857351 819519 6016424 3104 28651 31755 91178 1509960 1590751 465272 1069958 4727119 24642413 23666378 23701085 23935386 26131515 122076777 0.84400 0.84340 0.04930 0.06020 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1940168 44405 -8447 4500 1971626 1629579 180635 134454 4500 1940168 1328711 12442 288426 1629579 1314650 14061 1248920 0.75000 0.25000 0 0 1840646 1840646 90441058 26229919 64211139 11491438 6871691 4619747 10687591 3716299 6971292 77642824 INVESTMENTS 26977181 F ASSETS LIMITED AS TO USE 14017445 F FIDUCIARY ASSETS 821614 F 41816240 INTEREST RATE SWAP AGREEMENT 207246 GIFT ANNUITIES 652391 OTHER LIABILITIES 281633 1141270 26107481 24571119 1536362 -957115 188144 -768971 767391 25332124 -803991 616562 -187429 25519553 587928 587928 26107481 24571119 0 24571119 0 24571119 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ENDOWMENT ASSETS ARE INVESTED IN A MANNER THAT IS INTENDED TO PRESERVE AND GROW CAPITAL, STRIVE FOR CONSISTENT ABSOLUTE RETURNS, PRESERVE PURCHASING POWER BY STRIVING FOR LONG-TERM RETURNS WHICH EITHER MATCH OR EXCEED THE SET PAYOUT, FEES AND INFLATION WITHOUT PUTTING THE PRINCIPAL VALUE AT IMPRUDENT RISK, AND DIVERSIFY INVESTMENTS CONSISTENT WITH COMMONLY ACCEPTED INDUSTRY STANDARD TO MINIMIZE THE RISK OF LARGE LOSSES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: BISHOP GADSDEN IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. BISHOP GADSDEN QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 170 AND HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(2). BISHOP GADSDEN FILES AS A TAX-EXEMPT ORGANIZATION. SHOULD ITS TAX STATUS BE CHALLENGED IN THE FUTURE, THE 2007 - 2010 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL, STATE, AND LOCAL AUTHORITIES. MANAGEMENT IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS. MANAGEMENT IS NOT AWARE OF ANY SIGNIFICANT ACTIVITIES THAT ARE SUBJECT TO TAX ON UNRELATED BUSINESS INCOME, EXCISE OR OTHER TAXES. EFFECTIVE JANUARY 1, 2009, BISHOP GADSDEN ADOPTED THE INCOME TAX STANDARD REGARDING THE RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS, WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE FINALIZED. THE ADOPTION OF THIS STANDARD HAD NO SIGNIFICANT IMPACT ON THE FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN MARKET VALUE OF INTEREST RATE SWAP -50,406. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 238,550. TOTAL TO SCHEDULE D, PART XI, LINE 8: 188,144. PART XII, LINE 2D - OTHER ADJUSTMENTS: NET ASSETS RELEASED FROM RESTRICTION 428,418. CHANGE IN MARKET VALUE OF INTEREST RATE SWAP -50,406. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 238,550. PART XII, LINE 4B - OTHER ADJUSTMENTS: RESTRICTED CONTRIBUTIONS 494,569. RESTRICTED INVESTMENT INCOME 93,359. 1 FINANCIAL ASSISTANCE 8 175034 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: FINANCIAL ASSISTANCE IS GIVEN TO RESIDENTS WHO QUALIFY FOR RESIDENCY IN EVERY WAY EXCEPT FINANCIAL. ALL PROSPECTIVE RESIDENTS SEEKING FINANCIAL ASSISTANCE UNDERGO THE SAME SCREENING THAT ALL OTHER PROSPECTIVES RESIDENTS DO. IF A CURRENT RESIDENT SEEKS FINANCIAL ASSISTANCE, BISHOP GADSDEN REQUIRES AN UPDATE OF HIS/HER CONFIDENTIAL FINANCIAL INFORMATION. WE MAY ALSO REQUIRE FURTHER DOCUMENTS IN THE FORM OF TAX RETURNS AND/OR BANK STATEMENTS. A RESIDENT IS NEVER ASKED TO LEAVE BISHOP GADSDEN IF HE/SHE OUTLIVES RESOURCES THROUGH NO FAULT OF HIS/HER OWN. X X X X X 0 0 0 0 0 0 0 0 0 C WILLIAM TRAWICK 205833 0 37180 0 55379 0 26589 0 5148 0 330129 0 0 0 SUPPLEMENTAL INFORMATION PART III EXPLANATION OF COMPENSATION FOR C. WILLIAM TRAWICK, PRESIDENT/CEO: BASE COMPENSATION: THE BOARD FINANCE/EXECUTIVE COMPENSATION COMMITTEE ANNUALLY REVIEWS NATIONAL INDUSTRY COMPENSATION DATA FROM LEADINGAGE, OUR NATIONAL PROFESSIONAL ASSOCIATION, AS WELL AS FORM 990 INFORMATION FROM REGIONAL RETIREMENT COMMUNITIES WITH SIMILAR RESIDENT POPULATIONS AND REVENUES. THE TARGET HAS BEEN TO COMPENSATE EXECUTIVE MANAGEMENT IN THE 80TH PERCENTILE OF LIKE COMMUNITIES. AS PART OF THE PRESIDENT/CEO'S EMPLOYMENT CONTRACT, HE WILL RECEIVE A LIFECARE CONTRACT UPON ENTRY TO BISHOP GADSDEN, IF HE CHOOSES. THE VESTING PERIOD IS 15 YEARS TO EARN THE CONTRACT, AND HE RECOGNIZES A PORTION OF THE CONTRACT PRICE EVERY YEAR AS COMPENSATION. BONUS & INCENTIVE COMPENSATION: IN YEARS WHEREIN THE ORGANIZATION ACHIEVES EXCEPTIONAL OPERATIONAL EFFICIENCIES AND COST SAVINGS OR UNDERTAKES EXTRAORDINARY STRATEGIC INITIATIVES, THE BOARD MAY GRANT BONUS COMPENSATION. THIS WAS DONE IN 2011. OTHER REPORTABLE COMPENSATION: THE PRESIDENT/CEO CHOSE TO "SELL BACK" PAID TIME OFF (PTO) HOURS IN THE AMOUNT OF $53,029.60, WHICH HAD ACCUMULATED DUE TO LENGTHY TENURE. THIS WAS DONE IN ACCORDANCE WITH BISHOP GADSDEN'S PAID TIME OFF POLICY. THIS IS NON-RECURRING COMPENSATION. SC JEDA 837033JV2 2007-04-01 28185000 REFUNDING OF SERIES 2003 0 0 0 SC JEDA 837033JG5 2006-04-06 20755000 CONVERSION TO FIXED RATE - SERIES 2002 0 0 0 SC JEDA 837033JE7 2002-10-01 20770000 REFUNDING OF SERIES 1995 & 1997. $6M EXPANSION - HEALTHCARE 0 0 0 28185000 522738 1 0 1 1 20755000 0 0 1 1 20770000 2999932 600000 2003 1 0 1 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 1 1 WELLS FARGO 10.000000000000 0 0 0 0 0 X JEWELRY 1 118398 APPRAISAL 0 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 A COPY OF FORM 990 WAS PROVIDED TO THE GOVERNING BODY BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C AT THE BEGINNING OF EACH BOARD YEAR, ALL MEMBERS OF THE BOARD OF TRUSTEES, ARE REQUIRED TO COMPLETE A "CONFLICT OF INTEREST" STATEMENT. AFTER THE STATEMENTS ARE TURNED IN, THEY ARE REVIEWED BY THE CHAIRMAN OF THE BOARD AND THE PRESIDENT/CEO WHO TAKE ACTION. EITHER THE BOARD MEMBER IS ASKED TO RESOLVE THE CONFLICT OR HE/SHE IS ASKED TO RECUSE HIM OR HERSELF FROM VOTING ON MATTERS WHERE A CONFLICT EXISTS. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE REVIEWS THE PRESIDENT/CEO'S COMPENSATION EACH YEAR. FORM 990, PART VI, SECTION C, LINE 19 THE CONFLICT OF INTEREST POLICY IS AVAILABLE TO THE PUBLIC UPON REQUEST AND THE FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC THROUGH THE ANNUAL REPORT. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -957,115. CHANGE IN MARKET VALUE OF INTEREST RATE SWAP -50,406. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 238,550. TOTAL TO FORM 990, PART XI, LINE 5: -768,971. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A FINANCE COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS USED HAS NOT CHANGED FROM THE PRIOR YEAR.