2026-02-22T21:38:07-06:00 2024-12-31 450250958 Eide Bailly LLP 4585 Coleman St Ste 200 Bismarck ND 58503 990 2024-01-01 621106224 PSALMS Inc PSAL 9013653665 3535 Kirby Parkway Memphis TN 38115 Rudolf Herzke President 9013653665 2026-02-20 1 1 Lisa Chaffee CPA P00193453 7012551091 2026-02-20 2024 2025-03-06 01:10:19Z Kirby Pines Retirement Community Rudolf Herzke 3535 Kirby Parkway Memphis TN 38115 29220550 0 X www.kirbypines.com X 1983 TN PSALMS, Inc. d/b/a Kirby Pines Retirement Community is dedicated to providing residents with a quality lifestyle in a quality environment, supporting the concept of continued independence as a priority in the life care decision. 8 7 391 76 590 0 0 3040552 24666543 24873720 1250729 746638 77620 53954 25994892 28714864 0 0 0 0 9874811 9950910 0 0 0 20779470 18298878 30654281 28249788 -4659389 465076 71757299 66748555 96047518 90731187 -24290219 -23982632 To faithfully serve our residents by offering them security for life, excellence in all we do, respect for individual differences and a vibrant lifestyle in an enriching environment. 0 0 14079828 19507628 In 2024 PSALMS, Inc. provided independent living services to residents in their apartments and garden homes. 1657822 1413153 In 2024 PSALMS, Inc. provided assisted living care to residents. 7055111 3952939 In 2024 PSALMS, Inc. provided long term care to residents. 22792761 1 1 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 1 178 0 1 391 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 7 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 TN X Michael Kelly 9017942598 6465 N Quail Hollow Suite 400 Memphis TN 38115 Rudolf W Herzke President 22.00 X X 52632 0 0 Dr James Latimer Chairman 1.00 X X 18030 0 0 Larry Braughton Secretary/Treasurer (Beg 04/2024) 22.00 X X 0 0 0 Berry Terry Secretary/Treasurer (Until 04/2024) 22.00 X X 0 0 0 Jim Ethridge Director 1.00 X 0 0 0 Linda Harrington Director 1.00 X 0 0 0 Mary Ann Hodges Director 1.00 X 0 0 0 Rusty E Linkous Director 1.00 X 0 0 0 Boyd Rhodes Jr Director 1.00 X 0 0 0 Michael J Brown Jr Executive Director 40.00 X 0 0 0 Trudy Schenkenberger Director of Human Resources 40.00 X 106768 0 0 Barry N Rossell Licensed Practical Nurse 40.00 X 102113 0 0 Michael A Rayder Director of Grounds & Landscaping 40.00 X 102647 0 0 Anna R Bradford Nursing Home/Assisted Living 40.00 X 117314 0 0 Audie Marlar Director of Medical Services 40.00 X 108404 0 0 607908 0 0 5 0 0 0 Retirement Companies of America LLC 6465 N Quail Hollow Road Memphis TN 38120 Consulting Services 2391650 Functional Pathways of Tennessee LLC 10133 Sherrill Rd Suite 200 Knoville TN 37932 Therapy Services 686653 Professional Construction Solutions LLC 128 Beverly Drive Atoka TN 38004 Construction Servives 459653 S&J Services LLC PO Box 25505 Memphis TN 38125 Landscaping Services 404259 Greystone - GCD Tennessee LLC 220 E Las Colinas Suite 200 Irving TX 75039 Consulting Services 192901 8 3040552 3040552 Net Resident and Patient Service 623000 19414242 19414242 Amortization of Entrance Fees 623000 4548533 4548533 Ancillary Services 623000 703338 703338 207607 590 207017 24873720 715654 715654 45840 0 45840 45840 45840 407701 376717 30984 30984 30984 137083 128969 8114 8114 28714864 24666113 590 1007609 X 52632 52632 8803985 7661963 1142022 96000 83051 12949 324606 280820 43786 673687 582815 90872 1509109 1509109 97456 97456 143968 143968 3357012 2390611 966401 512516 512516 426745 228387 198358 1515340 1499163 16177 51376 31023 20353 1724359 1715782 8577 3888949 3789182 99767 1156084 1121401 34683 Dietary Supplies 1289484 1289484 Repairs and Maintenance 807860 769147 38713 Meals and Entertainment 24646 17032 7614 1793974 1332900 461074 28249788 22792761 5457027 0 4513088 3204673 1232098 1032810 1800000 240530 233806 65403 173070 107504491 64699218 44759972 42805273 852861 361821 423807 464831 184459 19485081 16672271 71757299 66748555 12031252 15697165 32016706 35784712 7659243 13626718 7119461 1325000 38372842 23145606 96047518 90731187 X -24290219 -23982632 -24290219 -23982632 71757299 66748555 X 465076 -26762 -130727 X 0 1 X 1 0 X 2128560 745690 3040552 5914802 31371916 27046913 26016178 24666543 24666113 133767663 68846 178800 126176 52420 137083 563325 33569322 27971403 26142354 24718963 27843748 140245790 50247 50247 0 50247 50247 140195543 407837 117548 289276 468557 761494 2044712 590 590 407837 117548 289276 468557 762084 2045302 207017 207017 33977159 28088951 26431630 25187520 28812849 142498109 0.98380 0.98880 0.01440 0.01120 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1959 999687 1001646 96322681 59606290 36716391 3927123 3515859 411264 6253041 1577069 4675972 42805273 Assets Limited As to Use 11684631 Finance Lease Right of Use Asset 26164 Capitalized Start-Up 24762 Contract Acquisition Cost 1205345 Cash Surrender Value Life Insurance 231123 Other Assets 274885 Fair Value of Interest Swap 184809 Employee Retention Credit Receivabl 3040552 16672271 Refundable Entrance Fees Payable 16811523 Finance lease liabilities, 26573 Wait-List Deposits 6307510 23145606 X 28557375 -26762 -130727 -157489 28714864 0 28714864 28249788 0 28249788 0 28249788 Part X, Line 2: The Community believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The Hospital would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. Part XI, Line 2d - Other Adjustments: Change in Cash Surrender Value of Life Insurance -130,727. X X 0 0 0 0 0 0 0 0 0 Form 990, Part VI, Section A, line 1a The Board of Directors may appoint an Executive Committee. The Executive Committee shall be composed of all of the officers of the corporation and shall transact such business as necessary for the administration and operation of the corporation. Form 990, Part VI, Section A, line 3 PSALMS, Inc. uses a management company, Retirement Companies of America, LLC (RCA) to manage the day-to-day operations in accordance with the organizations policies, directives, and goals. The Executive Director of the PSALMS, Inc. is an RCA Employee. In 2024 the Executive Director received $201,832 in reportable cmpensation and $0 in benefits from RCA for the services that they provided to PSALMS, Inc.. Form 990, Part VI, Section B, line 11b Management is involved throughout the preparation of the 990. Management then reviews the 990 and provides a copy to the Board of Directors via email for approval. Form 990, Part VI, Section B, line 12c From time to time, PSALMS, Inc. may conduct business transactions with organizations or corporations with which one or more Directors or Officers may be affiliated. PSALMS, Inc. has a conflict-of-interest policy which requires that any such duality of interest or possible conflict of interest on the part of any Director or Officer be disclosed and be made a matter of record. In addition to disclosure, the policy requires that additional specified steps be taken, as appropriate, to ensure that the conflict does not impact objective deliberation or vote. Form 990, Part VI, Section B, line 15 An independent consultant is hired to perform a comparability analysis which is then reviewed by outside council and approved by independent board members. Form 990, Part VI, Section C, line 19 All applicable policies are available upon request to the management company. Form 990, Part IX, line 11g Contracted Labor: Program service expenses 1,563,058. Management and general expenses 260,911. Fundraising expenses 0. Total expenses 1,823,969. Professional Services: Program service expenses 827,553. Management and general expenses 705,490. Fundraising expenses 0. Total expenses 1,533,043. Form 990, Part XI, line 9: Increase Cash Surrender Value Life Insurance -130,727.