2024-10-18T14:39:16-05:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 420 SOUTH ORANGE AVENUE SUITE 900 ORLANDO FL 32801 990 2023-01-01 590760207 FLORIDA PRESBYTERIAN HOMES INC FLOR 8636885521 16 LAKE HUNTER DRIVE LAKELAND FL 33803 HANK KEITH CHIEF FINANCIAL OFFICER 8636885521 2024-10-15 1 1 AMY CHAPMAN P00843460 4078021200 2024-10-14 2023 2024-10-15 13:58:12Z JOE XANTHOPOULOS 16 LAKE HUNTER DRIVE LAKELAND FL 33803 36907810 0 X WWW.FPHI.ORG X 1955 FL TO SERVE OLDER ADULTS FROM ALL FAITHS WITH HOLISTIC, COMPASSIONATE CARE (CONTINUED ON SCHEDULE O)AND SUPPORT IN MAINTAINING INDEPENDENCE AND ACHIEVING GREATER WELLNESS. 15 15 335 15 0 0 485040 52284 13760847 16266578 745988 620187 67303 48652 15059178 16987701 0 0 0 0 7014515 8212747 0 0 0 8603638 9882151 15618153 18094898 -558975 -1107197 55952183 57608924 30458152 31115583 25494031 26493341 FLORIDA PRESBYTERIAN HOMES IS A NONPROFIT, LIFE PLAN COMMUNITY WHOSE MINISTRY IS TO SERVE OLDER ADULTS FROM ALL FAITHS WITH HOLISTIC, COMPASSIONATE CARE AND SUPPORT IN MAINTAINING INDEPENDENCE AND ACHIEVING GREATER WELLNESS. 0 0 14141467 16266578 FPHI PROVIDES HOUSING, HEALTHCARE, AND RELATED SERVICES TO SENIOR ADULTS. THE COMMUNITY IS SPONSORED BY THE SYNOD OF SOUTH ATLANTIC OF THE PRESBYTERIAN CHURCH. THE COMMUNITY CONSISTS OF 115 INDEPENDENT LIVING HOMES, 62 APARTMENTS, 42 ASSISTED LIVING APARTMENTS, AND A 68-BED SKILLED NURSING FACILITY. THE ORGANIZATION OPERATES UNDER THE "CONTINUING CARE" CONCEPT IN WHICH RESIDENTS ENTER INTO AN OCCUPANCY AGREEMENT WHICH REQUIRES PAYMENT OF A ONE-TIME ENTRANCE FEE AND A MONTHLY SERVICE FEE. GENERALLY, THESE PAYMENTS ENTITLE THE RESIDENTS TO THE USE AND PRIVILEGES OF THE COMMUNITY FOR LIFE, INCLUDING NURSING SERVICES IN THE ORGANIZATION'S SKILLED NURSING FACILITY. THE OCCUPANCY AGREEMENT DOES NOT ENTITLE THE RESIDENTS TO AN INTEREST IN THE REAL ESTATE OF ANY PROPERTY OWNED BY THE ORGANIZATION. 14141467 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 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 44 0 1 335 1 0 0 0 0 0 0 0 0 0 0 0 0 X 15 15 0 1 1 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 FL X HANK KEITH 8636885521 16 LAKE HUNTER DRIVE LAKELAND FL 33803 MICHAEL W TAMNEY CHAIRMAN 2.00 X X 0 0 0 KATIE PIPERATA VICE CHAIRMAN 2.00 X X 0 0 0 WILLIAM CLOYD TREASURER 2.00 X X 0 0 0 APRIL NOVOTNY SECRETARY 2.00 X X 0 0 0 TOM BOWLES TRUSTEE 1.00 X 0 0 0 MAUREEN BROWNE TRUSTEE 1.00 X 0 0 0 JAMES DAN LACY TRUSTEE 1.00 X 0 0 0 DICK HUGGINS TRUSTEE 1.00 X 0 0 0 SCOTT LANGSTON TRUSTEE 1.00 X 0 0 0 COREY MILLER TRUSTEE 1.00 X 0 0 0 MARTHA POPE TRUSTEE 1.00 X 0 0 0 DON SELVEGE TRUSTEE 1.00 X 0 0 0 RONALD SHUCK TRUSTEE 1.00 X 0 0 0 PAUL SUICH TRUSTEE 1.00 X 0 0 0 JIM VERPLANCK TRUSTEE 1.00 X 0 0 0 JOE XANTHOPOULOS CHIEF EXECUTIVE OFFICER/ED 40.00 X 238802 0 23355 DAVID LARSON CHIEF FINANCIAL OFFICER (THRU 09/23) 40.00 X 134704 0 34179 CHEVONNE FOSTER ADMINISTRATOR 40.00 X 138820 0 16669 512326 0 74203 3 0 1 0 TMC QUALITY CARE REHAB 8477 S SUNCOAST BLVD HOMOSASSA FL 34446 THERAPY SERVICES 597774 ELLERBE CONSTRUCTION INC 4855 FOXRUN CIRCLE LAKELAND FL 33813 CONSTRUCTION SERVICES 361953 SHIFTKEY LLC PO BOX 735913 DALLAS TX 75373 STAFFING SERVICES 271862 DATA-TECH 7904 HOPI PLACE TAMPA FL 33634 IT SUPPORT SERVICES 238053 GALE HEALTHCARE SOLUTIONS LLC C/O REALTIME SRVC PO BOX 4729 WINTER PARK FL 32793 STAFFING SERVICES 231244 10 52284 52284 HEALTH CENTER REVENUES 623000 7170949 7170949 INDEPENDENT LIVING SERVICES 623000 4383420 4383420 ASSISTED LIVING SERVICES 623000 2530198 2530198 EARNED ENTRANCE FEES 623000 2173729 2173729 ANCILLARY SERVICES 623000 8282 8282 16266578 510614 510614 20029682 19902255 17854 127427 -17854 109573 109573 MISCELLANEOUS INCOME 900099 48652 48652 48652 16987701 16266578 0 668839 X 431040 431040 6630916 5804506 826410 49978 49978 581183 202709 378474 519630 433907 85723 204217 204217 74875 74875 59880 59880 1828613 1594558 234055 123923 123923 63627 26342 37285 496117 182159 313958 1911030 1851386 59644 51970 22915 29055 13620 7199 6421 688913 688913 1981798 1534584 447214 905359 539847 365512 FOOD COSTS 677660 677038 622 PROGRAM SUPPLIES 502290 502290 DUES AND SUBSCRIPTIONS 64021 31327 32694 BAD DEBT EXPENSES 25651 25651 208587 41787 166800 18094898 14141467 3953431 0 4176 377188 294807 545720 799113 803583 92358 111140 754517 26642 65634172 33594687 32909729 32039485 2223502 3048197 18873981 20656969 55952183 57608924 1361543 1130400 14228792 15467863 14752013 14341505 28054 17557 87750 158258 30458152 31115583 X 12913779 12699937 12580252 13793404 25494031 26493341 55952183 57608924 X -1107197 2135883 -29376 X 0 1 X 1 0 X 76450 1276282 2298027 485040 52284 4188083 15055553 14065041 14182830 13760847 16266578 73330849 15132003 15341323 16480857 14245887 16318862 77518932 0 0 0 77518932 257899 408366 285597 347128 510614 1809604 257899 408366 285597 347128 510614 1809604 13360 48233 3960 67303 48652 181508 15403262 15797922 16770414 14660318 16878128 79510044 0.97500 0.97440 0.02280 0.02220 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2019 AMOUNT: $ 13,360. 2020 AMOUNT: $ 48,233. 2021 AMOUNT: $ 3,960. 2022 AMOUNT: $ 67,303. 2023 AMOUNT: $ 48,652. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 5042864 721243 5764107 5975852 -932988 5042864 5402974 572878 5975852 4816329 586645 5402974 4080279 736050 4816329 1.00000 1 0 2163208 2163208 50643546 23658508 26985038 1438293 1101120 337173 10747330 8547504 2199826 641795 287555 354240 32039485 DEPOSITS 225206 ASSETS LIMITED AS TO USE 19802650 INTEREST RATE SWAP ASSET 629113 20656969 RESIDENT DEPOSITS 102400 CAPITAL LEASES 55858 158258 X 19665649 2135883 584091 2719974 16945675 59880 -17854 42026 16987701 18052872 17854 17854 18035018 59880 59880 18094898 PART V, LINE 4: THE ENDOWMENT FUNDS WERE ESTABLISHED TO PROVIDE A PERMANENT INVESTMENT TO PRODUCE INCOME TO BE USED AS A SOURCE OF FUNDING FOR BENEVOLENT ASSISTANCE FOR RESIDENTS IN ACCORDANCE WITH DONOR RESTRICTIONS. PART X, LINE 2: THE ORGANIZATION IS A NONPROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE IRC. THE ORGANIZATIONS INCOME TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL, STATE, AND LOCAL AUTHORITIES. MANAGEMENT IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS. THE ORGANIZATION FOLLOWS THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATIONS FINANCIAL STATEMENTS IN ACCORDANCE WITH THE INCOME TAX STANDARD. THIS STANDARD PRESCRIBES RECOGNITION AND MEASUREMENT OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. AS OF DECEMBER 31, 2023 AND 2022, MANAGEMENT IS NOT AWARE OF ANY UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGES IN VALUE OF SPLIT-INTEREST AGREEMENTS 10,279. NET ASSETS RELEASED FROM RESTRICTIONS 613,467. CHANGES IN VALUE OF INTEREST RATE SWAP LIABILITY -39,655. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF ASSETS -17,854. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF ASSETS 17,854. X X X 0 0 0 0 0 0 0 0 0 JOE XANTHOPOULOS CHIEF EXECUTIVE OFFICER/ED 185639 0 0 0 53163 0 8838 0 14517 0 262157 0 0 0 DAVID LARSON CHIEF FINANCIAL OFFICER (THRU 09/23) 134704 0 0 0 0 0 27090 0 7089 0 168883 0 0 0 CHEVONNE FOSTER ADMINISTRATOR 135850 0 0 0 2970 0 5553 0 11116 0 155489 0 0 0 A POLK COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 591292108 2010-11-19 7500000 2010 BONDS - SEE PART VI 1 0 0 B POLK COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 591292108 2015-12-09 11000000 2015 BONDS - SEE PART VI 1 0 0 A 2629955 7500000 392850 150000 6957150 2012 0 0 1 1 B 1282827 11000000 439000 216098 8865250 1479652 2016 1 0 1 1 A 0 1 0 0 0.00190 0.00190 0 0 1 B 0 1 0 0 0.00190 0.00190 0 0 1 A 0 0 0 1 1 0 0 0 1 B 0 0 0 1 1 0 0 0 1 A 0 B 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: POLK COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 11/19/2020 ISSUER NAME: POLK COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 12/09/2020 SCH K, PART I, LINE A, COL F PURPOSE OF SERIES 2010 BONDS: IN NOVEMBER 2010, THE ORGANIZATION BORROWED $6,000,000 OF SERIES 2010A AND $1,500,000 OF SERIES 2010B HEALTH CARE FACILITIES REVENUE BONDS THROUGH THE POLK COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (COLLECTIVELY, THE "SERIES 2010 BONDS"). THE PROCEEDS OF THE SERIES 2010 BONDS WERE USED TO (A) FINANCE THE CONSTRUCTION COSTS FOR A THREE-STORY, 28 UNIT ASSISTED LIVING APARTMENT BUILDING, AND UP TO 20 INDEPENDENT LIVING APARTMENTS AND EXECUTIVE OFFICE SPACE, (B) ESTABLISH A DEBT SERVICE RESERVE, AND (C) PAY THE COSTS OF ISSUANCE OF THE SERIES 2010 BONDS. THE SERIES 2010B BONDS CONSISTED OF A CONSTRUCTION LINE-OF-CREDIT AGREEMENT, WHICH MATURED ON DECEMBER 15, 2020. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL CONSIST OF THE OFFICERS OF THE CORPORATION AND THE CHAIRPERSONS OF THE BOARD'S COMMITTEES PLUS THE TWO REPRESENTATIVES ELECTED BY THE RESIDENTS POPULATION. THE EXECUTIVE DIRECTOR SHALL BE AN EX-OFFICIO MEMBER WITHOUT VOTE. THE CHAIR OF THE BOARD SHALL SERVE AS CHAIR OF THE EXECUTIVE COMMITTEE. THE SECRETARY OF THE BOARD SHALL SERVE AS SECRETARY OF THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE SHALL HAVE POWER DURING THE INTERIM BETWEEN MEETINGS OF THE BOARD OF DIRECTORS TO TRANSACT ANY AND ALL BUSINESS WHICH THE BOARD MAY DIRECT IT TO TRANSACT, OR WHICH MAY BE LEFT TO THE COMMITTEE BY THE BOARD, OR WHICH MAY BE NECESSARY FOR THE PROPER OPERATIONS OF THE HOMES DURING SAID INTERIM. FORM 990, PART VI, SECTION A, LINE 3 DURING THE YEAR ENDED DECEMBER 31, 2023, THE ORGANIZATION AND WESTMINSTER SERVICES, INC. (WSI), A RELATED PARTY, ENTERED IN A MANAGEMENT AGREEMENT. UNDER THE TERMS OF THE AGREEMENT, WSI IS RESPONSIBLE FOR THE GENERAL DAY-TO-DAY OPERATING ACTIVITIES FOR THE ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 4 EFFECTIVE DECEMBER 19, 2023, WESTMINSTER RETIREMENT COMMUNITIES, INC. (WRC) BECAME THE SOLE MEMBER OF THE ORGANIZATION. WRC IS A CHURCH-RELATED, NOT-FOR-PROFIT COMMUNITY SERVICE ORGANIZATION DEDICATED AND COMMITTED TO PROVIDING SERVICES FOR OLDER ADULTS BY CREATING AND PRESERVING EXCELLENT RESIDENTIAL AND HEALTHCARE COMMUNITIES, PROMOTING WELL-BEING, AND ENCOURAGING ACTIVE AND HEALTHY LIFESTYLE CHOICES. FORM 990, PART VI, SECTION A, LINE 7A TWO MEMBERS OF THE GOVERNING BODY SHALL COME FROM THE RESIDENTS ASSOCIATION, ELECTED BY THE RESIDENTS POPULATION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN OUTSIDE ACCOUNTING FIRM, REVIEWED BY MANAGEMENT BEFORE BEING FILED WITH THE IRS, AND IS PRESENTED TO THE BOARD OF DIRECTORS OF FLORIDA PRESBYTERIAN HOMES, INC. AT ONE OF THEIR QUARTERLY BOARD MEETINGS. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS AND KEY EMPLOYEES CERTIFY THAT THEY HAVE AND WILL DECLARE ANY CONFLICT OF INTEREST, BE IT REAL, POTENTIAL OR APPARENT, WHICH IS NOT IMMEDIATELY OBVIOUS WITH REGARD TO ANY MATTER WITHIN HIS/HER AREA OF RESPONSIBILITY. BOARD MEMBERS AND KEY EMPLOYEES SHALL AFFIRM THEIR COMPLIANCE ANNUALLY. FOR BOARD MEMBERS, DISCLOSURE STATEMENTS ARE PROVIDED TO THE EXECUTIVE DIRECTOR. FOR EMPLOYEES (I.E., MANAGERS AND SUPERVISORS, ETC.), DISCLOSURE STATEMENTS ARE PROVIDED TO THE EXECUTIVE DIRECTOR. IN THE CASE OF THE EXECUTIVE DIRECTOR, DISCLOSURE STATEMENTS ARE PROVIDED TO THE CHAIR OF THE BOARD. THE CHAIR OF THE BOARD, TOGETHER WITH THE EXECUTIVE DIRECTOR, SHALL ENSURE THAT THE IMPLEMENTATION OF THIS POLICY WILL BE FAIR, JUST AND EQUITABLE IN ALL SITUATIONS. THE OFFICERS OF THE CORPORATION ARE RESPONSIBLE FOR THE IMMEDIATE INTERPRETATION OF A BOARD MEMBER'S OR THE EXECUTIVE DIRECTOR'S CONFLICT OF INTEREST, THE EXECUTIVE DIRECTOR IS RESPONSIBLE FOR THE IMMEDIATE INTERPRETATION OF A KEY EMPLOYEE'S CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION IS DETERMINED USING COMPARABILITY DATA. THE CHIEF EXECUTIVE OFFICER/EXECUTIVE DIRECTOR'S PERFORMANCE IS REVIEWED AND COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS ON AN ANNUAL BASIS. THIS PROCESS IS DOCUMENTED DURING PERFORMANCE REVIEWS. ALL STAFF SALARIES AND BENEFITS ARE REVIEWED, AT A MINIMUM, ON AN ANNUAL BASIS BY HUMAN RESOURCES AND THE CHIEF EXECUTIVE OFFICER/EXECUTIVE DIRECTOR. THE LAST REVIEW OF ALL SALARIES WAS CONDUCTED IN 2022. IN 2023, FLORIDA PRESBYTERIAN HOMES OBTAINED COMPARABILITY DATA FROM OTHER LOCAL CCRCS, ETC. AND ALSO THE "CONTINUING CARE RETIREMENT COMMUNITY SALARY AND BENEFITS REPORT 2022-2023", PUBLISHED BY THE HOSPITAL & HEALTHCARE COMPENSATION SERVICE. IT WAS DETERMINED THAT ALL EXECUTIVE AND MANAGEMENT LEVEL SALARIES WERE FAIR AND REASONABLE. THIS PROCESS WAS DOCUMENTED DURING PERFORMANCE REVIEWS. 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, AT THE FACILITY. FORM 990, PART IX, LINE 11G CONSULTANT FEES: PROGRAM SERVICE EXPENSES 56,386. MANAGEMENT AND GENERAL EXPENSES 68,963. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 125,349. THERAPY FEES: PROGRAM SERVICE EXPENSES 657,957. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 657,957. LAB AND RADIOLOGY FEES: PROGRAM SERVICE EXPENSES 36,227. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 36,227. TEMPORARY LABOR: PROGRAM SERVICE EXPENSES 836,134. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 836,134. OTHER CONTRACTS: PROGRAM SERVICE EXPENSES 3,821. MANAGEMENT AND GENERAL EXPENSES 20,710. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 24,531. OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 4,033. MANAGEMENT AND GENERAL EXPENSES 144,382. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 148,415. FORM 990, PART XI, LINE 9: CHANGES IN VALUE OF SPLIT-INTEREST AGREEMENTS 10,279. CHANGES IN VALUE OF INTEREST RATE SWAP LIABILITY -39,655.