2024-09-26T09:56:11-05:00 2023-12-31 593070669 MSL PA 255 S ORANGE AVENUE SUITE 600 ORLANDO FL 32801 990 2023-01-01 593562098 OAK HAMMOCK AT THE UNIVERSITY OF FLORIDA INC OAKH 3525481000 5100 SW 25TH BLVD GAINESVILLE FL 32608 KEVIN AHMADI CEO 3525481000 2024-09-26 1 1 HARRY E HARP CPA P00176471 4077405400 2023 2024-08-08 14:25:15Z KEVIN AHMADI 5100 SW 25TH BLVD GAINESVILLE FL 32608 42846970 0 X WWW.OAKHAMMOCK.ORG X 1998 FL OPERATION OF A RETIREMENT COMMUNITY DESIGNED TO MEET THE NEEDS OF THE AGED. 12 12 447 12 0 0 189674 207984 37586728 41121055 934078 1147895 2927043 0 41637523 42476934 108399 87920 0 0 16745802 17960581 0 0 0 21512178 22272972 38366379 40321473 3271144 2155461 117277180 120822024 172896044 171764986 -55618864 -50942962 TO SUPPORT ITS MEMBERS AND CREATE AN ACTIVE, CARING COMMUNITY BY PROVIDING A CONTINUUM OF QUALITY LIFESTYLE & HEALTHCARE PROGRAMS AND OUTSTANDING ENRICHMENT OPPORTUNITIES IN CONJUNCTION WITH THE UNIVERSITY OF FLORIDA. 0 0 36156105 87920 41121055 OAK HAMMOCK OWNS AND OPERATES A RETIREMENT COMMUNITY LOCATED IN GAINESVILLE, FLORIDA, AND PROVIDES HOUSING, LIFELONG LEARNING, HEALTH CARE, AND OTHER RELATED SERVICES TO SENIOR ADULTS. THE COMMUNITY CURRENTLY CONSISTS OF 269 RESIDENTIAL UNITS (212 APARTMENTS AND 57 VILLAS AND HOMES), 52 ASSISTED LIVING UNITS, 12 MEMORY CARE ASSISTED LIVING UNITS, AND A 73-BED SKILLED NURSING CENTER. DURING THE CURRENT YEAR, THERE WERE 178,319 RESIDENT DAYS. 36156105 1 1 0 0 0 0 0 0 0 0 1 1 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 88 0 1 447 1 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 FL X ANDREW DAVEY 3525481000 5100 SW 25TH BLVD GAINESVILLE FL 32608 JUDITH RUSSELL BOARD CHAIRMAN 5.00 X X 0 0 0 PETER GEAREN BOARD VICE CHAIRMAN 5.00 X X 0 0 0 ANDY GRAY SECRETARY/TREASURER 5.00 X X 0 0 0 ROBERT H JERRY II BOARD MEMBER 5.00 X 0 0 0 KIM BARTON BOARD MEMBER 5.00 X 0 0 0 JIM J KELLY JR BOARD MEMBER 5.00 X 0 0 0 ANNA MCDANIEL BOARD MEMBER 5.00 X 0 0 0 LEE REVERE BOARD MEMBER 5.00 X 0 0 0 CURTIS REYNOLDS BOARD MEMBER 5.00 X 0 0 0 MARTHA RADER BOARD MEMBER 5.00 X 0 0 0 NANCY WOOD BOARD MEMBER 5.00 X 0 0 0 DOUGLAS MERREY BOARD MEMBER 5.00 X 0 0 0 KEVIN AHMADI CEO 40.00 X 308153 0 33132 ANDREW DAVEY CHIEF FINANCIAL OFFICER 40.00 X 229428 0 33132 NICOLE MASON LIFE PLAN CONSULTANT 40.00 X 161966 0 27273 ROBERT STOTT INFORMATION TECHNOLOGY DIR 40.00 X 155358 0 33132 KELLY G GEORGE DIRECTOR OF HUMAN RESOURCE 40.00 X 137417 0 33132 JANICE HUNZIKER LIFE PLAN CONSULTANT 40.00 X 136435 0 33132 SONJA DONLIN DIRECTOR OF FACILITY OPERA 40.00 X 126489 0 7821 1255246 0 200754 7 0 1 0 PARRISH-MCCALL CONSTRUCTORS INC 3455 SW 42ND AVE GAINESVILLE FL 32608 CONSTRUCTION SERVICES 2247018 QUALITY CARE REHAB INC 8477 S SUNCOAST BLVD HOMOSASSA FL 34446 THERAPY SERVICES 1448925 SEANOTE CONSTRUCTION 14260 W NEWBERRY RD 172 NEWBERRY FL 32669 CONSTRUCTION SERVICES 1426498 INVOKE CONSTRUCTION LLC 100 SW 75TH ST SUITE 105 GAINESVILLE FL 32607 CONSTRUCTION SERVICES 1081456 GATOR SOLUTIONS LLC 4577 NW 6TH STREET GAINESVILLE FL 32609 CONSTRUCTION SERVICES 698717 16 207984 207984 RESIDENT SERVICES 623000 20143031 20143031 HEALTH CARE SERVICES 623000 13265262 13265262 EARNED ENTRANCE SERVICES 623000 7125209 7125209 OTHER RESIDENT REVENUE 623000 587553 587553 41121055 1017931 1017931 500000 369939 97 130061 -97 129964 129964 42476934 41121055 0 1147895 87920 87920 603845 603845 13687415 12152948 1534467 177412 115086 62326 2403164 2017407 385757 1088745 935560 153185 227135 227135 52341 52341 54814 54814 3424930 3312004 112926 345694 115231 230463 43909 34002 9907 48683 38946 9737 4458297 4227238 231059 21983 9571 12412 3160707 3022896 137811 5999676 5738082 261594 936100 895285 40815 FOOD SUPPLIES 1884762 1884762 SUPPLIES AND EQUIPMENT 1442540 1398512 44028 EMPLOYEE EXPENSES 122581 122581 UNIFORMS 47537 46791 746 1283 1283 40321473 36156105 4165368 0 1219595 482710 1352060 1556865 38306 49223 118534 176773 158755756 73527252 82130446 85228504 31442399 32348735 975840 979214 117277180 120822024 4591859 3601490 62278482 65679358 71830523 70128468 34195180 32355670 172896044 171764986 X -57016918 -52581804 1398054 1638842 -55618864 -50942962 117277180 120822024 X 2155461 2218254 302187 X X 0 1 X 1 0 X 109790 996956 2563973 189674 207984 4068377 33695413 34472502 35818199 37586728 41121055 182693897 33805203 35469458 38382172 37776402 41329039 186762274 0 842550 2427350 1660985 3527191 3794721 12252797 842550 2427350 1660985 3527191 3794721 12252797 174509477 705519 640474 620245 637347 1017931 3621516 705519 640474 620245 637347 1017931 3621516 2927043 2927043 34510722 36109932 39002417 41340792 42346970 193310833 0.90270 0.89390 0.01870 0.01700 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3533870 3533870 143467167 66618863 76848304 10903620 6908389 3995231 851099 851099 85228504 MUTUAL FUNDS 24876095 F MONEY MARKET FUNDS 7472640 F 32348735 INTEREST RATE SWAP AGREEMENT 4047207 REFUNDABLE ADVANCE FEES 27615853 DEPOSITS 692610 32355670 X 44909455 2218254 214267 2432521 42476934 0 42476934 40233553 0 40233553 87920 87920 40321473 PART X, LINE 2: OAK HAMMOCK IS ORGANIZED AS A NOT-FOR-PROFIT CORPORATION UNDER THE LAWS OF THE STATE OF FLORIDA AND HAS BEEN GRANTED RECOGNITION OF ITS TAX-EXEMPT STATUS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE; ACCORDINGLY, NO INCOME TAX LIABILITY OR PROVISION FOR INCOME TAXES IS REFLECTED IN THESE FINANCIAL STATEMENTS. AS OF DECEMBER 31, 2023, WITH CERTAIN STATUTORY EXCEPTIONS, OAK HAMMOCK IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY U.S. FEDERAL TAXING AUTHORITIES FOR ANY TAX YEARS BEFORE JANUARY 1, 2020. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN INTEREST RATE SWAP CONTRACTS 302,187. CONTRIBUTION EXPENSES -87,920. PART XII, LINE 4B - OTHER ADJUSTMENTS: CONTRIBUTION EXPENSES 87,920. 0 MONTHLY FEE ASSISTANCE 3 87920 X X 0 0 0 0 0 0 0 0 0 KEVIN AHMADI CEO 308153 0 0 0 0 0 0 0 33132 0 341285 0 0 0 ANDREW DAVEY CHIEF FINANCIAL OFFICER 209428 0 20000 0 0 0 0 0 33132 0 262560 0 0 0 NICOLE MASON LIFE PLAN CONSULTANT 87266 0 74700 0 0 0 0 0 27273 0 189239 0 0 0 ROBERT STOTT INFORMATION TECHNOLOGY DIR 147358 0 8000 0 0 0 0 0 33132 0 188490 0 0 0 KELLY G GEORGE DIRECTOR OF HUMAN RESOURCE 129417 0 8000 0 0 0 0 0 33132 0 170549 0 0 0 JANICE HUNZIKER LIFE PLAN CONSULTANT 74385 0 62050 0 0 0 0 0 33132 0 169567 0 0 0 A CITY OF GAINESVILLE FL 2017-09-28 17855000 SEE SUPPLEMENTAL INFORMATION 0 0 0 B ALACHUA COUNTY HEALTH FACILITIES AUTHORITY 592442398 010684AX6 2021-11-17 16645000 SEE SUPPLEMENTAL INFORMATION 0 0 0 C ALACHUA COUNTY HEALTH FACILITIES AUTHORITY 592442398 010684BK3 2022-07-06 39000000 SEE SUPPLEMENTAL INFORMATION 0 0 0 A 3995000 17855000 213399 17641601 2017 1 0 1 1 B 850000 18127947 1610852 362559 1876477 14278059 2021 1 0 1 1 C 840000 41321832 4232666 771473 36317693 2022 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 A 0 1 0 1 1 1 PIPERJAFFRAY FINANCIAL PRODUCTS 12.100000000000 0 0 0 0 1 B 0 1 0 1 0 0 0 0 1 C 0 1 0 1 0 0 0 0 1 A 1 B 1 C 1 SCHEDULE K, PART I (F), ROW A PURPOSE OF SERIES 2017A BONDS: THE SERIES 2017A NOTE, IN THE ORIGINAL AMOUNT OF $17,855,000, WAS ISSUED AS A TAX-EXEMPT REVENUE REFUNDING BOND AND PURCHASED BY THE BANK TO REFUND THE SERIES 2012B BOND AND PAY CERTAIN COSTS OF ISSUANCE. IN DECEMBER 2021, DEBT WAS ISSUED THAT MODIFIED THE TERMS OF SERIES 2017A NOTE. THE SERIES 2017A NOTE HAS A VARIABLE INTEREST RATE THAT IS RESET MONTHLY (APPROXIMATELY 4.5% AT DECEMBER 31, 2023, MONTHLY PRINCIPAL AND INTEREST PAYMENTS, AND HAS A FINAL MATURITY ON OCTOBER 1, 2046. AN INTEREST RATE SWAP AGREEMENT IS USED TO HEDGE THE VARIABLE INTEREST RATE OF THE SERIES 2017A NOTE. SCHEDULE K, PART I (F), ROW B PURPOSE OF SERIES 2021 BONDS: IN NOVEMBER 2021, THE AUTHORITY ISSUED $16,645,000 OF CONTINUING CARE RETIREMENT COMMUNITY REVENUE REFUNDING BONDS (OAK HAMMOCK AT THE UNIVERSITY OF FLORIDA, INC. PROJECT), SERIES 2021 (THE "SERIES 2021 BONDS"), TO FUND A DEBT SERVICE RESERVE AND CERTAIN CAPITAL IMPROVEMENTS, TO REFUND THE SERIES 2017B BONDS, AND TO PAY CERTAIN COSTS OF ISSUANCE. THE SERIES 2021 BONDS CONSIST OF TAX-EXEMPT, FIXED RATE BONDS, ISSUED AT A PREMIUM, WITH AN INTEREST RATE OF 4.00% PER ANNUM. SCHEDULE K, PART I (F), ROW C PURPOSE OF SERIES 2022 BONDS: IN OCTOBER 2021, OAK HAMMOCK ENTERED INTO A FORWARD DELIVERY BOND PURCHASE AGREEMENT FOR THE AUTHORITY TO ISSUE $39,000,000 OF CONTINUING CARE RETIREMENT COMMUNITY REVENUE REFUNDING BONDS, THE SERIES 2022 BONDS, FUNDED IN JULY 2022. PROCEEDS FROM THE SERIES 2022 BONDS WERE USED TO FUND A DEBT SERVICE RESERVE, TO REFUND THE SERIES 2012A BONDS, AND TO PAY CERTAIN COSTS OF ISSUANCE. THE SERIES 2022 BONDS CONSIST OF TAX-EXEMPT, FIXED RATE BONDS, ISSUED AT A PREMIUM, WITH AN INTEREST RATE OF 4.00% PER ANNUM. FORM 990, PART VI, SECTION A, LINE 7A PURSUANT TO THE FILING ORGANIZATION'S GOVERNING DOCUMENTS, THE PRESIDENT OF THE UNIVERSITY OF FLORIDA, AN UNRELATED TAX-EXEMPT ORGANIZATION, HAS THE AUTHORITY TO APPOINT FIVE MEMBERS OF THE FILING ORGANIZATION'S BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 IS PROVIDED TO THE FINANCE COMMITTEE FOR REVIEW PRIOR TO BEING FORWARDED TO THE FULL BOARD. THE BOARD IS GIVEN THE OPPORTUNITY TO REVIEW THE FORM PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD MEMBERS ANNUALLY SIGN CONFLICT OF INTEREST AFFIDAVITS. AT THE BEGINNING OF EVERY YEAR, AN AFFIDAVIT IS FORWARDED TO EACH OFFICER, DIRECTOR OR BOARD MEMBER ALONG WITH THE CONFLICT OF INTEREST PORTION OF THE BYLAWS IN WHICH THEY SIGN AND VERIFY THAT NO CONFLICT OF INTEREST EXISTS OR STATE WHAT THE CONFLICT IS. WHEN AN ISSUE ARISES IN A BOARD MEETING THAT REQUIRES A VOTE, AND IF ANY OF THE DIRECTORS HAS A CONFLICT OF INTEREST ON THAT ISSUE, THEY WILL ABSTAIN FROM VOTING DUE TO THEIR CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS DETERMINES THE COMPENSATION AND BENEFITS OF THE CHIEF EXECUTIVE OFFICER AND OTHER TOP MANAGEMENT OFFICIALS. THE BOARD IS INDEPENDENT WITH RESPECT TO THE COMPENSATION ARRANGEMENT BEING CONSIDERED. THE BOARD UTILIZES COMPARABILITY SURVEYS AS PART OF THIS PROCESS. THE REVIEW AND APPROVAL PROCESS IS DOCUMENTED IN BOARD MEETING MINUTES. 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. FORM 990, PART XI, LINE 9: CHANGE IN INTEREST RATE SWAP CONTRACTS 302,187. FORM 990, PART XII, LINE 2C THE ORGANIZATION'S BOARD OF DIRECTORS IS RESPONSIBLE FOR THE SELECTION, MONITORING AND EVALUATION OF AN INDEPENDENT AUDIT FIRM AND OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS. THERE WAS NO CHANGE IN THE PROCESS FROM THE PRIOR YEAR.