2025-01-23T16:27:43-06:00 2023-12-31 593070669 MSL PA 255 S ORANGE AVENUE SUITE 600 ORLANDO FL 32801 990 2023-01-01 203537708 CCRC DEVELOPMENT CORPORATION CCRC 4075436350 2110 HESTIA LOOP OVIEDO FL 32765 ALBERT FRANCIS PRESIDENT 4075436350 2025-01-23 1 0 HARRY E HARP CPA P00176471 4077405400 2023 2024-10-15 13:58:12Z LEGACY POINTE AT UCF ALBERT FRANCIS 2110 HESTIA LOOP OVIEDO FL 32765 13409136 0 X WWW.LEGACYPOINTEATUCF.COM X 2005 FL TO PROMOTE EDUCATION, RESEARCH AND COMMUNITY SERVICE THROUGH OPERATION OF A RETIREMENT COMMUNITY. 11 11 0 10 0 0 0 0 5905078 12288389 330211 1120747 0 0 6235289 13409136 0 0 0 0 0 3883787 0 0 0 12092773 18312994 12092773 22196781 -5857484 -8787645 211986794 167664067 232590774 198489692 -20603980 -30825625 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 19156520 12288389 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, 32 MEMORY SUPPORT APARTMENTS, AND 48 SKILLED NURSING BEDS. 19156520 1 0 0 0 0 0 0 0 1 0 1 0 0 0 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 64 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 FL X ELEONORA CSOMORTANY 4072781562 2120 HESTIA LOOP OVIEDO FL 32765 X ALBERT FRANCIS III PRESIDENT 1.50 X 0 0 0 PHILIP ANDERSON EXECUTIVE VP/TREASURER 1.50 X X 0 0 0 TERRY BANGS DIRECTOR 1.50 X X 0 0 0 WARREN BLOOM DIRECTOR 1.50 X X 0 0 0 TODD BOWERS DIRECTOR 1.50 X 0 0 0 BARRY GOFF DIRECTOR 1.50 X 0 0 0 ANTHONY LIGHTMAN DIRECTOR 1.50 X 0 0 0 ADRIENNE FRAME DIRECTOR 1.50 X 0 0 0 MARY LOU SOLE DIRECTOR 1.50 X 0 0 0 ROBERT RIGEL DIRECTOR 1.50 X 0 0 0 MARGERY PABST-STEINMETZ DIRECTOR 1.50 X 0 0 0 DAVID KRAMER EXECUTIVE DIRECTOR (BEG. 12/23) 40.00 X 0 0 0 DOMENICA WEHMANN EXECUTIVE DIRECTOR 40.00 X 0 0 0 0 0 0 0 0 0 0 LECESSE CONSTRUCTION SERVICES 15 CIRCLE STREET ROCHESTER NY 14607 CONSTRUCTION SERVICES 1346781 GCD FLORIDA LLC 220 E LAS COLINAS BLVD IRVING TX 75039 MANAGEMENT COMPANY 922027 GMSC FLORIDA LLC 220 E LAS COLINAS BLVD IRVING TX 75039 DEVELOPMENT ADVISORY SERVICES 784318 ANSTEY HODGE ADVERTISING GROUP 120 COMMONWEALTH AVE ROANOKE VA 240161919 MARKETING AGENCY 316662 BAKER COMMERCIAL LANDSCAPING PO BOX 5420 WINTER PARK FL 327935420 LANDSCAPING AGENCY 164503 10 INDEPENDANT LIVING FEES 623990 7954671 7954671 ENTRANCE FEES 623990 1792077 1792077 ASSISTED LIVING FEES 623990 1526284 1526284 SKILLED NURSING AND THERAPY 623990 833927 833927 OTHER REVENUE 623990 181430 181430 12288389 1120747 1120747 13409136 12288389 0 1120747 3883787 3161542 722245 588429 529586 58843 1340481 494481 846000 519363 25763 493600 808478 664641 143837 160460 16046 144414 2130079 2070211 59868 134155 64714 69441 7622302 7474326 147976 3636678 3555792 80886 570824 440751 130073 DIETARY 660120 656921 3199 TRAINING AND EMPLOYEE R 139843 139843 MISCELLANEOUS 1782 1746 36 22196781 19156520 3040261 0 2782031 682980 20173542 19052597 554727 903509 26681 125164 409437 151034321 5320723 147550038 145713598 40801292 875265 211986794 167664067 2344269 1075178 53084621 58639662 168979924 129398113 308053 290452 2847182 2847182 5026725 6239105 232590774 198489692 X -20603980 -30825625 -20603980 -30825625 211986794 167664067 X -8787645 -1434000 X X 0 1 X 1 0 X 4252 5905078 12288389 18197719 4252 5905078 12288389 18197719 0 0 0 18197719 330211 1120747 1450958 330211 1120747 1450958 4252 6235289 13409136 19648677 0.92620 0.94710 0.07380 0.05290 X 0 1 X 7821056 7821056 140125914 4582383 135543531 3071647 738340 2333307 15704 15704 145713598 ACCRUED INTEREST 904105 FUTURE SERVICE OBLIGATION 5335000 6239105 X 13409136 0 13409136 0 13409136 22196781 0 22196781 0 22196781 PART IV, LINE 2B: THE ORGANIZATION'S ESCROW ACCOUNT CONTAINS DEPOSITS RECEIVED FROM PROSPECTIVE FUTURE RESIDENTS AND ENTRANCE FEES PAID BY CURRENT RESIDENTS THAT MUST BE HELD FOR 7 DAYS. DEPOSITS RECEIVED FROM PROSPECTIVE RESIDENTS ARE REQUIRED TO BE MAINTAINED IN SEPARATE ESCROW ACCOUNTS FOR THEIR BENEFIT AND ARE NOT AVAILABLE FOR OTHER USES. 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 39815000 172885000 15263825 15891170 3234139 138495866 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 THE EXECUTIVE DIRECTOR, ARE EMPLOYED BY THE MANAGEMENT COMPANY. DURING THE 2023 CALENDAR YEAR, THE EXECUTIVE DIRECTOR AND FORMER EXECUTIVE DIRECTOR RECEIVED $12,778 AND $193,104 IN COMPENSATION FROM GREYSTONE MANAGEMENT COMPANY RESPECTIVELY. 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 XI, LINE 9: CHANGE IN ESTIMATED FUTURE SERVICE OBLIGATIONS -1,434,000. 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.