2024-09-23T13:37:36-05:00 2023-12-31 340677006 MALONEY NOVOTNY LLC 1111 SUPERIOR AVE SUITE 700 CLEVELAND OH 441142540 990 2023-01-01 341779303 LAUREL LAKE RETIREMENT COMMUNITY FOUNDATION INC LAUR 3306500681 200 LAUREL LAKE DRIVE HUDSON OH 44236 DAVID A OSTER CEO 3306500681 2024-09-11 1 0 CHRISTOPHER B ANDERSON P00226559 2163630100 2023 2024-08-08 14:25:15Z DAVID A OSTER 200 LAUREL LAKE DRIVE HUDSON OH 44236 400290 0 X WWW.LAURELLAKE.ORG X 1995 OH TO ENCOURAGE, ADMINISTER & COORDINATE CHARITABLE GIVING TO FOSTER CAMPUS-WIDE ENRICHMENT PROJECTS, PROGRAMS & SERVICES FOR THE BENEFIT OF THE RESIDENTS OF LAURAL LAKE RETIREMENT COMMUNITY. 7 7 0 7 0 0 810428 278172 0 0 4416 13401 0 0 814844 291573 109626 166986 0 0 0 12268 0 0 62135 235564 134251 345190 313505 469654 -21932 5076444 5661741 481629 605314 4594815 5056427 X ESTABLISHED IN 1994, THE LAUREL LAKE FOUNDATION IS THE CHARITABLE ARM OF LAUREL LAKE RETIREMENT COMMUNITY. ITS PURPOSE IS TO GENERATE AND MANAGE RESOURCES THAT VIGOROUSLY SUPPORT AND ENRICH THE QUALITY OF LIFE FOR LAUREL LAKE RESIDENTS NOW AND IN THE FUTURE. THE FOUNDATION IS DEDICATED TO HELPING SATISFY THE SOCIAL, INTELLECTUAL, PHYSICAL AND EMOTIONAL NEEDS OF RESIDENTS THROUGHOUT EVERY LEVEL OF LIFE WHILE INSPIRING OUR COMMUNITY OF FAMILIES, FRIENDS AND STAFF. THE FOUNDATION FUNDS A WIDE VARIETY OF PROJECTS AND PROGRAMS WHICH HELP CARE FOR RESIDENTS THROUGHOUT LIFES TRANSITIONS AND ENHANCE THE ACTIVE, STIMULATING AND REWARDING LIFESTYLE THAT LAUREL LAKE RESIDENTS ENJOY. 0 0 175137 166986 0 THE LAUREL LAKE FOUNDATION PROVIDED RESOURCES TO HELP SATISFY THE NEEDS OF LIFE CARE CONTRACTED RESIDENTS AT LAUREL LAKE RETIREMENT COMMUNITY. LIFE CARE CONTRACTED RESIDENTS ENJOY THE SECURITY OF LIFETIME CARE, EVEN WHEN CAUSES BEYOND THEIR CONTROL MAKE IT NO LONGER POSSIBLE TO FULLY PAY THEIR LAUREL LAKE MONTHLY SERVICE FEE. EACH YEAR SINCE INCEPTION OVER TWO DECADES AGO, BETWEEN TWO AND SIX RESIDENTS HAVE FOUND PEACE OF MIND IN RECEIVING SUBSIDIES DUE TO UNANTICIPATED FINANCIAL CIRCUMSTANCES SUCH AS OUTLIVING THEIR RESOURCES. 175137 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 OH X X MADELINE FREEMAN 3306500681 200 LAUREL LAKE DR HUDSON OH 44236 JOHN MULLIGAN CHAIRMAN 4.00 0.00 X 0 0 0 AMY MCCARTHY RESIDENT TRUSTEE 0.50 0.00 X 0 0 0 SR MARYANN GOLONKA HM TRUSTEE 0.50 0.00 X 0 0 0 BLAKE RAWSON VICE CHAIR 2.00 0.00 X 0 0 0 JENNIFER STANLEY TRUSTEE 0.50 0.00 X 0 0 0 ANN KIRK TREASURER 0.50 0.00 X 0 0 0 ELIZABETH MURPHY SECRETARY 0.50 0.00 X 0 0 0 DAVID A OSTER PRESIDENT 0.50 40.00 X 0 359837 27202 LORETTA STEVENS CFO (UNTIL 5/23) 0.50 40.00 X 0 75993 72 MADELINE FREEMAN CFO (BEG. 6/23) 0.50 40.00 X 0 76050 28 0 511880 27302 0 0 1 0 0 278172 278172 122118 122118 108717 -108717 -108717 -108717 291573 0 0 13401 166986 166986 12268 8151 4117 62686 19982 42704 44976 44976 6161 6161 13270 13270 7158 7158 313505 175137 76233 62135 48754 48630 206365 115046 373004 344495 4448321 5153570 5076444 5661741 481629 605314 481629 605314 X 3022534 3161267 1572281 1895160 4594815 5056427 5076444 5661741 -21932 483544 0 X 0 1 X 1 0 X X X 1 LAUREL LAKE RETIREMENT COMMUNITY 341481142 10 1 166986 0 1 166986 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 292250 4035103 527852 102606 4752599 336828 300 -44878 292250 299748 2050 35030 336828 306127 750 -7129 299748 284186 900 21041 306127 0.93049 0.05567 0.01384 0 0 0 GIFT ANNUITIES PAYABLE 448953 DUE TO LAUREL LAKE 156361 605314 730141 483544 483544 246597 44976 44976 291573 268529 0 268529 44976 44976 313505 PART V, LINE 4: INTENDED USE OF ENDOWMENT FUNDS - THE FOUNDATION'S ENDOWMENT CONSISTS OF DONOR-RESTRICTED FUNDS, TEMPORARILY-RESTRICTED FUNDS, AND BOARD DESIGNATED ENDOWMENT FUNDS. DONOR-RESTRICTED FUNDS CONSIST OF DONOR GIFT AMOUNTS RESTRICTED BY TIME, PURPOSE, OR REQUIRED TO BE MAINTAINED IN PERPETUITY. BOARD DESIGNATED ENDOWMENT FUNDS CONSIST OF FUNDS INVESTED BY MANAGEMENT FOR THE LONG-TERM BENEFIT OF THE FOUNDATION. THE ENDOWMENT FUNDS ARE RECORDED AT HISTORICAL DOLLAR VALUE. INCOME FROM ENDOWMENT FUNDS AND BOARD DESIGNATED FUNDS IS APPROPRIATED BASED ON AN APPROVAL PROCESS THROUGH THE BOARD OF DIRECTORS. SPECIFIC COMMITTEES RECOMMEND AMOUNTS TO BE DISBURSED FROM THE ACCUMULATED EARNINGS OF THE ENDOWMENT FUNDS, WHICH ARE THEN APPROVED FOR APPROPRIATION BY THE BOARD OF DIRECTORS. PART V, LINE 1B, CURRENT YEAR COLUMN - ADDITIONAL INFORMATION: AS PART OF THE AUDIT OF THE FOUNDATION'S FINANCIAL STATEMENTS, THE INDEPENDENT AUDITORS RECLASSIFIED THE BEGINNING BALANCE OF ENDOWMENT FUNDS FROM $292,250 TO $4,070,922 TO REFLECT BOARD DESIGNATED FUNDS OF $3,778,672. THAT AMOUNT HAS BEEN ADDED TO LINE 1B IN THE CURRENT YEAR COLUMN, WHICH, ALONG WITH ACTUAL CONTRIBUTIONS FOR THE YEAR OF $256,431, TOTALS $4,035,103. 1 LAUREL LAKE RETIREMENT COMMUNITY INC 200 LAUREL LAKE DRIVE HUDSON OH 44236 341481142 501(C)(3) 166986 0 ENRICHMENT PROGRAMS FOR RESIDENTS 1 PART I, LINE 2: MONITORING USE OF GRANT FUNDS - BECAUSE OF THE CLOSE RELATIONSHIP BETWEEN THE FOUNDATION AND LAUREL LAKE RETIREMENT COMMUNITY, INCLUDING THE SHARING OF RESOURCES AND ACCOUNTING SOFTWARE, THE FOUNDATION IS ASSURED THAT ITS GRANTS ARE SPENT FOR THE INTENDED PURPOSE. ADDITIONALLY, THE FOUNDATION REQUIRES AN ACCOUNTABILITY REPORT 12 MONTHS FROM THE DATE OF FUNDING GRANTS OF $5,000 OR MORE. 0 0 0 0 0 0 0 0 0 DAVID A OSTER PRESIDENT 0 359837 0 0 0 0 0 0 0 27202 0 387039 0 0 FORM 990, PART VI, SECTION A, LINE 6 MEMBER OF THE ORGANIZATION - LAUREL LAKE RETIREMENT COMMUNITY IS THE SOLE MEMBER OF THE FOUNDATION. FORM 990, PART VI, SECTION B, LINE 11B REVIEW OF FORM 990 - FORM 990 IS REVIEWED BY THE LAUREL LAKE RETIREMENT COMMUNITY CHIEF FINANCIAL OFFICER AND BY MANAGEMENT. UPON REVIEW, FORM 990 IS APPROVED BY LAUREL LAKE RETIREMENT COMMUNITY'S FINANCE COMMITTEE AND IS THEN DISTRIBUTED TO THE FOUNDATION'S BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C MONITORING AND ENFORCEMENT OF CONFLICT POLICY - ALL BUSINESS TRANSACTIONS THAT MAY POTENTIALLY INVOLVE A CONFLICT OF INTEREST WITH BOARD MEMBERS OR EMPLOYEES ARE FIRST REVIEWED BY THE ORGANIZATION'S MANAGEMENT STAFF FOR APPROPRIATENESS. IF NECESSARY, A LEGAL REVIEW OF THE SITUATION WILL BE PERFORMED. IF THE INDIVIDUAL WITH THE CONFLICT IS A BOARD MEMBER, HE/SHE IS PROHIBITED FROM DISCUSSING OR VOTING WITH REGARD TO THE TRANSACTION. FORM 990, PART VI, SECTION C, LINE 19 AVAILABILITY OF DOCUMENTS - THE ORGANIZATION ACCEPTS REQUESTS FOR ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS IN WRITTEN OR VERBAL FORM. DOCUMENTS REQUESTED ARE MAILED TO THE REQUESTOR. THE AUDITED FINANCIAL STATEMENTS ARE ALSO AVAILABLE ON THE ORGANIZATION'S WEBSITE. LAUREL LAKE RETIREMENT COMMUNITY INC 200 LAUREL LAKE DRIVE HUDSON OH 44123 341481142 LONG-TERM CARE OH 501(C)(3) LINE 10 N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0