2024-02-06T09:53:13-06:00 2023-09-30 440160260 FORVIS LLP 500 RIDGEFIELD COURT ASHEVILLE NC 28806 990 2022-10-01 561630158 THE FOREST AT DUKE INC FORE 9194908000 2701 PICKETT ROAD DURHAM NC 27705 ANITA L HOLT CEO 9194908000 2024-02-06 1 ANITA HOLT 999009999 1 AMY BIBBY P00445891 8282542254 2024-02-06 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ANITA L HOLT 2701 PICKETT ROAD DURHAM NC 27705 42872021 0 X WWW.FORESTDUKE.ORG X 1988 NC TO PROVIDE A CARING, RESPONSIBLE RETIREMENT COMMUNITY BY ENHANCING RESIDENTS' LIVES. 11 11 393 20 0 0 83169 333485 25740809 27206249 1356410 -3504215 1386724 294026 28567112 24329545 1050204 1033578 0 0 12865463 13695736 37665 8397 8397 12750422 14535976 26703754 29273687 1863358 -4944142 132994833 146426388 118283957 134418996 14710876 12007392 X TO PROVIDE A CARING, RESPONSIBLE COMMUNITY THAT FOSTERS THE INDEPENDENCE OF RESIDENTS OF RETIREMENT AGE BY ENHANCING THEIR CAPABILITY TO LEAD PURPOSEFUL, ACTIVE, HEALTHY AND SECURE LIVES. 0 0 24745157 1033578 27206249 THE FOREST AT DUKE WELCOMED ITS FIRST RESIDENTS IN 1992 WITH A MISSION TO PROVIDE A CARING, RESPONSIBLE COMMUNITY THAT FOSTERS THE INDEPENDENCE OF RESIDENTS OF RETIREMENT AGE BY ENHANCING THEIR ABILITY TO LEAD PURPOSEFUL, ACTIVE, HEALTHY AND SECURE LIVES. THE 47-ACRE CAMPUS IS HOME TO APPROXIMATELY 400 RESIDENTS AND INCLUDES 235 INDEPENDENT LIVING RESIDENCES, 32 ASSISTED LIVING SUITES AND 58 SKILLED NURSING RESIDENCES. IN 2007, THE FOREST WAS AWARDED A BBB+ CREDIT RATING BY FITCH RATINGS, ACHIEVED NATIONAL COMMISSION ON ACCREDITATION OF REHABILITATION FACILITIES/CONTINUING CARE ACCREDITATION COMMISSION (CARF-CCAC) ACCREDITATION, AND RECEIVED ANOTHER HEALTH CENTER DEFICIENCY FREE SURVEY FROM THE NC DEPARTMENT OF HEALTH REGULATORS. IN 2007, THE FOREST ALSO CHOSE TO PARTICIPATE IN THE MEDICARE PART A PROGRAM AND GAINED CERTIFICATION UNDER MEDICARE. IN OCTOBER 2017, THE FOREST AT DUKE WAS REVIEWED BY CARF-CCAC AND EARNED ANOTHER FIVE-YEAR TERM AS AN ACCREDITED CONTINUING RETIREMENT COMMUNITY.THE FOREST HAS COMPLETED THE CONSTRUCTION OF 15 COTTAGE HOMES AND ALL WERE OCCUPIED BY THE END OF FISCAL YEAR 2015. THE RENOVATION TO THE COMMUNITY CENTER, INCLUDING ENLARGING THE FITNESS CENTER, ENHANCING DINING AND OTHER INTERIOR PROGRAM MODIFICATIONS, WAS COMPLETED BY THE END OF FISCAL YEAR 2016.IN JUNE 2021, THE FOREST COMPLETED THE FINANCING TO BUILD A NEW HEALTH CENTER ON ITS CURRENT CAMPUS. THE FACILITY WILL HAVE 90 NEW UNITS IN THE "SMALL HOUSE" FORMAT IN A FIVE-STORY, APPROXIMATELY 110,000 SQUARE FOOT BUILDING. THE SMALL HOUSE MODEL OF CARE IS DESIGNED AROUND HOUSES (OR GROUPS OF ROOMS) IN WHICH EACH HOUSE HAS 10 PRIVATE ROOMS EACH WITH A BATHROOM AND ALL COMMON SPACES AND SUPPORT AREAS LOCATED WITHIN THE HOUSE. THE SMALL HOUSE MODEL WILL PROVIDE THE SAME SCOPE OF SERVICES, EACH NEIGHBORHOOD WILL HAVE A TEAM THAT PROVIDES THE CARE, RESIDENTS WILL HAVE SHORT WALKING DISTANCES TO INCREASE LEVEL OF INDEPENDENCE, RESIDENT PRIVACY, ADDITIONAL DINING AND FITNESS VENUES. THE PROJECT IS COMPLETE AND THE RESIDENTS MOVED INTO THE NEW HEALTH CENTER IN FEBRUARY 2023.IN NOVEMBER 2022, THE FOREST COMPLETED THE FINANCING FOR PHASE TWO OF THE PROJECT. THE PROJECT INCLUDES THE ADDITION OF SEVENTY-ONE (71) NEW INDEPENDENT LIVING APARTMENTS AND AN EXPANDED COMMUNITY CENTER WHICH CONNECTS THE EXISTING COMMUNITY CENTER TO THE HEALTH CENTER. THE EXPANDED COMMUNITY CENTER ALSO INCLUDES SERVICE AND AMENITY SPACES SUCH AS ADDITIONAL DINING, FITNESS AREA, CLASSROOM, MULTIPURPOSE ROOMS, A CLINIC AND OFFICE SPACES. THE NEW APARTMENTS HAVE AN AVERAGE OF 1,450 SQUARE FEET WITH SPACIOUS OPEN-LIVING DESIGN FLOORPLANS, TEN FOOT CEILINGS, AND FINISHES COMMENSURATE WITH HIGH-END REAL ESTATE IN THE MARKET AREA. OTHER FEATURES INCLUDE GOURMET KITCHENS WITH STAINLESS STEEL APPLIANCES, LARGE COVERED BALCONIES OR GROUND LEVEL PATIOS FOR OUTDOOR LIVING IN EACH APARTMENT HOME. EACH APARTMENT HOME IS EXPECTED TO INCLUDE ASSIGNED UNDERGROUND PARKING.SITE WORK BEGAN IN MAY 2023 AND IS ANTICIPATED TO BE COMPLETED BY EARLY 2025.THE FOREST AT DUKE TAKES SERIOUSLY ITS COMMITMENT TO SOCIAL RESPONSIBILITY AND LEADERSHIP. OUTREACH INCLUDES MAJOR ANNUAL CORPORATE FINANCIAL ASSISTANCE TO THE DURHAM COUNCIL FOR SENIOR CITIZENS, THE DURHAM CENTER FOR SENIOR LIFE, THE SENIOR PHARMASSIST PROGRAM, AND ROGERS-HERR MIDDLE SCHOOL. THROUGHOUT THE YEAR, OTHER LOCAL NON-PROFITS ARE HELPED WITH CASH, IN-KIND AND VOLUNTEER DONATIONS AS WELL. MORE THAN 75,000 RESIDENT VOLUNTEER HOURS PER YEAR BENEFIT LOCAL SCHOOLS, CHURCHES, DUKE HOSPITALS AND OTHER AREA SERVICE ORGANIZATIONS. THE FOREST EMPLOYEE EDUCATIONAL ASSISTANCE FUND CONTINUES TO AWARD MONIES TO OVER 20 FOREST STAFF EACH YEAR TO FURTHER THEIR EDUCATION.THE FOREST CONTINUES TO HAVE STRONG ASSOCIATIONS WITH EDUCATIONAL AND LICENSING INSTITUTIONS. THE COMMUNITY SERVES AS A TRAINING SITE FOR: GERIATRIC FELLOWS DUKE UNIVERSITY MEDICAL CENTER INTERNAL MEDICINE RESIDENTS DUKE UNIVERSITY MEDICAL CENTER NURSING STUDENTS WATTS SCHOOL OF NURSING INTERNS IN THE LEADERSHIP IN AGING PROGRAM DUKE UNIVERSITY THERAPEUTIC RECREATION INTERNS FROM SURROUNDING UNIVERSITIES NURSING HOME ADMINISTRATORS THE NORTH CAROLINA BOARD OF LICENSING OF NURSING HOME ADMINISTRATORSTHE FOREST ACTIVELY PARTICIPATES WITH ITS PEERS IN THE INDUSTRY THROUGH ASSOCIATION INVOLVEMENT. FOREST EMPLOYEES OFTEN SERVE IN LEADERSHIP AND AS PRESENTERS AT STATE AND NATIONAL EDUCATIONAL SESSIONS. THE FOREST MAINTAINS MEMBERSHIPS IN THE FOLLOWING PROFESSIONAL ASSOCIATIONS: LEADINGAGE LEADING AGE NORTH CAROLINA NORTH CAROLINA HEALTH CARE ASSOCIATION AMERICAN HEALTH CARE ASSOCIATION DURHAM CHAMBER OF COMMERCE NORTH CAROLINA COALITION FOR LONG TERM CARE ENHANCEMENT SOCIETY FOR THE ADVANCEMENT OF GERONTOLOGICAL ENVIRONMENTS 24745157 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 67 0 1 393 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X KAREN HENRY 9194908000 2701 PICKETT ROAD DURHAM NC 27705 HARVEY COHEN CHAIRMAN 4.00 X X 0 0 0 CHUCK KENNEDY VICE CHAIRMAN 4.00 X X 0 0 0 DENISE BARNES BOARD MEMBER 4.00 X 0 0 0 GEORGE BROTHERS JR BOARD MEMBER 4.00 X 0 0 0 CAROL CARSON BOARD MEMBER 4.00 X 0 0 0 CRAIG DANIELS BOARD MEMBER 4.00 X 0 0 0 EDWARD EMBREE BOARD MEMBER 4.00 X 0 0 0 LYNNE FARBER BOARD MEMBER 4.00 X 0 0 0 CRAIG LEWIS BOARD MEMBER 4.00 X 0 0 0 KIMBERLY REHBERG BOARD MEMBER 4.00 X 0 0 0 JULIE WELLS BOARD MEMBER 4.00 X 0 0 0 ANITA L HOLT PRESIDENT, CEO 40.00 X 311725 0 31938 KAREN E HENRY CFO, TREASURER 40.00 X 220582 0 29549 SHARON PITT COO 40.00 X 191763 0 25733 LEE ANN BAILEY-CLAYTON DIRECTOR OF HEALTH SERVICES 40.00 X 137610 0 10508 APRIL RAVELLI DIRECTOR OF SALES & MARKETING 40.00 X 130843 0 7312 NATHAN SUMMERS DIRECTOR OF COMMUNITY SERVICES 40.00 X 112627 0 2742 THERESA THOMAS DIRECTOR OF HUMAN RESOURCES 40.00 X 108400 0 6841 1213550 0 114623 8 0 1 0 LIFESTYLE PRODUCTS LLC PO BOX 9290 HICKORY NC 28603 FURNITURE VENDOR 798264 QHC STAFFING LLC 4495 OLD BATTLEGROUND ROAD GREENSBORO NC 27410 AGENCY STAFFING 582925 DUKE HEALTH INTEGRATED PRACTICE INC PO BOX 604161 CHARLOTTE NC 28260 PHYSICIAN SERVICES 451156 MAS MEDICAL STAFFING LLC PO BOX 4473 HOUSTON TX 77210 AGENCY STAFFING 438427 DIRECTIONAL LANDSCAPE MANAGEMENT 65 GLEN ROAD SUITE 205 GARNER NC 27529 LANDSCAPING 436274 8 333485 333485 SERVICE FEES 623000 17078268 17078268 ENTRANCE FEES 623000 5320737 5320737 CLINIC AND HEALTH CENTER 623000 4702252 4702252 DINING SERVICES 623000 55792 55792 APPLICATION FEES 623000 49200 49200 27206249 1757527 1757527 163431 163431 5605 0 5605 5605 5605 13114952 12836812 5703313 278140 -5703313 -5425173 -5425173 5160 2351 2809 2809 AUXILIARY SERVICES 623000 264855 264855 MISCELLANEOUS 900990 20757 20757 285612 24329545 27206249 0 -3210189 1033578 1033578 573040 114608 458432 10454553 7889641 2564912 240000 197906 42094 1627093 1341715 285378 801050 696225 104825 32108 32108 206641 206641 8397 8397 140449 140449 1365645 1264230 101415 245283 245283 2084787 1560057 524730 322940 310953 11987 1833273 1833273 122397 75235 47162 2049810 2049810 4218952 4218952 237297 237297 FOOD 1377968 1377968 MEDICAL SUPPLIES 298418 298418 MISCELLANEOUS 8 8 29273687 24745157 4520133 8397 13169223 20013581 2381367 806541 17154 8082 67518 78720 155133919 60608049 78736419 94525870 38536848 29944045 963245 86304 86304 132994833 146426388 1510477 1247180 50897213 53976615 63876267 77756522 2000000 1438679 118283957 134418996 X 14512591 11556430 198285 450962 14710876 12007392 132994833 146426388 -4944142 2240658 0 X X 0 1 X 1 0 X 106235 100811 66054 83169 333485 689754 25503778 26559320 25094614 25740809 27206249 130104770 25610013 26660131 25160668 25823978 27539734 130794524 195300 194388 187199 214304 223826 1015017 0 195300 194388 187199 214304 223826 1015017 129779507 697604 698504 725152 710144 1926563 4757967 697604 698504 725152 710144 1926563 4757967 304936 180423 44673 1382402 288421 2200855 26612553 27539058 25930493 27916524 29754718 137753346 0.94210 0.95140 0.03450 0.02560 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 6111141 6111141 86613034 39873950 46739084 11959996 3504522 8455474 34245316 17229577 17015739 16204432 16204432 94525870 RETAINAGE PAYABLE 1438679 1438679 X 25448103 2240658 2351 2243009 23205094 140449 984002 1124451 24329545 29114832 2351 2351 29112481 140449 20757 161206 29273687 PART X, LINE 2: THE FOREST IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE; ACCORDINGLY, THE ACCOMPANYING FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION OR LIABILITY FOR FEDERAL AND STATE INCOME TAXES. THE FOREST HAS DETERMINED THAT IT DOES NOT HAVE ANY MATERIAL UNRECOGNIZED TAX BENEFITS OR OBLIGATIONS AS OF SEPTEMBER 30, 2023 AND 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: GIFT SHOP PURCHASES WITH REVENUE 2,351. PART XI, LINE 4B - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 963,245. EXPENSES RECLASSED TO REVENUE 20,757. PART XII, LINE 2D - OTHER ADJUSTMENTS: GIFT SHOP PURCHASES WITH REVENUE 2,351. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSES RECLASSED TO REVENUE 20,757. 1 ALZHEIMERS OF NORTH CAROLINA 4500 PARK ROAD SUITE 250 CHARLOTTE NC 28209 133039601 501 C(3) 15000 0 OPERATING SUPPORT AMERICAN DANCE FESTIVAL BOX 90772 DURHAM NC 27708 060932294 501 C(3) 15000 0 OPERATING SUPPORT APS OF DURHAM 2117 EAST CLUB BOULEVARD DURHAM NC 27701 561047100 501 C(3) 10000 0 OPERATING SUPPORT BOYS & GIRLS CLUB OF DURHAM PO BOX 446 DURHAM NC 27702 566001906 501 C(3) 55100 0 OPERATING SUPPORT CARING HOUSE 2625 PICKETT ROAD DURHAM NC 27705 561647154 501 C(3) 40000 0 OPERATING SUPPORT CASA 624 W JONES STREET RALEIGH NC 27603 561778714 501 C(3) 55000 0 OPERATING SUPPORT CENTER FOR CHILD AND FAMILY HEALTH 1121 W CHAPEL HILL STREET DURHAM NC 27701 581446309 501 C(3) 25000 0 OPERATING SUPPORT CAROLINA THEATER 309 W MORGAN STREET DURHAM NC 27701 561759337 501 C(3) 20000 0 OPERATING SUPPORT COMMUNITY HEALTH COALITION INC 308 CRUTCHFIELD STREET SUITE D DURHAM NC 27704 562269385 501 C(3) 26500 0 OPERATING SUPPORT DURHAM CENTER FOR SENIOR LIFE 406 RIGSBEE AVE SUITE 202 DURHAM NC 27701 560886647 501 C(3) 50000 0 OPERATING SUPPORT DURHAM COLORED LIBRARY PO BOX 2736 DURHAM NC 27715 566001420 501 C(3) 20000 0 OPERATING SUPPORT DURHAM LIBRARY FOUNDATION PO BOX 3809 DURHAM NC 27702 562189129 501 C(3) 35000 0 OPERATING SUPPORT DURHAM LITERACY CENTER PO BOX 52209 DURHAM NC 27717 561479524 501 C(3) 40000 0 OPERATING SUPPORT DURHAM NATIVITY SCHOOL PO BOX 3537 DURHAM NC 27702 562274228 GOVT 15000 0 OPERATING SUPPORT DURHAM SCHOOL OF TECHNOLOGY 3727 FAYETTEVILLE STREET DURHAM NC 27701 566001021 501 C(3) 14490 0 OPERATING SUPPORT EXCHANGE FAMILY CENTER 3708 LYCKAN PARKWAY SUITE 103 DURHAM NC 27707 581978668 501 C(3) 35000 0 OPERATING SUPPORT HARMONY PRIDE LIFE 23 EXPO 310 S HARRINGTON STREET RALEIGH NC 27603 261521067 501 C(3) 7500 0 OPERATING SUPPORT HAYTI FILM FESTIVAL 804 OLD FAYETTEVILLE STREET DURHAM NC 27701 851016955 501 C(3) 20000 0 OPERATING SUPPORT HOUSING FOR NEW HOPE 18 W COLONY PLACE SUITE 250 DURHAM NC 27705 582089068 501 C(3) 45000 0 OPERATING SUPPORT LAKEWOOD SCHOOL 2520 VESSION AVE DURHAM NC 27707 566001021 GOVT 57114 0 OPERATING SUPPORT LIBERTY ARTS INC PO BOX 25491 DURHAM NC 27702 562234909 501 C(3) 20000 0 OPERATING SUPPORT LINCOLN COMMUNITY HEALTH CENTER 1301 FAYETTEVILLE STREET DURHAM NC 27707 561031244 501 C(3) 5150 0 OPERATING SUPPORT LOCAL START DENTAL 120 QUEENSFERRY ROAD CARY NC 27511 833397388 501 C(3) 65000 0 OPERATING SUPPORT LYONS FARM ELEMENTARY SCHOOL 906 SCOTT KING ROAD DURHAM NC 27713 881410553 GOVT 27700 0 OPERATING SUPPORT MEALS ON WHEELS OF DURHAM 2522 ROSS ROAD DURHAM NC 27703 561729111 501 C(3) 30000 0 OPERATING SUPPORT MUSEUM OF DURHAM HISTORY PO BOX 362 DURHAM NC 27702 943455685 501 C(3) 9000 0 OPERATING SUPPORT MUSIC MAKER FOUNDATION INC 224 W CORBIN STREET HILLSBOROUGH NC 27278 133782018 501 C(3) 10000 0 OPERATING SUPPORT NORTH CAROLINA READING SERVICE 211 EAST SIX FORKS ROAD SUITE 103 RALEIGH NC 27609 581528968 501 C(3) 7500 0 OPERATING SUPPORT NORTH CAROLINA SYMPHONY 3700 GLENWOOD AVENUE 130 RALEIGH NC 27612 560556755 501 C(3) 13500 0 OPERATING SUPPORT PRESERVATION DURHAM 701 W MAIN STREET SUITE 301 DURHAM NC 27701 237361218 501 C(3) 7500 0 OPERATING SUPPORT ROGERS-HERR MIDDLE SCHOOL 911 W CORNWALLIS ROAD DURHAM NC 27702 566001021 GOVT 17606 0 OPERATING SUPPORT SENIOR PHARMASSIST 406 RIGSBEE AVE SUITE 201 DURHAM NC 27701 562084639 501 C(3) 25000 0 OPERATING SUPPORT STEP UP DURHAM PO BOX 1955 DURHAM NC 27702 474578727 501 C(3) 45000 0 OPERATING SUPPORT TROSA 1820 JAMES STREET DURHAM NC 27707 561861158 501 C(3) 8000 0 OPERATING SUPPORT TRUTH EDUCATION FOUNDATION 6409 FAYETTEVILLE ROAD SUITE 120-212 DURHAM NC 27713 871798540 501 C(3) 60000 0 OPERATING SUPPORT UNC - WUNC PUBLIC RADIO 120 FRIDAY CENTER DRIVE CHAPEL HILL NC 27517 566001393 501 C(3) 10000 0 OPERATING SUPPORT URBAN MINISTRIES OF DURHAM 410 LIBERTY STREET DURHAM NC 27702 581505891 501 C(3) 25000 0 OPERATING SUPPORT 37 0 PART I, LINE 2: THE ORGANIZATION HAS A COMMUNITY RELATIONS COMMITTEE CONSISTING OF BOARD MEMBERS, STAFF AND RESIDENTS THAT OVERSEES THE CONTRIBUTIONS MADE TO THE COMMUNITY. X X X 0 0 0 0 0 0 0 0 0 ANITA L HOLT PRESIDENT, CEO 283980 0 27745 0 0 0 27000 0 4938 0 343663 0 0 0 KAREN E HENRY CFO, TREASURER 197022 0 23560 0 0 0 27000 0 2549 0 250131 0 0 0 SHARON PITT COO 177473 0 14290 0 0 0 23353 0 2380 0 217496 0 0 0 A NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 2017-08-24 20210000 REFINANCE SERIES 2007 0 0 0 B NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 65820YSM9 2021-06-03 50818934 TO CONSTRUCT AND EQUIP REPLACEMENT HEALTH CARE CENTER 0 0 0 C NORTH CAROLINA MEDICAL CARE COMMISSION 521309402 2022-11-16 95570000 TO CONSTRUCT AND EQUIP EXPANSION 0 0 0 A 7065000 20210287 333998 19876002 2004 1 0 1 1 B 50818934 2423582 890237 46201151 1303964 2023 0 0 1 1 C 95570000 5413383 998420 1012000 16269070 79300930 0 0 0 1 A 0 1 1 1 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 1 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 1 0 0 1 1 TRUIST BANK 14.800000000000 0 0 0 0 1 A 1 B 1 C 1 SCHEDULE K, PART I: PURPOSE OF SERIES 2017 ISSUE: THE PROCEEDS OF THIS ISSUE WERE USED TO REFINANCE THE SERIES 2007 BONDS ISSUED JULY 12, 2007 PURPOSE OF SERIES 2007 ISSUE: A PORTION OF THE RECEIPTS DERIVED FROM THE SALE OF THE SERIES 2007 BONDS WAS USED TO REFUND THE ISSUER'S SERIES 2002 BONDS, WHICH WERE ISSUED UNDER A TRUST AGREEMENT DATED MARCH 15, 2002 AND THE SERIES 2003B BONDS, WHICH WERE ISSUED UNDER A TRUST AGREEMENT DATED NOVEMBER 1, 2003. PROCEEDS OF THE SERIES 2003B BONDS WERE USED TO REFUND BONDS PREVIOUSLY ISSUED BY THE ISSUER IN 1994, WHICH WERE ISSUED TO FINANCE THE COST OF ACQUIRING, CONSTRUCTING, AND EQUIPPING A CONTINUING CARE RETIREMENT FACILITY IN DURHAM, NC KNOWN AS THE FOREST AT DUKE. PROCEEDS OF THE SERIES 2002 BONDS WERE ISSUED TO FINANCE THE COSTS OF AN EXPANSION AND RENOVATION OF THE FACILITY. PROCEEDS OF THE SERIES 2021 BONDS WERE ISSUED TO CONSTRUCT AND EQUIP THE REPLACEMENT HEALTH CENTER. PURPOSE OF SERIES 2022 ISSUE: TO CONSTRUCT AND EQUIP AN EXPANSION OF AND RENNOVATION TO THE FACILITY, INCLUDING 71 NEW INDEPENDENT LIVING UNITS AND RELATED IMPROVEMENTS. SCHEDULE K, PART II, (A) LINE 11; OTHER SPENT PROCEEDS: THE AMOUNTS PRESENTED ON LINE 11 AS OTHER SPENT PROCEEDS REPRESENT AMOUNTS USED TO REFUND PRIOR ISSUES. SEE THE EXPLANATION OF EACH BOND'S USE ABOVE. FORM 990, PART VI, SECTION B, LINE 11B THE SUBCOMMITTEE OF THE BOARD REVIEWED THE FORM 990 BEFORE IT WAS SUBMITTED TO THE IRS. THE SUBCOMMITTEE REPORTED TO THE BOARD ON THE REVIEW OF THE FORM 990. EACH BOARD MEMBER RECEIVED AN ELECTRONIC VERSION OF THE RETURN FOR PERSONAL REVIEW WITH ANY QUESTIONS DIRECTED TO THE CFO. AFTER THE BOARD'S PERSONAL REVIEW, THE RETURN WAS APPROVED TO BE SUBMITTED TO THE IRS AS PRESENTED. FORM 990, PART VI, SECTION B, LINE 12C BEFORE EACH BOARD MEETING, THE AGENDA IS PRESENTED TO THE BOARD. EACH BOARD MEMBER IS REQUIRED TO REVIEW THE MEETING AGENDA AND INDICATE IF THERE IS A POTENTIAL CONFLICT BY COMPLETING A CONFLICT OF INTEREST FORM AND HANDING IT IN PRIOR TO THE MEETING. IT IS REVIEWED AT THE TIME BY THE CEO AND ANY RELEVANT OR POTENTIAL CONFLICT, AS IT RELATES TO A SPECIFIC AGENDA ITEM, IS BROUGHT TO THE BOARD'S ATTENTION. FORM 990, PART VI, SECTION B, LINE 15 EACH YEAR, THE CEO AND CFO'S COMPENSATION ARE REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS AT THEIR OCTOBER MEETING. COMPARABLE SALARY DATA FROM SURVEYS, OTHER 990S, AND PERFORMANCE EVALUATIONS ARE UTILIZED AS PART OF THE PROCESS. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION'S FORM 990 IS AVAILABLE UPON REQUEST. ADDITIONALLY, RECENT FILINGS OF THE FORM ARE AVAILABLE ON WWW.GUIDESTAR.ORG. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC ON SITE. THE ORGANIZATION MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC ON SITE, ON THE EMMA WEBSITE FOR MUNICIPAL SECURITIES, AND IN THE DISCLOSURE STATEMENT WITH THE DEPARTMENT OF INSURANCE. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR