Henry Ford Village Inc

“FORM 990 REVIEW PROCESS: DAVID HENRY (DIRECTOR OF FINANCE) AND A MEMBER OF THE FINANCE COMMITTEE OF THE BOARD OF DIRECTORS REVIEW THE 2013 form 990 PRIOR TO FILING.”

“Conflict of interest policy monitoring and compliance: compliance with the conflict of interest, whistleblower, and document retention and destruction policies was monitored by the management company, life care services, llc. Board members sign a conflict of interest form on an annual basis.”

“Compensation determination process: management (henry ford village, inc. & life care services, llc) conducts market surveys on an annual basis to determine if a compensation adjustment is warranted. Based on this information management recommends annual salaries, typically a percentage increase from the prior year. The board approves the budget on an annual basis.”

“MANAGEMENT COMPANY AND GOVERNANCE: Life Care Services, LLC IS A FOR-PROFIT Iowa LIMITED LIABILITY COMPANY WHICH OPERATES AND MANAGES a variety of CONTINUING CARE RETIREMENT COMMUNITIES nationwide, INCLUDING HENRY FORD VILLAGE, INC. HENRY FORD VILLAGE, INC. IS GOVERNED BY AN INDEPENDENT BOARD OF DIRECTORS AND IS ADVISED BY A RESIDENTS COUNCIL ELECTED BY THE HENRY FORD VILLAGE COMMUNITY. THREE MEMBERS OF THE HENRY FORD VILLAGE, INC. BOARD ALSO SERVE ON THE HENRY FORD VILLAGE FOUNDATION BOARD OF DIRECTORS.”

“LEASE REVENUE: HENRY FORD VILLAGE, INC. LEASES SPACE TO VARIOUS ENTITIES FOR THE PROVISION OF SERVICES SUCH AS PHYSICIAN CARE, DENTAL CARE, AND COSMETOLOGY. THESE SERVICES ARE PROVIDED solely FOR THE BENEFIT AND CONVENIENCE OF THE RESIDENTS OF HENRY FORD VILLAGE. THE REVENUE RELATED TO THESE FACILITIES LEASES FOR 2013 WAS $274,627.”

“Document disclosure: the organization's form 990 is available upon request. David henry, henry ford village director of finance, has public inspection copies available at 15101 ford road, dearborn, mi 48126.”

“Occupancy revenue: included in resident occupancy revenue are independent, assisted living, and skilled nursing monthly fees. Revenue attributable to the skilled nursing facility is received under contractual arrangements with third-party payers such as medicare and medicaid. In 2013 approximately 15% of the revenue from residents was received from the medicare and medicaid programs. Hfv has agreements with the medicare and medicaid programs to provide reimbursement to hfv at amounts different from its established rates for private payers. Contractual adjustments under third-party reimbursement programs represent the difference between hfv's established rates for services and amounts reimbursed by third-party payers. A summary of the basis of reimbursement with these third-party payers follows: medicare: services rendered to medicare program beneficiaries are reimbursed at prospectively determined rates based upon clinical assessments completed by hfv that are subject to review and final approval by medicare.”

“BOND AMORTIZATION: Deferred financing costs related to the 2008 RE-issuance of bonds totaled $1,004,757 and IS beING amortized over the bond term of 35 years. Amortization of deferred financing costs in the year ended December 31, 2013 was $38,989. Deferred financing fees, net of accumulated amortization, were $781,705 as of December 31, 2013.”

“Resident refunds payable: residents are required to remit entrance deposits, which vary in amount depending on the unit to be occupied. Resident deposits are refundable when the unit has been vacated and released, all outstanding obligations of the resident have been paid, and the unit has been re-settled and paid for by a new resident. Amortization of resident deposits is recognized as operating revenue on a straight-line basis over a 40-year period or the remaining useful life of the buildings. The net resident deposits liability was $74,543,957 as of december 31, 2013. The current year income amortization was $3,119,003.”

“MANAGEMENT AGREEMENT: On December 1, 2010, HFV contracted with Life Care Services (LCS) for management services. The LCS contract term is for five years. Management fees paid to LCS were $573,049 and $582,399 during 2013 and 2012, respectively. The executive director, associate executive director, administrator, and IT director are employees of LCS, but their salaries and related employee benefits are reimbursed by HFV. Reimbursement paid to LCS for LCS employees in 2013 totaled $430,399. Other corporate services that HFV may obtain are not required contractually and are on an as-needed basis.”

“Certain contributions not tax deductible: henry ford village, inc. Has an annual campaign to raise funds for the staff appreciation fund, which provides end-of-the-year bonus checks to henry ford village, inc. Employees. Contributors are notified that donations to this fund are not tax deductible.”

“Other changes in net assets or fund balances: this amount reflects changes in interest of temporarily restricted net assets of the henry ford village foundation.”