Senior Care Living V, LLC (Inspired Living at Windermere,FL) 8380 Bay Pines Blvd., 3'"^ Floor St. Petersburg, FL 33709

Transcription

1 Senior Care Living V, LLC (Inspired Living at Windermere,FL) 8380 Bay Pines Blvd., 3'"^ Floor St. Petersburg, FL /25/2017 RE: Officers Certificate for Senior Care Living V, LLC (Inspired Living at Windermere,FL) Relating to the Monthly Reports-After the Issuance of a Certificate of Occupancy Issues Including: None I hereby certify that the unaudited financial reports filed on constitutes the monthly financial information required by the Continuing Disclosure Agreement. I further certify that the information complies with the Continuing Disclosure Agreement and the Rule as required. DAC shall be entitled to rely on this certificate. If you have further questions about this matter please do not hesitate to call. Mark Bouldin President Senior Care Living If Inc.-Manager

2 Inspired Living at Windermere (ilwm) Income Statement and Statement of Cash Flows One Month Ended and Eight Months Ended August 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance MEMORY CARE - FOREVER REVENUE Inspired Forever Program MC 212, ,550 93,245 1,493, , ,551 MEMORY CARE - FOREVER REVENUE 212, ,550 93,245 1,493, , ,551 MEMORY CARE - STANDARD REVENUE Inspired Standard Program MC 44,861 84,795 (39,934) 216, ,779 (172,740) MEMORY CARE - STANDARD REVENUE 44,861 84,795 (39,934) 216, ,779 (172,740) ASSISTED LIVING - FOREVER REVENUE Inspired Forever Program AL 283, , ,913 1,935,390 1,143, ,230 ASSISTED LIVING - FOREVER REVENUE 283, , ,913 1,935,390 1,143, ,230 ASSISTED LIVING -STANDARD REVENUE Level ,663-1,663 Level 2-8,000 (8,000) - 37,600 (37,600) Level 3-4,800 (4,800) - 26,400 (26,400) Inspired Standard Program AL 33, ,780 (73,820) 207, ,152 (331,787) ASSISTED LIVING -STANDARD REVENUE 33, ,580 (86,620) 209, ,152 (394,124) SECOND OCCUPANT REVENUE Second Occupant Revenue 3,600 1,200 2,400 12,158 9,600 2,558 SECOND OCCUPANT REVENUE 3,600 1,200 2,400 12,158 9,600 2,558 COMMUNITY FEES Community Fee Revenue 15,000 18,000 (3,000) 186, ,000 50,099 COMMUNITY FEES 15,000 18,000 (3,000) 186, ,000 50,099 CONCESSIONS Concession-Miscellaneous (2,203) - (2,203) (33,842) - (33,842) Concession - Marketing Specials (27,750) - (27,750) (228,796) - (228,796) CONCESSIONS (29,953) - (29,953) (262,637) - (262,637) INCONTINENCE REVENUE Incontinence Supplies Revenue 18,600-18, , ,056 INCONTINENCE REVENUE 18,600-18, , ,056 ANCILLARY REVENUE Barber & Beauty Administrative Revenue ,857-1,857 Medical Supplies Revenue Respite Revenue ,700-18,700 Guest Apartments ,525-7,525 Late Charges Tray Service Revenue Contract Processing Fee Pet Service/Fee Revenue ,000-1,000 Transportation Revenue Rebates (419) 2,683 2,718 (35) Billable Supplies Revenue ANCILLARY REVENUE ,730 2,718 30,012 TOTAL REVENUE 583, ,439 95,808 3,951,815 3,239, ,006 PAYROLL WAGES Director Wages 5,529 4,644 (885) 29,675 36,942 7,267 RN Wages ,090 5,581 1,491 LPN Wages 18,263 14,321 (3,942) 98, ,615 13,429 Nursing Aides Wages (CNA/STNA) - 17,289 17,289 17, ,360 85,344 Private Duty Aides (Med Tech) - 2,148 2,148 4,831 16,742 11,911 Care Givers Wages 36,190 8,664 (27,526) 220,858 67,528 (153,330) RN Overtime (64) Page 1 of 9

3 Inspired Living at Windermere (ilwm) Income Statement and Statement of Cash Flows One Month Ended and Eight Months Ended August 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance LPN Overtime (871) 5,463 - (5,463) Nursing Aides Overtime 1,823 - (1,823) 7,873 - (7,873) Bonus Healthcare MC (800) Holiday Wages ,381 2,955 (2,426) PTO ,192 6,568 2,376 Bereavement (267) (532) Retroactive (503) (823) HEALTHCARE MC LABOR 64,248 48,603 (15,645) 399, ,291 (49,494) PAYROLL WAGES Director Wages 6,004 5,616 (388) 45,208 44,666 (542) LPN Wages 12,668 15,037 2, , ,197 (41,963) Nursing Aides Wages (CNA/STNA) - 22,671 22,671 8, , ,208 Private Duty Aides (Med Tech) 3,254 - (3,254) 12,471 - (12,471) Care Givers Wages 41,825 14,178 (27,647) 220, ,501 (110,103) LPN Overtime 1,917 - (1,917) 10,462 - (10,462) Nursing Aides Overtime 1,843 - (1,843) 9,971 - (9,971) Med Tech and Lead Med Tech Overtime (235) (371) Commission Healthcare AL (750) 3,125 - (3,125) Bonus (100) 2,300 - (2,300) Holiday Wages ,920 3,138 (3,782) PTO ,736 6, Bereavement (642) Retroactive (876) 1,681 - (1,681) HEALTHCARE AL LABOR 70,198 58,374 (11,824) 487, ,034 (66,965) PAYROLL WAGES Program Director Wages 3,231 3, ,732 26,867 5,135 Program Coordinator Wages 2,328 2,148 (180) 18,159 16,742 (1,417) Overtime Wages (144) 1,540 - (1,540) Holiday Wages PTO ,097 1, Retroactive (63) PROGRAMMING MC LABOR 5,703 5, ,992 46,023 3,031 PAYROLL WAGES Program Director Wages 3,607 3,378 (229) 26,854 26, Program Coordinators AL 3,470 2,148 (1,322) 19,466 16,742 (2,724) Bonus (116) Overtime Wages 15 - (15) (603) Holiday Wages PTO ,664 1,164 Bereavement (314) Retroactive (65) PROGRAMMING AL LABOR 7,092 5,734 (1,358) 48,212 46,023 (2,189) PAYROLL WAGES Director Wages 4,865 4,644 (221) 24,115 36,942 12,827 Assistant Director Wages 2,979 3, ,709 28,604 1,895 Cooks Wages 7,803 10,891 3,088 84,478 84, Chefs Wages ,058 - (1,058) Prep Staff Wages 3,618 2,238 (1,380) 6,589 17,440 10,851 Waitstaff Wages 16,204 15,307 (897) 129, ,305 (10,396) Dishwashers Wages 2,963 - (2,963) 11,031 - (11,031) Page 2 of 9

4 Inspired Living at Windermere (ilwm) Income Statement and Statement of Cash Flows One Month Ended and Eight Months Ended August 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance Bonus (106) (191) Overtime Wages 1,489 - (1,489) 19,595 - (19,595) Holiday Wages ,536 2,034 (2,502) PTO 1, (580) 4,740 4,520 (220) Retroactive ,364 - (1,364) DINING LABOR 41,172 37,315 (3,857) 314, ,729 (20,376) PAYROLL WAGES Housekeeper Wages 9,423 7,934 (1,489) 69,334 61,837 (7,497) Overtime Wages (174) 1,718 - (1,718) Holiday Wages , (888) PTO (90) 2, (1,443) Bereavement (594) Retroactive (62) HOUSEKEEPING LABOR 9,762 8,008 (1,754) 74,899 62,696 (12,203) PAYROLL WAGES Director Wages 4,857 4,560 (297) 36,606 36,272 (334) Maintenance Wages 1,975 2, ,974 16,393 (2,581) Overtime Wages (16) (209) Holiday Wages PTO ,016 1,529 Retroactive (62) MAINTENANCE LABOR 6,817 6, ,640 55,587 (1,053) PAYROLL WAGES Driver Wages 2,936 1,969 (967) 13,187 15,346 2,159 Holiday Wages PTO TRANSPORTATION LABOR 2,936 2,042 (894) 13,187 16,194 3,007 PAYROLL WAGES Director Wages 9,903 9,289 (614) 73,768 73, Move In Coordinator Wages 2,298 2, ,294 20,927 (1,367) Commissions 5,950 7,200 1,250 91,625 55,000 (36,625) Bonus Marketing ,730 - (1,730) Overtime Wages 11 - (11) 1,136 - (1,136) Holiday Wages ,629 1,265 PTO ,746 3,624 1,878 Retroactive (172) SALES LABOR 18,529 19,627 1, , ,064 (37,771) PAYROLL WAGES Executive Director Wages 8,979 8,444 (535) 66,526 67, Business Office Director Wages 3,715 3,040 (675) 17,643 24,180 6,537 HR Generalist 4,334 4,096 (238) 32,709 32,576 (133) Receptionist Wages 9,598 9, ,678 75,467 6,789 Commissions Administration 750 4,500 3,750 13,775 31,250 17,475 Bonus Administration ,283 - (1,283) Overtime Wages 96 - (96) 3,083 - (3,083) Holiday Wages ,308 2,418 1,110 PTO ,715 5, Training (90) Retroactive (186) ADMINISTRATION LABOR 27,665 30,435 2, , ,434 28,437 Page 3 of 9

5 Inspired Living at Windermere (ilwm) Income Statement and Statement of Cash Flows One Month Ended and Eight Months Ended August 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance PAYROLL TAXES FICA Tax - 3,718 3,718-26,798 26,798 FUTA Tax SUI TAX ,776 2,776 FICA Tax - 4,466 4,466-32,211 32,211 FUTA Tax SUI TAX ,328 3,328 FICA Tax ,522 3,522 FUTA Tax SUI Tax FICA Tax ,522 3,522 FUTA Tax SUI TAX FICA Tax - 2,855 2,855-22,471 22,471 FUTA Tax SUI TAX ,952 1,952 FICA Tax ,795 4,795 FUTA Tax SUI TAX FICA Tax ,252 4,252 FUTA Tax SUI TAX FICA Tax ,238 1,238 FUTA Tax SUI TAX FICA Tax - 1,501 1,501-11,863 11,863 FUTA Tax SUI TAX FICA Tax 18,876 2,328 (16,548) 137,161 18,241 (118,920) FUTA Tax (433) 4, (4,449) SUI TAX 2, (1,946) 20, (19,950) PAYROLL TAXES 21,399 18,690 (2,709) 162, ,081 (20,631) EMPLOYEE BENEFITS Employee Insurance - 2,970 2,970-23,760 23,760 Employee Hiring & Moving Uniform Expense (4) - 4 Employee Insurance - 3,645 3,645-29,160 29,160 Employee Hiring & Moving , Uniform Expense (544) Employee Insurance ,160 2,160 Employee Hiring & Moving (78) Uniform Expense (62) Employee Insurance ,160 2,160 Employee Hiring & Moving Uniform Expense (36) Employee Insurance - 2,160 2,160-17,280 17,280 Employee Hiring & Moving (509) Uniform Expense (602) Employee Insurance ,320 4,320 Uniform Expense (32) Page 4 of 9

6 Inspired Living at Windermere (ilwm) Income Statement and Statement of Cash Flows One Month Ended and Eight Months Ended August 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance Employee Insurance ,160 2,160 Uniform Expense (8) Employee Insurance ,080 1,080 Employee Hiring & Moving Employee Insurance ,240 3,240 Employee Hiring & Moving Uniform Expense (11) Employee Insurance 7,182 1,080 (6,102) 68,782 8,640 (60,142) Other Employee Insurance (383) 2,857 - (2,857) Insurance - Life 59 - (59) (472) Employee Hiring & Moving 1,065 - (1,065) 25, (25,116) Uniform Expense 1,058 - (1,058) 8,505 - (8,505) EMPLOYEE BENEFITS 9,747 11,745 1, ,937 97,210 (10,727) WORKER'S COMPENSATION Worker's Compensation 7,213 6,684 (529) 55,254 50,554 (4,700) WORKER'S COMPENSATION 7,213 6,684 (529) 55,254 50,554 (4,700) TOTAL LABOR COST 292, ,906 (32,574) 2,166,555 1,974,920 (191,635) Allocation of Dining Expense (102) (369) Contract Services (482) 3,458 - (3,458) Forms & Printing ,200 1,200 Billable Medical Supplies 80 - (80) 95 - (95) Non-Billable Medical Supplies 1,195 1,191 (4) 4,814 9,877 5,063 Incontinency Supplies 1,262 1, ,273 5,466 (8,807) Infectious Waste Disposal Equipment Rental/Purchases (188) Training & Education (5) Travel - Local Mileage/Gas (149) (149) HEALTHCARE MC NON LABOR 3,270 2,713 (557) 23,467 17,343 (6,124) Contract Services (150) 1, (1,150) Office Supplies Healthcare AL Billable Medical Supplies - 1,648 1, ,545 10,492 Non-Billable Medical Supplies (768) 3,082 1,343 (1,739) Incontinency Supplies 1, (1,138) 13, (12,900) Travel - Local Mileage/Gas (600) (836) HEALTHCARE AL NON LABOR 2,988 1,981 (1,007) 19,639 13,807 (5,832) Allocation of Dining Expense (286) 1,586 - (1,586) Entertainers (385) 2,765 - (2,765) Office Supplies Programming MC 56 - (56) 81 - (81) Activities & Travel Revenue (120) (200) (80) (3,539) (1,600) 1,939 Reimbursable Entertainment Exp ,972 1,600 (2,372) Special Events (486) Subscriptions Resident Activities ,215 4,247 2,032 Meals And Entertainment - Programming (225) (269) Equipment Rental/Purchases Training & Education Travel - Local Mileage/Gas (109) Travel - Hotel (179) PROGRAMMING MC NON LABOR 1, (289) 8,271 6,062 (2,209) Allocation of Dining Expense (270) 2,155 - (2,155) Page 5 of 9

7 Inspired Living at Windermere (ilwm) Income Statement and Statement of Cash Flows One Month Ended and Eight Months Ended August 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance Contract Services Entertainers ,655 4, Office Supplies Programming AL (131) Forms & Printing (66) Resident Gifts (2) Reimbursable Entertainment Exp 71 - (71) (418) Special Events ,596 3,525 1,929 Subscriptions Resident Activities ,576 2,517 (59) Travel - Local Mileage/Gas (85) PROGRAMMING AL NON LABOR 1,366 1, ,930 11, Allocation of Dining Expense (1,546) - 1,546 (10,995) - 10,995 Guest Meals (3,015) - 3,015 (18,560) - 18,560 Employee Meals (107) (1,581) - 1,581 Raw Food 22,907 17,490 (5,417) 167, ,739 (53,810) Chemicals 1,370 1,072 (298) 7,319 7, Dishes / Utensils ,620 8,384 4,764 Paper Goods (202) 4,590 2,554 (2,036) Inventory Change - Mth (106) Repairs & Maintenance Dining (628) Contract Services (309) 3,393 3,000 (393) Supplies Dining (44) 8,845 3,580 (5,265) Linen Costs 1,361 1,042 (319) 7,895 6,341 (1,554) Equipment Rental/Purchases ,204 3, Training & Education Travel - Meals & Entertainment Travel - Local Mileage/Gas (655) Travel - Hotel (144) DINING NON LABOR 24,136 22,706 (1,430) 176, ,730 (26,325) Housekeeping Supplies 2,947 2,511 (436) 15,417 16, HOUSEKEEPING NON LABOR 2,947 2,511 (436) 15,417 16, Fire Inspection & Training ,164 4,000 (1,164) Repairs & Maintenance 1,344 5,000 3,656 3,978 23,500 19,522 Between Tenant Renovations (350) Minor Furniture & Fixtures 106 1,500 1, ,820 6,037 Pest Control ,663 2, Contract Services 725 1, ,422 17,300 11,878 Supplies Maintenance 1,513 1,069 (444) 5,182 9,169 3,987 Property landscaping 2,000 2, ,867 18,280 1,413 Equipment Rental/Purchases (504) 786 2,000 1,214 Meetings and Conferences Maintenance (18) Travel - Meals & Entertainment Travel - Local Mileage/Gas (225) Telephone - Cell MAINTENANCE NON LABOR 6,662 11,969 5,307 41,493 84,169 42,676 Repairs & Maintenance Transportation (568) Auto Exp - Gas ,625 2, Automobile Expense (Other) Travel - Local Mileage/Gas (90) TRANSPORTATION NON LABOR ,025 2,800 (225) Page 6 of 9

8 Inspired Living at Windermere (ilwm) Income Statement and Statement of Cash Flows One Month Ended and Eight Months Ended August 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance Collateral Printing ,218 5,664 (1,554) Print Media Marketing ,917 12,620 2, , ,956 Direct Mail ,884 - (5,884) Direct Mail Postage ,306 - (7,306) Advertising Tracking Public Relations ,476 - (3,476) Digital Media Marketing 50 - (50) 2,698 - (2,698) Video Marketing ,709 - (7,709) Promotional Items ,831 2, Signage Marketing Internet Marketing ,090 - (3,090) Contract Services 2,435 - (2,435) 2,435 - (2,435) Supplies Marketing (106) Office Supplies Marketing (136) Forms and Printing Marketing (245) Printing & Photography - 1,667 1, ,336 13,168 Subscriptions 50 - (50) (145) Meals and Entertainment Marketing (200) Meetings and Conferences Marketing (5) MARKETING NON LABOR 3,271 15,697 12,426 45, ,576 80,545 Allocation of Dining Expense (502) 4,851 1,000 (3,851) Minor Furniture & Fixtures (101) Creative Follow-up (367) 2,295 2, Outreach/Community Relations ,375 5,000 2,625 Contract Services ,000 4, Office Supplies Sales (100) Forms & Printing - Sales - 1,000 1, ,000 7,710 Resident Gifts ,000 2,260 Contributions (695) Special Events (495) 2,988 4,000 1,012 Memberships/Club Dues Postage & Freight Meals & Entertainment Sales ,253 - (1,253) Training & Education Meetings and Conferences Sales 13 - (13) 13 - (13) Employee Recognition / Awards (186) (622) Travel - Local Mileage/Gas (162) SALES NON LABOR 3,243 3, ,538 29,704 9,166 Allocation of Dining Expense (263) 2,034 - (2,034) Minor Furniture & Fixtures ,142 4, Outreach/Community Relations (73) Referrals 19,412 - (19,412) 99,841 - (99,841) Payroll Processing Fees 2,206 1,950 (256) 19,044 7,200 (11,844) Miscellaneous (33) Contract Services 2,866 2,560 (306) 21,063 18,010 (3,053) Barber & Beauty Revenue (2,660) (2,560) 100 (20,603) (18,010) 2,593 Contract Services (145) 4,158 - (4,158) Supplies Administration (189) 3,721 3,359 (362) Office Supplies Administration ,189 5,500 (689) Forms & Printing 420 1, ,200 6,647 Page 7 of 9

9 Inspired Living at Windermere (ilwm) Income Statement and Statement of Cash Flows One Month Ended and Eight Months Ended August 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance Resident Gifts 90 - (90) (292) BW and Color Copies Administration (86) 5,710 5,500 (210) Special Events ,267 3,650 2,383 Memberships/Club Dues (480) 3,787 - (3,787) Subscriptions (11) Software Support Fees (143) 7,072 1,151 (5,921) Merchant Services Fees 51 - (51) (392) Postage & Freight , Delivery ,750 1,232 Bank Fees 1,716 - (1,716) 3,863 - (3,863) Late Fees/Penalties/Srvc Chgs 96 - (96) (809) Licenses/Permits (212) 5,579 4,400 (1,179) Meals & Entertainment 70 - (70) 1,126 - (1,126) Unallocated (874) 3,480 - (3,480) Lease Cost - Equipment (181) 6,304 4,800 (1,504) Equipment Rental/Purchases (117) 2,800 2,917 Training & Education (195) 3,046 3,000 (46) Meetings and Conferences (192) Employee Recognition / Awards 1, (597) 11,584 3,000 (8,584) Travel - Meals & Entertainment ,400 2,400 Travel - Local Mileage/Gas ,645 1, Travel - Hotel (475) Telephone - Cell ,851 4, Cable 1,395 1, ,055 8,850 (1,205) Internet 1,070 1, ,898 8,800 (98) Telephone (123) 5,461 6, ADMINISTRATION NON LABOR 36,371 13,950 (22,421) 226,339 90,760 (135,579) HOME OFFICE ALLOCATIONS Corporate Allocation - Administration - 3,030 3,030 5,473 25,752 20,279 VSL Meals & Entertainment (248) TOTAL HOME OFFICE ALLOCATIONS - 3,030 3,030 5,721 25,752 20,031 TOTAL NON LABOR COST 85,523 81,247 (4,276) 595, ,161 (22,765) TOTAL CONTROLLABLE COST 378, ,153 (36,851) 2,762,481 2,548,081 (214,400) UTILITIES Water & Sewer 2,917 1,861 (1,056) 36,182 12,305 (23,877) Trash Removal ,641 5, Gas 1, (314) 11,514 5,393 (6,121) Electric 18,220 18,000 (220) 119, ,000 (657) UTILITIES 22,972 21,577 (1,395) 172, ,648 (30,346) PROFESSIONAL FEES Legal & Professional Fees (100) PROFESSIONAL FEES (100) MANAGEMENT FEES Management Fee Expense 34,994 25,000 (9,994) 239, ,000 (39,783) MANAGEMENT FEES 34,994 25,000 (9,994) 239, ,000 (39,783) PROPERTY TAXES Taxes - Real Estate (54) 27,083 27, , ,664 31,337 Taxes - Personal Property (600) 4,800 - (4,800) PROPERTY TAXES ,083 26, , ,664 26,537 INSURANCE Page 8 of 9

10 Inspired Living at Windermere (ilwm) Income Statement and Statement of Cash Flows One Month Ended and Eight Months Ended August 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance TCOR - Personal Property (584) Insurance - Property 4,787 4,678 (109) 38,295 37,424 (871) Insurance - Liability 2,348 5,448 3,100 18,823 43,584 24,761 Insurance - Automobile (38) 4,074 5,368 1,294 Insurance - Excess Liability 2,311 - (2,311) 18,485 - (18,485) Insurance - Crime 91 - (91) (725) Insurance - EPLI (153) 1,225 - (1,225) Insurance - Other (350) INSURANCE 10,398 10, ,562 86,376 3,814 TOTAL NON-CONTROLLABLE COSTS 68,910 84,457 15, , ,688 (39,878) TOTAL EXPENSES 446, ,610 (21,304) 3,448,047 3,193,769 (254,278) NET OPERATING INCOME (LOSS) 136,334 61,829 74, ,768 46, ,728 NON OPERATING EXPENSES Non Operating Expenses 31,172 - (31,172) 35,972 - (35,972) NON OPERATING EXPENSES 31,172 - (31,172) 35,972 - (35,972) NET INCOME (LOSS) 105,162 61,829 43, ,796 46, ,756 Statement of Cash Flows: Net Income 105, ,796 (Increase) Decrease in Current Assets (11,837) 5,422 Increase (Decrease) in Current Liabilities (41,261) 158,847 Cash Provided by (Used in) Operations 52, ,065 Purchase of Fixed Assets (16,718) (29,375) Borrowings (Repayments) on Long-term debt - 103,002 Increase (Decrease) in Cash 35, ,692 Cash - beginning of period 951, ,456 Cash - end of period 987, ,148 Cash - Operating (Disbursements) 297,195 Cash - Revenue Depository 689, ,148 Occupancy as of August 31, 2017: Residents Units % Page 9 of 9

11 Inspired Living at Windermere (ilwm) Balance Sheet August and July Balance Beginning Net Current Period Balance Change CASH Cash - Operating 297, ,123 (165,928) Cash - Revenue Depository 689, , ,273 TOTAL CASH 987, ,803 35,345 ACCOUNTS RECEIVABLE - RESIDENTS A/R - Resident 40,570 31,068 9,502 A/R - Miscellaneous 2, ,237 TOTAL ACCOUNTS RECEIVABLE - RESIDENTS 42,821 31,083 11,738 DUE TO/FROM Due to/from Senior Living I, LLC (IRL) Due to/from Senior Living II, LLC (ILHL) Due to/from Senior Living III SRQ, LLC (ILS) Due to/from Senior Living IV Sun City, LLC (ILSC) 3,298 3,298 - Due to/from Senior Living VI Lakewood Ranch, LLC (ILLWR 2,726 2,726 - Due to/from Senior Living VII Tampa, LLC (ILT) 1,364 1,364 - Due to/from Validus Senior Living REIT IMC LLC (889) 1,599 (2,488) Due to/from Community Payroll, LLC (1,156) (1,156) - Due to/from Senior Living VIII Bonita Springs (ILBS) 1,085 1,085 - Due to/from Covington Senior Care Services, LLC (ILK) 1,377 1,377 - TOTAL DUE TO/FROM 9,638 12,126 (2,488) PREPAID EXPENSES AND OTHER ASSETS Inventory 6,318 6,318 - Prepaid AHCA 6,139 6,650 (512) Prepaid Insurance Business 9,034 10,398 (1,364) Prepaid Other 23,386 19,361 4,025 Prepaid Background Checks 1, TOTAL PREPAID EXPENSES AND OTHER ASSETS 45,971 43,384 2,587 RESTRICTED CASH Utility Deposits 2,510 2,510 - TOTAL RESTRICTED CASH 2,510 2,510 - FIXED ASSETS Land Improvements 18,494 18,494 - Building 1,650 1,650 - Furniture & Fixtures 41,958 41,958 - Equipment 203, ,613 16,718 Vehicles 40,650 40,650 - Computer Hardware 11,180 11,180 - Computer Software 6,300 6,300 - TOTAL FIXED ASSETS 323, ,845 16,718 TOTAL ASSETS 1,411,652 1,347,751 63,901 LIABILITIES & CAPITAL Page 1 of 2

12 Inspired Living at Windermere (ilwm) Balance Sheet August and July Balance Beginning Net Current Period Balance Change LIABILITIES ACCOUNTS PAYABLE Accounts Payable 45,254 51,591 (6,336) Accrued Accounts Payable 42,725 55,871 (13,146) TOTAL ACCOUNTS PAYABLE 87, ,461 (19,482) ACCRUED WAGES & BENEFITS Accrued Wages 47, ,497 (88,631) Accrued Vacation 22,515 22,515 - Employee Voluntary Life Insurance Garnishment Withholding (147) Short Term/Long Term Disability (52) (109) 58 Vision / Dental (94) (83) (11) HSA (48) 214 (262) TOTAL ACCRUED WAGES & BENEFITS 70, ,727 (88,954) ACCRUED EXPENSES Accrued Workers Comp - IBNR 7,257 7, P-Card Payable 16,398 4,956 11,442 Community Credit Cards (320) Prepaid Rent 239, ,453 55,315 Sales Tax Payable TOTAL ACCRUED EXPENSES 263, ,132 66,630 ACCRUED PROPERTY TAXES Accrued Real Estate Taxes (26,537) - (26,537) Accrued Property Taxes 216, ,581 27,083 TOTAL ACCRUED PROPERTY TAXES 190, , ACCOUNTS PAYABLE-RELATED PARTY Due to/from Members 1,690,245 1,690,245 - TOTAL ACCOUNTS PAYABLE-RELATED PARTY 1,690,245 1,690,245 - TOTAL CURRENT LIABILITIES 2,302,886 2,344,147 (41,261) MEMBERS EQUITY Retained Earnings, Current (891,234) (996,396) 105,162 TOTAL MEMBERS EQUITY (891,234) (996,396) 105,162 TOTAL LIABILITIES & CAPITAL 1,411,652 1,347,751 63,901 Page 2 of 2

13 9:09 AM Senior Care Living V, LLC 09/26/17 Profit & Loss Accrual Basis August 2017 Aug 17 Ordinary Income/Expense Income Resident Services Inspired Standard Living AL 33, Inspired Forever Program AL 283, Second Occupant Revenue 3, Inspired Forever Program 212, Inspired Standard Program 44, Community Fee Revenue 15, Barber & Beauty Admin Revenue Medical Supplies/Serv. Revenue Incontinency Supplies Revenue 18, Concessions-Miscellanous -2, Concession-Marketing Specials -27, Total Resident Services 582, Late Charges Ancillary Revenue Transportation Revenue Total Ancillary Revenue Total Income 583, Gross Profit 583, Expense Payroll Wage and Tax Director Wages Healthcare MC 5, LPN Wages Healthcare MC 18, Care Givers Wages Healthcare MC 36, LPN Overtime Healthcare MC Nursing Aides Overtime Healthca 1, PTO Healthcare MC Bereavement Retroactive Healthcare MC Total Payroll Wage and Tax 64, Payroll Wages and Tax Director Wages Healthcare AL 6, LPN Wages 12, Private Duty Aides (Med Tech) 3, Care Givers Wages 41, LPN Overtime 1, Nursing Aides Overtime 1, Med Tech and Lead Med Tech Over Commission Healthcare AL Page 1

14 9:09 AM Senior Care Living V, LLC 09/26/17 Profit & Loss Accrual Basis August 2017 Aug Bonus PTO Retroactive Total Payroll Wages and Tax 70, Payroll Wage and Tax Director Wages Life Enrich MC 3, Staff Wages Activities MC 2, Overtime Wages Activities MC Total Payroll Wage and Tax 5, Activities AL Labor Program Director Wages 3, Program Coordinators AL 3, Overtime Wages Total Activities AL Labor 7, Payroll Wage and Tax Director Wages Dietary 4, Assistant Director Wages 2, Cooks Wages 7, Prep Staff Wages 3, Waitstaff Wages 16, Dishwashers Wages 2, Bonus Dietary Overtime Wages Dietary 1, PTO Dietary 1, Total Payroll Wage and Tax 41, Payroll Wage and Tax Housekeeper Wages 9, Overtime Wages Housekeeping PTO Housekeeping Total Payroll Wage and Tax 9, Payroll Wage and Tax Director Wages Maintenance 4, Maintenance Wages 1, Overtime Wages Total Payroll Wage and Tax 6, Payroll Wage and Tax Driver Wager 2, Page 2

15 9:09 AM Senior Care Living V, LLC 09/26/17 Profit & Loss Accrual Basis August 2017 Aug 17 Total Payroll Wage and Tax 2, Payroll Wages & Tax Director Wages 9, Move In Coordinator Wages 2, Commissions 5, Overtime Wages PTO Total Payroll Wages & Tax 18, Payroll Wage and Tax Executive Director Wages 8, Business Office Manager Wages 3, HR Generalist 4, Receptionist Wages 9, Commissions Administration Overtime Wages Administration PTO Administration FICA Tax Administration 18, FUTA Tax Administration SUI TAX Administration 2, Total Payroll Wage and Tax 49, Employee Benefits Employee Insurance Administrati 7, Other Employee Insurance Insurance-Life Administration Employee Hiring & Moving Admin 1, Uniform Expense Administration 1, Total Employee Benefits 9, Employee Benefits Worker's Compensation 7, Total Employee Benefits 7, Healthcare MC NonLabor Allocation of Dining Expense Contract Services Healthcare MC Billable Medical Sup Health MC Non-Billable Medical Supplies H 1, Incontinent Supp Healthcare MC 1, Travel - Local Mileage/Gas Heal Total Healthcare MC NonLabor 3, Healthcare AL NonLabor Page 3

16 9:09 AM Senior Care Living V, LLC 09/26/17 Profit & Loss Accrual Basis August 2017 Aug Contract Services Non Billable Medical Supplies Incontinency Supllies 1, Travel- Local Mileage/Gas Total Healthcare AL NonLabor 2, Activities MC NonLabor Activities & Travel Revenue Allocation of Dining Expense Entertainers Activities MC Office Supplies Activities MC Reim Entertainment Exp Activtie Subscriptions Activities MC Resident Activities Activities Meals and Entertainment-Program Total Activities MC NonLabor 1, Activities AL NonLabor Allocation of Dining Expense Contract Services Entertainers Reimbursable Entertainment Exp Special Events Subscriptions Resident Activities Total Activities AL NonLabor 1, Dining MC NonLabor Guest Meals -3, Employee Meals* Allocation of Diet Exp -1, Raw Food 22, Chemicals 1, Dishes / Utensils Paper Goods Contract Services Dietary Supplies Dietary Linen Costs 1, Equipment Rental/Purchases Diet Total Dining MC NonLabor 24, Housekeeping NonLabor Supplies Housekeeping 2, Total Housekeeping NonLabor 2, Page 4

17 9:09 AM Senior Care Living V, LLC 09/26/17 Profit & Loss Accrual Basis August 2017 Aug Maintenance NonLabor Fire Inspection & Training Repairs & Maintenance 1, Minor Furn. & Fix Maintenance Contract Services Maintenance Supplies Maintenance 1, Property Landscaping 2, Equip Rental/Purchases Main Total Maintenance NonLabor 6, TransportationNonLabor Auto Exp - Gas Transportation Automobile Expense (Other) Total TransportationNonLabor Marketing NonLabor Collateral Printing Print Media Marketing Digital Media Marketing Contract Services Marketing 2, Subscriptions Total Marketing NonLabor 3, Sales NonLabor Allocation of Dining Expense Creative Follow-up Contract Services Resident Gifts Special Events Meetings and Confreneces Sales Employee Recognition/Awards Total Sales NonLabor 3, Admin NonLabor Barber & Beauty Revenue -2, Alloction of Diet Exp Admin Referrals 19, Payroll Processing Fees 2, Contract Service Barber & Beaut 2, Contract Services Administratio Supplies Administration Office Supplies Administration Forms & Printing Administration Resident Gifts Administration Copier Overage Admin Page 5

18 9:09 AM Senior Care Living V, LLC 09/26/17 Profit & Loss Accrual Basis August 2017 Aug Special Events Administration Memberships/Club Dues Software Support Fees Administr Merchant Services Fees Postage & Freight Admin Delivery Bank Fees 1, Late Fees / Penalties Licenses/Permits Meals & Entertainment Unallocated / Uncoded P Card Lease Cost-Equipment Admin Training & Education Administra Emp Recognition / Awards Admin 1, Travel - Local Mileage/Gas Admi Telephone - Cell Administration Cable 1, Internet Administration 1, Telephone Total Admin NonLabor 36, Utilities Water & Sewer 2, Trash Removal Gas 1, Electric 18, Total Utilities 22, Taxes & Management Fee Management Fee Expense 34, Taxes-Real Estate Taxes-Personal Property Total Taxes & Management Fee 35, Insurance Insurance - Property 4, insurance- Liability 2, Insurance - Automobile Insurance- Excess 2, Insurance-Crime Insurance-EPLI Total Insurance 10, Extraordinary Items Page 6

19 9:09 AM Senior Care Living V, LLC 09/26/17 Profit & Loss Accrual Basis August 2017 Aug Non Operating Expenses 31, Total Extraordinary Items 31, Total Expense 478, Net Ordinary Income 105, Other Income/Expense Other Income Dividend/Interest Total Other Income Other Expense BB&T- Bank Service Charge 5.00 Total Other Expense 5.00 Net Other Income Net Income 105, Page 7

20 9:11 AM Senior Care Living V, LLC 09/26/17 Balance Sheet Accrual Basis As of August 31, 2017 Aug 31, 17 ASSETS Current Assets Checking/Savings Total Bonds 0722 BB&T-Bond Fund 2,636, BB&T- 2015B-1 DSRF -3, Total Total Bonds 2,632, Total Cash Cash - Operating , Cash-BB&T DACA , Cash Validus 449, Outstanding Checks and Deposits -140, Total Total Cash 988, Total Checking/Savings 3,621, Other Current Assets Total AR Residents AR Resident 40, AR Miscellaneous 2, Total Total AR Residents 42, Work In Progress Development Cost - Soft Costs 46, Total Work In Progress 46, Total Due TO/FROM Due To/From Senior Living I-IRL Due to/from Hidden Lakes Due to/from Senior Living III Due to/from Sun City 3, Due to/from SL VI LWR 2, Due to/from SL VII Tampa (ILT) 1, Due to/from Validus SL REIT IMC Due to/from Community Payroll, Due to/from SL VIII Bonita Spri 1, Due to/from Covington Senior 1, Total Total Due TO/FROM 10, Prepaid Federal Taxes Prepaid Expenses and Other Asse Inventory 6, Prepaid AHCA 6, Prepaid Insurance Buisness 9, Prepaid Other 23, Prepaid Background Checks 1, Total Prepaid Expenses and Other Asse 45, BBK11 Deferred Income Tax Assets 1,180, BBK4 Accumulated Amortization -94, Total Other Current Assets 1,233, Total Current Assets 4,854, Fixed Assets Land Closing Costs 69, Land - Other 1,830, Total Land 1,899, Total Fixed Assets Page 1

21 9:11 AM Senior Care Living V, LLC 09/26/17 Balance Sheet Accrual Basis As of August 31, 2017 Aug 31, Land Improvments 18, Building 23,239, Furniture & Fixtures 701, Equipment 203, Vehicles 104, Computer Hardware 11, Computer Software 6, Total Total Fixed Assets 24,284, Accumulated Depreciation -338, Total Fixed Assets 25,845, Other Assets Utility Deposits 2, Cost of Issuance Expenses 750, Underwriter's Discount 00 Series A (Tax-exempt) 642, Series B-1 (Tax-exempt) 60, Series B-2 (Taxable) 103, Total Underwriter's Discount 806, Total Other Assets 1,559, TOTAL ASSETS 32,260, LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable Accounts Payable 45, Total Accounts Payable 45, Other Current Liabilities Due to/from Covington -4, Accrued Accounts Payable 34, Total Accrued Wages & Benefits Accrued Wages 47, Accrued Vacation 22, Employee Voluntary Life Ins Garnishment Withholding Short Term/Long Term Disability Visual/Dental HSA 1, Total Total Accrued Wages & Benefits 72, Total Accrued Expenses Accrued Workers Comp-IBNR 7, P-Card Payable 16, Prepaid Rent 239, Sales Tax Payable Deferred Forever Revenue 8, Total Total Accrued Expenses 272, Accrued Property Taxes Payable Accrued Real Estate Taxes -26, Accrued Property Taxes Payable - Other 216, Total Accrued Property Taxes Payable 190, BBK12 Deferred Income Tax Liability 222, BBK8 Bond Interest Payable B-2 1,151, BBK9 Bond Interest Payable 176, Page 2

22 9:11 AM Senior Care Living V, LLC 09/26/17 Balance Sheet Accrual Basis As of August 31, 2017 Aug 31, 17 Total Other Current Liabilities 2,115, Total Current Liabilities 2,160, Long Term Liabilities Bonds Payable (Par Amount) 06 Original Issue Disc Series A -1,172, Series A (Tax-exempt) 25,700, Series B-1 (Tax-exempt) 2,410, Series B-2 (Taxable) 4,157, Total Bonds Payable (Par Amount) 31,095, Total Long Term Liabilities 31,095, Total Liabilities 33,256, Equity Retained Earnings -2,022, Bouldin Equity 1,636, BBK7 Shares Issued at Par Net Income -610, Total Equity -996, TOTAL LIABILITIES & EQUITY 32,260, Page 3