2024-11-15T09:24:53-06:00 2023-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 66 HUDSON BLVD E SUITE 2200 NEW YORK NY 10001 990 2023-01-01 046406242 SOUTH COVE NURSING FACILITIES FOUNDATION INC SOUT 6174230590 288 WASHINGTON STREET QUINCY MA 02169 SIGNING OFFICER PRESIDENT & CEO 6174230590 2024-11-13 1 1 MARY-EVELYN ANTONETTI P00431862 2126976900 2024-11-13 2023 2024-10-15 13:58:12Z WILLIAM GRAVES 288 WASHINGTON STREET QUINCY MA 02169 4967767 0 X WWW.SOUTHCOVEMANOR.COM X 1977 MA TO PROMOTE AND SUPPORT PROGRAMS FOR THE ASIAN ELDERLY. 22 22 0 22 0 0 288133 255376 0 0 729355 99192 0 0 1017488 354568 3633 11334 0 0 0 0 0 0 26305 111938 118211 115571 129545 901917 225023 15783171 17931872 0 0 15783171 17931872 THE ORGANIZATION'S MISSION IS TO PROMOTE AND SUPPORT CHARITABLE AND BENEVOLENT PROGRAMS FOR THE ASIAN ELDERLY THROUGH PLANNING, FINANCING, OPERATING, AND MAINTAINING NURSING AND CARE FACILITIES AND AFFORDABLE HOUSING. 0 0 14583 11334 SUPPORT SERVICES - TO PROMOTE AND SUPPORT CHARITABLE AND BENEVOLENT PROGRAMS FOR THE ASIAN ELDERLY BY FUNDRAISING AND SUPPORTING OTHER ORGANIZATIONS THAT OPERATE A 141 BED LONG-TERM FACILITY. 14583 1 1 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 2 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 22 22 1 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 MA X SCOTT HANSON DIRECTOR OF FINANCE 6179653014 288 WASHINGTON STREET QUINCY MA 02169 DAVID T TING DIRECTOR 1.00 2.00 X 0 0 0 HEATHER O'SULLIVAN DIRECTOR 1.00 2.00 X 0 0 0 LISA MUI DIRECTOR 1.00 2.00 X 0 0 0 EDWARD CHENG ESQ DIRECTOR 1.00 2.00 X 0 0 0 SUSAN LUO CFA DIRECTOR 1.00 2.00 X 0 0 0 HON HOI YEE DIRECTOR 1.00 2.00 X 0 0 0 HELEN CHIN SCHLICHTE DIRECTOR 1.00 2.00 X 0 0 0 JIM HSU DIRECTOR 1.00 2.00 X 0 0 0 LEONARD LAI MD DIRECTOR 1.00 2.00 X 0 0 0 ALICE L ROSE RN DIRECTOR 1.00 2.00 X 0 0 0 THOMAS CHIN DIRECTOR 1.00 2.00 X 0 0 0 MARIANNE BOWLER HONORABLE DIRECTOR 1.00 2.00 X 0 0 0 HEMMIE CHANG CLERK 1.00 2.00 X X 0 0 0 CINDY LAW TREASURER 1.00 2.00 X X 0 0 0 MAY CHIN VICE PRESIDENT 1.00 2.00 X X 0 0 0 JASON QU CHAIRMAN OF THE BOARD 1.00 2.00 X X 0 0 0 RICHARD LUI DIRECTOR 1.00 2.00 X 0 0 0 ERIC SCHLICHTE DIRECTOR 1.00 2.00 X 0 0 0 STANLEY ELKERTON DIRECTOR 1.00 2.00 X 0 0 0 DAVID CHIU MD DIRECTOR 1.00 2.00 X 0 0 0 OLIVIA WONG DIRECTOR 1.00 2.00 X 0 0 0 PHILIP CHENG AG DIRECTOR 1.00 2.00 X 0 0 0 WILLIAM GRAVES PRESIDENT & CEO 1.00 41.00 X 0 290477 11974 SCOTT HANSON DIRECTOR OF FINANCE 1.00 41.00 X 0 165417 4286 0 455894 16260 0 0 1 0 0 255376 255376 317208 317208 4395183 4613199 -218016 -218016 -218016 354568 0 0 99192 11334 11334 12996 3249 9747 74475 74475 3923 3923 2081 2081 24224 24224 LICENSES AND FEES 512 512 129545 14583 88657 26305 397667 250793 509598 330711 28759 62187 1015 761 13912026 16093022 934106 1194398 15783171 17931872 0 0 X 15705239 17853572 77932 78300 15783171 17931872 15783171 17931872 X 225023 1975000 -51322 X X 0 1 X 1 0 X X X 1 SOUTH COVE MANOR NURSING AND REHABILITATION 800687948 10 1 51322 0 1 51322 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 77932 5000 8773 13405 78300 73297 25811 -9676 11500 77932 126625 7190 60518 73297 130942 11750 6508 22575 126625 179306 7261 41103 130942 0.00000 0.38314 0.61686 0 0 0 DUE FROM RELATED PARTY 1194398 1194398 X PART V, LINE 4: IN ACCORDANCE WITH THE DONOR REQUIREMENTS, THE ENDOWMENT FUNDS ARE HELD IN PERPETUITY. ENDOWMENT RETURNS MAY BE USED FOR THE APPRECIATION EVENTS FOR THE EMPLOYEES OF THE NURSING HOME OPERATOR. PART X, LINE 2: BELOW IS AN EXCERPT FROM THE CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR SOUTH COVE MANOR NURSING AND REHABILITATION CENTER, INC. AND SUBSIDIARIES: THE FOUNDATION, WASHINGTON MILLS, AND THE PARENT ARE NONPROFIT CORPORATIONS AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE "CODE") AND ARE EXEMPT FROM FEDERAL AND STATE INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE CODE. THE ORGANIZATION FOLLOWS THE GUIDANCE OF ACCOUNTING STANDARDS CODIFICATION (ASC) 740, ACCOUNTING FOR INCOME TAXES, RELATED TO THE UNCERTAINTIES IN INCOME TAXES, WHICH PRESCRIBES A THRESHOLD OF MORE LIKELY THAN NOT FOR RECOGNITION AND DERECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. MANAGEMENT HAS EVALUATED THE TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN, IF ANY, ON ITS EXEMPT ORGANIZATION FILINGS, AND THE LIKELIHOOD THAT UPON EXAMINATION THOSE POSITIONS WOULD BE SUSTAINED. BASED ON THE RESULTS OF THIS EVALUATION, MANAGEMENT DETERMINED THERE ARE NO POSITIONS THAT NECESSITATE DISCLOSURES AND/OR ADJUSTMENTS. THERE WERE NO UNRECOGNIZED TAX BENEFITS IDENTIFIED OR RECORDED AS LIABILITIES DURING THE PERIODS COVERED BY THESE CONSOLIDATED FINANCIAL STATEMENTS. THE ORGANIZATION'S TAX RETURNS COULD BE SUBJECT TO EXAMINATION BY TAXING AUTHORITIES; HOWEVER, THERE ARE CURRENTLY NO SUCH EXAMINATIONS PENDING OR IN PROGRESS. 1 0 0 SCHOLARSHIPS & AWARDS 10 11334 PART I, LINE 2: A SCHOLARSHIP COMMITTEE OF BOARD MEMBERS REVIEWS SUBMISSIONS. COURSE WORK MUST BE RELATED TO THE HEALTHCARE PROFESSION AND THEY MUST HAVE PASSED THE COURSE WITH AT LEAST A C+. TING "LEADERSHIP" AWARDS ARE GIVEN OUT AFTER BEING REVIEWED BY THE CEO AND THE BOARD MEMBER DONOR. THEY ARE GIVEN OUT FOR SHOWING LEADERSHIP OR INNOVATION WITHIN THE ORGANIZATION. THESE AWARDS WERE BROAD BASED FOR ALL STAFF BASED ON EVERYONE'S LEADERSHIP IN CONTINUING TO DELIVER EXCELLENT CARE TO OUR RESIDENTS. 0 0 0 0 0 0 0 0 0 WILLIAM GRAVES PRESIDENT & CEO 0 233985 0 56000 0 492 0 0 0 11974 0 302451 0 0 SCOTT HANSON DIRECTOR OF FINANCE 0 142116 0 23000 0 301 0 4286 0 0 0 169703 0 0 PART I, LINE 3 THE COMPENSATION OF THE PRESIDENT/CEO IS ESTABLISHED BY A RELATED ORGANIZATION. THAT ORGANIZATION USES THE FOLLOWING TOOLS TO ESTABLISH THE FAIR MARKET VALUE OF THE PRESIDENT/CEO'S COMPENSATION: - COMPENSATION COMMITTEE - FORM 990 OF OTHER ORGANIZATIONS - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE FORM 990, PART VI, SECTION A, LINE 1A ALL VOTING DIRECTORS WHO ARE ALSO OFFICERS OR COMMITTEE CHAIRS ARE MEMBERS OF THE EXECUTIVE COMMITTEE, WHICH HAS FULL AUTHORITY TO ACT BETWEEN FORMAL BOARD SESSIONS, IF NEEDED. FORM 990, PART VI, SECTION A, LINE 2 A FAMILY RELATIONSHIP EXISTS BETWEEN MAY CHIN, VICE PRESIDENT; THOMAS CHIN, DIRECTOR; HELEN CHIN SCHLICHTE, DIRECTOR; AND ERIC SCHLICHTE, DIRECTOR. FORM 990, PART VI, SECTION A, LINE 4 IN 2024, THE BOARD APPROVED CHANGES TO THE LENGTH AND TENURE OF THE BOARD MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMBER OF THE CORPORATION IS SOUTH COVE MANOR NURSING AND REHABILITATION CENTER, INC. A MASSACHUSETTS NON-PROFIT CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A THE SOLE MEMBER HAS THE POWER TO ELECT DIRECTORS AT EACH ANNUAL MEETING OF THE CORPORATION. THE PRESIDENT, TREASURER AND CLERK SHALL BE ELECTED ANNUALLY BY THE MEMBER. OTHER OFFICERS, IF ANY, MAY BE ELECTED BY THE MEMBER AT ANY TIME. A DIRECTOR MAY BE SUSPENDED OR REMOVED WITH OR WITHOUT CAUSE BY VOTE OF THE MEMBER. A DIRECTOR MAY BE REMOVED WITH CAUSE ONLY AFTER REASONABLE NOTICE AND OPPORTUNITY TO BE HEARD. FORM 990, PART VI, SECTION A, LINE 7B THE BY-LAWS MAY BE ALTERED, AMENDED OR REPEALED IN WHOLE OR IN PART BY VOTE OF THE MEMBERS, PROVIDED THAT NO AMENDMENT MAY BE ADOPTED WHICH IS INCONSISTENT WITH THE ARTICLES OF ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION'S AUDIT COMMITTEE REVIEWS AND APPROVES THE DRAFT FORM 990. THE COMPLETE FORM 990 IS PRESENTED TO THE BOARD OF DIRECTORS BEFORE FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS PART OF THE ORGANIZATION'S BY-LAWS AND IS DISCUSSED BY THE BOARD OF DIRECTORS AND TOP MANAGEMENT PERSONNEL AT THE FIRST BOARD MEETING EACH YEAR REGARDING ANY/ALL SIGNIFICANT TRANSACTIONS. THE CONFLICT OF INTEREST POLICY COVERS DIRECTORS, OFFICERS, AND EMPLOYEES. ANY CONFLICTS OF INTEREST ARE DISCLOSED TO THE BOARD PRIOR TO APPROVAL OR RATIFICATION OF THE CONTRACT OR TRANSACTION BY MAJORITY VOTE OF THE DISINTERESTED PERSONS. THE CEO, ADMINISTRATOR AND FINANCE DIRECTOR ARE TASKED WITH OVERSEEING THE DISBURSEMENTS AND CONTRACT MANAGEMENT FUNCTIONS AND MONITORING FOR ANY CONFLICTING RELATIONSHIP WITH THE ORGANIZATION. ALL BOARD MEMBERS ARE AWARE OF THE NEED TO NOTIFY THE BOARD AND MANAGEMENT TEAM OF ANY CONFLICTS. THE BOARD IS NOTIFIED WHEN A CONFLICT OF INTEREST MIGHT OCCUR. SHOULD AN ACTUAL OR PERCEIVED CONFLICT OF INTEREST PRESENT ITSELF, THE MANAGEMENT TEAM IS FULLY PREPARED TO ASK THE BOARD TO CONSIDER APPROPRIATE ACTION. FORM 990, PART VI, SECTION B, LINE 15A A RELATED ORGANIZATION, SOUTH COVE MANOR NURSING AND REHABILITATION CENTER, INC., DETERMINES THE COMPENSATION OF THE ORGANIZATION'S CEO AND OTHER OFFICERS THROUGH THE USE OF A COMPENSATION COMMITTEE, FORM 990S OF OTHER ORGANIZATIONS, WRITTEN EMPLOYEMENT CONTRACTS, COMPENSATION SURVEYS, AND THE APPROVAL OF THE BOARD OR COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: EQUITY TRANSFER -51,322. FORM 990, PART XII, LINE 2C: PROCESS IS UNCHANGED FROM PRIOR YEAR. SOUTH COVE MANOR NURSING AND REHABILITATION CENTER INC 288 WASHINGTON STREET QUINCY MA 02169 800687948 TO OWN AND OPERATE A NURSING AND REHABILITATION FACILITY MA 501(C)(3) LINE 10 N/A 0 0 0 0 1 0 0 0 0 0 0 0 1 1 1 1 1 0 1 0 SOUTH COVE MANOR AT QUINCY POINT REHABILITATION CENTER INC R 51322 SEE ATTACHED STMT SOUTH COVE MANOR AT QUINCY POINT REHABILITATION CENTER INC P 71708 SEE ATTACHED STMT SOUTH COVE MANOR AT QUINCY POINT REHABILITATION CENTER INC D 2900000 SEE ATTACHED STMT FORM R, PART V, LINE 1 AMOUNT REPRESENTED ON LINE 2, COLUMN B, TRANSACTION TYPE, IS THE TOTAL AMOUNT FOR LINES 1L, M, N, O, P.