2025-11-12T07:20:42-06:00 2024-12-31 010494526 Baker Newman & Noyes LLC Box 507 Portland ME 04112 990 2024-01-01 010496258 Maine Life Care Retirement Community Inc MAIN 2078838700 15 Piper Road Scarborough ME 04074 Frank Chessa Chair 2078838700 2025-10-29 1 0 Connor Smart P02285543 2078792100 2025-10-29 2024 2025-03-06 01:10:19Z Piper Shores Frank Chessa 15 Piper Road Scarborough ME 04074 38711841 0 X www.pipershores.org X 1995 ME Continuing care retirement community 17 17 380 25 0 0 166250 396005 27292594 33162691 1404202 3418435 0 0 28863046 36977131 70484 71045 0 0 13866342 15622193 0 0 0 16490947 17924960 30427773 33618198 -1564727 3358933 177971954 190562104 194253360 201874524 -16281406 -11312420 X Maine Life Care Retirement Community (dba Piper Shores) offers a vibrant retirement living lifestyle that enriches residents by providing a continuum of the highest quality of care and service. Piper Shores will help all residents realize their optimum potential by cultivating a rich diversity of life experience that connects to innovative programs and services. 0 0 23857005 71045 33162691 Maine Life Care provides residents with a safe and secure home community, providing for independent living needs and continued health care services for the remainder of their lives. It consists of 188 independent living units, 64 independent living cottages, 50 assisted living units, 40 skilled nursing beds, and common areas. 23857005 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 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 0 0 0 0 1 73 0 1 380 1 0 0 0 0 0 0 0 0 0 0 0 0 X 17 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Richard Ashley 2078838700 15 Piper Road Scarborough ME 04074 Richard Betz Director 2.00 X 0 0 0 Susan Doliner Director (start 10/2024) 2.00 X 0 0 0 Kim Donnelly Director (end 4/2024) 2.00 X 0 0 0 Marilyn Gugliucci Director 2.00 X 0 0 0 Dawn Harmon Director 2.00 X 0 0 0 Robert Lively Director 2.00 X 0 0 0 David Kunhardt Director 2.00 X 0 0 0 Brian O'Coin Director (start 8/2024) 2.00 X 0 0 0 Michael Patterson Director 2.00 X 0 0 0 Kerry Peabody Director (start 10/2024) 2.00 X 0 0 0 Wesley Ridlon Director (start 10/2024) 2.00 X 0 0 0 Jonathan Roderick Director 2.00 X 0 0 0 Megan Walton Director (start 10/2024) 2.00 X 0 0 0 Michael Wood Director 2.00 X 0 0 0 Frank Chessa Chair 4.00 X X 0 0 0 Adrian Kurre Vice Chair 4.00 X X 0 0 0 Karen Hart Treasurer 4.00 X X 0 0 0 Stephen Brooks Secretary 4.00 X X 0 0 0 Nancy Magee Secretary (end 10/2024) 4.00 X X 0 0 0 Philip Jean CEO 40.00 X 463914 0 21102 Leanne Fiet COO 40.00 X 239126 0 19747 Richard Ashley Finance Director 40.00 X 238464 0 24513 Andrea Killiard Marketing Director 40.00 X 221978 0 18810 Marc Gregoire Facilities Director 40.00 X 174309 0 13074 Peter Sullivan Chief Nursing Officer 40.00 X 168583 0 23422 1506374 0 120668 16 0 1 0 Landry French Construction 160 Pleasant Hill Road Scarborough ME 04074 Construction Services 741988 PC Construction 198 Tilley Drive South Burlington VT 05403 Construction Services 577269 Seaside Painting & Maintenance 500 Flag Pond Road Saco ME 04072 Painting Services 478510 Maine Turf & Greenery PO Box 6358 Scarborough ME 04074 Property Services 431316 Classic Flooring 429 US Route 1 Scarborough ME 04074 Flooring Services 419309 17 396005 396005 Resident services 541300 33155467 33155467 Miscellaneous revenue 541300 7224 7224 33162691 1200783 1200783 3891126 61236 1510468 224242 2380658 -163006 2217652 2217652 36977131 33162691 0 3418435 71045 71045 12683049 9268292 3414757 274544 170618 103926 1684340 1350834 333506 980260 746131 234129 46878 46878 61965 61965 123683 123683 842577 516470 326107 344147 210950 133197 848746 492143 356603 4988391 3057704 1930687 77684 47617 30067 70504 43216 27288 930217 595339 334878 6215433 3977877 2237556 170440 104474 65966 Dining services 1910236 1910236 Housing/health services 1076772 1076772 Provider tax 190348 190348 Provision for bad debts 26939 26939 33618198 23857005 9761193 0 4712161 4204406 21413877 29636372 325678 512641 468839 439288 69950 89252 305297 315329 178119306 57112427 123157089 121006879 18761766 28123777 7118234 4400968 175147 1639063 1658045 177971954 190562104 3017248 2730855 147440186 152386651 31478194 29298097 12317732 17458921 194253360 201874524 X -17874930 -13306502 1593524 1994082 -16281406 -11312420 177971954 190562104 X 3358933 1700965 -90912 X X 0 1 X 1 0 X 2220957 348853 4750 166250 396005 3136815 19486123 20924362 22618108 27292594 33162691 123483878 21707080 21273215 22622858 27458844 33558696 126620693 0 0 0 126620693 596138 515560 760246 943158 1200783 4015885 596138 515560 760246 943158 1200783 4015885 22303218 21788775 23383104 28402002 34759479 130636578 0.96930 0.96980 0.03070 0.03020 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 1112 1112 0 Part II-B, Line 1: The Organization is a member of LeadingAge, a community of nonprofit aging services providers and other mission-driven organizations serving older adults. As part of its membership with LeadingAge, the Organization is required to pay membership dues and fees. LeadingAge may use a portion of its member dues to fund lobbying and advocacy activities that furthers the exempt missions of its members, and to promote causes that are related to these missions. LeadingAge has expressed to the Organization that of $22,671 in total membership dues paid by the Organization in 2024, that $1,112 was made available for lobbying expenditures. 1603840 396005 4553 2004398 1313447 166250 124143 1603840 1549882 4750 -241185 1313447 1299122 156001 94759 1549882 1053178 135401 110543 1299122 0.00000 0.00000 1.00000 0 0 8033523 8033523 160167264 51234835 108932429 9569591 5877592 3691999 348928 348928 121006879 Resident deposits 17283774 Operating lease liability 175147 17458921 X 38626507 1700965 19155 1720120 36906387 123683 -52939 70744 36977131 33657521 0 33657521 123683 -163006 -39323 33618198 Part V, Line 4: The endowment fund will be used to help the community with the loss of revenue from residents whose financial resources have eroded and to help stabilize resident monthly fees. Part X, Line 2: The Community is exempt from federal income taxes under section 501(c)(3) of the Internal Revenue Code. Tax-exempt communities could be required to record an obligation for income taxes as the result of a tax position they have historically taken on various tax exposure items including unrelated business income or tax status. Under guidance issued by the Financial Accounting Standards Board, assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the "more-likely-than-not" threshold, based upon the technical merits of the position. The Community has evaluated the positions taken on its filed tax returns and concluded no uncertain tax positions exist at December 31, 2024 and 2023. Part XI, Line 2d - Other Adjustments: Gain on interest rate swap assets 19,155. Part XI, Line 4b - Other Adjustments: Change in value of pledges 110,067. Loss on sale of assets -163,006. Part XII, Line 4b - Other Adjustments: Loss on sale of assets -163,006. 1 Financial Hardship Assistance 3 71045 0 Residency Fees Billed Reduction/Write Off of Monthly Residency Fees Part I, Line 2: Grants are provided in the form of a reduction or write off of residency fees for residents of Maine Life Care Retirement Community who are experiencing proven financial hardship. X X X X 0 0 0 0 0 0 0 1 0 Philip Jean CEO 381447 0 82467 0 0 0 11422 0 9680 0 485016 0 0 0 Richard Ashley Finance Director 208553 0 29911 0 0 0 9539 0 14974 0 262977 0 0 0 Leanne Fiet COO 210241 0 28885 0 0 0 9397 0 10350 0 258873 0 0 0 Andrea Killiard Marketing Director 199860 0 22118 0 0 0 8879 0 9931 0 240788 0 0 0 Peter Sullivan Chief Nursing Officer 150373 0 18210 0 0 0 2846 0 20576 0 192005 0 0 0 Marc Gregoire Facilities Director 155556 0 18753 0 0 0 3183 0 9891 0 187383 0 0 0 Part I, Line 7 The Organization has a modest bonus program for the CEO and other senior management. One of the components of the program is actual financial performance compared to budgeted financial expectations. A Maine Health and Higher Education Facilities Authority Series 2021 010314384 2021-03-25 90000000 Construction of independent living units; current refunding previous bonds 0 0 0 A 60701903 90000000 1824439 24143168 1050000 62982393 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 Form 990, Part VI, Section B, line 11b The finance committee reviews and accepts the Form 990 and the board affairs committee reviews the governance section. Copies are distributed to the entire Board before filing. Form 990, Part VI, Section B, line 12c Officers & Directors complete a questionnaire and the CEO reviews the disclosures. The information is submitted to the Bureau of Insurance annually. Form 990, Part VI, Section B, line 15 The Executive Committee of the Board of Directors sets compensation for the CEO. The CEO sets compensation for top management based on industry data. Form 990, Part VI, Section C, line 19 Form 990 and other documents are provided upon request. Form 990, Part XI, line 9: Change in value of interest rate swap 19,155. Change in value of pledges -110,067. Form 990, Part XII, line 2c: The finance committee is responsible for overseeing the audit of the financial statements and selecting an independent auditor. The audit process has not changed from the prior year.