2025-04-03T15:07:12-05:00 2024-06-30 540504608 BROWN EDWARDS & COMPANY LLP 3906 ELECTRIC ROAD ROANOKE VA 24018 990 2023-07-01 540842686 FRIENDSHIP APARTMENT VILLAGE CORPORATION FRIE 5402652177 367 HERSHBERGER RD NW ROANOKE VA 24012 C MICHAEL SHANNON CFO 5402652177 2025-04-02 1 0 EVAN ROSS P01786214 5403450936 2025-04-02 2023 2025-03-06 01:10:19Z C MICHAEL SHANNON 367 HERSHBERGER RD NW ROANOKE VA 24012 7662580 0 X WWW.FRIENDSHIP.US X 1972 VA SUPPORTING FRIENDS BY PROVIDING PEACE OF MIND 10 10 32 0 74206 68814 0 0 5375592 5481518 586774 2071922 62415 74206 6024781 7627646 0 0 0 0 829067 851565 0 0 0 4303201 4607321 5132268 5458886 892513 2168760 29799547 31175879 17088815 16843231 12710732 14332648 X SUPPORTING FRIENDS BY PROVIDING PEACE OF MIND 0 0 4424287 5481518 LIFE LEASE AND RENTAL APARTMENTS FOR THE ELDERLY, THE CORPORATION OWNS AND OPERATES 309 UNITS, WITH A 93.6% OCCUPANCY RATE FOR THE FISCAL YEAR. ONE OF THE ADVANTAGES OF LIVING IN OUR RETIREMENT COMMUNITY IS THE OPPORTUNITY TO MOVE TO ONE OF OUR OTHER FACILITIES IF THE RESIDENT NEEDS A HIGHER LEVEL OF CARE SUCH AS ASSISTED LIVING OR A SKILLED NURSING FACILITY WITHOUT LEAVING THE COMMUNITY WHERE THEY HAVE DEVELOPED FRIENDSHIPS AND TIES. IN ADDITION, WE PROVIDE COUNSELING AND ASSISTANCE FOR THOSE WHO SUFFER FINANCIAL HARDSHIPS, AND WORK WITH THEM TO IDENTIFY SOLUTIONS IN AN ATTEMPT TO ALLOW THEM TO REMAIN IN THIER APARTMENTS.THE CORPORATION FURNISHES AN APARTMENT TO FRIENDSHIP HEALTH AND REHAB CENTER, INC, AND AN APARTMENT TO FRIENDSHIP HEALTH AND REHAB SOUTH, INC, RELATED NPOS, FOR NURSES WHO WORK SPECIAL SHIFTS, SUCH AS 8 HOURS AT WORK AND 8 HOURS OFF. THIS GIVES THE NURSES AN OPPORTUNITY TO GET ADEQUATE REST. IT ALSO HELPS MAINTAIN STAFF ON CAMPUS DURING EMERGENCY SITUATIONS. EVENTS ARE PLANNED EACH MONTH FOR TRIPS IN THE AREA AND OCCASIONALLY OR OF THE AREA. THERE IS ALSO A CONTRACT REGISTERED NURSE FROM PROFESSIONAL HEALTH CARE SERVICES, INC., A RELATED CORPORATION, WHO VISITS RESIDENTS AND ADMINISTERS BLOOD PRESSURE CHECKS, B-12 SHOTS AND OTHER SIMILAR NEEDS.THE CORPORATION DISTRIBUTES A MONTHLY NEWSLETTER CALLED "THE FRIENDLY CIRCLE" TO THE RESIDENTS. IT IS FREE, HAS NO PAID ADVERTISING IN IT, AND CONTAINS ARTICLES AND A CALENDAR OF COMING EVENTS USEFUL TO THE RESIDENTS. THERE ARE ARTICLES BY THE DIRECTOR OF RESIDENTIAL SERVICES, PHARMACISTS, DOCTORS AND OTHER SUBJECTS THAT WOULD BE OF INTEREST TO THE RESIDENTS. THE LETTER ALSO CONTAINS A CALENDAR WITH THE MENU SPECIALS AND THE BISTRO. RECREATION/CULTURAL CENTER. THE CENTER HAS A BILLIARDS ROOM, MEETING ROOMS, BANQUET FACILITIES, POOL, EXERCISE ROOMS, GAME ROOM, CRAFT ROOM AND CHAPEL. 4424287 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 X 25 0 1 32 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 1 0 0 1 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X VALLEY MANAGEMENT CO INC 5402652177 367 HERSHBERGER RD NW ROANOKE VA 24012 X EDWIN R FEINOUR DIRECTOR 1.00 3.00 X 0 40000 0 GLEN C COMBS DIRECTOR 1.00 3.00 X 0 47100 0 JOHN B WILLIAMSON III DIRECTOR 1.00 3.00 X 0 20500 0 LUCIAN Y GROVE JR DIRECTOR 1.00 3.00 X 0 47100 0 CYNDA A JOHNSON DIRECTOR 1.00 3.00 X 0 47100 0 ROBERT C LAWSON CHAIRMAN 1.00 3.00 X X 0 64000 0 KATHRYN K OELSCHLAGER VICE CHAIRMAN 1.00 3.00 X X 0 52500 0 ROBERT H SANDEL DIRECTOR 1.00 3.00 X 0 47100 0 NATHANIEL BISHOP DIRECTOR 1.00 3.00 X 0 40000 0 GREGORY W FELDMANN DIRECTOR 0.00 3.00 X 0 0 0 JOSEPH M HOFF PRESIDENT & CEO 2.00 38.00 X 0 635963 20335 C MICHAEL SHANNON CFO 2.00 38.00 X 0 461941 13846 CINDY MITCHELL BOARD SECRETARY 2.00 38.00 X 0 73278 1335 ANGELA HUGHES VP HUMAN RESOURCES & COMPL 2.00 38.00 X 0 213703 10643 MARY RODGER DIRECTOR OF ACCOUNTING 2.00 38.00 X 0 181023 16253 STEPHANIE DUNCAN DIRECTOR OF REVENUE CYCLE 2.00 38.00 X 0 148437 10965 TODD LOWE DIRECTOR OF IT 2.00 38.00 X 0 146989 14966 ASHLEY JEWELL DIRECTOR OF HUMAN RESOURCE 2.00 38.00 X 0 126301 8617 0 2393035 96960 0 0 1 0 0 NET PATIENT SERVICE REVENUE 531110 5079377 5079377 OTHER OPERATING REVENUE 531110 373107 373107 WASHER/DRYER FEES 531390 16056 16056 BEAUTY SHOP 812900 12978 12978 5481518 322964 322964 109140 34934 74206 74206 74206 1748958 0 1748958 1748958 1748958 7627646 5481518 74206 2071922 729828 385070 344758 13240 9629 3611 53427 38856 14571 55070 29634 25436 349479 349479 77028 77028 10704 10704 39150 39150 1245 71 1174 36976 36976 1387449 1373127 14322 15511 14666 845 536561 522056 14505 1448474 1409130 39344 188470 183337 5133 EMPLOYEE EMERGENCY FUND 200000 200000 PURCHASED SERVICES 140036 74618 65418 OTHER 82224 53386 28838 PROPERTY TAXES 64763 64763 29251 26794 2457 5458886 4424287 1034599 0 -10211396 -8983220 -6644 3447 2655 157364 224935 45064169 28671212 16741130 16392957 13407689 8090555 9708749 15447205 29799547 31175879 555926 680540 4374 3354 16869500 16496126 -340985 -336789 17088815 16843231 X 12710732 14332648 12710732 14332648 29799547 31175879 2168760 -546844 0 X X 0 1 X 1 0 X 4388570 4453161 4691640 5375592 5481518 24390481 4388570 4453161 4691640 5375592 5481518 24390481 0 0 0 24390481 282077 362961 280952 288373 322964 1537327 282077 362961 280952 288373 322964 1537327 49956 47861 65910 62415 74206 300348 4720603 4863983 5038502 5726380 5878688 26228156 0.92990 0.92750 0.05860 0.06150 X 2572759 2572759 32364281 22306755 10057526 5376430 4109112 1267318 4750699 2255345 2495354 16392957 DEPOSITS 11369 RESTRICTED DEPOSITS 1348874 DUE FROM AFFILIATED COMPANIES 14086962 15447205 ANNUITIES PAYABLE 1672 DEPOSITS 11369 UNAMORTIZED DEBT ISSUANCE COSTS -349830 -336789 X 6887227 -546844 41420 -505424 7392651 77028 157967 234995 7627646 5265311 41420 41420 5223891 77028 157967 234995 5458886 PART X, LINE 2: FRIENDSHIP APARTMENT VILLAGE CORPORATION IS A NOT-FOR-PROFIT COMPANY UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS NOT GENERALLY SUBJECT TO INCOME TAXES UNDER PRESENT TAX LAWS. FRIENDSHIP APARTMENT VILLAGE CORPORATION HAS DETERMINED IT DOES NOT HAVE ANY MATERIAL UNRECOGNIZED TAX BENEFITS OR OBLIGATIONS AS OF JUNE 30, 2024. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES SHOWN NET ON TAX RETURN 34,934. ADDITIONAL INVESTMENT EXPENSE NOT NETTED ON FINANCIAL STATEMENTS 6,486. PART XI, LINE 4B - OTHER ADJUSTMENTS: MEALS AND RENT INCOME SHOWN NET ON FINANCIAL STATEMENTS 109,140. BAD DEBT SHOWN NET ON FINANCIAL STATEMENTS 10,670. RENTAL DISCOUNTS SHOWN NET ON TAX RETURN 30,965. OTHER ADJUSTMENTS 7,192. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES SHOWN NET ON TAX RETURN 34,934. ADDITIONAL INVESTMENT EXPENSE NOT NETTED ON FINANCIAL STATEMENTS 6,486. ROUNDING PART XII, LINE 4B - OTHER ADJUSTMENTS: MEALS AND RENT INCOME SHOWN NET ON FINANCIAL STATEMENTS 109,140. BAD DEBT SHOWN NET ON FINANCIAL STATEMENTS 10,670. RENTAL DISCOUNTS SHOWN NET ON TAX RETURN 30,965. OTHER ADJUSTMENTS 7,192. X X X X X X 0 1 0 0 0 1 1 0 0 JOSEPH M HOFF PRESIDENT & CEO 0 392473 0 222488 0 21002 0 9669 0 10666 0 656298 0 0 C MICHAEL SHANNON CFO 0 308611 0 136765 0 16565 0 8334 0 5512 0 475787 0 0 ANGELA HUGHES VP HUMAN RESOURCES & COMPL 0 171029 0 42597 0 77 0 5131 0 5512 0 224346 0 0 MARY RODGER DIRECTOR OF ACCOUNTING 0 169346 0 11600 0 77 0 5080 0 11173 0 197276 0 0 TODD LOWE DIRECTOR OF IT 0 131312 0 15600 0 77 0 3924 0 11042 0 161955 0 0 STEPHANIE DUNCAN DIRECTOR OF REVENUE CYCLE 0 132260 0 16100 0 77 0 3968 0 6997 0 159402 0 0 PART I, LINE 4B C. MICHAEL SHANNON RECEIVED $16,654 FOR A NON-QUALIFIED RETIREMENT PROGRAM. JOE HOFF RECEIVED $21,137 FOR A NON-QUALIFIED RETIREMENT PROGRAM. THE PROGRAM IS AN EXECUTIVE INVESTMENT TRUST PLAN FOR HIGHLY COMPENSATED AND MANAGEMENT EMPLOYEES. EACH PRESENT AND FUTURE EMPLOYEE OF THE COMPANY AND ITS SUBSIDIARIES WHOM THE COMMITTEE (THE EMPLOYMENT COMPENSATION COMMITTEE OF THE BOARD) DETERMINES TO BE AN ELIGIBLE EMPLOYEE SHALL BE ELIGIBLE TO RECEIVE AN AWARD UNDER THE PLAN. THE EMPLOYEE MUST BE A FULL-TIME ACTIVE PARTICIPANT TO RECEIVE AN AWARD. PART I, LINE 6 THE INDIVIDUALS RECEIVED VARIABLE COMPENSATION PAYMENTS BASED ON A PERFORMANCE SCORECARD. IN TURN, THE SCORECARD MEASURES ARE BASED ON A NUMBER OF MEASURES IN THE CATEGORIES OF FINANCIAL PERFORMANCE, QUALITY PERFORMANCE, INNOVATION AND GROWTH. FOR THE AFFILIATED CORPORATIONS, JOSEPH HOFF, PRESIDENT AND CEO, RECEIVED $222,488, C. MICHAEL SHANNON, CFO, RECEIVED $136,765, CINDY MITCHELL, SECRETARY, RECEIVED $4,600. PART V, LINE 2B FRIENDSHIP HEALTH AND REHAB CENTER, INC, EIN 23-7126857 IS THE PAYMASTER FOR TEN RELATED C CORPORATIONS WHICH HAVE EMPLOYEES. THIS CORPORATION PAYS ALL EMPLOYEES AND PREPARES AND FILES ALL REQUIRED FEDERAL PAYROLL RETURNS. EACH CORPORATION AND ITS EMPLOYEES ARE AS FOLLOWS: FRIENDSHIP HEALTH AND REHAB CENTER INC 492 EMPLOYEES FRIENDSHIP APARTMENT VILLAGE CORP 32 EASTWOOD ASSISTED LIVING, INC 83 PROFESSIONAL HEALTH CARE SERVICES, INC 42 FRIENDSHIP PHARMACY, INC 4 VALLEY MANAGEMENT CO, INC 59 LTC SERVICES, INC 25 FRIENDSHIP OUTPATIENT & WELLNESS SERVICES, INC 20 FRIENDSHIP FOUNDATION 1 FRIENDSHIP HEALTH AND REHAB CENTER SOUTH 255 FRIENDSHIP PHYSICIAN CLINIC 3 FRIENDSHIP SALEM TERRACE 97 FRIENDSHIP RL, LLC 309 TOTAL 1,422 FORM 990, PART VI, SECTION A, LINE 3 THE CORPORATION PAYS MANAGEMENT FEES TO VALLEY MANAGEMENT CO., INC. TO PROVIDE MANAGEMENT OF ALL ASPECTS OF THE OPERATION, INCLUDING, BUT NOT LIMITED TO HUMAN RESOURCE SERVICES, ACCOUNTING, BILLING, COLLECTIONS, PAYROLL, AND GENERAL ADMINISTRATION. VALLEY MANAGEMENT IS RESPONSIBLE FOR COORDINATING THE PREPARATION OF MONTHLY FINANCIAL STATEMENTS, MAINTAINING AND MANAGING BANK ACCOUNTS AND WORKING CAPITAL. VALLEY MANAGEMENT IS ALSO RESPONSIBLE FOR APPLYING FOR, OBTAINING, AND MAINTAINING ALL NECESSARY LICENSES, PERMITS, CONSENTS, AND APPROVALS FROM ALL GOVERNMENTAL AGENCIES WHICH HAVE JURISDICTION OVER THE OPERATION OF THE ORGANIZATION. THE COMPANY AGREES TO OPERATE AND MAINTAIN THE ORGANIZATION IN COMPLIANCE WITH THE REQUIREMENTS OF ANY STATUTE, ORDINANCE, LAW, RULE, REGULATION OR ORDER OF ANY GOVERNMENTAL OR REGULATORY BODY HAVING JURISDICTION OVER THE ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 6 THE CORPORATION HAS ONE MEMBER, FRIENDSHIP FOUNDATION. FORM 990, PART VI, SECTION B, LINE 11B AN INDEPENDENT ACCOUNTING FIRM PREPARES THE FORM 990 AND FORWARDS IT TO THE CFO AND CEO FOR REVIEW. THE CFO AND CEO RETURN THE FORM 990 TO THE CPA TO RESOLVE QUESTIONS AND MAKE CHANGES. THE FORM 990 GOES BACK TO THE CFO AND CEO TO ENSURE QUESTIONS AND CHANGES HAVE BEEN MADE. A COPY OF THE FORM 990 IS THEN PROVIDED TO EACH BOARD MEMBER BY THE CFO APPROXIMATELY 2 WEEKS PRIOR TO THE DUE DATE. THEY ARE GIVEN 1 WEEK TO REVIEW AND FORWARD QUESTIONS TO THE CFO. REVIEW QUESTIONS ARE RESOLVED AND THE FORM 990 IS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE POLICY IS INCLUDED IN BOTH THE EMPLOYEE HANDBOOK AND THE CODE OF CONDUCT, WHICH IS ISSUED TO AND DISCUSSED WITH EACH EMPLOYEE AND BOARD MEMBER. AN ANNUAL LETTER AFFIRMING THE POLICY AND ASKING FOR WRITTEN DECLARATIONS OF ANY POTENTIAL CONFLICTS IS SENT TO ALL BOARD MEMBERS AND APPROXIMATELY 20% OF EMPLOYEES (ALL MANAGERS, BUSINESS OFFICE STAFF, PURCHASING DEPARTMENT STAFF, HUMAN RESOURCES STAFF, ETC.). RESPONSES ARE REVIEWED BY THE CORPORATE COMPLIANCE OFFICER, REPORTED TO THE BOARD, AND ACTED UPON AS NEEDED. ALSO, THE CORPORATION IS AWARE OF THE BUSINESS AFFILIATIONS OF OFFICERS AND DIRECTORS AND ENSURES THAT EACH IS AWARE OF THE AFFILIATIONS. WHENEVER DISCUSSIONS OCCUR IN WHICH A CONFLICT EXISTS, THE INDIVIDUAL RECUSES THEMSELF FROM THE PROCEEDINGS SO THE OTHER MEMBERS CAN DISCUSS THE MATTER FREELY. EACH YEAR AT ITS CORPORATE GOVERNANCE COMMITTEE MEETING AND ANNUAL BOARD MEETING A REPORT IS MADE TO THE BOARD OF DIRECTORS DESCRIBING THE BUSINESS AFFILIATIONS AND ANY BUSINESS TRANSACTIONS THAT OCCURRED DURING THE YEAR BETWEEN THE CORPORATION AND THE EXTERNAL BUSINESSES IN WHICH THE DIRECTORS OR OFFICERS ARE INVOLVED. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF THE BOARD ROUTINELY ENGAGES AN EXTERNAL CONSULTANT TO REVIEW BENCHMARK COMPENSATION DATA FOR THE CEO AND OTHER KEY MANAGEMENT POSITIONS. A NUMBER OF NATIONALLY RECOGNIZED SALARY SURVEYS ARE UTILIZED AS PART OF THIS PROCESS AND THE CONSULTANT'S WRITTEN REPORT IS RECEIVED BY THE COMPENSATION COMMITTEE AND THE FULL BOARD. ANNUALLY, THE COMPENSATION COMMITTEE REVIEWS THE COMPENSATION FOR EACH MEMBER OF THIS GROUP UTILIZING THE BENCHMARK DATA AND ANY ADJUSTMENTS IN COMPENSATION ARE RECOMMENDED FROM THE COMPENSATION COMMITTEE TO THE FULL BOARD FOR CONSIDERATION AND APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST THE COMPANY WILL PROVIDE COPIES OF GOVERNING DOCUMENTS,POLICIES, FINANCIAL STATEMENTS, AND FORM 990'S TO PERSONS ASKING FOR THE DOCUMENTS. FORM 990, PART VII THE ORGANIZATION SHARES BOARD MEMBERS AND OFFICERS WITH RELATED ORGANIZATIONS. THE AVERAGE HOURS A WEEK THAT EACH INDIVIDUAL SPENDS WITH EACH ORGANIZATION IS AS FOLLOWS: VALLEY MANAGEMENT CO., INC.: EDWIN R. FEINOUR 3.00 GLEN C. COMBS 3.00 ROBERT C. LAWSON 3.00 ROBERT H. SANDEL 3.00 KATHRYN K. OELSCHLAGER 3.00 NATHANIEL L. BISHOP 3.00 LUCIAN GROVE, JR. 3.00 JOHN WILLIAMSON 3.00 CYNDA JOHNSON 3.00 JOSEPH M. HOFF 3.00 C. MICHAEL SHANNON 3.00 GREGORY W. FELDMANN 3.00 PART XII, LINE 2C THE CORPORATION PARTICIPATES IN A CONSOLIDATED AUDIT WITH AFFILIATED COMPANIES REPORTED ON SCHEDULE R. WHEN FINISHED THE AUDITED STATEMENTS ARE PRESENTED TO THE FINANCE COMMITTEE AND THE BOARD OF DIRECTORS BY THE EXTERNAL AUDITORS. PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. WELLINGTON I-IV LLC 367 HERSHBERGER RD ROANOKE VA 24012 842640340 INDEPENDENT LIVING VA FRIENDSHIP APARTMENT VILLAGE CORPORATION EASTWOOD ASSISTED LIVING INC 367 HERSHBERGER ROAD ROANOKE VA 24012 540738784 ASSISTED LIVING FACILITY VA 501(C)(3) LINE 11 FRIENDSHIP FOUNDATION 1 FRIENDSHIP FOUNDATION 367 HERSHBERGER ROAD ROANOKE VA 24012 541427948 CONTROLLING ORGANIZATION, MANAGEMENT SERVICES VA 501(C)(3) LINE 12D, III-O 1 FRIENDSHIP HEALTH AND REHAB CENTER INC 367 HERSHBERGER ROAD ROANOKE VA 24012 237126857 LONG TERM NURSING CARE VA 501(C)(3) LINE 11 FRIENDSHIP FOUNDATION 1 FRIENDSHIP OUTPATIENT & WELLNESS CENTER 367 HERSHBERGER ROAD ROANOKE VA 24012 260152373 OUTPATIENT THERAPY SERVICES VA 501(C)(3) LINE 11 FRIENDSHIP FOUNDATION 1 FRIENDSHIP HEALTH AND REHAB CENTER SOUTH 367 HERSHBERGER ROAD ROANOKE VA 24012 454983293 REHAB & NURSING FACILITY VA 501(C)(3) LINE 11 FRIENDSHIP FOUNDATION 1 FRIENDSHIP PHARMACY INC 367 HERSHBERGER ROAD NW ROANOKE VA 24012 541461437 PHARMACY SERVICES VA N/A C 1 FRIENDSHIP PROPERTIES INC 367 HERSHBERGER ROAD NW ROANOKE VA 24012 541262492 LEASING COMPANY VA N/A C 1 LTC SERVICES INC 367 HERSHBERGER ROAD NW ROANOKE VA 24012 541461441 MAINTENANCE VA N/A C 1 PROFESSIONAL HEALTH CARE SERVICES INC 367 HERSHBERGER ROAD NW ROANOKE VA 24012 541421581 HOME CARE SERVICES VA N/A C 1 VALLEY MANAGEMENT COMPANY INC 367 HERSHBERGER ROAD NW ROANOKE VA 24012 541461444 MANAGEMENT VA N/A C 1 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 VALLEY MANAGEMENT COMPANY INC M 304214 CASH LTC SERVICES M 476330 CASH FRIENDSHIP FOUNDATION D 193976 CASH