2024-02-13T15:36:47-06:00 2023-03-31 390859910 BAKER TILLY US LLP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2022-04-01 540524902 COVENANT WOODS COVE 8045698000 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 ERIK MAURITSEN CFO 8045698000 2024-02-12 1 ERIK MAURITSEN 999009999 0 KERRI N BOGDA CPA P00760402 7177404863 2024-02-12 X 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z DR THOMAS WRIGHT 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 51867463 0 X WWW.COVENANTWOODS.COM X 1901 VA NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY. 15 15 500 176 220901 157309 898633 256305 31318239 33259421 5623600 2205573 794635 1038969 38635107 36760268 326380 389256 0 0 21219105 22046767 0 0 143520 20996429 21130546 42541914 43566569 -3906807 -6806301 166902923 151782906 145319966 145853824 21582957 5929082 X IT IS THE MISSION OF COVENANT WOODS, A NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY, TO PROVIDE OUR RESIDENTS WITH EXCEPTIONAL CARE, QUALITY OF LIFE, AND SECURITY AND COMFORT IN KEEPING WITH THE BENEVOLENT VISION OF OUR METHODIST AND PRESBYTERIAN FOUNDERS IN 1883. 0 0 25879407 389256 28755539 COVENANT WOODS (CW), A VIRGINIA NONSTOCK CORPORATION FOUNDED IN OCTOBER 1883, IS A NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY IN MECHANICSVILLE, VA. CW CONSISTS OF 231 INDEPENDENT LIVING UNITS, 60 ASSISTED LIVING UNITS, AND 62 LICENSED NURSING BEDS. THE COST TO OPERATE CW DURING FY2023 WAS APPROXIMATELY $34 MILLION. CW IS A NOT-FOR-PROFIT SENIOR LIVING COMMUNITY OFFERING ACTIVE LIFESTYLES, PERSONAL FREEDOM IN DAILY LIFE, AND FINANCIAL AND PHYSICAL SECURITY WITHIN AN EXTENSIVE CONTINUUM OF CARE. LOCATED ON 90 PRIVATE ACRES, COVENANT WOODS' HANOVER COUNTY CAMPUS FACILITATES A BROAD WELLNESS PROGRAM INCLUDING EXTENSIVE WALKING TRAILS AND OUTDOOR ACTIVITY SPACES, AS WELL AS MUSICAL PERFORMANCES, LECTURES, CLASSES, AND SOCIAL GATHERINGS. "CONTINUED ON SCH. O"COVENANT WOODS PROVIDES MAINTENANCE-FREE LIVING WITH INTERIOR AND EXTERIOR MAINTENANCE, LAWN CARE AND SNOW REMOVAL, AND HOUSEKEEPING INCLUDED. NUMEROUS RESOURCES ARE AVAILABLE TO RESIDENTS INCLUDING FOUR DIFFERENT DINING VENUE CHOICES IN INDEPENDENT LIVING, PRIVATE DINING ROOMS, A FITNESS CENTER AND INDOOR SALTWATER SWIMMING POOL, GAME AND EVENT SPACES, BILLIARDS ROOM, ART STUDIO, GARDENING AREAS, WOOD WORKING AND POTTERY SHOPS, AND A PAVED WALKING TRAIL SURROUNDING A STOCKED POND. COVENANT WOODS OFFERS TRANSPORTATION SERVICES, 24-HOUR SECURITY AND A PERSONAL EMERGENCY ALERT SYSTEM, THERAPY, AND CLINIC SERVICES. 4808155 0 4040953 IN JANUARY 2020, COVENANT WOODS ACQUIRED ADVANCE CARE LLC, A HOME HEALTH AGENCY LOCATED IN CHESTERFIELD COUNTY. ADVANCE CARE SERVES THE HOME HEALTH NEEDS FOR INDIVIDUALS WITHIN A 50-MILE RADIUS OF ITS OFFICE LOCATION, WHICH INCLUDES ALL OF THE METRO RICHMOND AREA. THEY ARE BOTH MEDICARE AND MEDICAID CERTIFIED AND ARE ACCREDITED BY ACHC. THEIR SERVICES ARE ALSO OFFERED TO RESIDENTS OF COVENANT WOODS WHO QUALIFY AND REQUEST THESE SERVICES. 626789 0 462929 IN SEPTEMBER 2020, COVENANT WOODS CREATED ADVANCE CARE HOSPICE LLC, A HOSPICE AGENCY LOCATED IN CHESTERFIELD COUNTY. ADVANCE CARE HOSPICE WILL SERVE THE HOSPICE NEEDS FOR INDIVIDUALS WITHIN A 50-MILE RADIUS OF ITS OFFICE LOCATION, WHICH INCLUDES ALL OF THE METRO RICHMOND AREA. 31314351 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 112 0 500 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 15 15 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X X X ERIK MAURITSEN CFO 8045698000 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 BRANDON ARMOR CHAIR 1.00 X X 0 0 0 KAREN COOK VICE CHAIR 1.00 X X 0 0 0 DAVID W FULLER SECRETARY 1.00 X X 0 0 0 RICHARD ADAMS BOARD MEMBER 1.00 X 0 0 0 MELISSA BALL BOARD MEMBER 1.00 X 0 0 0 KELSEY BEAULIEU BOARD MEMBER 1.00 X 0 0 0 ROGER BOWERS BOARD MEMBER 1.00 X 0 0 0 ED CLINGMAN BOARD MEMBER 1.00 X 0 0 0 CHARLES GRAVES BOARD MEMBER 1.00 X 0 0 0 NATALIE KENT BOARD MEMBER 1.00 X 0 0 0 JOE O'CONNOR BOARD MEMBER 1.00 X 0 0 0 LINDA PEARSON BOARD MEMBER 1.00 X 0 0 0 KYLE RUSSELL BOARD MEMBER 1.00 X 0 0 0 MICHELE SATTERLUND BOARD MEMBER 1.00 X 0 0 0 JOHN SCHOLER BOARD MEMBER 1.00 X 0 0 0 DR THOMAS WRIGHT PRESIDENT/CEO 40.00 1.00 X 383523 0 32336 ERIK MAURITSEN CHIEF FINANCIAL OFFICER 40.00 1.00 X 282699 0 19314 CARRIE DAVIS ADMINISTRATOR 40.00 X 153368 0 18134 MICHAEL SCHEFF DIRECTOR OF DINING 40.00 X 161107 0 17765 JILL MCMILLIN EX DIRECTOR HOME HEALTH 40.00 X 181999 0 9178 EMILY ENDERT DIRECTOR OF HR 40.00 X 160384 0 29793 ERIN MELTON DIRECTOR OF MARKETING 40.00 X 145109 0 17717 SARAH THOMPSON CORPORATE CONTROLLER 40.00 X 145163 0 17242 THOMAS DIEHL IT DIRECTOR 40.00 X 154871 0 18207 NORMAN DAVIS DIRECTOR BUSINESS DEVELOPMENT 40.00 X 145275 0 13262 1913498 0 192948 40 0 1 0 PERFORMANCE FOODSERVICE GROUP 7420 RANCO RD RICHMOND VA 23226 FOOD SERVICES 1135432 CRITERION CHEMISTRIES 1000 GRAVEL PIKE STE 100 SCHWENKSVILLE PA 19473 COVID TESTING 549315 THS CONTRUCTION COMPANY INC PO BOX 218 OILVILLE VA 23129 RESIDENT UNIT CONSTRUCTION 460790 DMA FLOORS INC PO BOX 7893 RICHMOND VA 23231 RESIDENT UNIT CONSTRUCTION 276750 ADMIRAL SECURITY SERVICES PO BOX 79776 BALTIMORE MD 21279 CAMPUS SECURITY 245532 17 256305 256305 NET PATIENT SERVICE REVENUE 623990 25892735 25892735 AMORTIZATION OF ENTRANCE FEES 623990 7366686 7366686 33259421 1351090 220901 1130189 6200 0 6200 6200 6200 15960440 1238 14966531 140664 993909 -139426 854483 854483 DINING/CATERING REVENUE 900099 403746 403746 ADMIN FEES 900099 201827 201827 EMPLOYEE/GUEST MEALS 900099 136712 136712 290484 290484 1032769 36760268 33259421 220901 3023641 389256 389256 695821 542258 153563 17356934 13438138 3805568 113228 621089 436676 183025 1388 2097424 1624185 459955 13284 1275499 1012479 254779 8241 44442 44442 68058 68058 558 558 80186 757 79429 788486 508578 279908 273322 257600 15722 742949 648044 93400 1505 96701 96701 2694647 1716201 978446 225686 200246 25400 40 25052 9596 15456 3709343 2411073 1298270 6699890 4354929 2344961 386126 1593 384533 FOOD & BEVERAGES 1655730 1642229 12403 1098 DUES & SUBSCRIPTIONS 989606 122403 863447 3756 MEDICAL/LAB EXPENSES 675523 675523 REPAIRS & MAINTENANCE 570826 567342 3484 1403415 658544 743891 980 43566569 31314351 12108698 143520 340147 219619 1983693 2002046 4470 4470 1078139 1655896 31969 32336 553746 476489 167488174 57990894 114715132 109497280 28754100 30286805 11227897 3301541 2596473 2363516 1481436 5617157 461472 166902923 151782906 5108244 2770223 51652245 52861079 85630453 86281539 86506 3500 2842518 3937483 145319966 145853824 X 17042103 1834124 4540854 4094958 21582957 5929082 166902923 151782906 X -6806301 -3593046 -3304097 -1950431 X 0 1 X 1 0 X 190278 404800 2880432 898633 256305 4630448 24565462 27320032 31133309 31318239 33259421 147596463 395484 523337 769506 792235 922019 3402581 25151224 28248169 34783247 33009107 34437745 155629492 0 0 0 155629492 1951793 1338177 1385086 1853808 1357290 7886154 1951793 1338177 1385086 1853808 1357290 7886154 -8701 29248 31238 51785 110750 110750 27094316 29615594 36199571 34862915 35905785 163678181 0.95080 0.94760 0.04820 0.05240 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: REBATES - 2022 AMOUNT: $ 50,750. OTHER - 2022 AMOUNT: $ 60,000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 558 558 0 PART II-B, LINE 1: THE ORGANIZATION IS A MEMBER OF LEADINGAGE VIRGINIA. A SMALL PORTION OF THE DUES PAID TO THIS ORGANIZATION HAS BEEN ALLOCATED TO LOBBYING EXPENDITURES CONDUCTED BY THESE ORGANIZATIONS. DURING THE CURRENT FISCAL YEAR, 3% OF THE LEADINGAGE ANNUAL DUES ARE RELATED TO LOBBYING. 0 1 X 4734221 4734221 142378617 44614568 97764049 154578 38443 116135 12870173 9069944 3800229 7350585 4267939 3082646 109497280 REFUNDABLE DEPOSITS 781607 LEASE LIABILITY 475445 OTHER LIABILITIES 698632 REFUNDABLE ADVANCE FEE 1981799 3937483 X PART IV, LINE 2B: FUNDS HELD BY ESCROW AGENT ARE ALL ADVANCED FEE DEPOSITS FROM POTENTIAL FUTURE RESIDENTS FOR UNITS THAT ARE NOT YET AVAILABLE FOR OCCUPANCY. THESE DEPOSITED FUNDS ARE KEPT AND MAINTAINED IN AN ACCOUNT SEPARATE FROM THE ORGANIZATION'S BUSINESS ACCOUNT AS REQUIRED BY LAW. PART X, LINE 2: INCOME TAX RETURNS OF COVENANT WOODS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. MANAGEMENT IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS OR ANY ACTIVITIES THAT ARE SUBJECT TO TAX ON UNRELATED BUSINESS INCOME, EXCISE OR OTHER TAXES FOR COVENANT WOODS. COVENANT WOODS FOLLOWS THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S CONSOLIDATED FINANCIAL STATEMENTS. THIS STANDARD PRESCRIBES RECOGNITION AND MEASUREMENT OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. THIS STANDARD HAD NO MATERIAL IMPACT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED MARCH 31, 2023 AND 2022. 1 COVENANT PROGRAM RECIPIENTS 10 389256 0 PART I, LINE 2: COVENANT WOODS PROVIDES BENEVOLENCE FUNDS UNDER THE COVENANT PROGRAM TO RESIDENTS WITHIN THE ORGANIZATION WHO CAN NO LONGER AFFORD TO PAY FOR THEIR CARE. THE PROGRAM IS DESIGNED TO PRESERVE THE DIGNITY OF THE PARTICIPANTS AND TO ENHANCE THEIR QUALITY OF LIFE IN KEEPING WITH THE MISSION OF COVENANT WOODS. THE IDENTITY OF PERSONS RECEIVING COVENANT PROGRAM ASSISTANCE IS STRICTLY CONFIDENTIAL. FROM THE INFORMATION PROVIDED BY THE APPLICANT, A DETERMINATION WILL BE MADE BY THE CFO AND CEO REGARDING WHETHER OR NOT THE RESIDENT QUALIFIES FOR FINANCIAL ASSISTANCE FROM THE COVENANT PROGRAM, AND IF SO, HOW MUCH. ASSISTANCE MAY BE PROVIDED IN TWO FORMS: MONTHLY FEE ASSISTANCE OR MEDICAL EXPENSE ASSISTANCE. X X 0 0 0 0 0 0 0 1 0 DR THOMAS WRIGHT PRESIDENT/CEO 367481 0 16042 0 0 0 5090 0 27246 0 415859 0 0 0 ERIK MAURITSEN CHIEF FINANCIAL OFFICER 267855 0 14844 0 0 0 13935 0 5379 0 302013 0 0 0 JILL MCMILLIN EX DIRECTOR HOME HEALTH 174574 0 7425 0 0 0 8308 0 870 0 191177 0 0 0 EMILY ENDERT DIRECTOR OF HR 146871 0 13513 0 0 0 10013 0 19780 0 190177 0 0 0 MICHAEL SCHEFF DIRECTOR OF DINING 147394 0 13713 0 0 0 8934 0 8831 0 178872 0 0 0 THOMAS DIEHL IT DIRECTOR 141410 0 13461 0 0 0 0 0 18207 0 173078 0 0 0 CARRIE DAVIS ADMINISTRATOR 146302 0 7066 0 0 0 9303 0 8831 0 171502 0 0 0 ERIN MELTON DIRECTOR OF MARKETING 134309 0 10800 0 0 0 8886 0 8831 0 162826 0 0 0 SARAH THOMPSON CORPORATE CONTROLLER 132723 0 12440 0 0 0 8411 0 8831 0 162405 0 0 0 NORMAN DAVIS DIRECTOR BUSINESS DEVELOPMENT 141258 0 4017 0 0 0 0 0 13262 0 158537 0 0 0 PART I, LINE 7 BONUS AMOUNTS ARE DETERMINED BASED ON HOW WELL THE CEO AND CFO EXECUTE THE STRATEGIC PLAN FOR THE YEAR - MEETING BUDGET, SATISFACTION, DEVELOPMENT, ETC. BONUS AMOUNTS ARE CAPPED AT 20% OF BASE SALARY FOR THE CEO AND 15% OF BASE SALARY FOR THE CFO. BONUS AMOUNTS ARE AWARDED IF THE KEY EMPLOYEES ACHIEVE BENCHMARKS SET BY THE CEO (MEETING BUDGET, COMPLETING PROJECTS, SATISFACTION SCORES ON SURVEYS, ETC.). THESE BENCHMARKS ARE REVIEWED BY THE CEO EACH YEAR AND THE BONUSES ARE CAPPED AT 10% OF BASE SALARY. A ECONOMIC DEVELOPMENT AUTHORITY OF HANOVER COUNTY 541200391 41077CAS4 2018-07-31 30200000 SEE PART VI 0 0 0 B ECONOMIC DEVELOPMENT AUTHORITY OF HANOVER COUNTY 541200391 41077CBC8 2022-04-06 57105368 SEE PART VI 0 0 0 A 585000 30200000 1678054 638182 10950502 18778516 3176 2019 1 0 1 1 B 205000 57105368 3774756 1142100 52188512 2014 1 0 1 1 A 0 1 1 1 0 0.00000 0.00000 0.00000 0 0 1 B 0 1 1 1 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 0 1 0 0 0 0 0 1 A 1 B 1 SCHEDULE K, PART I, BOND ISSUES: (A) ISSUER NAME: ECONOMIC DEVELOPMENT AUTHORITY OF HANOVER COUNTY (2018) (F) DESCRIPTION OF PURPOSE: FINANCE AND REFINANCE VARIOUS CAPITAL PROJECTS. (A) ISSUER NAME: ECONOMIC DEVELOPMENT AUTHORITY OF HANOVER COUNTY (2022) (F) DESCRIPTION OF PURPOSE: REFINANCE 2012 BONDS. SCHEDULE K, PART II, COLUMN A, LINE 12: THE BOND ISSUE WAS STRUCTURED AS A DRAW DOWN. THEREFORE, OTHER UNSPENT PROCEEDS SHOWN ON LINE 12 REPRESENT FUNDS THAT ARE AVAILABLE BUT HAVE NOT BEEN ACCESSED BY THE ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION REMOVED THE RELIGION REQUIREMENT OF THE BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 WAS REVIEWED BY MANAGEMENT AND SENT TO EACH BOARD MEMBER PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD IS POLLED ANNUALLY FOR ANY POTENTIAL CONFLICTS OF INTEREST, AND SURVEYS ARE COLLECTED BY THE EXECUTIVE SECRETARY AND CHECKED FOR COMPLIANCE WITH THE POLICY. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, A REPRESENTATIVE MUST DISCLOSE THE EXISTENCE AND NATURE OF HIS OR HER FINANCIAL INTEREST TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH BOARD-DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. RELATIONSHIPS WITH COMPETING ORGANIZATIONS OR SELF INTEREST GROUPS MUST ALSO BE DISCLOSED. AFTER DISCLOSURE OF THE CONFLICT OF INTEREST, THE REPRESENTATIVE SHALL LEAVE THE BOARD OR COMMITTEE MEETING WHILE THE CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD ANNUALLY EVALUATES THE CEO'S COMPENSATION. EACH COMMITTEE MEMBER DOES AN INDEPENDENT EVALUATION, AND THE COMMITTEE CHAIRMAN COMPILES THE SCORE. THE CEO EVALUATES THE CFO WITH FEEDBACK FROM THE BOARD. THE BOARD CHAIR REQUESTS COMPARATIVE SALARY DATA THAT THE HR DIRECTOR ACQUIRES FROM VARIOUS LONG-TERM CARE GROUPS, WHICH IS USED TO DETERMINE BASE WAGE INCREASES FOR THE OFFICERS. THE CFO AND DIRECTOR OF HR REVIEW COMPARATIVE SALARY DATA THAT THE HR DIRECTOR ACQUIRES FROM VARIOUS LONG-TERM CARE GROUPS, WHICH IS USED TO DETERMINE BASE WAGE INCREASES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE FOR PUBLIC INSPECTION AT THIS TIME. FINANCIAL STATEMENTS ARE PROVIDED TO WWW.EMMA.ORG. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF PERPETUAL TRUSTS -222,680. LOSS OF DEBT EXTINGUISHMENT -1,727,751. ADVANCE CARE LLC 7501 BOULDERS VIEW DRIVE SUITE 602 RICHMOND VA 23225 205417657 HOME HEALTH SERVICES VA 4208088 3313121 COVENANT WOODS ADVANCE CARE HOSPICE LLC 7501 BOULDERS VIEW DRIVE SUITE 602 RICHMOND VA 23225 853017045 HOSPICE SERVICES VA 446645 774855 COVENANT WOODS PARKER & GREGG LLC 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 540524902 INVESTMENT HOLDING VA -17661 254448 COVENANT WOODS WOODHOUSE CATERING INC 7090 COVENANT WOODS DRIVE MECHANICSVILLE VA 23111 853395404 CATERING AND FOOD SERVICES VA PARKER & GREGG LLC C 93610 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0