Perry Farm Development Co.

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1 (a not-for-profit corporation) Consolidated Financial Report December 31, 2010

2 Contents Report Letter 1 Consolidated Financial Statements Balance Sheet 2 Statement of Operations 3 Statement of Changes in Deficiency in Net Assets - Unrestricted 4 Statement of Cash Flows

3 Independent Accountant's Review Report To the Board of Directors We have reviewed the accompanying consolidated balance sheet of Perry Farm Development Co. as of and the related consolidated statements of operations, changes in deficiency in net assets - unrestricted, and cash flows for the years then ended. A review includes primarily applying analytical procedures to management s financial data and making inquiries of company management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion. The management of is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements. Our responsibility is to conduct the reviews in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. Those standards require us to perform procedures to obtain limited assurance that there are no material modifications that should be made to the financial statements. We believe that the results of our procedures provide a reasonable basis for our reports. Based on our reviews, we are not aware of any material modifications that should be made to the accompanying consolidated financial statements in order for them to be in conformity with accounting principles generally accepted in the United States of America. March 22,

4 Consolidated Balance Sheet December 31, 2010 December 31, 2009 Assets Cash $ 112,989 $ 87,555 Accounts receivable - Net 74,551 42,227 Funded reserves (Note 1): Operating reserve 34,159 34,125 Debt service reserve 214, ,053 Project development costs 621, ,821 Prepaid expenses and other assets 2,317 1,431 Tenant security deposits 23,654 20,457 Land contract receivable (Note 2) 679, ,000 Property and equipment - Net (Note 3) 1,065,991 1,118,551 Financing fees - Net 58,232 67,191 Total assets $ 2,886,358 $ 3,008,411 Liabilities and Deficiency in Net Assets Liabilities Advances from affiliate (Note 4) $ 239,238 $ 231,091 Accrued liabilities and other: Accrued compensation 16,618 15,227 Accrued interest (Note 4) 47,557 38,824 Deferred land fee revenue 504, ,398 Other accrued liabilities - 1,503 Tenant security deposits 13,647 11,798 Related party notes payable (Note 4) 1,553,414 1,364,601 Bonds payable (Note 5) 1,781,521 1,889,766 Total liabilities 4,156,946 4,179,208 Deficiency in Net Assets - Unrestricted (1,270,588) (1,170,797) Total liabilities and deficiency in net assets $ 2,886,358 $ 3,008,411 See and Independent Accountant's Review Report. 2

5 Consolidated Statement of Operations December 31, 2010 Year Ended December 31, 2009 Revenue Association and service income $ 354,656 $ 359,198 Gain on sale of land under land contracts 69,947 - Additional land fee revenue 25,500 - Initiation fees 90,000 - Assisted living and related revenue 324, ,831 Wellness revenue 14,697 9,830 Meal revenue 49,724 31,309 Gifts and donations 28,611 26,439 Other income 155,992 29,385 Total revenue 1,113, ,992 Operating Expenses Cost of land sales under land contract 41,426 - Amortization - Financing fees 8,959 8,959 Depreciation 78,504 75,473 Salaries and wages 445, ,972 Employee benefits 110, ,482 Grounds maintenance 45,147 64,383 Insurance 18,085 19,850 Interest expense 146, ,147 Management fees (Note 4) 36,240 36,240 Food costs 65,523 61,607 Miscellaneous expense 6,342 16,594 Office expenses 2,579 2,965 Administration 28,170 26,638 Repairs and maintenance 41,834 33,858 Supplies 14,629 16,495 Real estate taxes 7,241 7,283 Utilities 69,155 60,992 Advertising 47,073 7,775 Total operating expenses 1,213,651 1,185,713 Decrease in Net Assets $ (99,791) $ (210,721) See and Independent Accountant's Review Report. 3

6 Consolidated Statement of Changes in Deficiency in Net Assets - Unrestricted Balance as restated (Note 1)- January 1, 2009 $ (960,076) Decrease in net assets (210,721) Balance as restated (Note 1)- December 31, 2009 (1,170,797) Decrease in net assets (99,791) Balance - December 31, 2010 $ (1,270,588) See and Independent Accountant's Review Report. 4

7 Consolidated Statement of Cash Flows December 31, 2010 Year Ended December 31, 2009 Cash Flows from Operating Activities Decrease in net assets $ (99,791) $ (210,721) Adjustments to reconcile decrease in net assets to net cash from operating activities: Depreciation and amortization 87,463 84,432 Gain on sale of land under land contract (69,947) - Changes in operating assets and liabilities which provided (used) cash: Accounts receivable (32,324) 91 Project development costs 41,426 - Deposits and other (4,083) (3,969) Accrued liabilities and other 49,294 36,179 Deferred revenue - Initiation fees and land fees (51,500) - Net cash used in operating activities (79,462) (93,988) Cash Flows from Investing Activities Purchase of property and equipment (25,944) (20,642) Payments into funded reserves (51) (4,629) Proceeds from land contract receivable 81,000 - Net cash provided by (used in) investing activities 55,005 (25,271) Cash Flows from Financing Activities Payments on notes payable (137,745) (102,790) Advances from affiliate 187, ,201 Net cash provided by financing activities 49, ,411 Net Increase (Decrease) in Cash 25,434 (1,848) Cash - Beginning of year 87,555 89,403 Cash - End of year $ 112,989 $ 87,555 Supplemental Cash Flow Information Cash paid for interest $ 137,617 $ 137,982 Noncash transaction: Conversion of advance from affiliate to related party note payable 179,489 43,456 Conversion of accrued interest to related party note payable 38,824 39,659 See and Independent Accountant's Review Report. 5

8 Note 1 - Organization and Summary of Significant Accounting Policies (a not-for-profit corporation) (the "Company") was formed in September 2002 to develop Perry Farm Village (PFV), located in Harbor Springs, Michigan. The PFV campus will eventually consist of 63 units of senior independent living divided among cottages, duplexes, apartments, and a small assistedliving facility. The Company owns and operates the six assisted-living units and the Perry Center Club. The Perry Center Club consists of a wellness center and a community center. The wellness and community centers provide social, recreational, nutrition, intellectual, physical, and spiritual programs. Assisted-living services are also available to residents within the cottages, duplexes, and apartments to allow them to age at home. The cottages, duplexes, and apartments are owned by the residents or by investors who lease them to the residents. The PFV campus includes the Perry Farm Village Association (the "Association"). During 2006, the governance of the Association was reconstituted so that the Company, which owns seven units within the Association, has the majority of votes on the Association board, which resulted in a consolidated financial statement presentation. The consolidated financial statements include the accounts of the Association. All material intercompany accounts have been eliminated in consolidation. The Perry Center is funded through initiation fees, land fees, and transfer fees of residents buying independent-living cottages and apartments within Perry Farm Village. Other revenue sources include a share of the monthly fees from the Association for the independent-living cottages, duplexes, and apartments, monthly fees from room, board, and services provided to residents within the assisted-living units, fees from home care services provided to independent-living residents within the cottages, duplexes, and apartments, user fees from intellectual, nutritional, and physical programs within the Perry Center Club, and contributions. In June 2007, the Company was restructured to establish Presbyterian Villages of Michigan (PVM), a not-for-profit Michigan corporation and a multi-facility, faith-based senior-living provider, as the sole corporate member. A summary of significant accounting policies is as follows: Classification - The financial affairs of the Company generally do not involve a business cycle since the realization of assets and the liquidation of liabilities are usually dependent on the Company's circumstances. Accordingly, the classification of current assets and current liabilities is not considered appropriate and has been omitted from the consolidated balance sheet. See Independent Accountant's Review Report. 6

9 Note 1 - Organization and Summary of Significant Accounting Policies (Continued) Project Development Costs - As part of the development of PFV, the Company constructed a community and wellness center called the Perry Center Club within the Perry Center which is considered part of the cost of the development to be passed through to owners of the cottages and apartments. All direct materials, labor costs, and indirect costs related to acquisition, construction, and associated site improvements of the club were capitalized as project development costs. As constructed cottages and apartments are sold, the allocated portion of the club costs is expensed as costs of sales. Accounts Receivable - Accounts receivable consist primarily of tenant accounts receivable and land contracts receivable. An allowance for doubtful accounts of $3,319 and $3,686 at, respectively, has been established based on the Company's expected ability to collect outstanding amounts. Amounts determined to be uncollectible are charged against the allowance when the determination is made. Accounts receivable also include a receivable from Birchwood Contruction Company (BCC) for maintenance costs in lieu of association fees on the units that BCC owns. Property and Equipment - Property and equipment purchases are recorded at cost. Depreciation is calculated using straight-line and accelerated methods over the useful lives. Costs of maintenance and repairs are charged to expense when incurred. Financing Fees - During 2007, financing fees totaling $91,754 were incurred by the Company in connection with refinancing debt. These costs are amortized over the term of the related debt on a straight-line basis. Amortization expense was $8,959 for both 2010 and Accumulated amortization was $33,522 and $24,563 at December 31, 2010 and 2009, respectively. Revenue Recognition - The Company has a land contract agreement with Birchwood Construction Company (BCC) as part of an exchange agreement of the land used in the development of the cottages and apartments. The gain on the sale of the land to BCC was recorded as deferred revenue and is amortized into revenue when the cottage and apartment units are sold using the percentage-of-completion method. Additional land fees received above those received for the land contract agreement are recorded as revenue when received. Initiation fees and transfer fees are recorded as revenue when received upon closing on the resale of a cottage, duplex, or apartment. See Independent Accountant's Review Report. 7

10 Note 1 - Organization and Summary of Significant Accounting Policies (Continued) Each cottage, duplex, and apartment owner pays a monthly association fee, which consists of an assessment for the Perry Center Club and is recognized on an accrual basis. Additionally, residents in the cottages or apartments receiving assisted living pay a monthly service fee, as well as additional assisted-living service fees based on their use of certain facilities and services. Residents renting in the Perry Center assisted-living units pay a monthly room, board, and service fee based on their required level of assistance. Contributions - The Company reports gifts of cash and other assets as restricted support if they are received with donor stipulations that limit the use of the donated assets. When a donor restriction expires, that is, when a stipulated time restriction ends or purpose restriction is accomplished, temporarily restricted net assets are reclassified as unrestricted net assets and are reported in the consolidated statement of operations as net assets released from restrictions. Impairment of Assets - The Company recognizes impairment of long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. No impairment of the Company's rental property has occurred. Classification of Net Assets - Net assets of the Company are classified as permanently restricted, temporarily restricted, or unrestricted depending on the presence and characteristics of donor-imposed restrictions limiting the Company's ability to use or dispose of contributed assets or the economic benefits embodied in those assets. At, the Company has a deficiency in net assets that is considered unrestricted. Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Income Taxes - The Company has been granted an exemption from the payment of income taxes as provided under Internal Revenue Code Section 501(c)(3). Accordingly, no tax provision is recorded in the consolidated financial statements. See Independent Accountant's Review Report. 8

11 Note 1 - Organization and Summary of Significant Accounting Policies (Continued) The Association is a Michigan nonprofit corporation, under which the entity is taxed as a corporation, but which the members may not receive profits of the corporation, with only certain activities of the Association subject to tax under law. The tax bases of the Association s assets and liabilities approximate the amounts reported in the accompanying consolidated financial statements. As such, there is no current or deferred tax asset or liability at December 31, In addition, there is no income tax expense for the year ended December 31, The Company and the Association file income tax returns in the United States and are not currently under examination by the Internal Revenue Service or any state or local tax authorities in relation to their open tax years, which include returns filed for the years ended December 31, 2007 through Subsequent Events - The consolidated financial statements and related disclosures include evaluation of events up through and including March 22, 2011, which is the date the consolidated financial statements were available to be issued. Funded Reserves - State of Michigan condominium law requires condominium associations to reserve 10 percent of the operating budget. At December 31, 2010 and 2009, $34,159 and $34,125 of cash, respectively, is restricted for that purpose. In addition, under the terms of the debt agreement, the Company must maintain a debt service reserve, which totaled $214,070 and $214,053 at, respectively. Reclassification - Deferred initiation fee revenue of $209,500 at December 31, 2009 has been reclassified as deferred land fee revenue to conform to the 2010 presentation. Restatement Net assets have been restated at January 1, 2009 to correct an error in accounting for initiation fees, which were previously deferred at the time of closing on sale of a cottage, duplex, or apartment, and amortized to income over the life expectancy of the resident. Initiation fees should have been reported as revenue at the time of closing on the sale of each cottage, duplex or apartment. As a result of the correction of an error, deficiency in net assets at January 1, 2009 was reduced $390,600, to $960,076. As and for the year ended December 31, 2009, decrease in net assets reported on the statement of operations was increased $73,800, to $210,721, the amount previously reported as deferred initiation fees on the balance sheet was reduced to $0, and deficiency in net assets was reduced $318,800 to $1,170,797. See Independent Accountant's Review Report. 9

12 Note 2 - Land Contract Receivable The Company entered into a land contract agreement in the amount of $1,078,000 with BCC for the sale of land to BCC for development of the cottages and apartments on PFV. An initial amount of $1,000 was paid at the time of sale. The remaining balance was recorded as a land contract receivable bearing no interest, to be paid in installments based on the release of deeds for each of the units in the development as land fees. At, the remaining balance of the land contract receivable was $469,500 and $499,000, respectively. In addition, in 2007 the Company entered into an amendment to the original contract whereby the Company would receive additional fees based on remaining unsold units as they are sold, of which $209,500 and $261,000 was remaining as a receivable at, respectively. Note 3 - Property and Equipment The cost of property and equipment and depreciable lives are summarized below: Depreciable Life - Years Land $ 139,000 $ 139,000 - Buildings and improvements 1,064,672 1,054, Equipment 314, , Total cost 1,517,992 1,492,049 Less accumulated depreciation (452,001) (373,498) Net property and equipment $ 1,065,991 $ 1,118,551 Note 4 - Related Party Transactions Management Fees - The Company has contracted with PVM to provide management services. The current agreement, effective November 2006, provides for a base management fee of $3,020, due monthly. Management fees expense for the years ended totaled $36,240. See Independent Accountant's Review Report. 10

13 Note 4 - Related Party Transactions (Continued) Advances from Affiliate - The Company received advances from PVM to cover working capital deficits totaling $239,238 and $231,091 at December 31, 2010 and 2009, respectively. Notes Payable - A note payable to PVM with a balance of $1,188,914 and $970,601 at, respectively, bears interest at 4 percent per annum, is repayable based on available cash flows, is unsecured, and is subordinated to the bonds payable. The note calls for any additional working capital advanced to the Company by PVM to be added to the note payable balance in the subsequent year. No principal payments had been made as of December 31, 2010 or Accrued interest on the note at was $47,557 and $38,824, respectively. A note payable to Presbyterian Villages of Michigan Foundation (PVMF), an entity related through common ownership, was initially recorded at $519,000, net of a discount of $106,000. The note payable is collateralized by the land contract receivable by the Company from BCC on remaining unsold units, and is subordinated to the bonds payable. Payments of principal and the allocable share of the discount are due to PVMF as the remaining available units are sold under the land contract. The balance on the note was $364,500 and $394,000 at, respectively. Note 5 - Bonds Payable In June 2007, the Company issued $2,150,000 of Limited Obligation Revenue Bonds through the Economic Development Corporation of the County of Emmet (EDC) to refinance the existing debt and fund working capital. The bonds are payable in monthly payments of principal and interest totaling $17,253, beginning July 2007 through June 2014, at which point the remaining balance is due. Interest is payable at a rate of 5.3 percent. The bonds are collateralized by the assets of the Company and are guaranteed by PVM up to a maximum of $500,000 plus interest. The Company is subject to certain financial covenants. Minimum principal payments on the bonds payable are as follows: 2011 $ 115, , ,063 Thereafter 1,416,783 Total $ 1,781,521 See Independent Accountant's Review Report. 11

14 Note 6 - Retirement Plan The Company, through PVM, provides a tax-sheltered retirement plan qualified under Internal Revenue Code Section 403(b) for employees. Under this plan, the Company has the option to contribute, on a one-to-one basis, up to 6 percent of a qualified participant's compensation for contributions made to the plan. The Company suspended employer contributions in July 2009 and reinstated contributions as of January The Company's contributions to the plan for the years ended were $1,825 and $5,796, respectively. Note 7 - Functional Expenses Costs have been allocated between program services and general and administrative services on several bases and estimates. Although the methods of allocation are considered appropriate, other methods could be used that would produce different amounts. For the years ended, expenses are functionally allocated as follows: Program services $ 1,052,574 $ 1,062,769 General and administrative 161, ,944 Total functional expenses $ 1,213,651 $ 1,185,713 Note 8 - Management's Plans The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles which contemplate continuation of the Company as a going concern. While management feels the Company will continue as a going concern, realization of a major portion of the assets in the accompanying consolidated balance sheet is dependent upon positive cash flows from operations of the Company and future sales of new and turnover units. See Independent Accountant's Review Report. 12

15 Note 8 - Management's Plans (Continued) Management believes the following actions taken, and presently being taken to improve the Company s operations and financial position, provide the opportunity for the Company to continue as a going concern: As a result of a real estate market slowdown impacting the sales of units, the continued recession resulting in people reducing their spending to preserve their retirement income, and also in the interest of fulfilling obligations to current residents and the lending institution, the Company s cash flow needs were principally supported in 2010 by Presbyterian Villages of Michigan (PVM). As background, PVM acted as the management agent until June 2007 when a capital restructuring and refinancing of the Company took place via a 7-year term/15-year amortization period tax-exempt bank-qualified borrowing placed through the local Economic Development Corporation. PVM provided $500,000 in guarantees as credit enhancement. The transaction was structured to allow for the future collection of over $700,000 in working capital advances by PVM over the seven years, or upon refinancing. This balance has now grown to approximately $1,400,000. Through this transaction, PVM assumed ownership of the Company and controls the appointment of the Company s board of directors as the sole member of the Company. The Company maintains a controlling interest in Perry Farm Village Association. Also, as part of the capital restructuring and refinancing, Presbyterian Villages of Michigan Foundation loaned $413,000 toward the Company s $519,000 land contract receivable, $48,500 of which has been paid through December 31, The Company s executive director assumed sole responsibility for the marketing and sales in June The Company s entire sales and marketing costs were shifted at that time from the operating budget into the development budget carried by the developer, Birchwood Construction Company (BCC). Since that time, four new condo units were sold (one during 2010), one new duplex unit was sold (during 2010), and four existing units were resold (three during 2010). See Independent Accountant's Review Report. 13

16 Note 8 - Management's Plans (Continued) The first duplex model was completed in July 2008 and the lower-level duplex is still available for sale. Management believed this style of unit would provide potential customers with another choice at a lower cost. This strategy will ultimately result in more land and initiation fees, and operating costs will be distributed to more owners through the association dues. The marketing budget continued to be supported by BCC in 2010, but at a reduced amount. As a result, beginning in 2009 and continuing through 2011, the base salary of the executive director was reduced accordingly, with incentive pay added for sales and leases. Marketing strategy has stressed lead management and implementation of an extensive community relations plan. A sales incentive program was put in place in 2008, with significant price reductions being offered on all unsold units at Perry Farm Village. In addition, BCC has agreed to pay half of the $18,000 initiation fee for all new purchases. These incentives continue into Also, in 2009 an administrative fee was established to reimburse the Company for its role in negotiating and renewing leases on behalf of owners. This represents a new and ongoing source of revenue. In response to lower than budgeted revenue, management implemented a cost containment plan in May In addition to freezing salaries for all staff in January 2009, an administrative restructuring led to reductions of wages averaging 22 percent for exempt staff and suspension of the 403(b) plan for the second half of the year. Assisted-living staffing was also restructured to reduce costs and overtime. The wellness program was changed to better reflect the needs and desires of the residents and community members. As a result, the wellness program operated at a break-even basis in 2009, and generated a positive variance for Likewise, the dining program was enhanced with the hiring of a chef, while costs were reduced. This led to significantly improved performance in These dining program enhancements continued in 2010 with the replacement of the existing chef and further reduction in costs. As a result, the food service generated a positive variance for Overall, the 2010 operational performance for PFDC resulted in a positive variance of $7,496. The 2010 sales generated $90,000 in initiation fees to the Company, $25,500 in land fees to the Company, and an additional $29,500 in land fees which were used to pay down the loan from Presbyterian Villages of Michigan Foundation. Two major factors contributed to negative operational performance during Assisted-living revenue was $162,143 under budget resulting from lower census levels and a nonrecurring Department of Labor settlement. See Independent Accountant's Review Report. 14

17 Note 8 - Management's Plans (Continued) Incentives were offered and marketing materials targeted at filling the assisted-living units were mailed out. There is one new assisted-living resident scheduled to move in during February 2011 and a heightened focus on assisted-living marketing outreach will continue through A one-time negative budget variance resulted from a recalculation of the methods used to pay non-exempt employees for overtime going back two years following a Wage & Hour investigation which resulted in a $46,800 negative variance affecting the assisted-living budget. The 2011 budget was developed with the expectation that the Company will experience five sales, which will replicate the 2010 sales performance. Assisted-living revenue was reduced 17.5 percent from 2010 s budget, which reflects a modest increase over 2010 s actual performance. In addition, there was a 3 percent increase in assisted-living service prices, which still keeps the Company's assisted-living prices comparable with the competition in the area. In an effort to contain costs, the salary reductions taken by the Company s staff in 2009 remain in effect for The Perry Farm Village Association 2011 budget was planned to achieve a break-even from operations without dues increases. Note 9 - Future Major Repairs and Replacements Common interest realty associations are required to disclose certain aspects of future major repairs and replacements. For the year ended December 31, 2010: The Association did not have a funding policy for future major repairs and replacements. No amounts were assessed or accumulated for future costs. A study has not been conducted to estimate the remaining useful lives of common property components and the costs of future major repairs and replacements. When replacement funds are needed to meet future needs for major repairs and replacements, the Association has the right to increase regular assessments or delay major repairs and replacements until funds are available. The effect on future assessments has not been determined at this time. See Independent Accountant's Review Report. 15

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