2024-05-07T09:01:43-05:00 2023-12-31 346565596 ERNST & YOUNG US LLP 155 N WACKER Chicago IL 606061787 990 2023-01-01 846021362 CHARLES L HOVER FAMILY FOUNDATION HOVE 8887914075 PO BOX 30918 BILLINGS MT 59116 DEBRA UECKER VP 8887914075 2024-05-07 true false SANDRA MURPHY P01252209 3128792000 2024-05-07 2023 2023-04-26 12:10:37Z FIRST INTERSTATE BANK PO BOX 30918 BILLINGS MT 59116 816752 false X N/A X 1974 CO TO SUPPORT HOVER SENIOR LIVING COMMUNITY, INC. 1 0 0 0 0 0 0 57111 36634 0 57111 36634 26123 22921 0 13327 12556 0 0 1514 2408 40964 37885 16147 -1251 987306 985685 0 0 987306 985685 TO SUPPORT HOVER SENIOR LIVING COMMUNITY, INC. false false 22921 22921 ALL NET INCOME IS PAID BY THE TRUSTEE TO HOVER SENIOR LIVING COMMUNITY, INC. AT LEAST ANNUALLY. HOVER SENIOR LIVING COMMUNITY, INC., THROUGH ITS BOARD OF DIRECTORS, IS AUTHORIZED TO USE THE INCOME RECEIVED FROM THE FOUNDATION FOR THE DEVELOPMENT AND OPERATION OF A RETIREMENT COMMUNITY IN LONGMONT, COLORADO. THIS INCOME IS UTILIZED TO SUBSIDIZE THE COSTS OF OPERATION OF THE RETIRMENT COMMUNITY, TO PERMIT THE CARE OF PERSONS UNABLE TO PAY THE ENTIRE COST OF SUCH CARE AND TO PROVIDE SERVICES, PROGRAMS OR FACILITIES WHICH COULD NOT OTHERWISE BE PROVIDED. HOWEVER, HOVER SENIOR LIVING COMMUNITY, INC. HAS FULL POWER TO DETERMINE THE METHOD AND DETAILS OF THE USE OF SUCH SUBSIDY FOR THE BENEFIT OF THE RETIREMENT COMMUNITY SUBJECT TO THE TERMS OF THE AGREEMENT. 22921 true false false false false false false false false false false false false false false false false false false false false false false false false false false true false false false false false false false false false false false false false false false false false false false true 0 0 true 0 false false false false false false false false false false false false false X 1 0 false false false false false false false true true false false false false false false false false false X X FIRST INTERSTATE BANK 8887914075 PO BOX 30918 BILLINGS MT 59116 FIRST INTERSTATE BANK TRUSTEE 2.0 X 12556 0 0 12556 0 0 false false false 33060 33060 783692 780118 3574 3574 3574 36634 36634 22921 22921 12556 0 12556 1580 1580 828 828 37885 22921 14964 0 21328 26363 965978 959322 987306 985685 0 0 X 987306 985685 987306 985685 987306 985685 X -1251 -370 X false false false X X 1 HOVER SENIOR LIVING COMMUNITY INC 840890971 10 false 22921 0 1 22921 0 false false false false false false false false false false false false false false false true false true X true true 0 0 0 0 0 0 PART IV, SECTION A, LINE 1 THE CHARLES L HOVER FAMILY FOUNDATION HAS HAD A HISTORIC AND CONTINUOUS RELATIONSHIP WITH HOVER SENIOR LIVING COMMUNITY, INC AND ITS PREDECESSOR (ROCKY MOUNTAIN METHODIST HOMES, INC) SINCE INCEPTION. ALL OF THE ACTIVITIES OF THE CHARLES L HOVER FDN DIRECTLY SUPPORT HOVER SENIOR LIVING COMMUNITY, INC. THE QUARTERLY DISTRIBUTIONS ARE USED FOR GENERAL OPERATING EXPENSES OF HOVER PART IV, SECTION A, LINE 1 SENIOR LIVING COMMUNITY, INC (A 501 (C)(3) ORGANIZATION) WHICH OPERATES INDEPENDENT AND ASSISTED LIVING RESIDENCES FOR OLDER ADULTS. IN PRIOR YEARS, THE FOUNDATION TRANSFERRED LAND TO HOVER SENIOR LIVING COMMUNITY, INC AND COMMUNITY BUILT A RETIREMENT HOME. PART IV, SECTION D, LINE 2 IN ORDER TO MAINTAIN A CLOSE AND CONTINUOUS WORKING RELATIONSHIP WITH HOVER SENIOR LIVING COMMUNITY, INC (SOMETIMES KNOWN AS HOVER COMMUNITY), FIRST INTERSTATE BANK, AS TRUSTEE OF THE CHARLES L HOVER FAMILY FDN, ATTENDS, AND/OR OBTAINS THE MINUTES OF, THE MONTHLY MEETINGS OF THE BOARD OF DIRECTORS OF HOVER SENIOR LIVING COMMUNITY, INC. OCCASIONALLY, THE TRUST DEPARTMENT ATTENDS THE FINANCE PART IV, SECTION D, LINE 2 COMMITTEE MEETING INSTEAD OF THE BOARD MEETING IF THERE WAS A TIME CONFLICT WITH THE BOARD MEETING. THE TRUST OFFICER LISTENS TO THE DESCUSSION AND/OR REVIEWS THE MINUTES TO GET A SENSE OF THEIR IMMEDIATE AND LONG-TERM NEEDS. THE INVESTMENT AND POLICY DECISIONS OF THE FOUNDATION ARE AFFECTED BY THE NEEDS OF THE SUPPORTED ORGANIZATION, HOVER SENIOR LIVING COMMUNITY, INC. THERE ARE ALSO PART IV, SECTION D, LINE 2 DISCUSSIONS SURROUNDING WHAT THE FUTURE NEEDS FOR FINANCIAL SUPPORT MAY BE. HOVER SENIOR LIVING COMMUNITY, INC. RECEIVES A QUARTERLY STATEMENT OF TRANSACTIONS AND ASSETS. IT ALSO RECEIVES A COPY OF FORM 990. ACCORDING TO THE TRUST AGREEMENT, FIRST INTERSTATE BANK HAS INVESTMENT DISCRETION. HOWEVER, SINCE HOVER SENIOR LIVING COMMUNITY, INC IS THE SOLE RECIPIENT OF THE NET INCOME, PART IV, SECTION D, LINE 2 THEIR INCOME NEEDS ARE CONSIDERED WHEN ESTABLISHING THE INVESTMENT OBJECTIVE OF THE PORTFOLIO. PART IV, SECTION D, LINE 3 THE TRUSTEE OF THE CHARLES L HOVER FAMILY FDN ATTENDS, AND/OR OBTAINS THE MINUTES OF THE BOARD AND/OF FINANCE MEETINS OF THE SUPPORTED ORGANIZATION, HOVER SENIOR LIVING COMMUNITY, INC AND LISTENS TO DISCUSSIONS AND/OR REVIEWS THE MINUTES TO GET A SENSE OF THE IMMEDIATE AND LONG-TERM NEEDS. TRUSTEE THEN ADJSUTES THE INVESTMENT AND POLICY DECISIONS OF THE FDN TO SUPPORT THE NEEDS OF HOVER SENIOR PART IV, SECTION D, LINE 3 LIVING COMMUNITY, INC. PART IV, SECTION E, LINE 2A THE CHARLES L HOVER FAMILY FDN DISTRIBUTES CASH TO HOVER SENIOR LIVING COMMUNITY, INC TO SUBSIDIZE THE COSTS OF OPERATION OF THE RETIREMENT COMMUNITY, TO PERMIT THE CARE OF INDIVIDUALS UNABLE TO PAY THE ENTIRE COST OF SUCH CARE AND TO PROVIDE SERVICES, PROGRAMS OR FACILITIES WHICH COULD NOT OTHERWISE BE PROVIDED. THE COMMUNITY'S VISION STATEMENT IS TO PROVIDE "A THRIVING, FORWARD THINKING, CARING PART IV, SECTIONS E, LINE 2A COMMUNITY WHERE ALL ARE SERVED WITH INTEGRITY AND RESPECT. TOGETHER WE WORK TO ENHANCE THE QUALITY OF LIFE FOR SENIORS THROUGH INNOVATION AND AFFORDABILITY". THE HOVER FDN ASSISTS THE COMMUNITY IN ACHIEVING THIS VISION. THE FOUNDATION HAS NO OTHER ACTIVITIES EXCEPT THE SUPPORT OF HOVER SENIOR LIVING COMMUNITY, INC. PART IV, SECTION E, LINE 2B HOVER SENIOR LIVING COMMUNITY, INC OPERATES A RETIREMENT COMMUNITY IN LONGMONT, CO AND OFFERS INDEPENDENT AND ASSISTED LIVING RESIDENCES WITH A PROUD TRADITION OF COMFORT AND CARE. IT VALUES THINGS SUCH AS AFFORDABILITY, ATTENTIVENESS AND COMPASION. THE RESIDENTS ENKOY A LIFESTYLE THAT IS SECURE, COMFPRTABLE, STIMULATING NA WELL-BALANCED. THESE ARE ACTIVITIES THAT HOVER SENIOR LIVING COMMUNITY, INC WOULD PART IV, SECTION E, LINE 2B HAVE ENGAGED IN ANYWAY, BUT WITH ASSISTANCE FROM THE CHARLES L HOVER FDN, ITI IS ABLE TO DO A BETTER JOB OF MEETING THE NEEDS OF RESIDENTS. IN 2017, THE CHARLES HOVER FAMILY FDN CONTRIBUTED ITS LAST PARCEL OF LAND, VALUED AT $600,000 TO HOVER SENIOR LIVING COMMUNITY, INC FOR FURTHER EXPANSOIN OF THE RETIREMENT COMMUNITY. IN 2018, THE CHARLES HOVER FAMILY FDN CONTRIBUTED $1,500,000 TO PART IV, SECTION E, LINE 2B THE KATHERINE & CHARLES HOVER GREEN HOUSES, INC (AN AFFILIATE OF HOVER SENIOR LIVING COMMUNITY, INC) TO ASSIST IN THE CONTRUCTION OF SKILLED NURSING CARE UNITS. true HOVER SENIOR LIVING COMMUNITY INC 1380 CHARLES DR LONGMONT CO 80503 840890971 501(c)(3) 22921 TO ASSIST HOVER SENIOR LIVING COMMUNITY, INC IN THE OPERATION OF A RETIREMENT COMMUNITY PART I, LINE 2 IN AN AMENDMENT DATED OCTOBER 1, 1958, ARTICLE II(1) STATES THAT ALL OF THE INCOME OF CHARLES L HOVER FAMILY FDN FOR EACH TAXABLE YEAR SHALL BE DISTRIBUTED AT SUCH TIME AND IN SUCH MANNER AS NOT TO SUBJECT THE FDN TO TAX UNDER SECTION 4942 OF THE INTERNAL REVENUE CODE AS NOT EXISTING OR AS HERAFTER AMENDED. CODE SECTION 4942 IS IN CONNECTION WITH PRIVATE FOUNDATIONS AND SAYS THAT ALL INCOME NEEDS PART I, LINE 2 IN ORDER TO ESCAPE TAXATION. IT HAS BEEN DETERMINED BY THE INTERNAL REVENUE SERVICE, IN A LETTER DATED APRIL 19, 1977, THAT THE HOVER FAMILY FDN IS NOT A PRIVATE FOUNDATION AND TAX RETURNS HAVE BEEN FILED ACCORDINGLY. THE INCOME DISTRIBUTIONS FOR THE FOUNDATION ARE USED FOR GENERAL OPERATING EXPENSES FOR HOVER SENIOR LIVING COMMUNITY, INC. NET INCOME IS DISTRUBUTED ON A QUARTERLY BASIS. PART I, LINE 2 FIRST INTERSTATE BANK, AS TRUSTEE, ATTENDS AND/OR OBTAINS THE MINUTES OF THE MONTHLY BOARD MEETINGS OF HOVER SENOIR LIVING COMMUNITY, INC AND PARTICIPATES IN THE FINANCE COMMITTEE MONTLY MEETINGS SO THAT THEY ARE FULLY INFORMED AS TO HOW THE INCOME FROM THE FOUNDATION IS UTILIZED. FORM 990, PAGE 6, PART VI, LINE 11-DESCRIPTION OF PROCESS FOR REVIEW THE FORM 990 IS REVIEWED AND APPROVED BY THE TRUST OFFICER PRIOR TO FILING FORM 990, PAGE 6, PART VI, LINE 19 THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST EXPLANATION FOR FORM 990, PART XI, LINE 9 CHANGE IS NET ASSETS IS DUE TO MUTAL FUND TIMING DIFFERENCES <$404.95> AND RETURN OF CAPITAL $35.34.