2023-08-29T08:08:48-05:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 4 BATTERYMARCH PARK SUITE 100 QUINCY MA 02169 990 2022-01-01 222535376 WAKE ROBIN CORPORATION WAKE 8022645100 200 WAKE ROBIN DRIVE SHELBURNE VT 05482 MARYSUE KELSEN CHIEF FINANCIAL OFFICER 8022645109 2023-08-23 1 MARYSUE KELSEN 999009999 0 DANIELLE NIHILL P01350943 7819821001 2023-08-23 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z MARYSUE KELSEN 200 WAKE ROBIN DRIVE SHELBURNE VT 05482 38711059 0 X WWW.WAKEROBIN.COM X 1984 VT TO ESTABLISH, OWN, AND MAINTAIN CHARITABLE CONTINUING CARE RETIREMENT COMMUNITIES FOR THE ELDERLY 14 14 337 14 0 0 263947 812768 29423968 33028894 680310 497230 0 0 30368225 34338892 0 0 0 0 12976392 14953242 0 0 0 16461018 16897929 29437410 31851171 930815 2487721 137626146 131686874 158758873 154595603 -21132727 -22908729 X ESTABLISH A SUSTAINABLE DYNAMIC COMMUNITY OF SENIORS THAT HONORS BOTH MUTUAL SUPPORT AND INDEPENDENCE AND ADDRESSES THE HEALTH AND WELLNESS OF EACH RESIDENT. 0 0 29853632 0 33028894 WAKE ROBIN HAS ONE PRIMARY PROGRAM SERVICE, TO ESTABLISH AND OWN A SUSTAINABLE AND DYNAMIC LIFE PLAN COMMUNITY (ALSO KNOWN AS A CONTINUING CARE RETIREMENT COMMUNITY) FOR OLDER ADULTS THAT HONORS BOTH MUTUAL SUPPORT AND INDEPENDENCE AND ADDRESSES THE HEALTH AND WELLNESS OF EACH RESIDENT. WAKE ROBIN EMBODIES A "RESIDENT DRIVEN" COMMUNITY LIFE, IN WHICH RESIDNTS CAN BE AS ENGAGED AS THEY WANT TO BE BOTH WITHIN AND OUTSIDE OF WAKE ROBIN. WAKE ROBIN PROVIDES RESIDENTS WITH HOUSING, HEALTH CARE SERVICES, FOOD SERVICES, SECURITY AND OTHER ANCILLARY SERVICES TO THE SENIOR RESIDENTS. WAKE ROBIN IS COMMITTED TO LIVING OUR CORE VALUES OF COMMUNITY, BALANCE, DIFFERENCE, ENVIRONMENTAL STEWARDSHIP, AND HUMOR. CONTINUED ON SCHEDULE O.THE SINGLE SITE COMMUNITY OFFERS 250 INDEPENDENT LIVING HOMES AND 98 HOMES IN THE LINDEN HEALTH CENTER (41 RESIDENTIAL CARE HOMES, 39 SKILLED NURSING HOMES AND 18 MEMORY CARE). AT DECEMBER 31, 2022, THE COMMUNITY HOUSED APPROXIMATELY 322 RESIDENTS IN INDEPENDENT HOMES AND 78 RESIDENTS IN THE HEALTH CENTER. WAKE ROBIN ALSO PROVIDES BENEVOLENCE ASSISTANCE FOR ITS RESIDENTS WHO, THROUGH NO FAULT OF THEIR OWN, HAVE EXHAUSTED THEIR FINANCIAL RESOURCES. WAKE ROBIN WAS FINANCIALLY IMPACTED BY COVID-19. EXPENSES INCREASED AND RESIDENT ACTIVITY DECREASED. CERTAIN REVENUE STREAMS WERE NEGATIVELY IMPACTED, AND ADDITIONAL COSTS WERE SPENT FOR DISEASE CONTROL, PERSONAL PROTECTIVE EQUIPMENT, CLEANING SUPPLIES AND WORKFORCE WAGES. FUNDING MADE AVAILABLE THROUGH THE CARES ACT AND CENTERS FOR MEDICARE AND MEDICAID SERVICES (CMS) WAS UTILIZED FOR ELIGIBLE EXPENDITURES. 29853632 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 1 0 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 0 1 1 1 0 0 0 1 29 0 337 1 0 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 0 0 VT X X MARYSUE KELSEN 8022645109 200 WAKE ROBIN DRIVE SHELBURNE VT 05482 JOHN MAITLAND CHAIR 1.00 1.00 X X 0 0 0 ARTHUR WRIGHT VICE-CHAIR 1.00 1.00 X X 0 0 0 TARA BANKS BOARD MEMBER 1.00 1.00 X 0 0 0 SARAH BILLINGS-BERG BOARD MEMBER 1.00 1.00 X 0 0 0 DOLLY FLEMING BOARD MEMBER 1.00 1.00 X 0 0 0 JANICE GALLANT MD BOARD MEMBER 1.00 1.00 X 0 0 0 ROSALYN GRAHAM BOARD MEMBER 1.00 1.00 X 0 0 0 KATIE HAWLEY BOARD MEMBER 1.00 1.00 X 0 0 0 JOAN LENES BOARD MEMBER 1.00 1.00 X 0 0 0 STEVE SCHONBERG BOARD MEMBER 1.00 1.00 X 0 0 0 SARAH TISCHLER BOARD MEMBER 1.00 1.00 X 0 0 0 BILL TRUEX BOARD MEMBER 1.00 1.00 X 0 0 0 SARAH WEBSTER BOARD MEMBER 1.00 1.00 X 0 0 0 BRIGETTE WHITE BOARD MEMBER 1.00 1.00 X 0 0 0 MARTHA MAKSYM CEO & PRESIDENT 40.00 0.00 X 156976 0 4426 MARYSUE KELSEN CFO, SECRETARY & TREASURER 40.00 0.00 X 165527 0 25637 MEAGAN BUCKLEY DIRECTOR OF HEALTH SERVICES 40.00 0.00 X 183260 0 8789 LESLIE PARKER DIRECTOR OF ENVIRONMENTAL 40.00 0.00 X 141755 0 12165 KATE HAYES DIRECTOR OF FOOD SERVICES 40.00 0.00 X 126930 0 12165 TEN TSEPAL REGISTERED NURSE 40.00 0.00 X 125122 0 12383 MARYBETH DUDLEY DIRECTOR OF MARKETING 40.00 0.00 X 123522 0 12123 1023092 0 87688 13 0 1 0 NETWORK PERFORMANCE INC 85 GREEN MOUNTIAN DR SOUTH BURLINGTON VT 05483 IT CONSULTING & INSTALLATION 638000 THE ROYAL GROUP 150 WOODSTOCK AVENUE RUTLAND VT 05701 HARDWARE/ALARM SERVICES 558000 MOUNTAIN AIR SYSTEMS 430 COMMERCE STREET SUITE 220 WILLISTON VT 05495 HVAC SYSTEM SERVICES 478000 ABLE PAINT AND GLASS 683 PINE STREET BURLINGTON VT 05401 CONSTRUCTION SERVICES 388000 MAS MEDICAL PO BOX 4473 HOUSTON TX 77210 NURSING SERVICES 336000 14 406000 406768 812768 RESIDENT SERVICE FEES 623000 17878186 17878186 AMORTIZATION OF ENTRANCE FEE 623000 7185990 7185990 HEALTH CARE REVENUE 623000 5487161 5487161 TERMINATION FEES 623000 1778069 1778069 ANCILLARY REVENUE 623000 699488 699488 33028894 644505 644505 4224892 4372167 -147275 -147275 -147275 34338892 33028894 0 497230 332190 172332 159858 5859593 5512660 346933 189045 175306 13739 7724670 7095179 629491 847744 778628 69116 90941 90941 46987 46987 164441 164441 441771 406350 35421 35578 35578 843652 826491 17161 93053 93053 4128869 3883948 244921 3221547 3206735 14812 5821314 5794553 26761 432366 430378 1988 DINING 1468821 1426905 41916 NURSE/THERAPY/ANCILLARY 108589 108589 31851171 29853632 1997539 0 1700 1700 15648915 7136341 373577 666447 29850 31388 247105 515715 156667816 69670579 89185084 86997237 32139915 36338046 137626146 131686874 2295580 2594367 65655781 65469572 85661967 81047967 5145545 5483697 158758873 154595603 X -26602876 -27786686 5470149 4877957 -21132727 -22908729 137626146 131686874 X 2487721 -4082091 -181632 X 0 1 X 1 0 X 123552 244161 2834377 263947 812768 4278805 23684531 26016581 26933603 29423968 33028894 139087577 23808083 26260742 29767980 29687915 33841662 143366382 153150 202300 57878 87296 136804 637428 0 153150 202300 57878 87296 136804 637428 142728954 480430 447068 432492 580650 644505 2585145 480430 447068 432492 580650 644505 2585145 24288513 26707810 30200472 30268565 34486167 145951527 0.97790 0.97740 0.01770 0.01770 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1029920 10000 -105925 933995 891579 30000 108341 1029920 796248 2500 92831 891579 658800 3483 133965 796248 638012 53000 -31194 1018 658800 1.00000 0.00000 0.00000 0 0 2133946 2133946 141363266 61814393 79548873 7758544 4650387 3108157 5412060 3205799 2206261 86997237 ANNUITY OBLIGATIONS 82012 RESIDENT DEPOSITS 2022441 REFUNDABLE ENTRANCE FEES 3379244 5483697 X PART V, LINE 4: THE ENDOWMENT FUND WAS ESTABLISHED BY THE BOARD TO SUPPORT WAKE ROBIN'S EFFORT TO PROVIDE QUALITY RESIDENTAL SERVICES WITH THE LOWEST MONTHLY FEE AND TO OFFER PROTECTION TO WAKE ROBIN AGAINST UNEXPECTED EXPENSES IN THE FUTURE. PART X, LINE 2: THE CORPORATION IS RECOGNIZED BY THE INTERNAL REVENUE SERVICE AS A NONPROFIT CORPORATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND IS EXEMPT FROM FEDERAL INCOME TAXES PURSUANT TO SECTION 501(A) OF THE IRC. THE CORPORATION FOLLOWS THE PROVISIONS OF THE INCOME TAX ACCOUNTING STANDARDS REGARDING THE RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. THE APPLICATION OF THESE PROVISIONS HAS NO IMPACT ON THE CORPORATION'S FINANCIAL STATEMENTS. THE CORPORATION'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL, STATE, AND LOCAL AUTHORITIES. X X X 0 0 0 0 0 0 0 1 0 MEAGAN BUCKLEY DIRECTOR OF HEALTH SERVICES 162018 0 19200 0 2042 0 2000 0 6789 0 192049 0 0 0 MARYSUE KELSEN CFO, SECRETARY & TREASURER 146695 0 7200 0 11632 0 2000 0 23637 0 191164 0 0 0 MARTHA MAKSYM CEO & PRESIDENT 155432 0 0 0 1544 0 2000 0 2426 0 161402 0 0 0 LESLIE PARKER DIRECTOR OF ENVIRONMENTAL 133409 0 7200 0 1146 0 2000 0 10165 0 153920 0 0 0 PART I, LINE 7 DIRECTOR LEVEL BONUSES ARE DISCRETIONARY NON-FIXED PAYMENTS. THE BONUS IS INCLUDED IN EACH EMPLOYEE'S W-2 COMPENSATION. BONUSES ARE DETERMINED BY THE CEO AND APPROVED BY THE BOARD OF DIRECTORS. THE CEO BONUS IS DETERMINED IN LINE WITH THE OTHER DISCRETIONARY BONUSES, BUT IS DETERMINED AND APPROVED BY THE BOARD OF DIRECTORS. THE FOLLOWING EMPLOYEES LISTED ON FORM 990, PART VII, SECTION A RECEIVED A BONUS IN 2022: MEAGAN BUCKLEY, DIRECTOR OF HEALTH SERVICE - $19,200 MARYBETH DUDLEY, DIRECTOR - $7,200 MARYSUE KELSEN, CFO, SECRETARY & TREASURER - $7,200 LESLIE PARKER, DIRECTOR OF ENVIRONMENTAL - $7,200 KATE HAYES, DIRECTOR OF FOOD SERVICES - $6,600 A VERMONT ECONOMIC DEVELOPMENT AUTHORITY 036024497 92515TBQ4 2017-07-26 21590000 TO REFUND THE MORTGAGE REVENUE SERIES 2006B BONDS 0 0 0 B VERMONT ECONOMIC DEVELOPMENT AUTHORITY 036024497 92415TCB6 2021-10-21 53529769 TO REFUND THE WAKE ROBIN MORTGAGE REVENUE SERIES 2014, 2017B, & 2012 BONDS. 0 0 0 C VERMONT ECONOMIC DEVELOPMENT AUTHORITY 036024497 92415TCE0 2022-01-31 9185496 TO REFUND THE WAKE ROBIN MORTGAGE REVENUE SERIES 2012 BONDS. 0 0 0 A 890000 21590000 464968 167725 6259554 14697753 2020 1 0 1 1 B 440000 49190000 4354388 954922 277270 43603420 1 0 0 1 C 185000 8410000 510113 183710 67018 7649272 1 0 0 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0.01500 0.01500 0.03000 0 0 1 C 0 0 0 0 0.01500 0.00000 0.01500 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: VERMONT ECONOMIC DEVELOPMENT AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2022 SCHEDULE K, PART II, LINE 3: THE DIFFERENCE BETWEEN THE ISSUE PRICE OF $53,259,769 AND TOTAL PROCEEDS OF ISSUE OF $49,190,000 FOR THE 2021A BONDS IS THE BOND PREMIUM OF $4,069,769. SCHEDULE K, PART II, LINE 3: THE DIFFERENCE BETWEEN THE ISSUE PRICE OF $9,185,496 AND TOTAL PROCEEDS OF ISSUE OF $8,410,000 FOR THE 2022B BONDS IS THE BOND PREMIUM OF $775,496. FORM 990, PART VI, SECTION A, LINE 8B ALL MEETINGS ARE DOCUMENTED. THERE ARE NO COMMITTEES THAT ARE AUTHORIZED TO ACT ON BEHALF OF THE ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 8B ONE MEMBER OF THE COMMITTEE OR SUB-COMMITTEE IS RESPONSIBLE FOR SUMMARIZING THE MEETING. MINUTES ARE FORWARDED TO ALL MEMBERS PRIOR TO THE NEXT MEETING. AT THAT SUBSEQUENT MEETING, MEMBERS VOTE TO APPROVE THE MINUTES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM. THE AUDIT AND FINANCE COMMITTEE AND THE FULL BOARD THEN REVIEW AND APPROVE THE FORM 990 PRIOR TO ITS FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EVERY JUNE, ALL BOARD DIRECTORS AND MANAGEMENT COMPLETE A CONFLICT OF INTEREST STATEMENT. THEY ARE ASKED TO DISCLOSE ANY CONFLICT OF INTEREST THAT MIGHT ARISE DURING THE YEAR. AT THE TIME THEY ARISE, THE CFO AND THE BOARD EVALUATE HOW THE CONFLICT CAN BE MITIGATED AND ESTABLISH APPROPRIATE CONTROLS AND OVERSIGHT TO MONITOR AND ENSURE THE POLICY IS IN PLACE. IN ADDITION, THE CONFLICT OF INTEREST POLICY INCLUDES A DUTY TO TIMELY DISCLOSE ANY POTENTIAL CONFLICTS AS THEY ARISE. DIRECTORS WHO HAVE DECLARED OR BEEN FOUND TO HAVE A CONFLICT OF INTEREST SHALL REFRAIN FROM PARTICIPATING IN PROPOSED TRANSACTIONS IN WHICH POTENTIAL CONFLICT EXISTS. IN CASES WHERE SUCH CONFLICT EXISTS, UNLESS FOR SPECIAL REASONS, PERSONS WITH CONFLICTS SHALL NOT VOTE, PARTICIPATE IN DISCUSSION, NOR BE PRESENT AT THE TIME OF DISCUSSION OR VOTE. FORM 990, PART VI, SECTION B, LINE 15A THE CEO COMPENSATION IS APPROVED BY THE FULL BOARD OF DIRECTORS, WHO ARE VOLUNTEERS FROM THE LOCAL COMMUNITY. THEIR RECOMMENDATIONS ARE BASED ON: 1. INPUT FROM ALL BOARD MEMBERS AND THE HUMAN RESOURCES DIRECTOR. 2. COMPARISON OF OTHER CEO COMPENSATION IN VERMONT AND IN THE INDUSTRY (TY DOL AND LEADING AGE). 3. COMPENSATION IS TIED TO PERFORMANCE IN CARRYING OUT THE STRATEGIC PLAN WHICH IS NOT TIED TO FINANCIAL RESULTS, OPERATING RESULTS OR OTHER RATIOS. WHILE THE BOARD MAKES ITS DETERMINATION OF COMPENSATION INCREASE SEPARATE AND APART FROM THE INTERNAL STAFF SCALE OF ADJUSTMENTS, THE BOARD DOES TAKE THAT RANGE OF INCREASE INTO ACCOUNT IN MAKING ITS DETERMINATION. THE FINAL DETERMINATION AND DELIBERATION IS DOCUMENTED IN AN EXECUTIVE SESSION OF THE BOARD. THE REVIEW PROCESS LAST OCCURRED DURING 2022. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. QUARTERLY FINANCIAL RESULTS ARE PRESENTED TO RESIDENTS OF THE ORGANIZATION AND ARE AVAILABLE TO THE PUBLIC ON ELECTRONIC MUNICIPAL MARKET ACCESS (EMMA). THE FINANCIAL STATEMENTS ARE ALSO AVAILABLE ON THE ORGANIZATION'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF GIFT ANNUITIES -8,779. LOSS ON EXTINGUISHMENT OF BONDS -172,853. WAKE ROBIN MANAGEMENT LLC 200 WAKE ROBIN DRIVE SHELBURNE VT 05482 453189950 MANAGEMENT SERVICES TO SENIOR LIVING FACILITY VT 0 0 WAKE ROBIN CORPORATION THE WAKE ROBIN GROUP INC 200 WAKE ROBIN DRIVE SHELBURNE VT 05482 853121500 SUPPORT THE CHARITABLE PURPOSES AND ACTIVITIES OF WAKE ROBIN CORPORATION VT 501(C)(3) LINE 12A, I WAKE ROBIN CORPORATION 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0