2025-06-03T11:38:26-05:00 2024-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 790 N WATER ST SUITE 2000 MILWAUKEE WI 53202 990 2024-01-01 383258132 SILVER MAPLES OF CHELSEA SILV 7344754111 100 SILVER MAPLES DRIVE CHELSEA MI 481181186 HOLLY RIDENOUR PRESIDENT AND CEO 7344754111 2025-06-03 1 1 SHELBY NETZ CPA P01405265 4147775500 2025-05-30 2024 2025-03-06 01:10:19Z HOLLY RIDENOUR 100 SILVER MAPLES DRIVE CHELSEA MI 481181186 15880977 0 X WWW.SILVERMAPLES.ORG X 1995 MI SILVER MAPLES OF CHELSEA RETIREMENT NEIGHBORHOOD IS A VIBRANT COMMUNITY THAT EXCELS AT CREATING AND SUPPORT A POSITIVE AGING EXPERIENCE. SILVER MAPLES OF CHELSEA WILL PROMOTE ENRICHING EXPERIENCES TO INSPIRE PERSONAL GROWTH, CREATE OPPORTUNITIES TO DEVELOP MEANINGFUL RELATIONSHIPS AMONG FRIENDS, FAMILY AND COMMUNITY AND PROVIDE A HEALTHY, SECURE AND SUPPORTIVE PLACE TO CALL HOME. OUR MISSION AND VISION IS CLEARLY ALIGNED WITH OUR PARTNERS, THE 5 HEALTHY TOWNS ORGANIZATION AND SILVER MAPLES, INC. THE MISSION OF THE 5 HEALTHY TOWNS IS TO CULTIVATE IMPROVEMENTS IN PERONAL AND COMMUNITY WELLNESS. 6 6 181 14 11896 0 177822 215023 10088672 10560665 -310306 294528 0 15680 9956188 11085896 0 59464 0 0 4432762 4747937 0 0 65369 5148441 5194791 9581203 10002192 374985 1083704 39020578 40199477 31071096 30224110 7949482 9975367 X SILVER MAPLES OF CHELSEA RETIREMENT NEIGHBORHOOD IS A VIBRANT COMMUNITY THAT EXCELS AT CREATING AND SUPPORT A POSITIVE AGING EXPERIENCE. SILVER MAPLES OF CHELSEA WILL PROMOTE ENRICHING EXPERIENCES TO INSPIRE PERSONAL GROWTH, CREATE OPPORTUNITIES TO DEVELOP MEANINGFUL RELATIONSHIPS AMONG FRIENDS, FAMILY AND COMMUNITY AND PROVIDE A HEALTHY, SECURE AND SUPPORTIVE PLACE TO CALL HOME. OUR MISSION AND VISION IS CLEARLY ALIGNED WITH OUR PARTNERS, THE 5 HEALTHY TOWNS ORGANIZATION AND SILVER MAPLES, INC. THE MISSION OF THE 5 HEALTHY TOWNS IS TO CULTIVATE IMPROVEMENTS IN PERONAL AND COMMUNITY WELLNESS. 0 0 8726033 59464 10560665 SILVER MAPLES OF CHELSEA PROVIDES SENIOR CARE SERVICES, WELLNESS ACTIVITIES AND AMENITIES FOR RESIDENT STYLE INDEPENDENT LIVING HOUSING AND LICENSED ASSISTED LIVING ACCOMMODATIONS. THE MEADOWS ASSISTED LIVING OFFERS APARTMENTS FOR COUPLES AND INDIVIDUALS WHO VALUE THE INDEPENDENCE OF HOME AND THE CONVENIENCE OF ONSITE LICENSED CARE. RESIDENTS RECEIVE THREE NUTRITIOUS MEALS EVERY DAY, SERVED IN MULTIPLE DINING VENUES. THERE ARE 4 LEVELS OF ASSISTANCE WITH ACTIVITIES OF DAILY LIVING, WEEKLY HOUSEKEEPING AND LAUNDRY AND WELL-BALANCED AND DYNAMIC EVENT AND ACTIVITY PROGRAMMING. RESIDENTIAL INDEPENDENT LIVING CONDO STYLE HOMES AND APARTMENTS ARE PROVIDED FOR INDIVIDUALS AND COUPLES WHO VALUE COMFORT, CONVENIENCE AND COMMUNITY. SEVERAL DISTINCTIVE OPTIONS ARE AVAILABLE, (CONTINUED ON SCHEDULE O) WITH AMENITIES SUCH AS 10 TO 20 MEALS PER MONTH, UTILITIES, 24-HOUR IN-HOUSE CALL SYSTEMS, MAINTENANCE SERVICES, LOCAL TRANSPORTATION AND A MULTIFACETED EVENT AND ACTIVITY PROGRAM WITH AN EMPHASIS ON OVERALL WELLNESS. THE SILVER LINING FUND IS A PROGRAM CONCEIVED BY AND FOR RESIDENTS OF SILVER MAPLES TO PROVIDE FINANCIAL ASSISTANCE TO ANY RESIDENT WHO OUTLIVES HIS OR HER FINANCIAL ASSETS, ENSURING THEY ALWAYS HAVE A HOME AT SILVER MAPLES. EACH DONATION TO THE SILVER LINING FUND HAS A DIRECT IMPACT ON AN INDIVIDUAL IN NEED. IN ADDITION TO PROVIDING EVENTS AND RESOURCES FOR OUR RESIDENTS, SILVER MAPLES SUPPORTS THE LOCAL COMMUNITY. SILVER MAPLES IS A VERY ACTIVE MEMBER OF THE CHELSEA COMMUNITY AND A MEMBER OF BOTH THE CHELSEA AREA CHAMBER OF COMMERCE AND THE DEXTER AREA CHAMBER OF COMMERCE. SILVER MAPLES SPONSORS AND PARTICIPATES IN MANY LOCATION GROUPS, EVENTS AND ORGANIZATIONS, INCLUDING: ALZHEIMER'S ASSOCIATION, SOUNDS & SIGHTS, THE CHELSEA SENIOR CENTER, THE CHELSEA ROTARY CLUB, TO NAME A FEW. SILVER MAPLES HOSTS SEVERAL CHELSEA ARTIST GUILD AND ANN ARBOR ARTIST GUILD ART DISPLAYS, AS WELL AS MANY CHELSEA ROTARY CLUB AND CHELSEA CHAMBER EVENTS. RESIDENTS AND STAFF OF SILVER MAPLES ARE MEMBERS OF SERVICE ORGANIZATIONS, THE CHELSEA GARDEN CLUB, THE FARM TO TABLE EVENT IN CHELSEA, THE CHELSEA SENIOR CENTER, AND THE CHELSEA ARTISTS GUILD. SEVERAL RESIDENTS ALSO PARTICIPATE IN THE EMERSON SCHOOL MENTORSHIP PROGRAM AND SERVE AS READERS FOR NORTH CREEK ELEMENTARY SCHOOL. THE PRESIDENT AND CEO OF SILVER MAPLES IS AN ACTIVE MEMBER OF THE ROTARY CLUB OF CHELSEA AND SERVES ON THE BOARD OF THE CHELSEA AREA CHAMBER OF COMMERCE, THE CHELSEA HOSPITAL, AND THE CHELSEA SENIOR CENTER. 8726033 1 1 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 29 0 181 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 MI X MARK ROYCE 7344754111 100 SILVER MAPLES DRIVE CHELSEA MI 48118 JULIE A DEPPNER - FORMER PRESIDENT AND CEO 40.00 0.01 X 224849 0 464 CHRISTINA M KIM V.P. SALES/MARKETING 40.00 X 133693 0 0 JOANNE DOBRY REYNOLDS V.P. HUMAN RESOURCES 40.00 X 127402 0 0 ELIZABETH PIELSTICKER DIRECTOR 2.00 X 0 0 0 ERIK STALHANDSKE DIRECTOR 2.00 0.01 X 0 0 0 JAMES RANDOLPH DIRECTOR 2.00 0.01 X 0 0 0 JESSICA STUBBS DIRECTOR 2.00 0.01 X 0 0 0 STEVE PETTY CHAIR 2.00 X X 0 0 0 TODD RAEHTZ TREASURER 2.00 X X 0 0 0 485944 0 464 3 0 1 0 BILLY WHITE ROOFING LLC 1710 E HIGH STREET JACKSON MI 49203 CONSTRUCTION - ROOFING 393640 TODD'S SERVICES LANDSCAPING 7975 M36 PO BOX 608 HAMBURG MI 48139 LANDSCAPING 208673 BOONE & DARR INC 4465 S STATE RD ANN ARBOR MI 48108 PLUMBING/BOILERS CONTRACTOR 136236 ORANGE EGG ADVERTISING INC 4848 CERROMAR DRIVE NAPLES FL 34112 ADVERTISING 116340 4 215023 215023 RESIDENT SERVICE REVENUE 623000 9855191 9855191 AMORT. OF DEFERRED REVENUE 623000 705474 705474 10560665 350164 350164 15680 0 15680 15680 11896 3784 4739445 4786120 8961 -46675 -8961 -55636 -55636 11085896 10560665 11896 298312 59464 59464 225313 225313 3519312 3148699 323462 47151 124501 104274 19084 1143 589518 493740 90366 5412 289293 242292 44345 2656 67847 67847 191667 190467 1200 133501 133501 49662 8804 38045 2813 43855 12401 30210 1244 482650 477824 4585 241 19267 16073 3194 505082 500031 4798 253 1932307 1912984 18357 966 135539 134183 1288 68 FOOD 499083 499083 REAL ESTATE TAXES 451916 447397 4293 226 REPAIRS AND MAINTENANCE 201633 159335 42298 SUPPLIES 176089 171337 2756 1996 304693 147645 157048 10002192 8726033 1210790 65369 532669 1007396 1519944 1318818 26484 42006 48174 33261 22233 14314 208135 178979 47034853 23389706 23739164 23645147 12760227 13959556 105621 0 57927 0 39020578 40199477 1310551 794844 3163031 2646100 9755000 8769448 289900 440700 16552614 17573018 31071096 30224110 X 6389111 8242528 1560371 1732839 7949482 9975367 39020578 40199477 X 1083704 972135 -29954 X X 0 1 X 1 0 X 104819 317091 343963 177822 215023 1158718 8311707 8845915 9930048 10088672 10560665 47737007 8416526 9163006 10274011 10266494 10775688 48895725 0 106571 57803 40063 43054 85222 332713 106571 57803 40063 43054 85222 332713 48563012 394750 1241814 518438 434576 353948 2943526 394750 1241814 518438 434576 353948 2943526 11896 11896 8811276 10404820 10792449 10701070 11141532 51851147 0.93660 0.93280 0.05680 0.06000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 651562 651562 36965516 17018170 19947346 5347659 3498655 1849004 1900593 1213162 687431 2169523 1659719 509804 23645147 REFUNDABLE ENTRANCE FEES 17352968 DEPOSITS LIABILITY 220050 17573018 X PART IV, LINE 2B: SILVER MAPLES OF CHELSEA MAINTAINS A SEPARATE BANK ACCOUNT AT CHELSEA STATE BANK FOR DEPOSITS FROM PROSPECTIVE RESIDENTS WHO WISH TO BE ADMITTED TO THE WAIT LIST OR WHO ARE MAKING THEIR LIFE LEASE PAYMENTS PRIOR TO MOVING INTO SILVER MAPLES. AFTER BECOMING A RESIDENT OF SILVER MAPLES, AND AFTER EXPIRATION OF THE SEVEN-DAY RESCISSION PERIOD, SILVER MAPLES, AT ITS SOLE DISCRETION, MAY TRANSFER ANY ENTER ENTRANCE FEES PAID BY A MEMBER FROM THE INITIAL ESCROW ACCOUNT TO THE OPERATING ACCOUNT OF SILVER MAPLES. PART X, LINE 2: SILVER MAPLES OF CHELSEA HAS RECEIVED NOTIFICATION THAT THEY QUALIFY AS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE U.S. INTERNAL REVENUE CODE AND CORRESPONDING PROVISIONS OF STATE LAW AND, ACCORDINGLY, ARE NOT SUBJECT TO FEDERAL OR STATE INCOME TAXES. THE ORGANIZATION FOLLOWS THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON THE TAX RETURN SHOULD BE RECORDED IN THE CONSOLIDATED FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE ORGANIZATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE ORGANIZATION DOES NOT BELIEVE THAT IT HAS ANY UNCERTAIN TAX POSITIONS AT DECEMBER 31, 2024. 1 RESIDENT ASSISTANCE 1 32654 ACTUAL INVOICE CREDIT SCHOLARSHIPS 10 26810 SCHOLARSHIPS GRANTED TO EMPLOYEES SEEKING HIGHER EDUCATION OR TRAINING TO BE CERTIFIED. PART I, LINE 2: RESIDENT ASSISTANCE: THE ORGANIZATION ONLY GIVES GRANTS TO ELIGIBLE INDIVIDUALS. ELIGIBLE INDIVIDUALS ARE DETERMINED THROUGH THEIR QUALIFICATION FOR MEDICAID. SCHOLARSHIPS: ANY EMPLOYEE SEEKING HIGHER EDUCATION OR TRAINING TO BE CERTIFIED CAN APPLY. EVERYONE WHO APPLIED IN 2024 RECEIVED A SCHOLARSHIP, AVERAGING ABOUT $2500. THE PAYMENTS ARE WRITTEN TO THE EDUCATIONAL INSTITUTION. X X X 0 0 0 0 0 0 0 0 0 JULIE A DEPPNER - FORMER PRESIDENT AND CEO 166508 0 34560 0 23781 0 0 0 464 0 225313 0 0 0 A CHELSEA ECONOMIC DEVELOPMENT CORP 386007163 2024-06-20 9250000 REFINANCING 2013 SERIES A BOND 0 0 0 A 101000 9250000 9250000 1 0 1 1 A 0 1 0 0 0.00000 0.00010 0.00010 0 0 0 A 0 0 0 1 1 0 0 0 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: CHELSEA ECONOMIC DEVELOPMENT CORP DATE THE REBATE COMPUTATION WAS PERFORMED: 06/20/2024 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION WAS FORMED BY TWO MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS SHALL CONSIST OF SEVEN (7) DIRECTORS. FOUR DIRECTORS OF THE CORPORATION WILL ALSO BE DIRECTORS OF SILVER MAPLES, INC. (A) THE PRESIDENT AND CEO (OR OFFICE OF COMPARABLE RANK AND RESPONSIBILITY) OF THE CORPORATION SHALL BE AN EX-OFFICIO MEMBER OF THE BOARD AND SHALL SERVE AS A NONVOTING DIRECTOR DURING SUCH PERSON'S TIME IN OFFICE. THE PRESIDENT AND CEO OF THE CORPORATION WILL ALSO BE APPOINTED PRESIDENT AND CEO OF SILVER MAPLES, INC. (B) EACH MEMBER SHALL APPOINT THREE (3) ADDITIONAL DIRECTORS PROVIDED, PERSONS APPOINTED AS DIRECTORS MEET THE RESPECTIVE MEMBER ORGANIZATION'S CRITERIA, AND MUST ALSO SERVE ON THE BOARD OF DIRECTORS OF THEIR RESPECTIVE MEMBER ORGANIZATIONS. (C) DIRECTORS MAY NOT BE EMPLOYEES OR BOARD MEMBERS OF ANY ORGANIZATION THAT OPERATES SENIOR LIVING SERVICES OR COMMUNITIES OTHER THAN THE CORPORATION, OR THE MEMBERS. ANY EXCEPTION TO THIS PROVISION MUST BE APPROVED BY BOTH MEMBER ORGANIZATIONS. (D) DIRECTORS, OTHER THAN EX-OFFICIO DIRECTORS, SHALL SERVE UP TO THREE TWO (2) YEAR TERMS OR UNTIL THEIR SUCCESSORS ARE ELECTED AND QUALIFIED, NOT TO EXCEED A TOTAL OF SIX CONSECUTIVE YEARS OF SERVICE, EXCLUSIVE OF PERIODS SERVED AS AN EX-OFFICIO DIRECTOR. A CEO OR EQUIVALENT OFFICER OF A MEMBER WHO IS APPOINTED BY THE MEMBER AS ONE OF ITS THREE (3) DIRECTOR APPOINTEES SHALL BE DEEMED AN EXOFFICIO DIRECTOR. (E) EACH MEMBER ORGANIZATION MAY ELECT TO EXTEND THE TERM OF ONE DIRECTOR FROM THAT MEMBER ORGANIZATION FOR A FOURTH TWO (2) YEAR TERM, WHICH MAY BE SERVED CONSECUTIVELY WITH THE ALLOWED THREE TERMS. (F) NO MORE THAN ONE-THIRD OF THE DIRECTORS MAY HAVE AN IMMEDIATE FAMILY MEMBER RESIDING AT SILVER MAPLES. "IMMEDIATE FAMILY MEMBER" IS DEFINED AS GRANDPARENT, PARENT, PARENTINLAW, STEPPARENT, SIBLING, SPOUSE, CHILD OR STEPCHILD. FORM 990, PART VI, SECTION A, LINE 7B THE CORPORATE BYLAWS RESERVE SPECIFIC POWERS TO THE MEMBERS THAT ARE NOT DELEGATED TO THE BOARD OF DIRECTORS AND INCLUDE: APPROVAL OF THE ANNUAL CAPITAL AND OPERATING BUDGETS FOR THE CORPORATION APPROVAL OF THE SELECTION AND REMOVAL OF THE PRESIDENT/CHIEF EXECUTIVE OFFICER OF THE CORPORATION ELECTION OF DIRECTORS APPROVAL OF ANY BORROWING APPROVAL OF ANY AND ALL AMENDMENTS OR ALTERATIONS OF THE BYLAWS OR ARTICLES OF INCORPORATION APPROVAL OF ANY PLANS OF MERGER, CONSOLIDATION OR DISSOLUTION OF THE CORPORATION APPROVAL OF THE FORMATION OR ACQUISITION OF NEW SUBSIDIARIES OF THE CORPORATION OR THE SALE OR OTHER DISPOSITION OF EXISTING SUBSIDIARIES AND APPROVAL OF THE SALE, LEASE, MORTGAGE OR OTHER DISPOSITION OF SUBSTANTIALLY ALL OF THE ASSETS OWNED, HELD, OR LEASED BY OR TO THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF FORM 990 IS SENT TO THE BOARD OF DIRECTORS FOR THEIR REVIEW PRIOR TO THE FILING OF THE FORM. THE CEO OF THE CORPORATION AND DIRECTOR OF FINANCE ARE AVAILABLE TO ANSWER QUESTIONS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST FORMS ARE REQUIRED TO BE COMPLETED AND SUBMITTTED ANNUALLY BY ALL BOARD MEMBERS. THESE FORMS ARE THEN REVIEWED AND ANY CHANGES ARE MONITORED BY THE BOARD AND MANAGEMENT. FORM 990, PART VI, SECTION B, LINE 15A THE ORGANIZATION OBTAINS DATA FROM SIMILAR ORGANIZATIONS TO COMPARE COMPENSATION FOR THE PRESIDENT/CEO. THE BOARD USES THIS INFORMATION AND VOTES ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS AND FORM 990 ARE FURNISHED UPON WRITTEN REQUEST. THE CHAIRPERSONS FOR THE ORGANIZATION'S INDEPENDENT LIVING AND ASSISTED LIVING ATTEND ALL BOARD MEETINGS AND ARE SUPPLIED WITH ALL INFORMATION ON THE AGENDA. FORM 990, PART XI, LINE 9: LOSS ON INTEREST RATE SWAP -29,954. FORM 990, PART XII, LINE 2C: NO CHANGE FROM THE PRIOR YEAR. SILVER MAPLES INC 100 SILVER MAPLES DRIVE CHELSEA MI 481181186 931743889 SUPPORTING SILVER MAPLES OF CHELSEA MI 501(C)(3) LINE 12C, III-FI N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0