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

Transcription

1 Senior Care Living V, LLC (Inspired Living at Windermere,FL) 8380 Bay Pines Blvd., Floor St. Petersburg, FL /24/2017 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 II, Inc.- Manager

2 Balance Sheet July and June 30, 2017 Balance Beginning Net Current Period Balance Change CASH Cash - Operating 463,123 22, ,011 Cash - Revenue Depository 488, ,865 (328,185) TOTAL CASH 951, , ,826 ACCOUNTS RECEIVABLE - RESIDENTS A/R - Resident 31,068 37,638 (6,570) A/R - Miscellaneous 15 5,035 (5,020) TOTAL ACCOUNTS RECEIVABLE - RESIDENTS 31,083 42,673 (11,591) 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 1,599 1, 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 12,126 11, PREPAID EXPENSES AND OTHER ASSETS Inventory 6,318 6,318 - Prepaid AHCA 6,650 7,162 (512) Prepaid Insurance Business 10,398 16,273 (5,875) Prepaid Other 19,361 21,124 (1,763) Prepaid Background Checks TOTAL PREPAID EXPENSES AND OTHER ASSETS 43,384 51,231 (7,847) 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 186, ,600 6,013 Vehicles 40,650 40,650 - Computer Hardware 11,180 11,180 - Computer Software 6,300 6,300 - TOTAL FIXED ASSETS 306, ,832 6,013 TOTAL ASSETS 1,347,751 1,248,084 99,667 LIABILITIES & CAPITAL Page 1 of 2

3 Balance Sheet July and June 30, 2017 Balance Beginning Net Current Period Balance Change LIABILITIES ACCOUNTS PAYABLE Accounts Payable 51,591 54,150 (2,559) Accrued Accounts Payable 55,871 40,335 15,535 TOTAL ACCOUNTS PAYABLE 107,461 94,485 12,976 ACCRUED WAGES & BENEFITS Accrued Wages 136, ,790 33,707 Commissions Payable - 10,100 (10,100) Accrued Vacation 22,515 22,515 - Employee Voluntary Life Insurance (8) Garnishment Withholding Short Term/Long Term Disability (109) (53) (56) Vision / Dental (83) 36 (119) HSA (47) TOTAL ACCRUED WAGES & BENEFITS 159, ,323 23,404 ACCRUED EXPENSES Accrued Workers Comp - IBNR 7,064 6, P-Card Payable 4,956 4, Community Credit Cards Prepaid Rent 184, ,842 (66,389) Sales Tax Payable TOTAL ACCRUED EXPENSES 197, ,433 (65,301) ACCRUED PROPERTY TAXES Accrued Property Taxes 189, ,498 27,083 TOTAL ACCRUED PROPERTY TAXES 189, ,498 27,083 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 2,344,147 2,345,985 (1,838) MEMBERS EQUITY Retained Earnings, Current (996,396) (1,097,901) 101,505 TOTAL MEMBERS EQUITY (996,396) (1,097,901) 101,505 TOTAL LIABILITIES & CAPITAL 1,347,751 1,248,084 99,667 Page 2 of 2

4 Income Statement and Statement of Cash Flows One Month Ended and Seven Months Ended July 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance MEMORY CARE - FOREVER REVENUE Inspired Forever Program MC 220, , ,988 1,281, , ,306 MEMORY CARE - FOREVER REVENUE 220, , ,988 1,281, , ,306 MEMORY CARE - STANDARD REVENUE Inspired Standard Program MC 39,344 73,166 (33,822) 171, ,984 (132,806) MEMORY CARE - STANDARD REVENUE 39,344 73,166 (33,822) 171, ,984 (132,806) ASSISTED LIVING - FOREVER REVENUE Inspired Forever Program AL 263, , ,445 1,651,582 1,000, ,317 ASSISTED LIVING - FOREVER REVENUE 263, , ,445 1,651,582 1,000, ,317 ASSISTED LIVING -STANDARD REVENUE Level ,663-1,663 Level 2-8,000 (8,000) - 29,600 (29,600) Level 3-4,800 (4,800) - 21,600 (21,600) Inspired Standard Program AL 31,670 96,643 (64,973) 173, ,372 (257,967) ASSISTED LIVING -STANDARD REVENUE 31, ,443 (77,773) 175, ,572 (307,504) SECOND OCCUPANT REVENUE Second Occupant Revenue 1,358 1, ,558 8, SECOND OCCUPANT REVENUE 1,358 1, ,558 8, COMMUNITY FEES Community Fee Revenue 24,000 18,000 6, , ,000 53,099 COMMUNITY FEES 24,000 18,000 6, , ,000 53,099 CONCESSIONS Concession-Miscellaneous (7,522) - (7,522) (31,639) - (31,639) Concession - Marketing Specials (31,750) - (31,750) (201,046) - (201,046) CONCESSIONS (39,272) - (39,272) (232,684) - (232,684) INCONTINENCE REVENUE Incontinence Supplies Revenue 18,200-18, , ,456 INCONTINENCE REVENUE 18,200-18, , ,456 ANCILLARY REVENUE Barber & Beauty Administrative Revenue ,571-1,571 Respite Revenue 9,150-9,150 18,700-18,700 Guest Apartments ,525-7,525 Late Charges Tray Service Revenue Contract Processing Fee Pet Service/Fee Revenue ,000-1,000 Transportation Revenue Rebates (300) 2,683 2, Billable Supplies Revenue ANCILLARY REVENUE 9, ,601 32,154 2,299 29,855 TOTAL REVENUE 569, , ,524 3,368,567 2,752, ,197 PAYROLL WAGES Director Wages 2,885 4,637 1,752 24,146 32,298 8,152 RN Wages ,090 4, LPN Wages 15,126 14,297 (829) 79,923 97,294 17,371 Page 1 of 10

5 Income Statement and Statement of Cash Flows One Month Ended and Seven Months Ended July 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance Nursing Aides Wages (CNA/STNA) - 17,260 17,260 17,016 85,071 68,055 Private Duty Aides (Med Tech) - 2,145 2,145 4,831 14,594 9,763 Care Givers Wages 33,152 8,650 (24,502) 184,668 58,864 (125,804) RN Overtime (64) LPN Overtime 1,005 - (1,005) 4,592 - (4,592) Nursing Aides Overtime 1,109 - (1,109) 6,050 - (6,050) Commission Healthcare MC (1,000) - 1, Bonus Healthcare MC 14 - (14) (800) Holiday Wages 2, (1,121) 5,381 2,955 (2,426) PTO ,390 5,747 2,357 Bereavement (264) Retroactive (320) HEALTHCARE MC LABOR 54,670 49,510 (5,160) 335, ,688 (33,849) PAYROLL WAGES Director Wages 5,482 5, ,204 39,050 (154) LPN Wages 18,101 15,012 (3,089) 146, ,160 (44,332) Nursing Aides Wages (CNA/STNA) - 22,634 22,634 8, , ,537 Private Duty Aides (Med Tech) 2,300 - (2,300) 9,217 - (9,217) Care Givers Wages 37,181 14,155 (23,026) 178,779 96,323 (82,456) LPN Overtime 1,484 - (1,484) 8,545 - (8,545) Nursing Aides Overtime 1,787 - (1,787) 8,128 - (8,128) Med Tech and Lead Med Tech Overtime 56 - (56) (136) Commission Healthcare AL 2,375 - (2,375) 2,375 - (2,375) Bonus (114) 2,200 - (2,200) Holiday Wages 2,680 1,046 (1,634) 6,920 3,138 (3,782) PTO ,010 6, Bereavement (480) (642) Retroactive (805) HEALTHCARE AL LABOR 72,885 59,325 (13,560) 417, ,660 (55,141) PAYROLL WAGES Program Director Wages - 3,372 3,372 18,502 23,489 4,987 Program Coordinator Wages 3,420 2,145 (1,275) 15,831 14,594 (1,237) Overtime Wages (744) 1,396 - (1,396) Holiday Wages PTO (145) 1,097 1, Retroactive (63) PROGRAMMING MC LABOR 4,725 5,975 1,250 37,289 40,289 3,000 PAYROLL WAGES Program Director Wages 3,293 3, ,247 23, Program Coordinators AL 3,334 2,145 (1,189) 15,996 14,594 (1,402) Bonus (116) (116) Overtime Wages 41 - (41) (587) Holiday Wages PTO , Bereavement (314) Page 2 of 10

6 Income Statement and Statement of Cash Flows One Month Ended and Seven Months Ended July 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance Retroactive (65) PROGRAMMING AL LABOR 6,881 5,975 (906) 41,119 40,289 (830) PAYROLL WAGES Director Wages 4,442 4, ,250 32,298 13,048 Assistant Director Wages 2,740 3, ,731 24,934 1,203 Cooks Wages 10,560 10, ,675 73,993 (2,682) Chefs Wages ,058 - (1,058) Prep Staff Wages 1,867 2, ,970 15,202 12,232 Waitstaff Wages 17,634 15,282 (2,352) 113, ,998 (9,498) Dishwashers Wages (665) 8,068 - (8,068) Bonus (84) Overtime Wages 3,147 - (3,147) 18,106 - (18,106) Holiday Wages 1, (922) 4,536 2,034 (2,502) PTO 1, (477) 3,595 3, Retroactive ,364 - (1,364) DINING LABOR 43,699 37,933 (5,766) 272, ,414 (16,519) PAYROLL WAGES Housekeeper Wages 9,768 7,921 (1,847) 59,911 53,903 (6,008) Overtime Wages (185) 1,544 - (1,544) Holiday Wages (379) 1, (888) PTO (61) 1, (1,353) Bereavement (594) Retroactive (62) HOUSEKEEPING LABOR 10,557 8,084 (2,473) 65,137 54,688 (10,449) PAYROLL WAGES Director Wages 4,435 4, ,749 31,712 (37) Maintenance Wages 2,184 2,100 (84) 16,998 14,290 (2,708) Overtime Wages (132) (226) Holiday Wages PTO ,764 1,277 Retroactive (62) MAINTENANCE LABOR 6,855 7, ,824 48,672 (1,152) PAYROLL WAGES Driver Wages 2,162 1,966 (196) 10,251 13,377 3,126 Holiday Wages PTO TRANSPORTATION LABOR 2,162 2,127 (35) 10,251 14,152 3,901 PAYROLL WAGES Director Wages 9,042 9, ,865 64, Move In Coordinator Wages 2,564 2, ,996 18,242 (1,754) Commissions 9,375 7,200 (2,175) 85,675 47,800 (37,875) Bonus Marketing ,730 - (1,730) Overtime Wages (117) 1,125 - (1,125) Holiday Wages ,629 1,265 PTO ,379 3,171 1,792 Page 3 of 10

7 Income Statement and Statement of Cash Flows One Month Ended and Seven Months Ended July 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance Retroactive (172) SALES LABOR 21,250 20,151 (1,099) 174, ,437 (38,870) PAYROLL WAGES Executive Director Wages 8,198 8, ,547 58,723 1,176 Business Office Director Wages 3,392 3,035 (357) 13,928 21,140 7,212 HR Generalist 3,957 4, ,375 28, Receptionist Wages 9,532 9, ,080 65,784 6,704 Commissions Administration 1,375 4,500 3,125 13,025 26,750 13,725 Bonus Administration ,283 - (1,283) Overtime Wages 60 - (60) 2,987 - (2,987) Holiday Wages ,308 2,418 1,110 PTO ,522 4, Training (90) Retroactive (186) ADMINISTRATION LABOR 27,053 31,200 4, , ,999 25,667 PAYROLL TAXES FICA Tax - 3,788 3,788-23,080 23,080 FUTA Tax SUI TAX ,429 2,429 FICA Tax - 4,538 4,538-27,745 27,745 FUTA Tax SUI TAX ,912 2,912 FICA Tax ,083 3,083 FUTA Tax SUI Tax FICA Tax ,083 3,083 FUTA Tax SUI TAX FICA Tax - 2,902 2,902-19,616 19,616 FUTA Tax SUI TAX ,708 1,708 FICA Tax ,182 4,182 FUTA Tax SUI TAX FICA Tax ,723 3,723 FUTA Tax SUI TAX FICA Tax ,082 1,082 FUTA Tax SUI TAX FICA Tax - 1,541 1,541-10,362 10,362 FUTA Tax SUI TAX FICA Tax 19,292 2,387 (16,905) 118,285 15,913 (102,372) FUTA Tax (409) 4, (4,016) Page 4 of 10

8 Income Statement and Statement of Cash Flows One Month Ended and Seven Months Ended July 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance SUI TAX 1, (1,839) 18, (18,004) PAYROLL TAXES 21,684 19,048 (2,636) 141, ,391 (17,922) EMPLOYEE BENEFITS Employee Insurance - 2,970 2,970-20,790 20,790 Employee Hiring & Moving Uniform Expense (4) - 4 Employee Insurance - 3,645 3,645-25,515 25,515 Employee Hiring & Moving , Uniform Expense (544) Employee Insurance ,890 1,890 Employee Hiring & Moving (78) Uniform Expense (62) Employee Insurance ,890 1,890 Employee Hiring & Moving Uniform Expense (36) Employee Insurance - 2,160 2,160-15,120 15,120 Employee Hiring & Moving (509) Uniform Expense (602) Employee Insurance ,780 3,780 Uniform Expense (32) Employee Insurance ,890 1,890 Uniform Expense (8) Employee Insurance Employee Hiring & Moving Employee Insurance ,835 2,835 Employee Hiring & Moving Uniform Expense (11) Employee Insurance 8,966 1,080 (7,886) 61,600 7,560 (54,040) Other Employee Insurance (339) 2,474 - (2,474) Insurance - Life 64 - (64) (413) Employee Hiring & Moving (701) 24, (24,051) Uniform Expense (753) 7,447 - (7,447) EMPLOYEE BENEFITS 10,821 11,995 1,174 98,190 85,465 (12,725) WORKER'S COMPENSATION Worker's Compensation 7,020 6,825 (195) 48,041 43,870 (4,171) WORKER'S COMPENSATION 7,020 6,825 (195) 48,041 43,870 (4,171) TOTAL LABOR COST 290, ,355 (24,908) 1,874,074 1,715,014 (159,060) Allocation of Dining Expense (267) Contract Services (482) 2,976 - (2,976) Forms & Printing ,050 1,050 Billable Medical Supplies 15 - (15) 15 - (15) Non-Billable Medical Supplies 573 1, ,619 8,686 5,067 Incontinency Supplies 2,232 1,117 (1,115) 13,011 4,194 (8,817) Infectious Waste Disposal Equipment Rental/Purchases (188) Page 5 of 10

9 Income Statement and Statement of Cash Flows One Month Ended and Seven Months Ended July 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance Training & Education (5) HEALTHCARE MC NON LABOR 3,356 2,558 (798) 20,197 14,630 (5,567) Contract Services (150) 1, (1,000) Office Supplies Healthcare AL Billable Medical Supplies - 1,568 1, ,897 8,844 Non-Billable Medical Supplies ,181 1,210 (971) Incontinency Supplies 2, (2,048) 12, (11,762) Travel - Local Mileage/Gas (236) HEALTHCARE AL NON LABOR 2,493 2,034 (459) 16,651 11,826 (4,825) Allocation of Dining Expense (142) 1,300 - (1,300) Entertainers (415) 2,380 - (2,380) Office Supplies Programming MC (25) Activities & Travel Revenue (678) (200) 478 (3,419) (1,400) 2,019 Reimbursable Entertainment Exp 1, (960) 3,914 1,400 (2,514) Special Events 99 - (99) (486) Subscriptions Resident Activities ,898 3,550 1,652 Meals And Entertainment - Programming (44) Equipment Rental/Purchases Training & Education Travel - Local Mileage/Gas (109) Travel - Hotel (179) PROGRAMMING MC NON LABOR 1, (724) 7,060 5,140 (1,920) Allocation of Dining Expense (264) 1,886 - (1,886) Contract Services (18) Entertainers ,135 3, Office Supplies Programming AL (114) (131) Forms & Printing (66) Resident Gifts (2) Reimbursable Entertainment Exp (103) (347) Special Events ,326 3,025 1,699 Subscriptions Resident Activities (127) 2,361 2,012 (349) Travel - Local Mileage/Gas (85) PROGRAMMING AL NON LABOR 2,021 1,628 (393) 9,564 9,462 (102) Allocation of Dining Expense (1,561) - 1,561 (9,449) - 9,449 Guest Meals (2,520) - 2,520 (15,545) - 15,545 Employee Meals (154) (1,474) - 1,474 Raw Food 22,391 16,625 (5,766) 144,642 96,249 (48,393) Chemicals 1, (57) 5,949 6, Dishes / Utensils 209 1,212 1,003 2,776 7,402 4,626 Paper Goods (206) 3,988 2,154 (1,834) Inventory Change - Mth (106) Repairs & Maintenance Dining (346) (628) Contract Services (232) 2,709 2,625 (84) Page 6 of 10

10 Income Statement and Statement of Cash Flows One Month Ended and Seven Months Ended July 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance Supplies Dining 2, (1,807) 8,001 2,780 (5,221) Linen Costs 648 1, ,534 5,299 (1,235) Equipment Rental/Purchases ,013 2, Training & Education Travel - Meals & Entertainment Travel - Local Mileage/Gas (690) Travel - Hotel (144) DINING NON LABOR 24,377 21,796 (2,581) 151, ,024 (24,895) Housekeeping Supplies 2,212 2, ,470 13,780 1,310 HOUSEKEEPING NON LABOR 2,212 2, ,470 13,780 1,310 Fire Inspection & Training ,694 3,500 (1,194) Repairs & Maintenance 1,066 5,000 3,934 2,633 18,500 15,867 Between Tenant Renovations (200) (350) Minor Furniture & Fixtures (200) 1,500 1, ,320 4,643 Pest Control ,663 2,450 (213) Contract Services 1,295 1, ,697 15,800 11,103 Supplies Maintenance 116 1,372 1,256 3,668 8,100 4,432 Property landscaping 2,205 2,050 (155) 14,867 16,230 1,363 Equipment Rental/Purchases (282) 282 2,000 1,718 Meetings and Conferences Maintenance (18) Travel - Meals & Entertainment Travel - Local Mileage/Gas (225) Telephone - Cell MAINTENANCE NON LABOR 5,782 12,272 6,490 34,832 72,200 37,368 Repairs & Maintenance Transportation (568) Auto Exp - Gas (48) 1,591 1, Automobile Expense (Other) (16) Travel - Local Mileage/Gas (90) TRANSPORTATION NON LABOR ,966 2,450 (516) Collateral Printing (170) 6,779 4,956 (1,823) Print Media Marketing ,917 12,620 2,083 90,419 88,337 Direct Mail ,884 - (5,884) Direct Mail Postage ,306 - (7,306) Advertising Tracking Public Relations ,476 - (3,476) Digital Media Marketing ,648 - (2,648) Video Marketing ,709 - (7,709) Promotional Items (553) 1,831 2, Signage Marketing Internet Marketing ,090 - (3,090) Supplies Marketing (106) Office Supplies Marketing (136) Forms and Printing Marketing (245) Printing & Photography - 1,667 1, ,669 11,501 Subscriptions 46 - (46) 95 - (95) Page 7 of 10

11 Income Statement and Statement of Cash Flows One Month Ended and Seven Months Ended July 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance Meals and Entertainment Marketing (200) Meetings and Conferences Marketing 5 - (5) 5 - (5) MARKETING NON LABOR 2,071 15,697 13,626 41, ,879 68,119 Allocation of Dining Expense (837) 4, (3,349) Minor Furniture & Fixtures 53 - (53) (101) Creative Follow-up (58) 1,628 2, Outreach/Community Relations ,375 4,375 2,000 Contract Services ,500 4, Office Supplies Sales (100) Forms & Printing - Sales - 1,000 1, ,000 6,710 Resident Gifts ,625 2,140 Contributions (695) Special Events ,993 3,500 1,507 Memberships/Club Dues Postage & Freight Meals & Entertainment Sales ,253 - (1,253) Training & Education Employee Recognition / Awards (436) Travel - Local Mileage/Gas (162) SALES NON LABOR 1,978 3,713 1,735 17,295 25,991 8,696 Allocation of Dining Expense (193) 1,772 - (1,772) Minor Furniture & Fixtures ,142 3,700 (442) Outreach/Community Relations (73) Referrals 16,506 - (16,506) 80,429 - (80,429) Payroll Processing Fees 2, (1,746) 16,838 5,250 (11,588) Miscellaneous (33) Contract Services 3,444 2,540 (904) 18,197 15,450 (2,747) Barber & Beauty Revenue (3,444) (2,540) 904 (17,943) (15,450) 2,493 Contract Services (959) 4,012 - (4,012) Supplies Administration (58) 3,032 2,859 (173) Office Supplies Administration 1, (1,139) 5,829 4,750 (1,079) Forms & Printing - 1,000 1, ,200 6,067 Resident Gifts (201) BW and Color Copies Administration ,874 4,750 (124) Special Events ,002 3,150 2,148 Memberships/Club Dues (480) 3,307 - (3,307) Subscriptions (11) Software Support Fees 1, (819) 6, (5,778) Merchant Services Fees 51 - (51) (341) Postage & Freight (177) 711 1, Delivery ,500 1,180 Bank Fees (822) 2,147 - (2,147) Late Fees/Penalties/Srvc Chgs (138) (713) Licenses/Permits (30) 4,767 3,800 (967) Meals & Entertainment ,056 - (1,056) Page 8 of 10

12 Income Statement and Statement of Cash Flows One Month Ended and Seven Months Ended July 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance Unallocated (766) 2,606 - (2,606) Lease Cost - Equipment (114) 5,523 4,200 (1,323) Equipment Rental/Purchases (117) 2,450 2,567 Training & Education ,351 2, Meetings and Conferences (192) Employee Recognition / Awards 1, (1,049) 10,488 2,500 (7,988) Travel - Meals & Entertainment ,100 2,100 Travel - Local Mileage/Gas (10) 1,595 1,550 (45) Travel - Hotel (475) Telephone - Cell (77) 3,352 3, Cable 2,437 1,450 (987) 8,660 7,400 (1,260) Internet 1,070 1, ,829 7,700 (129) Telephone ,588 5, ADMINISTRATION NON LABOR 35,637 13,252 (22,385) 189,968 76,810 (113,158) HOME OFFICE ALLOCATIONS Corporate Allocation - Administration 391 3,225 2,834 5,473 22,722 17,249 VSL Meals & Entertainment 39 - (39) (248) TOTAL HOME OFFICE ALLOCATIONS 430 3,225 2,795 5,721 22,722 17,001 TOTAL NON LABOR COST 82,262 79,780 (2,482) 510, ,914 (18,489) TOTAL CONTROLLABLE COST 372, ,135 (27,390) 2,384,477 2,206,928 (177,549) UTILITIES Water & Sewer 2,676 1,768 (908) 33,265 10,444 (22,821) Trash Removal ,936 5, Gas 1, (425) 10,384 4,577 (5,807) Electric 17,510 17,100 (410) 101, ,000 (437) UTILITIES 22,091 20,498 (1,593) 150, ,071 (28,951) PROFESSIONAL FEES Legal & Professional Fees (100) PROFESSIONAL FEES (100) MANAGEMENT FEES Management Fee Expense 34,150 25,000 (9,150) 204, ,000 (29,790) MANAGEMENT FEES 34,150 25,000 (9,150) 204, ,000 (29,790) PROPERTY TAXES Taxes - Real Estate 26,483 27, , ,581 4,200 Taxes - Personal Property (600) 4,200 - (4,200) PROPERTY TAXES 27,083 27, , ,581 - INSURANCE TCOR - Personal Property (584) (584) Insurance - Property 4,787 4,678 (109) 33,508 32,746 (762) Insurance - Liability 2,838 5,448 2,610 16,475 38,136 21,661 Insurance - Automobile (38) 3,365 4,697 1,332 Insurance - Excess Liability 2,311 - (2,311) 16,174 - (16,174) Insurance - Crime 91 - (91) (634) Insurance - EPLI (153) 1,072 - (1,072) Insurance - Other (350) (350) Page 9 of 10

13 Income Statement and Statement of Cash Flows One Month Ended and Seven Months Ended July 31, 2017 MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance INSURANCE 11,822 10,797 (1,025) 72,164 75,579 3,415 TOTAL NON-CONTROLLABLE COSTS 95,146 83,378 (11,768) 616, ,231 (55,425) TOTAL EXPENSES 467, ,513 (39,158) 3,001,133 2,768,159 (232,974) NET OPERATING INCOME (LOSS) 101,505 36,139 65, ,434 (15,789) 383,223 NON OPERATING EXPENSES Non Operating Expenses ,800 - (4,800) NON OPERATING EXPENSES ,800 - (4,800) NET INCOME (LOSS) 101,505 36,139 65, ,634 (15,789) 378,423 Statement of Cash Flows: Net Income 101, ,634 (Increase) Decrease in Current Assets 19,172 17,259 Increase (Decrease) in Current Liabilities (1,838) 200,108 Cash Provided by (Used in) Operations 118, ,002 Purchase of Fixed Assets (6,013) (12,657) Borrowings (Repayments) on Long-term debt - 103,002 Increase (Decrease) in Cash 112, ,347 Cash - beginning of period 838, ,456 Cash - end of period 951, ,803 Cash - Operating (Disbursements) 463,123 Cash - Revenue Depository 488, ,803 Occupancy as of July 31, 2017: Residents Units % Page 10 of 10

14 12:29 PM Senior Care Living V, LLC 08/24/17 Profit & Loss Accrual Basis July 2017 Jul 17 Ordinary Income/Expense Income Resident Services Inspired Standard Living AL 31, Inspired Forever Program AL 263, Second Occupant Revenue 1, Inspired Forever Program 220, Inspired Standard Program 39, Community Fee Revenue 24, Barber & Beauty Admin Revenue Incontinency Supplies Revenue 18, Respite Revenue 9, Guest Apartments Concessions-Miscellanous -7, Concession-Marketing Specials -31, Total Resident Services 569, Ancillary Revenue Rebates Billable Supplies Revenue Total Ancillary Revenue Total Income 569, Gross Profit 569, Expense Payroll Wage and Tax Director Wages Healthcare MC 2, LPN Wages Healthcare MC 15, Care Givers Wages Healthcare MC 33, LPN Overtime Healthcare MC 1, Nursing Aides Overtime Healthca 1, Commission Healthcare MC -1, Bonus Healthcare MC Holiday Wages HC MC 2, PTO Healthcare MC Total Payroll Wage and Tax 54, Payroll Wages and Tax Director Wages Healthcare AL 5, LPN Wages 18, Private Duty Aides (Med Tech) 2, Care Givers Wages 37, LPN Overtime 1, Nursing Aides Overtime 1, Med Tech and Lead Med Tech Over Commission Healthcare AL 2, Bonus Holiday Wages 2, PTO Bereavement Total Payroll Wages and Tax 72, Payroll Wage and Tax Staff Wages Activities MC 3, Overtime Wages Activities MC Holiday Wages Activities MC PTO Activities MC Total Payroll Wage and Tax 4, Activities AL Labor Program Director Wages 3, Program Coordinators AL 3, Page 1

15 12:29 PM Senior Care Living V, LLC 08/24/17 Profit & Loss Accrual Basis July 2017 Jul Bonus Overtime Wages Holiday Wages Total Activities AL Labor 6, Payroll Wage and Tax Director Wages Dietary 4, Assistant Director Wages 2, Cooks Wages 10, Prep Staff Wages 1, Waitstaff Wages 17, Dishwashers Wages Overtime Wages Dietary 3, Holiday Wages Dining 1, PTO Dietary 1, Total Payroll Wage and Tax 43, Payroll Wage and Tax Housekeeper Wages 9, Overtime Wages Housekeeping Holiday Wages Housekeeping PTO Housekeeping Total Payroll Wage and Tax 10, Payroll Wage and Tax Director Wages Maintenance 4, Maintenance Wages 2, Overtime Wages Hoilday Wages Total Payroll Wage and Tax 6, Payroll Wage and Tax Driver Wager 2, Total Payroll Wage and Tax 2, Payroll Wages & Tax Director Wages 9, Move In Coordinator Wages 2, Commissions 9, Overtime Wages Holiday Wages PTO Total Payroll Wages & Tax 21, Payroll Wage and Tax Executive Director Wages 8, Business Office Manager Wages 3, HR Generalist 3, Receptionist Wages 9, Commissions Administration 1, Overtime Wages Administration Holiday Wages Administration PTO Administration FICA Tax Administration 19, FUTA Tax Administration SUI TAX Administration 1, Total Payroll Wage and Tax 48, Employee Benefits Employee Insurance Administrati 8, Other Employee Insurance Insurance-Life Administration Page 2

16 12:29 PM Senior Care Living V, LLC 08/24/17 Profit & Loss Accrual Basis July 2017 Jul Employee Hiring & Moving Admin Uniform Expense Administration Total Employee Benefits 10, Employee Benefits Worker's Compensation 7, Total Employee Benefits 7, Healthcare MC NonLabor Contract Services Healthcare MC Billable Medical Sup Health MC Non-Billable Medical Supplies H Incontinent Supp Healthcare MC 2, Infectious Waste Disposal Total Healthcare MC NonLabor 3, Healthcare AL NonLabor Contract Services Non Billable Medical Supplies Incontinency Supllies 2, Total Healthcare AL NonLabor 2, Activities MC NonLabor Activities & Travel Revenue Allocation of Dining Expense Entertainers Activities MC Reim Entertainment Exp Activtie 1, Special Events Activities MC Subscriptions Activities MC Resident Activities Activities Total Activities MC NonLabor 1, Activities AL NonLabor Allocation of Dining Expense Contract Services Entertainers Office Supplies Programming AL Reimbursable Entertainment Exp Special Events Subscriptions Resident Activities Total Activities AL NonLabor 2, Dining MC NonLabor Guest Meals -2, Employee Meals* Allocation of Diet Exp -1, Raw Food 22, Chemicals 1, Dishes / Utensils Paper Goods Repairs & Maintenance Dining Contract Services Dietary Supplies Dietary 2, Linen Costs Equipment Rental/Purchases Diet Total Dining MC NonLabor 24, Housekeeping NonLabor Supplies Housekeeping 2, Total Housekeeping NonLabor 2, Page 3

17 12:29 PM Senior Care Living V, LLC 08/24/17 Profit & Loss Accrual Basis July 2017 Jul Maintenance NonLabor Fire Inspection & Training Repairs & Maintenance 1, Between Tenant Renovations Minor Furn. & Fix Maintenance Pest Control Contract Services Maintenance 1, Supplies Maintenance Property Landscaping 2, Equip Rental/Purchases Main Total Maintenance NonLabor 5, TransportationNonLabor Auto Exp - Gas Transportation Automobile Expense (Other) Total TransportationNonLabor Marketing NonLabor Collateral Printing Print Media Marketing Promotional Items Subscriptions Meetings and Conferences Market 5.09 Total Marketing NonLabor 2, Sales NonLabor Allocation of Dining Expense Minor Furniture & Fixture Creative Follow-up Outreach/Community Relations Contract Services Total Sales NonLabor 1, Admin NonLabor Barber & Beauty Revenue -3, Alloction of Diet Exp Admin Minor Furniture & Fixtures Admi Referrals 16, Corporate Allocation-Administra Payroll Processing Fees 2, Contract Service Barber & Beaut 3, Contract Services Administratio Supplies Administration Office Supplies Administration 1, Copier Overage Admin Special Events Administration Memberships/Club Dues Software Support Fees Administr 1, Merchant Services Fees Postage & Freight Admin Bank Fees Late Fees / Penalties Licenses/Permits Unallocated / Uncoded P Card Lease Cost-Equipment Admin Equipment Rental/Purchases Admi Emp Recognition / Awards Admin 1, Travel - Local Mileage/Gas Admi VSL Local Mileage/Gas Telephone - Cell Administration Cable 2, Internet Administration 1, Telephone Page 4

18 12:29 PM Senior Care Living V, LLC 08/24/17 Profit & Loss Accrual Basis July 2017 Jul 17 Total Admin NonLabor 36, Utilities Water & Sewer 2, Trash Removal Gas 1, Electric 17, Total Utilities 22, Taxes & Management Fee Management Fee Expense 34, Taxes-Real Estate 26, Taxes-Personal Property Total Taxes & Management Fee 61, Insurance TCOR- Personal Property Insurance - Property 4, insurance- Liability 2, Insurance - Automobile Insurance- Excess 2, Insurance-Crime Insurance-EPLI Insurance- Other Total Insurance 11, Total Expense 467, Net Ordinary Income 101, 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 101, Page 5

19 12:30 PM Senior Care Living V, LLC 08/24/17 Balance Sheet Accrual Basis As of July 31, 2017 Jul 31, 17 ASSETS Current Assets Checking/Savings Total Bonds 0697 BB&T- Working Capital Fund 234, BB&T-Bond Fund BB&T- 2015B-1 DSRF 2,398, Total Total Bonds 2,632, Total Cash Cash - Operating , Cash-BB&T DACA , Cash Validus 484, Outstanding Checks and Deposits -21, Total Total Cash 953, Total Checking/Savings 3,586, Other Current Assets Total AR Residents AR Resident 31, AR Miscellaneous Total Total AR Residents 31, 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 1, Due to/from Community Payroll, Due to/from SL VIII Bonita Spri 1, Due to/from Covington Senior 1, Total Total Due TO/FROM 13, Prepaid Federal Taxes Prepaid Expenses and Other Asse Inventory 6, Prepaid AHCA 6, Prepaid Insurance Buisness 10, Prepaid Other 19, Prepaid Background Checks Total Prepaid Expenses and Other Asse 43, BBK11 Deferred Income Tax Assets 1,180, BBK4 Accumulated Amortization -94, Total Other Current Assets 1,221, Total Current Assets 4,807, Fixed Assets Land Closing Costs 69, Land - Other 1,830, Total Land 1,899, Page 1

20 12:30 PM Senior Care Living V, LLC 08/24/17 Balance Sheet Accrual Basis As of July 31, 2017 Jul 31, Total Fixed Assets Land Improvments 18, Building 23,239, Furniture & Fixtures 701, Equipment 186, Vehicles 104, Computer Hardware 11, Computer Software 6, Total Total Fixed Assets 24,267, Accumulated Depreciation -338, Total Fixed Assets 25,829, 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 32,196, LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable Accounts Payable 51, Total Accounts Payable 51, Other Current Liabilities Due to/from Covington -4, Accrued Accounts Payable 48, Total Accrued Wages & Benefits Accrued Wages 136, Accrued Vacation 22, Employee Voluntary Life Ins Garnishment Withholding Short Term/Long Term Disability Visual/Dental HSA 1, Total Total Accrued Wages & Benefits 161, Total Accrued Expenses Accrued Workers Comp-IBNR 7, P-Card Payable 4, Community Credit Cards Prepaid Rent 184, Sales Tax Payable Deferred Forever Revenue 8, Total Total Accrued Expenses 205, Accrued Property Taxes Payable 189, BBK12 Deferred Income Tax Liability 222, BBK8 Bond Interest Payable B-2 1,151, BBK9 Bond Interest Payable 176, Total Other Current Liabilities 2,150, Total Current Liabilities 2,202, Page 2

21 12:30 PM Senior Care Living V, LLC 08/24/17 Balance Sheet Accrual Basis As of July 31, 2017 Jul 31, 17 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 33,297, Equity Retained Earnings -2,022, Bouldin Equity 1,636, BBK7 Shares Issued at Par Net Income -715, Total Equity -1,101, TOTAL LIABILITIES & EQUITY 32,196, Page 3