2024-07-31T17:47:16-05:00 2023-12-31 941250261 LINDQUIST VON HUSEN & JOYCE LLP 301 HOWARD STREET SUITE 850 SAN FRANCISCO CA 94105 990 2023-01-01 860861606 GLENCROFT TOWERS I INC GLEN 6238473005 8611 NORTH 67TH AVENUE GLENDALE AZ 85302 KATHLEEN HURLEY CFO 6238473005 2024-07-03 1 0 KYLE GANLEY P01443362 4159579999 2023 2024-08-08 14:25:15Z JOHN THORHAUER CEO 8611 NORTH 67TH AVENUE GLENDALE AZ 85302 4394736 0 X WWW.GLENCROFT.COM X 1993 AZ THE MISSION OF GLENCROFT TOWERS I IS TO PROVIDE A BROAD CONTINUUM HIGH QUALITY HUD SUBSIDIZED HOUSING TO SENIORS IN A MANNER THAT DEMONSTRATES LOVE AND COMPASSION. 9 9 0 10 0 0 108544 410651 3421663 3970195 11477 13890 0 0 3541684 4394736 0 0 0 0 235112 227094 0 0 0 3390767 4353895 3625879 4580989 -84195 -186253 5079631 4803199 5652032 5555921 -572401 -752722 X THE MISSION OF GLENCROFT TOWERS I IS TO PROVIDE A BROAD CONTINUUM HIGH QUALITY HUD SUBSIDIZED HOUSING TO SENIORS IN A MANNER THAT DEMONSTRATES LOVE AND COMPASSION. 0 0 4548627 3970195 INDEPENDENT LIVING SERVICES -THE ORGANIZATION OWNS AND OPERATES A 103-UNIT AFFORDABLE HOUSING APARTMENT COMPLEX IN GLENDALE, ARIZONA OPERATING UNDER THE NAME GLENCROFT TOWERS. GLENCROFT TOWERS PROVIDES INDEPENDENT LIVING TO PERSONS WHO ARE 62 YEARS OF AGE AND MEET THE VERY LOW INCOME STANDARDS SET BY THE HOUSING AND URBAN DEVELOPMENT DEPARTMENT. THE APARTMENTS HAVE BEEN REMODELED TO PROVIDE ASSISTED LIVING SERVICES AND ENSURE THAT EACH APARTMENT CAN BE CONSIDERED PART OF A "GREEN" FACILITY. THE ORGANIZATION HAS MADE GREAT EFFORTS TO ENSURE THAT THEIR FACILITIES ARE CONSIDERED ENVIRONMENTALLY FRIENDLY.ASSISTED LIVING SERVICES -THE ORGANIZATION PROVIDES ASSISTED LIVING SERVICES FOR SENIORS WHO NEEDADDITIONAL ASSISTANCE FOR ACTIVITIES OF DAILY LIVING. THESE SERVICESALLOW RESIDENTS TO MAINTAIN THEIR INDEPENDENCE FOR AS LONG AS POSSIBLE.SERVICES CAN INCLUDE PERSONAL CARE AND/OR SUPERVISORY CARE, INCLUDINGMEDICATION ADMINISTRATION.FOOD SERVICES -THE ORGANIZATION PROVIDES FOOD SERVICE TO OVER 500 SENIORS LIVING ATGLENCROFT, ENSURING RESIDENTS RECEIVE HEALTHY AND NUTRLTIOUS MEALS ANDTHE CHANCE TO SOCIALIZE WITH OTHER RESIDENTS. 4548627 1 1 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 X 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 1 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 X X KATHLEEN HURLEY 6238473005 8611 NORTH 67TH AVENUE GLENDALE AZ 85302 CATHY ECKSTEIN CHAIR 5.00 20.00 X X 0 0 0 STEVE KOCH SECRETARY 5.00 20.00 X X 0 0 0 BRIAN HOLLRAH TREASURER 5.00 20.00 X X 0 0 0 NINA SHAH MD DIRECTOR 2.00 8.00 X 0 0 0 DR PETE PATTERSON DIRECTOR 2.00 8.00 X 0 0 0 DR JACQUELYN SMITH VICE CHAIR 5.00 20.00 X X 0 0 0 LISA MONTMAN CPA DIRECTOR 2.00 8.00 X 0 0 0 FLOYD WHITTAKER DIRECTOR 2.00 8.00 X 0 0 0 ASHLEY IVERSON DIRECTOR 2.00 8.00 X 0 0 0 DYAN BYMARK DIRECTOR 2.00 8.00 X 0 0 0 JOHN THORHAUER CEO 20.00 20.00 X 0 349201 4839 DON MAY CFO 8.00 32.00 X 0 161420 3228 0 510621 8067 0 0 1 0 0 282711 127940 410651 RESIDENT SERVICES 531110 2666637 2666637 HUD ASSISTANCE PAYMENT 531110 978091 978091 RENTAL INCOME 531110 320091 320091 TENANT CHARGES 531110 5350 5350 MISCELLANEOUS 531110 26 26 3970195 13890 13890 4394736 3970195 0 13890 165912 165912 16879 16879 44303 44303 59328 59328 144 144 32362 32362 11922 11922 834 834 163176 163176 339339 339339 86094 86094 NURSING & PATIENT SRVCS 3327256 3327256 OPERATING AND MAINT. 160960 160960 UTILITIES 157818 157818 MISC. TAX AND LICENSES 14662 14662 4580989 4548627 32362 0 X 647570 553232 660846 724800 204812 181477 22901 22421 13300 24466 11444418 8147825 3470730 3296593 59472 210 5079631 4803199 66787 80315 282711 0 3072052 3023499 28384 23976 2202098 2428131 5652032 5555921 X -572401 -752722 -572401 -752722 5079631 4803199 -186253 5932 0 X X 0 1 X 1 1 1 X 108544 410651 519195 2526880 2578362 2971445 3421663 3970195 15468545 2526880 2578362 2971445 3530207 4380846 15987740 0 0 0 15987740 9261 655 5833 11477 13890 41116 9261 655 5833 11477 13890 41116 35 35 2536176 2579017 2977278 3541684 4394736 16028891 0.99740 0.99760 0.00260 0.00240 X SCHEDULE A, PART III, LINE 12, EXPLANATION FOR OTHER INCOME: MISCELLANEOUS INCOME 2019 AMOUNT: $ 35. 2020 AMOUNT: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 389724 389724 9658013 7049025 2608988 1396681 1098800 297881 3296593 RELATED-PARTY PAYABLE 2414760 INTEREST PAYABLE 13371 2428131 X 4400668 5932 5932 4394736 0 4394736 4580989 0 4580989 0 4580989 PART IV, LINE 2B: THE ORGANIZATION MAINTAINS ESCROW ACCOUNTS FOR RESIDENTS' SECURITY DEPOSITS. PART X, LINE 2: THE CORPORATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND THE RELATED ARIZONA CODE SECTIONS. THE CORPORATION BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. THE CORPORATION'S FEDERAL AND STATE INFORMATION RETURNS FOR THE YEARS 2019 THROUGH 2022 ARE SUBJECT TO EXAMINATION BY REGULATORY AGENCIES, GENERALLY FOR THREE YEARS AND FOUR YEARS AFTER THEY WERE FILED FOR FEDERAL AND STATE, RESPECTIVELY. 0 0 0 0 0 0 0 0 0 JOHN THORHAUER CEO 0 315001 0 34200 0 0 0 4839 0 0 0 354040 0 0 DON MAY CFO 0 161420 0 0 0 0 0 3228 0 0 0 164648 0 0 SCHEDULE J, PART I, LINE 3: FRIENDSHIP RETIREMENT CORPORATION, A RELATED ORGANIZATION USES A COMPENSATION SURVEY AND APPROVAL BY BORAD/COMPENSATION COMMITTEE TO DETERMINE THE CEO'S COMPENSATION. FORM 990, PART V, LINES 1 AND 2: ALL PAYROLL REPORTING IS MANAGED BY FRIENDSHIP RETIREMENT CORPORATION, WHICH ACTS AS THE COMMON PAYMASTER FOR THE FILING ENTITY. AS SUCH, THERE ARE NO W-2S OR 1099S REPORTED ON THIS RETURN. FORM 990, PART VI, SECTION A, LINE 3 FRIENDSHIP RETIREMENT CORPORATION SERVES AS THE ORGANIZATION'S SPONSOR AND PROVIDES MANAGEMENT SERVICES. FORM 990, PART VI, SECTION A, LINE 6 FRIENDSHIP RETIREMENT CORPORATION HAS THE RIGHT TO PARTICIPATE IN THE ORGANIZATION'S GOVERNANCE. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS NOMINATES NEW BOARD MEMBERS WHO MUST BE APPROVED BY FRIENDSHIP RETIREMENT CORPORATION (FRC). FRC ALSO APPOINTS THE CEO. FORM 990, PART VI, SECTION A, LINE 7B ANY CHANGES TO THE ORGANIZATIONAL BY-LAWS OF GLENCROFT TOWERS, INC. ARE ALSO SUBJECT TO THE APPROVAL OF FRC AND THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND IS REVIEWED BY THE CFO AND THE FINAL DRAFT OF THE 990 IS EMAILED TO ALL BOARD MEMBERS PRIOR TO BEING FILED WITH THE IRS. BOARD MEMBERS HAVE A COMMENT PERIOD IN WHICH TO RESPOND WITH QUESTIONS OR CHANGES PRIOR TO SUBMITTING. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS ARE COVERED UNDER THE CONFLICT OF INTEREST POLICY. THE BOARD CHAIR AND THE CEO DETERMINE IF THERE IS A CONFLICT OF INTEREST BASED ON CONFLICT OF INTEREST POLICY QUESTIONNAIRES GIVEN TO EACH BOARD MEMBER AT THE START OF THE BOARD YEAR. WHEN A CONFLICT ARISES, THAT PERSON IS RECUSED AND MAY BE ASKED TO LEAVE THE ROOM. DURING THE DELIBERATIONS OF THE ISSUE IT IS NOTED IN THE MINUTES WHEN A BOARD MEMBER HAS A CONFLICT AND HAS ABSTAINED FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15A AN ANALYSIS OF COMPARABLE FACILITIES WAS COMPLETED. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PAGE 11, PART X, LINE 20: THE PARENT COMPANY, FRIENDSHIP RETIREMENT CORPORATION (FRC), HAS ALLOCATED A PORTION OF THE TAX EXEMPT BONDS THAT WAS ISSUED DURING 2016. THE DETAILS OF THE TAX EXEMPT BONDS ISSUED TO FRC ARE CONTAINED ON THE SCHEDULE K THAT IS FILED WITH ITS FORM 990 (FEIN 86-0265218). AS A RESULT, THERE IS NO SCHEDULE K REPORTING FOR THIS TAX RETURN. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FRIENDSHIP RETIREMENT CORPORATION 8611 N 67TH AVE GLENDALE AZ 85302 860265218 SENIOR HOUSING AZ 501(C)(3) LINE 10 N/A 0 COLTER COMMONS INC 8611 N 67TH AVE GLENDALE AZ 85302 364662674 LOW-INCOME HOUSING AZ 501(C)(3) LINE 10 FRIENDSHIP RETIREMENT CORPORATION 0 SARAH'S PLACE INC 8611 N 67TH AVE GLENDALE AZ 85302 364654886 ASSISTED LIVING AZ 501(C)(3) LINE 10 FRIENDSHIP RETIREMENT CORPORATION 0 FRIENDSHIP FOUNDATION INC 8611 N 67TH AVE GLENDALE AZ 85302 860501985 FUNDRAISING AZ 501(C)(3) LINE 7 FRIENDSHIP RETIREMENT CORPORATION 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 0