2024-02-13T12:13:19-06:00 2022-12-31 593070669 MSL PA 255 S ORANGE AVENUE SUITE 600 ORLANDO FL 32801 990 2022-01-01 203537708 CCRC DEVELOPMENT CORPORATION CCRC 4075436350 2110 HESTIA LOOP OVIEDO FL 32765 ALBERT FRANCIS PRESIDENT 4075436350 2024-02-13 1 ALBERT FRANCIS 999009999 0 HARRY E HARP CPA P00176471 4077405400 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z LEGACY POINTE AT UCF ALBERT FRANCIS 2110 HESTIA LOOP OVIEDO FL 32765 6235289 0 X WWW.LEGACYPOINTEATUCF.COM X 2005 FL TO PROMOTE EDUCATION, RESEARCH AND COMMUNITY SERVICE THROUGH OPERATION OF A RETIREMENT COMMUNITY. 16 16 0 16 0 0 0 0 4252 5905078 0 330211 0 0 4252 6235289 0 0 0 0 260148 0 0 0 0 1990284 12092773 2250432 12092773 -2246180 -5857484 180986624 211986794 191832120 232590774 -10845496 -20603980 X TO PROVIDE HOUSING, HEALTHCARE AND ASSISTIVE SERVICES TO THE ELDERLY THROUGH THE DEVELOPMENT OF AND OPERATION OF A CONTINUING CARE RETIREMENT COMMUNITY FOR SENIORS WHEREBY THEY CAN FIND ENRICHMENT THROUGH LIFE-LONG LEARNING, STATE-OF-THE ART WELLNESS, AND PARTICIPATION IN THE DAILY ACTIVITIES OF THE UNIVERSITY OF CENTRAL FLORIDA ("UCF") BY INTEGRATING THE SERVICES OF UCF COLLEGES WITHIN THE CCRC AND PROVIDING INTERNSHIP OPPORTUNITIES FOR STUDENTS. WE WILL BRING THE LIFE EXPERIENCES OF THE MEMBERS OF THE CCRC TO THE STUDENTS OF THE UNIVERSITY THROUGH MENTORING AND THE DEVELOPMENT OF OTHER INTERGENERATIONAL PROGRAMS TO FACILITATE THE CREATION OF A MULTI-GENERATIONAL UNIVERSITY CAMPUS. WE WILL PARTNER WITH THE LEARNING INSTITUTE FOR ELDERS (LIFE) GROUP AT UCF, WHICH WILL PROVIDE EDUCATIONAL PROGRAMMING FOR THE MEMBERS OF THE CCRC. 0 0 9505013 5905078 ACTIVITIES TO DATE HAVE CONSISTED OF PLANNING, ARRANGING FOR INTERIM FINANCING, ACQUIRING LAND, PRE-MARKETING, AND DEVELOPMENT OF THE CONTINUING CARE RETIREMENT COMMUNITY ("CCRC") ADJACENT TO THE UCF CAMPUS. THE CCRC OPENED AT THE END OF DECEMBER 2021 AND HAS 140 INDEPENDENT LIVING APARTMENTS, 32 VILLAS, AND 48 ASSISTED LIVING APARTMENTS. 9505013 1 0 0 0 0 0 0 0 1 0 1 0 0 1 1 1 1 0 0 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 0 0 0 0 0 0 1 70 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 16 16 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 FL X JULIE HOLT 9724023759 220 E LAS COLINAS BLVD STE 1000 IRVING TX 75039 X ROBERT HOLMES JR DIRECTOR 1.50 X 0 0 0 PHILIP M ANDERSON JR EXECUTIVE VICE PRESIDENT 1.50 X X 0 0 0 JOSEPH CONTE SECRETARY 1.50 X X 0 0 0 ALBERT FRANCIS III PRESIDENT 1.50 X X 0 0 0 TERRY BANGS DIRECTOR 1.50 X 0 0 0 WARREN BLOOM DIRECTOR 1.50 X 0 0 0 TODD BOWERS DIRECTOR 1.50 X 0 0 0 DEBORAH GERMAN DIRECTOR 1.50 X 0 0 0 BARRY GOFF DIRECTOR 1.50 X 0 0 0 KATHLEEN HAGERTY DIRECTOR 1.50 X 0 0 0 ANTHONY LIGHTMAN DIRECTOR 1.50 X 0 0 0 YOUCHENG WANG DIRECTOR 1.50 X 0 0 0 MARGERY PABST-STEINMETZ DIRECTOR 1.50 X 0 0 0 ROBERT RIGEL DIRECTOR 1.50 X 0 0 0 MARY LOU SOLE DIRECTOR 1.50 X 0 0 0 ADRIENNE FRAME DIRECTOR 1.50 X 0 0 0 DOMENICA WEHMANN EXECUTIVE DIRECTOR 40.00 X 0 0 0 0 0 0 0 0 0 0 LECESSE CONSTRUCTION SERVICES LLC 15 CIRCLE STREET ROCHESTER NY 14607 CONSTRUCTION SERVICES 17348676 GCD FLORIDA LLC 220 E LAS COLINAS BLVD STE 1000 IRVING TX 75039 DEVELOPMENT SERVICES 1072779 GMSC FLORIDA LLC 220 E LAS COLINAS BLVD STE 1000 IRVING TX 75039 MANAGEMENT SERVICES 686445 CEC GROUP LLC 2242 LANGLEY CIRCLE ORLANDO FL 32835 CONSTRUCTION SERVICES 125080 CURLIN 6001 E COLUMBUS DRIVE TAMPA FL 33619 CONSTRUCTION SERVICES 109392 5 INDEPENDANT LIVING FEE 623990 4358401 4358401 ENTRANCE FEES 623990 1298912 1298912 ASSISTED LIVING FEES 623990 212308 212308 OTHER REVENUE 623990 35457 35457 5905078 330211 330211 6235289 5905078 0 330211 X 480986 432887 48099 2532500 1189854 1342646 185383 185383 467998 351137 116861 448743 44874 403869 684515 559648 124867 62459 62459 4694309 4600423 93886 1605291 1567474 37817 392461 289964 102497 DIETARY 376962 376862 100 EQUIPMENT EXPENSES 110208 91890 18318 TRAINING AND EMPLOYEE R 50654 50654 MISCELLANEOUS 304 304 12092773 9505013 2587760 0 1042395 2782031 42249832 20173542 554727 40224 125164 149620980 2070942 127618632 147550038 10035541 40801292 180986624 211986794 9050084 2344269 4681207 53084621 168746736 168979924 5381186 308053 2847182 2847182 1125725 5026725 191832120 232590774 X -10845496 -20603980 -10845496 -20603980 180986624 211986794 X -5857484 -3901000 X X 0 1 X 1 0 X 4252 5905078 5909330 4252 5905078 5909330 0 0 0 5909330 330211 330211 330211 330211 4252 6235289 6239541 0.94710 1.00000 0.05290 X 0 1 X 7821056 7821056 103599304 1385376 102213928 378578 378578 0 2863762 306988 2556774 34958280 34958280 147550038 RESERVATION DEPOSITS 40757770 CAPITALIZED COMMISION 40797 SECURITY DEPOSITS 2725 40801292 ACCRUED INTEREST 1125725 FUTURE SERVICE OBLIGATION 3901000 5026725 X 6235289 0 6235289 0 6235289 12092773 0 12092773 0 12092773 PART IV, LINE 2B: THE ORGANIZATION'S ESCROW ACCOUNT CONTAINS DEPOSITS RECEIVED FROM PROSPECTIVE FUTURE RESIDENTS AND 75% OF ENTRANCE FEES PAID BY CURRENT RESIDENTS. DEPOSITS RECEIVED FROM PROSPECTIVE FUTURE RESIDENTS ARE REQUIRED TO BE MAINTAINED IN SEPARATE ESCROW ACCOUNTS FOR THEIR BENEFIT AND ARE NOT AVAILABLE FOR OTHER USES. THE 75% OF ENTRANCE FEES PAID BY CURRENT RESIDENTS ARE REQUIRED TO BE HELD UNTIL THE ESCROW RELEASE ONCE 70% OCCUPANCY HAS BEEN MET. PART X, LINE 2: THE ORGANIZATION HAS BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE AS A NOT-FOR-PROFIT ORGANIZATION AND IS EXEMPT FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C)(3). ACCORDINGLY, NO PROVISION OR LIABILITY FOR INCOME TAXES HAS BEEN INCLUDED IN THESE FINANCIAL STATEMENTS. A SEMINOLE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY TAX-EXEMPT RETIREMENT 592349746 81669TAA6 2019-12-30 172885000 SEE PART VI 0 0 0 A 163440024 10359592 15891170 20214475 3234139 91432895 22307753 1 1 0 1 A 0 0 0 0 0 0 1 A 0 1 0 0 1 0 0 0 1 A 1 SCHEDULE K, PART I, BOND ISSUES: (C) CUSIP #: SERIES 2019A - 81669TAA6; 81669TAB4; 816669TAC2; 81669TAD0. SERIES 2019B-1 - 81669TAE8 SERIES 2019B-2 - 81669TAF5 SCHEDULE K, PART I, BOND ISSUES: (F) DESCRIPTION OF PURPOSE: THE PROCEEDS OF THE BONDS WILL BE USED TO (I.) FINANCE THE COST OF CONSTRUCTING, DEVELOPING, AND MARKETING, ACQUIRING AND EQUIPPING OF A CONTINUING CARE COMMUNITY (INCLUDING THE LAND ON WHICH THE COMMUNITY WILL BE LOCATED), ALL LOCATED OR TO BE LOCATED ON THE ORGANIZATION'S CAMPUS IN OVIEDO, SEMINOLE COUNTY, FLORIDA AND TO BE KNOWN AS LEGACY POINTE AT UCF, (II.) REFINANCE ALL OF THE OUTSTANDING SEMINOLE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY REVENUE BOND ANTICIPATION NOTES, SERIES 2016 AND 2018 BOND ISSUES, THE ORGANIZATION'S PROMISSORY NOTE TO THE UNIVERSITY OF CENTRAL FLORIDA REAL ESTATE FOUNDATION, INC., (III.) FUND, FOR A PERIOD OF 28 MONTHS, INTEREST ON THE BONDS (FOR THE CONSTRUCTION PERIOD AND A PORTION OF THE ANTICIPATED FILL-UP PERIOD FOR THE PROJECT, (IV.) FUND CERTAIN INCENTIVE PAYMENTS TO BE EARNED AND PAYABLE TO THE DEVELOPMENT CONSULTANT ONLY AFTER CERTAIN PROJECT OUTCOME EVENTS ARE MET, (V.) FUND DEBT SERVICE RESERVE FUNDS AND (VI.) PAY ISSUANCE COSTS ASSOCIATED WITH THE ISSUANCE OF THE BONDS. FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION HAS ENGAGED GREYSTONE MANAGEMENT COMPANY TO PERFORM MANAGEMENT DUTIES. THE ORGANIZATION'S SALES AND MARKETING STAFF, AS WELL AS EXECUTIVE DIRECTOR, ARE EMPLOYED BY THE MANAGEMENT COMPANY. THE EXECUTIVE DIRECTOR RECEIVED $216,585 IN COMPENSATION FROM GREYSTONE MANAGEMENT COMPANY DURING THE 2022 CALENDAR YEAR. FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE COMMITTEE CONDUCTS A COMPREHENSIVE REVIEW OF THE FORM 990 BEFORE IT IS FILED. A COPY OF THE RETURN, AS ULTIMATELY FILED, IS MADE AVAILABLE TO EACH VOTING MEMBER OF THE BOARD OF DIRECTORS BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C NO MEMBER OF THE BOARD OF DIRECTORS SHALL HAVE A MATERIAL PERSONAL INTEREST, EITHER DIRECTLY OR INDIRECTLY, IN CONFLICT WITH THE INTERESTS OF THE CORPORATION, UNLESS THE INTEREST IS DISCLOSED AND APPROVED. IF A CONFLICT OF INTEREST DOES OCCUR, IT MUST BE DISCLOSED TO THE BOARD OF DIRECTORS, WHO MAY REQUIRE THE DIRECTOR INVOLVED TO ABSTAIN FROM VOTING WITH RESPECT TO MATTERS INVOLVNG THE CONFLICT. THE BOARD OF DIRECTORS SHALL DECIDE WHAT ACTION, IF ANY, TO TAKE IN LIGHT OF A CONFLICT OF INTEREST. SUCH ACTION MAY INCLUDE ACCEPTING THE DIRECTOR'S ABSTENTION, REQUIRING THE DIRECTOR TO TERMINATE THE CONFLICT OF INTEREST OR CAUSING THE DIRECTOR'S APPOINTMENT TO BE TERMINATED. IN ADDITION TO THE LIMITATIONS ON CONFLICTS OF INTEREST, NO DIRECTOR SHALL ENTER INTO A TRANSACTION WITH OR HAVE ANY DEALING WITH THE CORPORATION UNLESS THE TRANSACTION OR DEALING IS DISCLOSED FULLY TO ALL MEMBERS OF THE BOARD OF DIRECTORS, AND THE BOARD OF DIRECTORS APPROVES THE TRANSACTION BY A VOTE OF THREE-FOURTHS OF ALL DIRECTORS (EXCLUDING THE INTERESTED DIRECTORS) ATTENDING THE MEETING. FORM 990, PART VI, SECTION B, LINE 15 THE MANAGEMENT COMPANY REGULARLY MONITORS COMPENSATION LEVELS OF SIMILAR ORGANIZATIONS AND DEVELOPMENTS PAY RANGES FOR EMPLOYEE POSITIONS, INCLUDING THE CEO AND OTHER TOP MANAGEMENT OFFICIALS. EMPLOYEE CONTRACTS ARE REVIEWED AND APPROVED BY THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FORM 990, PART IX, LINE 11G PURCHASED SERVICES - PAYROLL, EMPLOYEE BENEFITS, PAYROLL TAXES: PROGRAM SERVICE EXPENSES 1,164,338. MANAGEMENT AND GENERAL EXPENSES 1,339,097. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,503,435. CONTRACT LABOR: PROGRAM SERVICE EXPENSES 23,852. MANAGEMENT AND GENERAL EXPENSES 3,549. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 27,401. RESIDENT CARE: PROGRAM SERVICE EXPENSES 1,664. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,664. FORM 990, PART XI, LINE 9: CHANGE IN ESTIMATED FUTURE SERVICE OBLIGATIONS -3,901,000. FORM 990, PART XII, LINE 2C THE BOARD OF DIRECTORS IS RESPONSIBLE FOR THE SELECTION, MONITORING AND EVALUATION OF AN INDEPENDENT AUDIT FIRM AND OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS. THE BOARD OF DIRECTORS HAS ESTABLISHED AN AUDIT COMMITTEE TO FACILITATE THE EXECUTION OF ITS AUDIT OVERSIGHT RESPONSIBILITIES.