2026-07-23T08:22:52-05:00 2025-12-31 201518594 RFH PLLC 300 WEST VINE STREET STE 800 LEXINGTON KY 405071812 990 2025-01-01 237082862 OLD LADIES HOME D/B/A ASHLAND TERRACE OLDL 8592662581 475 S ASHLAND AVE LEXINGTON KY 40502 KELLY WEBER EXECUTIVE DIRECTOR 8592662581 2026-07-21 1 TYLER FALLIN CPA P01633182 8592311800 2025 2025-03-06 01:10:19Z OLD LADIES HOME D/B/A ASHLAND TERRACE KELLY WEBER 475 S ASHLAND AVE LEXINGTON KY 40502 1275424 0 X WWW.ASHLANDTERRACE.ORG X 1923 KY THE ASHLAND TERRACE STAFF AND BOARD OF DIRECTORS ARE DEDICATED TO PROVIDING A SECURE, FRIENDLY, AFFORDABLE HOME TO WOMEN SIXTY YEARS AND OLDER. AS A CONGREGATE SENIOR LIVING COMMUNITY, ASHLAND TERRACE STRIVES TO NURTURE RESIDENTS SPIRITUALLY, PHYSICALLY, AND MENTALLY TO ENHANCE THEIR RETIREMENT YEARS, AND ASSIST THEM WITHIN THE BOUNDARIES PRESCRIBED BY LAW TO FUNCTION INDEPENDENTLY. IN KEEPING WITH THE ORIGINAL PURPOSE OF THE HOME, ASHLAND TERRACE, A NON-PROFIT FACILITY, STRIVES TO MAINTAIN THE HIGHEST POSSIBLE SERVICE AND STANDARDS. 15 15 27 25 0 0 349727 255612 640028 697292 318146 109292 129436 114219 1437337 1176415 0 0 0 0 668999 696008 0 0 0 578407 618387 1247406 1314395 189931 -137980 5719678 5979650 55752 64936 5663926 5914714 X THE ASHLAND TERRACE STAFF AND BOARD OF DIRECTORS ARE DEDICATED TO PROVIDING A SECURE, FRIENDLY, AFFORDABLE HOME TO WOMEN SIXTY YEARS AND OLDER. AS A CONGREGATE SENIOR LIVING COMMUNITY, ASHLAND TERRACE STRIVES TO NURTURE RESIDENTS SPIRITUALLY, PHYSICALLY, AND MENTALLY TO ENHANCE THEIR RETIREMENT YEARS, AND ASSIST THEM WITHIN THE BOUNDARIES PRESCRIBED BY LAW TO FUNCTION INDEPENDENTLY. IN KEEPING WITH THE ORIGINAL PURPOSE OF THE HOME, ASHLAND TERRACE, A NON-PROFIT FACILITY, STRIVES TO MAINTAIN THE HIGHEST POSSIBLE SERVICE AND STANDARDS. 0 0 1066029 704981 OUR HOME IS A UNIQUE PART OF THE GREATER LEXINGTON COMMUNITY. BEING A NON-PROFIT 501(C)3 PUBLIC CHARITY, WE ARE ABLE TO PRIVATELY SUBSIDIZE RESIDENT RENT. THIS CREATES AN AFFORDABLE OPTION, WHICH ALSO INCLUDES THREE MEALS DAILY IN OUR DINING ROOM, WEEKLY HOUSEKEEPING INCLUDING CLEAN TOWELS AND BED LINENS, WEEKDAY TRANSPORTATION, AND A VARIETY OF ACTIVITIES AND OUTINGS. OUR LADIES DO NOT COME HERE TO RETIRE THEY COME HERE TO THRIVE!AS HOUSING PRICES REMAIN HIGH, WE ARE DEDICATED TO REMAINING AN AFFORDABLE OPTION FOR OLDER WOMEN. OUR BOARD OF DIRECTORS AND STAFF ARE CONTINUALLY WRITING GRANTS, SEEKING INNOVATIVE ALTERNATIVES, AND LOOKING AT WAYS TO KEEP QUALITY UP AND COSTS DOWN. WE ARE CONTINUALLY FUNDRAISING TO OFFSET THE COSTS OF OUR SERVICES TO THE WOMEN WHO CALL ASHLAND TERRACE HOME. WE ARE GRATEFUL TO BE A TRUE COMMUNITY THAT LISTENS TO, LAUGHS WITH, AND CELEBRATES OUR RESIDENTS. 1066029 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 16 0 27 1 0 0 0 0 0 0 0 0 0 0 0 0 X 15 15 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 KY X X DIRECTOR 8592662581 475 S ASHLAND AVE LEXINGTON KY 40502 JERRY STOUT PRESIDENT 1.00 X 0 0 0 JR ZERKOWSKI VICE-PRESIDENT 1.00 X 0 0 0 JANE KNAPP SECRETARY 1.00 X 0 0 0 CHRIS BESTEN TREASURER 1.00 X 0 0 0 AARIN BECKERLE DIRECTOR 1.00 X 0 0 0 ALLISON CONNELLY DIRECTOR 1.00 X 0 0 0 KATIE FINNELL DIRECTOR 1.00 X 0 0 0 RYAN HALLER DIRECTOR 1.00 X 0 0 0 CAMERON HAMILTON DIRECTOR 1.00 X 0 0 0 CAROL HARLIN DIRECTOR 1.00 X 0 0 0 LAURA HAYDEN DIRECTOR 1.00 X 0 0 0 RANDY KEMPER DIRECTOR 1.00 X 0 0 0 KIRTLAND ROACH DIRECTOR 1.00 X 0 0 0 MARY VENEZIE DIRECTOR 1.00 X 0 0 0 ALEX WILCOX DIRECTOR 1.00 X 0 0 0 KELLY WEBER EXECUTIVE DIRECTOR 40.00 X 103924 0 14614 103924 0 14614 1 0 0 0 0 27854 227758 10263 255612 PROGRAM RENTAL INCOME 531110 697292 697292 697292 76785 76785 106530 0 106530 106530 106530 131516 99009 32507 32507 32507 OTHER MISCELLANEOUS IN 900099 7689 7689 7689 1176415 704981 0 215822 118538 118538 475069 440035 35034 16820 15159 1661 40851 39777 1074 44730 33995 10735 15100 15100 30783 30783 8933 8933 14009 14009 11026 11026 136467 136467 120778 120778 111630 110157 1473 FOOD AND SUPPLIES 120706 120706 CONTRACT LABOR 24500 24500 RESIDENT SERVICES 11359 11359 SALON SERVICES & EXERCI 4974 4974 8122 8122 1314395 1066029 248366 0 133665 145273 201598 98716 31593 6901 24206 28194 4669645 2465051 2296481 2204594 2599266 3020981 432869 474991 5719678 5979650 47002 55736 8750 9200 55752 64936 X 4943914 5174383 720012 740331 5663926 5914714 5719678 5979650 X -137980 352364 36404 X X 0 1 X 1 0 X 428819 349072 322148 349727 255612 1705378 402920 550966 600525 667316 704981 2926708 72303 89955 162258 904042 989993 922673 1017043 960593 4794344 0 0 0 4794344 75264 61069 180024 178260 183315 677932 75264 61069 180024 178260 183315 677932 979306 1051062 1102697 1195303 1143908 5472276 0.87610 0.88930 0.12390 0.11070 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 15831 2179 83 17927 14727 1183 79 15831 12971 1822 66 14727 1 0 82157 9300 91457 147181 4180088 2282402 2044867 158466 120010 38456 92453 62639 29814 2204594 BENEFICIAL INTEREST IN TRUSTS 457064 BENEFICIAL INTEREST IN ASSETS HELD BY COMMUNITY FOUNDATION 17927 474991 RESIDENT DEPOSITS 9200 9200 X 1534400 352364 36404 388768 1145632 30783 30783 1176415 1283612 0 1283612 30783 30783 1314395 PART V, LINE 4: THE ENDOWMENT FUNDS ARE FOR THE FULFILLMENT OF CHARITABLE NEEDS OF THE COMMUNITY SERVED. PART X, LINE 2: ASHLAND TERRACE IS A NOT-FOR-PROFIT ORGANIZATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. AS SUCH, ASHLAND TERRACE IS EXEMPT FROM STATE TAXATION OF ITS EXEMPT FUNCTION INCOME AND FROM PROPERTY TAXES ASSESSED ON ITS PROPERTY. BEGINNING IN 1998, ASHLAND TERRACE BECAME CLASSIFIED AS A PRIVATE FOUNDATION. AS A RESULT, IT WAS SUBJECT TO AN EXCISE TAX EQUAL TO A MAXIMUM OF TWO PERCENT OF ITS NET INVESTMENT INCOME. THIS TAX RATE COULD BE REDUCED TO ONE PERCENT ON CERTAIN AMOUNTS OF ITS NET INVESTMENT INCOME, IF USED FOR CHARITABLE PURPOSES. DURING 2024, ASHLAND TERRACE FILED AN APPLICATION AND WAS APPROVED BY THE INTERNAL REVENUE SERVICE TO HAVE THEIR PRIVATE FOUNDATION STATUS TERMINATED, AND TO RETURN TO CLASSIFICATION AS A PUBLICLY SUPPORTED 501(C)(3). IN 2025, ASHLAND TERRACE RECEIVED REFUNDS OF TAXES PAID IN PRIOR YEARS TOTALING $18,509. UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, THE ORGANIZATION MUST RECOGNIZE THE TAX BENEFIT ASSOCIATED WITH TAX TAKEN FOR TAX RETURN PURPOSES WHEN IT IS MORE LIKELY THAN NOT THE POSITION WILL BE SUSTAINED. THE ORGANIZATION DOES NOT BELIEVE THERE ARE ANY MATERIAL UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, THEY HAVE NOT RECOGNIZED ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS OR POSSIBLE RELATED INTEREST OR PENALTIES. THE ORGANIZATION IS NO LONGER SUBJECT TO U.S. FEDERAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FAIR MARKET VALUE OF BENEFICIAL INTEREST IN ASSETS HELD BY OTHERS 1,434. CHANGE IN FAIR MARKET VALUE OF CHARITABLE TRUSTS 34,970. X 1 10263 FMV 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS FIRST REVIEWED BY THE EXECUTIVE DIRECTOR AND THEN SHARED WITH THE FINANCE COMMITTEE PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS DESIGNED TO HELP DIRECTORS, OFFICERS AND KEY EMPLOYEES OF ASHLAND TERRACE RETIREMENT HOME IDENTIFY SITUATIONS THAT PRESENT POTENTIAL CONFLICTS OF INTEREST AND TO ESTABLISH AN APPROPRIATE GOVERNANCE FRAMEWORK FOR PROTECTING ASHLAND TERRACE'S INTERESTS AS A TAX-EXEMPT ORGANIZATION. THE POLICY SHALL APPLY WHEN CONSIDERATION IS BEING GIVEN TO ENTERING INTO A TRANSACTION OR ARRANGEMENT THAT MIGHT BENEFIT THE PRIVATE INTEREST OF A DIRECTOR OF ASHLAND TERRACE, OR MIGHT RESULT IN A POSSIBLE EXCESS BENEFIT TRANSACTION. RESPONSIBLE PERSONS INCLUDE OFFICER, KEY EMPLOYEES, AND MEMBERS OF THE BOARD OF DIRECTORS. INTEREST PERSONS INCLUDE ANY DIRECTOR, OFFICER, OR MEMBER OF A COMMITTEE, WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST. REGARDING ANY CONFLICT OF INTEREST OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE BOARD AND/OR THE EXECUTIVE OR ASSISTANT DIRECTOR. IF DISCLOSED TO THE EXECUTIVE OR ASSISTANT DIRECTOR, HE OR SHE SHALL REPORT THE POSSIBLE CONFLICT OF INTEREST TO THE BOARD FOR FURTHER DELIBERATION. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE BOARD MEETING WHILE THE DETERMINATION WHETHER A CONFLICT OF INTEREST EXISTS IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS THROUGH THIS DISCUSSION AND VOTING PROCESS. PROCEDURES FOR ADDRESSING THE CONFLICT OF INTEREST INCLUDE, (A) AN INTERESTED PERSON MAY MAKE A PRESENTATION TO THE BOARD, BUT AFTER THE PRESENTATION, HE/SHE SHALL LEAVE FOR THE BOARD TO DISCUSS AND VOTE ON THE TRANSACTION OR ARRANGEMENT, (B) IF APPROPRIATE, THE BOARD SHALL APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT, (C) AFTER EXERCISING DUE DILIGENCE, THE BOARD SHALL DETERMINE IF ASHLAND TERRACE CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM THE PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST, AND (D) IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE BOARD SHALL DETERMINE BY MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION IS IN THE BEST INTEREST OF ASHLAND TERRACE. VIOLATIONS OF THE CONFLICTS OF INTEREST POLICY INCLUDE, (A) IF THE BOARD HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE, (B) IF, AFTER HEARING THE MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE BOARD DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. EACH DIRECTOR, OFFICER AND MEMBER OF A COMMITTEE AND KEY EMPLOYEE SHALL ANNUALLY SIGN A STATEMENT WHICH AFFIRMS SUCH A PERSON HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, READ AND UNDERSTANDS THE POLICY, AGREES TO THE POLICY, WILL PROMPTLY ADVISE THE BOARD OF ANY CIRCUMSTANCES ARISING DURING THE YEAR THAT MAY CREATE A CONFLICT OF INTEREST, AND UNDERSTANDS THAT ASHLAND TERRACE IS A 501(C)3 ORGANIZATION TO KEEP SUCH A STATUS MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH THE TAX-EXEMPT PURPOSE. ANY NEW BOARD MEMBERS AND/OR KEY EMPLOYEES SHALL BE REQUIRED TO REVIEW THE CONFLICT OF INTEREST POLICY AND SIGN THE STATEMENT AS PART OF THEIR ORIENTATION AND ONBOARDING PROCESS. THE EXECUTIVE COMMITTEE OF THE BOARD SHALL BE RESPONSIBLE FOR VERIFYING THAT INCOMING BOARD MEMBERS AND KEY EMPLOYEES HAVE REVIEWED AND SIGNED THIS POLICY IN A TIMELY MANNER. FORM 990, PART VI, SECTION C, LINE 19 ORGANIZATION HAS THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN FAIR MARKET VALUE OF BENEFICIAL INTEREST IN ASSETS HELD BY OTHERS 1,434. CHANGE IN FAIR MARKET VALUE OF CHARITABLE TRUSTS 34,970. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.