2024-11-04T13:51:07-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 227 WEST TRADE STREET SUITE 800 CHARLOTTE NC 28202 990 2023-01-01 520607932 PRESBYTERIAN HOME OF MARYLAND INC PRES 4435622523 PO BOX 159 FOREST HILL MD 210500159 ERIK STULLER CHIEF FINANCIAL OFFICER 4108234622 2024-11-04 1 1 KATHERINE A WARLICK P02065266 7049985200 2024-11-04 2023 2024-10-15 13:58:12Z ERIK STULLER PO BOX 159 FOREST HILL MD 210500159 16941319 0 X N/A X 1883 MD THE PRESBYTERIAN HOME OF MARYLAND, INC, PROVIDES ASSISTED LIVING AND HEALTH CARE SERVICES. 12 9 4 10 0 0 30140 0 0 0 5182597 745960 27067 20611 5239804 766571 0 0 0 0 1000676 665414 0 0 8190 734125 989626 1734801 1655040 3505003 -888469 31031953 30681877 9317765 9234033 21714188 21447844 X THE PRESBYTERIAN HOME OF MARYLAND, INC, IS A NONPROFIT 501(C)(3) ORGANIZATION LOCATED IN HARFORD COUNTY, MARYLAND. THE ORGANIZATION PROVIDES RETIREMENT LIVING AND HEALTH CARE THROUGH THE CONTINUUM OF LIFE, DEDICATED TO SUPERB SERVICE WITH THE VALUES OF DIGNITY, TRUST AND INDEPENDENCE. 0 0 SEE SCHEDULE O.HISTORY: ON JANUARY 24, 1884, THE PRESBYTERIAN HOME OF BALTIMORE, AS IT WAS KNOWN, FIRST OPENED ITS DOORS ON CALVERT STREET IN DOWNTOWN BALTIMORE. IN 1920 THE NAME OF THE ORGANIZATION WAS CHANGED TO THE PRESBYTERIAN HOME OF MARYLAND, AND IN 1929, THE ORGANIZATION MOVED TO THE OFFUTT ESTATE, A LARGE AND GRACIOUS HOME IN TOWSON, MARYLAND.DURING THE PERIOD BETWEEN 1950 AND 1990 THE ORGANIZATION EXPANDED THE BUILDING ON ITS CAMPUS TO ACCOMODATE MORE SENIORS AND OFFER MORE SERVICES. BY THE LATE 1990S THE ORGANIZATION BEGAN TO REALIZE A DECLINE IN CENSUS AND MODIFIED ITS MISSION FROM AN INSTITUTION SERVING THE NEEDS OF PRESBYTERIAN CHURCH MEMBERS TO AN ORGANIZATION THAT WELCOMED RESIDENTS OF ALL FAITHS AND DENOMINATIONS. IN 2001 THE ORGANIZATION REALIZED THE NEED TO RELOCATE OPERATIONS TO A NEW FACILITY. THE FACILITY LOCATED IN TOWSON, BALTIMORE COUNTY, MARYLAND, WAS BECOMING OBSOLETE AND DIFFICULT TO MARKET TO A NEW GENERATION OF SENIORS. THE TOWSON FACILITY, LOCATED IN A RESIDENTIAL NEIGHBORHOOD, FACED VARIOUS ZONING RESTRICTIONS WHICH SIGNIFICANTLY DIMINISHED ANY POSSIBILITY FOR RENOVATION ON THE SITE. DURING THE PERIOD BETWEEN 2001 AND 2016 THE ORGANIZATION EXPERIENCED A SUBSTANTIAL DECREASE IN AVERAGE RESIDENT CENSUS AND MOUNTING ANNUAL OPERATING LOSSES. IN 2004 THE ORGANIZATION ACQUIRED 138 ACRES OF LAND IN ABERDEEN, HARFORD COUNTY, MARYLAND, FOR THE PURPOSE OF CONSTRUCTING A CONTINUING CARE RETIREMENT COMMUNITY TO BE KNOWN AS THE VILLAGE AT CARSINS RUN. DUE TO VARIOUS FINANCIAL ISSUES, THE PROJECT AS PLANNED WAS DEEMED UNFEASIBLE AND THE PROJECT WAS ABANDONED IN 2011. THE PROPERTY IS AVAILABLE FOR SALE.IN 2015 THE ORGANIZATION ACQUIRED 47 ACRES OF LAND LOCATED IN BEL AIR, HARFORD COUNTY, MARYLAND, FOR THE PURPOSE OF CONSTRUCTING A CONTINUING CARE RETIREMENT COMMUNITY TO BE KNOWN AS CARSINS RUN AT EVA MAR ("THE PROJECT") AND PLANS TO OPERATE THE PROJECT. THE FIRST PHASE OF THE PROJECT IS PLANNED TO BE COMPRISED OF 137 INDEPENDENT LIVING UNITS, 32 ASSISTED LIVING UNITS, 12 MEMORY CARE UNITS AND 12 COMPREHENSIVE CARE UNITS.IN APRIL 2016, THE MARYLAND DEPARTMENT OF AGING APPROVED THE FEASIBILITY STUDY FOR THE PROJECT WHICH ALLOWS FOR THE INITIAL MARKETING AND ACCEPTANCE OF DEPOSITS FROM PROSPECTIVE RESIDENTS. IT WAS ANTICIPATED THAT THE FINANCING THRESHOLD FOR THE NUMBER OF REQUIRED PROSPECTIVE RESIDENT DEPOSITS WOULD BE MET DURING THE SPRING OF 2022, ALLOWING FOR THE ACQUISITION OF FINANCING AND THE BEGINNING OF CONSTRUCTION OF THE PROJECT. IN APRIL 2016, THE BOARD APPROVED THE CESSATION OF RESIDENT CARE OPERATIONS AT THE TOWSON FACILITY AND AUTHORIZED MANAGEMENT TO MAKE THE PUBLIC ANNOUNCEMENT ON MAY 2, 2016 OF THE FACILITY CLOSURE BY NOVEMBER, 2016. THE BOARD ALSO AUTHORIZED MANAGEMENT TO LIST THE TOWSON FACILITY AS AVAILABLE FOR SALE AFTER THE ANNOUNCEMENT. THE ORDERLY CLOSING OF THE TOWSON FACILITY AND OPERATIONS WAS COMPLETED IN AUGUST 2016. THE FACILITY WAS VACATED AND THE ORGANIZATION'S MANAGEMENT OFFICES WERE MOVED TO FOREST HILL, MARYLAND. THE CLOSING OF THE TOWSON FACILITY WAS DEEMED NECESSARY IN ORDER TO RETAIN FINANCIAL RESOURCES NECESSARY TO DEVELOP THE PROJECT.IN JULY, 2016 THE BOARD ESTABLISHED A BENEVOLENCE FUND FOR THE PURPOSE OF SUPPORTING THE FUTURE RESIDENTS OF THE PROJECT WHO MIGHT RUN OUT OF FUNDS. THE BENEVOLENCE FUND WAS INITIALLY FUNDED THROUGH THE PROCEEDS FROM THE SALE OF FURNITURE AND EQUIPMENT OF THE TOWSON FACILITY. FUNDRAISING EFFORTS FOR THIS PURPOSE ARE EXPECTED TO CONTINUE THROUGHOUT THE MARKETING AND CONSTRUCTION PERIOD OF THE PROJECT.DURING 2021 THE ORGANIZATION CONTINUED WITH SITE DEVELOPMENT, ARCHITECTURAL PLANNING AND MARKETING OF THE PROJECT. ON JUNE 16, 2021 THE BOARD VOTED TO SELF-FINANCE AND BEGIN CONSTRUCTION ON ONE OF THE PROJECT'S 10-UNIT INDEPENDENT LIVING MANOR HOME (THE MANOR HOME). CONSTRUCTION OF THE MANOR HOME BEGAN IN OCTOBER, 2021. IN JANUARY, 2022 THE BOARD OF DIRECTORS VOTED TO ABANDON THE CONTINUING CARE RETIREMENT COMMUNITY PROJECT. THIS DECISION WAS BASED ON THE TREMENDOUS INCREASE IN CONSTRUCTION COSTS WHICH RENDERED THE PROJECT FINANCIALLY UNFEASIBLE. THE BOARD ALSO DECIDED THAT EIGHT OF THE TWELVE EMPLOYEES OF THE ORGANIZATION WOULD BE LAID-OFF AND CORPORATE OFFICE LOCATIONS WOULD BE CONSOLIDATED INTO ONE WHICH IS ON THE PROPOSED PROJECT SITE. IN JULY, 2022 THE BOARD OF DIRECTORS VOTED TO ABANDON THE CONSTRUCTION OF THE MANOR HOME DUE TO SIGNIFICANT DELAYS IN THE RE-PERMITTING PROCESS RESULTING FROM THE TERMINATION OF THE PROJECT. IN AUGUST, 2022 THE BOARD OF DIRECTORS VOTED TO SELL THE BEL AIR PROPERTY TO AN UNRELATED PARTY. IN SEPTEMBER 2023 THE ORGANIZATION BEGAN PREPARATIONS TO ESTABLISH HAR-GO RIDES, LLC TO PROVIDE SENIORS IN HARFORD COUNTY, MARYLAND WITH NEEDED TRANSPORTATION SERVICES.IN DECEMBER 2023 THE ORGANIZATION EXECUTED A LETTER OF INTENT TO BEGIN NEGOTIATIONS TO PURCHASE TWO ESTABLISHED ASSISTED LIVING FACILITIES IN HARFORD COUNTY, MARYLAND.PROGRAM SERVICES:PRIOR TO AUGUST, 2016, THE ORGANIZATION OPERATED A CONTINUING CARE RETIREMENT COMMUNITY LOCATED IN TOWSON, MARYLAND. THE TOWSON FACILITY WAS LICENSED FOR 78 ASSISTED LIVING UNITS AND 22 COMPREHENSIVE CARE UNITS. SERVICES WERE DESIGNED TO PROVIDE THE FINEST QUALITY OF CARE AS WELL AS THE FINEST QUALITY OF LIFE POSSIBLE. THESE SERVICES INCLUDED: NURSING, MEDICAL CARE, HOUSEKEEPING AND MAINTENANCE, DIETARY SERVICE AND RESIDENT ACTIVITIES. THE ORGANIZATION IS DETERMINED TO CONTINUE ITS LEGACY OF PROVIDING SUPERIOR QUALITY CARE TO THE RESIDENTS OF HARFORD COUNTY ONCE THE PURCHASE DESCRIBED ABOVE IS COMPLETE. 1 0 0 1 0 0 0 0 0 1 1 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 1 7 0 4 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 9 1 0 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X ERIK STULLER 4104040839 114 KAUFFMAN RD PARKTON MD 21120 SUSAN F SHEA PRESIDENT & CEO 40.00 X X 181851 0 20277 ERIK STULLER CFO 40.00 X X 167591 0 2233 JOSEPH SNEE JR ESQ BOARD MEMBER 0.30 X 50302 0 0 PAUL THOMPSON BOARD MEMBER 0.20 X 0 0 0 CAROL LIENHARD BOARD MEMBER 0.20 X 0 0 0 PATTI DRESHER BOARD MEMBER 0.20 X 0 0 0 TOM FIDLER SECRETARY 0.20 X X 0 0 0 REV RAYMOND R MEUTE JR BOARD MEMBER 0.20 X 0 0 0 SCOTT ELLIOTT BOARD MEMBER 0.20 X 0 0 0 JOSEPH SLOVICK CHAIRMAN/TREASURER 1.00 X X 0 0 0 JIM HARKINS VICE CHAIRMAN 0.30 X X 0 0 0 JOHN KRAUS BOARD MEMBER 0.20 X 0 0 0 399744 0 22510 3 0 1 0 MACKENZIE COMMERCIAL REAL ESTATE SERVICE 2328 W JOPPA RD STE 200 LUTHERVILLE MD 21093 COMMERCIAL REAL ESTATE BROKER 266000 1 422107 422107 5116 5116 12277 0 12277 12277 12277 10193969 6304632 10056607 6118141 137362 186491 323853 323853 MISCELLANEOUS REVENUE 623000 3218 3218 3218 766571 0 0 766571 414874 414874 177587 177587 466 466 34080 34080 38407 38407 3838 3838 34802 34802 102440 102440 33586 33586 8543 8543 19353 19353 118583 118583 13129 13129 15513 15513 581829 581829 7498 7498 42107 42107 MISCELLANEOUS 8405 215 8190 1655040 0 1646850 8190 155632 69294 4017235 2784949 12441 6756 63689 58308 94941 82641 17516 12300 8735016 18253406 18030424 9496864 31031953 30681877 306603 222802 9011162 9011231 9317765 9234033 X 19686158 18813492 2028030 2634352 21714188 21447844 31031953 30681877 X -888469 3039034 -2416909 X 0 1 X 1 0 X 4890 65595 253430 30140 0 354055 4890 65595 253430 30140 354055 354055 404052 243286 193128 205891 439500 1485857 4176 9773 3841 3727 3218 24735 1864647 0.18990 0.21090 X THE ORGANIZATION HAS BEEN IN A PERIOD OF TRANSITION. AS SUCH, THE ORGANIZATION HAS DETERMINED THAT TO MAINTAIN STATUS AS A PUBLIC CHARITY, THE ORGANIZATION MUST COMPLETE THE PART II SUPPORT TEST. THE ORGANIZATION, WHILE FALLING BELOW THE 33 1/3 SUPPORT TEST, BELIEVES THAT IT MEETS THE FACTS AND CIRCUMSTANCES FOR THE FOLLOWING REASONS:1. THE ORGANIZATION'S BOARD IS COMPRISED OF INDEPENDENT BOARD MEMBERS THAT REPRESENT A BROAD SPECTRUM OF THE COMMUNITY.2. CURRENTLY THE BOARD OF DIRECTORS IS EVALUATING ITS OPTIONS, AND THE ORGANIZATION IS NOT IN OPERATION (OTHER THAN TENDING TO ADMINISTRATIVE MATTERS) OR PROVIDING ANY SERVICES. THE BOARD BELIEVES IT HAS FOUND A PATH THAT, IN THE NEAR FUTURE, WILL ALLOW THE ORGANIZATION TO MOVE BACK TOWARD BEING OPERATIONAL. SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2019 AMOUNT: $ 4,176. 2020 AMOUNT: $ 9,773. 2021 AMOUNT: $ 3,841. 2022 AMOUNT: $ 3,727. 2023 AMOUNT: $ 3,218. 259584 259584 389376 64896 64896 97344 2005301 0 617380 0 11649 2611032 2654198 140 -491173 147229 10635 2005301 2292788 4935 496680 127770 12435 2654198 2026437 4495 387374 109415 16103 2292788 1593661 3340 499732 55800 14496 2026437 0.35275 0.64725 0 0 94941 82641 12300 12300 ACCRUED INVESTMENT INCOME 15144 ASSETS AVAILABLE FOR SALE 9455000 BENEFICIAL INTEREST IN REMAINDER TRUSTS 23320 OTHER ASSETS LONG TERM 3400 9496864 X PART V, LINE 4: TO PROVIDE SUPPORT FOR THE ORGANIZATION'S MISSION. PART X, LINE 2: THE ORGANIZATION FOLLOWS THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S CONSOLIDATED 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. THE APPLICATION OF THIS STANDARD HAD NO IMPACT ON THE ORGANIZATION'S CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022. X X X X 0 0 0 0 0 0 0 0 0 SUSAN F SHEA PRESIDENT & CEO 181851 0 0 0 0 0 0 0 20277 0 202128 0 0 0 ERIK STULLER CFO 167591 0 0 0 0 0 0 0 2233 0 169824 0 0 0 PART I, LINE 3 THE PERSONNEL COMMITTEE RECOMMENDS THE ANNUAL SALARY AMOUNT OF THE CEO AND CFO TO THE BOARD OF DIRECTORS ANNUALLY. PUBLISHED INDUSTRY COMPENSATION GUIDES ARE USED AS A GUIDE BY THE COMMITTEE. THE REVIEW TAKES PLACE ANNUALLY, AND THE INFORMATION IS PRESENTED BY THE COMMITTEE TO THE BOARD OF DIRECTORS IN DECEMBER FOR APPROVAL. JOSEPH SNEE BOARD MEMBER 50302 JOSEPH SNEE (BOARD MEMBER) FEES PAID TO HIS LAW FIRM DURING THE YEAR 0 TOM FIDLER BOARD MEMBER 266000 TOM FIDDLER (BOARD MEMBER) SETTLEMENT COMMISSION PAID TO MACKENZIE COMMERCIAL REAL ESTATE AT SETTLEMENT - TOM IS A PRINCIPAL OF THE FIRM. 0 FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE CONSISTS OF ACTIVE BOARD MEMBERS AND ACTS ON BEHALF OF THE GOVERNING BOARD OCCASIONALLY WHEN DELEGATED TO DO SO BY THE GOVERNING BOARD. FORM 990, PART VI, SECTION A, LINE 2 JOSEPH SNEE, PATTI DRESHER, PAUL THOMPSON, TOM FIDLER, AND SCOTT ELLIOTT HAVE BUSINESS RELATIONSHIPS OR SERVE ON OTHER BOARDS TOGETHER. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD IS SELF PERPETUATING. ALL NEW MEMBERS HAVE THE SAME RIGHTS AS EXISTING MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS MAY REQUIRE THE APPROVAL OF THE MARYLAND DEPARTMENT OF AGING AS A MATTER OF LAW. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE CFO AND THE TREASURER. A COPY IS PROVIDED TO THE ENTIRE GOVERNING BODY PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION MONITORS THIS ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE PERSONNEL COMMITTEE RECOMMENDS THE ANNUAL SALARY AMOUNT OF THE CEO AND CFO TO THE BOARD OF DIRECTORS ANNUALLY. PUBLISHED INDUSTRY COMPENSATION GUIDES ARE USED AS A GUIDE BY THE COMMITTEE. THE REVIEW TAKES PLACE ANNUALLY, AND THE INFORMATION IS PRESENTED BY THE COMMITTEE TO THE BOARD OF DIRECTORS IN DECEMBER FOR APPROVAL. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, THE CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE ALL AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 591. LOSS ON IMPAIRMENT OF ASSETS -2,417,500. HAR-GO RIDES LLC PO BOX 159 FOREST HILL MD 21050 991944673 SENIOR TRANSPORTATION MD 0 0 PRESBYTERIAN HOME OF MARYLAND INC