86% 96% 95% 80% 2018 Forecast 86% 95% 80% 2018 YTD 2017 2016 2015 2014 2013 Operating Ratio Operating Ratio (Revenue ) / (Expenses-(Depreciation & Amortization)) (Revenue)/(Expenses-(Depr & Amort)) Debt Service Coverage Ratio Debt Service Coverage Ratio Operations Dashboard December 2017 107 112 113 50 75 100 125 110 110 110 112 112 86% 96% 95% 80% 200 175 187 187 185 187 Occupancy Entrance Fee Apartments (199 Available Units) 185 177 176 176 172 Average Occupancy Fiscal 2018 179 or 90% 179 179 176 2017 2015 2013 Bond Target 120 or Greater 136 128 136 136 147 157 160 0 40 80 120 160 200 150 125 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Average Occupancy During Month 86% 80% 125 Days of Cash on Hand Bond Target 65 or Greater Year End 114 89% 83% 260 Occupancy Rental Apartments (259 Available Units) Average Occupancy Fiscal 2018 246 or 95% 100 75 50 87 76 76 80 83 70 72 75 79 74 73 63 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 240 220 200 180 246 246 245 245 242 238 238 237 233 234 233 233 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Days of Cash as of the Last Day of the Month Average Occupancy During Month
BEATITUDES CAMPUS SUMMARY OF KEY FINANCIAL METRICS FISCAL YEAR 2018 TO DATE THRU PERIOD ENDING 12/31/2017 (Unaudited) YEAR-TO-DATE YTD YTD Budget Budget Variance YTD Prior Year Prior Year Variance AS OF MONTH-END Current Period Beginning of Year Yearly Change This Period Prior Year Change Over past 12 Months REVENUE ASSETS Skilled Nursing $1,598,452 $1,658,328 ($59,876) $1,562,195 $36,257 Cash $5,844,307 $6,181,356 ($337,049) $5,142,557 $701,750 Assisted Living $1,020,016 $996,735 $23,281 $957,033 $62,983 Accts & Notes Receivable $956,823 $1,020,853 ($64,030) $997,978 ($41,155) Independent Living $3,465,987 $3,657,719 ($191,733) $3,465,219 $768 Other Current Assets $407,608 $506,400 ($98,792) $853,125 ($445,517) Other Revenue $1,572,774 $1,648,452 ($75,678) $1,465,133 $107,641 TOTAL CURRENT ASSETS $7,208,738 $7,708,609 ($499,871) $6,993,660 $215,078 TOTAL OPERATING REVENUE $7,657,228 $7,961,234 ($304,006) $7,449,579 $207,649 TOTAL ASSETS $92,860,658 $91,187,741 $1,672,917 $90,316,647 $2,544,011 EXPENSES LIABILITIES Total Personnel Expenses $3,973,707 $3,967,098 ($6,609) $3,639,538 ($334,169) Accounts and Staff Costs Payable $2,076,113 $2,604,078 ($527,965) $2,003,695 $72,418 Other Operating Expenses $2,854,146 $3,103,623 $249,477 $3,071,275 $217,129 Other Current Liabilities $490,058 $4,039,030 ($3,548,972) $2,705,550 ($2,215,492) TOTAL OPERATING EXPENSES $6,827,853 $7,070,721 $242,868 $6,710,813 ($117,040) TOTAL CURRENT LIABILITIES $2,566,171 $6,643,108 ($4,076,937) $4,709,245 ($2,143,074) TOTAL LIABILITIES $102,490,694 $99,498,890 $2,991,804 $97,674,840 $4,815,854 NET OPERATING INCOME $829,375 $890,513 ($61,138) $738,766 $90,609 FUND BALANCE TOTAL NON-OPERATING FACTORS ($2,148,261) ($1,036,677) ($1,111,584) ($1,124,490) ($1,023,771) UNRESTRICTED FUND BALANCE ($10,302,997) ($8,984,110) ($1,318,887) ($8,031,154) ($2,271,843) RESTRICTED FUND BALANCE $672,961 $672,961 $0 $672,961 $0 NET INCOME ($1,318,887) ($146,164) ($1,172,723) ($385,724) ($933,162) CURRENT ASSETS/CURRENT LIABILITIES 2.81 1.16 1.65 1.49 1.32 OPERATING RATIO 1.12 1.13 (0.00) 1.11 0.01 DEBT SERVICE COVERAGE RATIO FORECAST (using maximum annual debt service) 1.57 1.47 0.10 1.44 0.13 DEBT SERVICE COVERAGE RATIO FORECAST (using 2018 annual debt service) 2.61 Current Level (1.20 Required By Bond Covenant) DAYS CASH ON HAND 79 (Last Day of Month) (65 Requird By Bond Covenant) Year End Target Level Year End Projected 80 114 NET CASH FLOW FROM ENTRANCE FEES CURRENT MONTH AVERAGE OCCUPANCY Budgeted Year Ago Level Capacity YTD Total ($581,833) Entrance Fees Units 176 186 182 199 Rental Units 245 236 231 259 YTD Change In EF Refunds Payable ($762,884) Assisted Living 89 87 86 92 Early Memory Suport 30 27 28 29 YTD Recovery of EF Discounts as of 12/31/17 ($80,864) Skilled Nursing 63 67 65 72 YEAR TO DATE AVERAGE OCCUPANCY EF Discounts Outstanding as of 12/31/17 $5,939,749 Entrance Fees Units 178 186 182 199 Rental Units 245 236 231 259 YTD CAPITAL EXPENDITURES Current Level Assisted Living 88 87 86 92 From Operations $412,576 $2,236,754 $2,216,544 ($20,210) Early Memory Support 31 27 28 29 Funded by Foundation $151,565 $245,801 $197,540 ($48,261) Skilled Nursing 63 67 65 72 Funded by Bond Financing $224,424 $6,382,997 $6,382,997 $0 Total $788,565 $8,865,552 $8,797,081 ($68,471) Year End Projected Year End Budget Expected Budget Variance
Revenue Beatitudes Campus Income Statement December 2017 Month To Date Year To Date Actual Budget Variance % Variance Explanations Actual Budget Variance % Variance Explanations Skilled Nursing: This unfavorable variance results from less than expected Skilled Nursing $534,946 $558,819 ($23,873) -4% volume. Occupancy averaged 63 residents on a budget of 67. $1,598,452 $1,658,328 ($59,876) -4% Assisted Living $332,109 $335,808 ($3,699) -1% $1,020,016 $996,735 $23,281 2% Assisted Early Memory Living: Support: Early Memory Support $134,364 $113,556 $20,808 18% $400,115 $337,102 $63,013 19% This favorable variance results from both volume and rate. Beatitudes at Home $104,624 $114,158 ($9,534) -8% Average occupancy was 89 30 vs a budget of 87, 27, and average $333,193 $338,791 ($5,598) -2% Home Health $81,657 $104,532 ($22,875) -22% rate was $3,940 $4,338 per month vs a budget of $3,789. $4,125. $237,944 $313,596 ($75,652) -24% Comfort Matters $35,220 $46,850 ($11,630) -25% $91,260 $165,980 ($74,720) -45% Independent Living $1,143,239 $1,232,461 ($89,222) -7% Beatitudes at Home: $3,465,987 $3,657,719 ($191,733) -5% Total Operating Revenue $2,366,160 $2,506,184 ($140,024) -6% This unfavorable variance results from less than expected volume. Average Hours of Care per Day were 133 vs a budget $7,146,967 $7,468,251 ($321,284) -4% Other Revenue $206,388 $203,661 $2,727 1% $510,261 $492,983 $17,278 4% Home Health: Total Revenue $2,572,549 $2,709,845 ($137,296) -5% $7,657,228 $7,961,234 ($304,006) -4% Expenses Personnel Expenses Payroll Related Salaries & Wages $1,007,122 $1,011,515 $4,393 0% $3,096,877 $3,090,611 ($6,266) 0% Registry Labor $0 $0 $0 #DIV/0! Comfort Matters: $0 $0 $0 #DIV/0! Payroll Related Benefits $171,643 $180,103 $8,460 5% This unfavorable variance results from less client volume than $440,919 $447,313 $6,394 1% Total Payroll Related $1,178,765 $1,191,618 $12,853 1% Contribution Margin for the month December was $14,000 $3,537,797 $3,537,924 $127 0% Fringe Benefits $143,754 $143,058 ($696) 0% Independent Living: $435,910 $429,174 ($6,736) -2% This unfavorable variance results primarily from lower than expected rate (avg monthly rate of $2.574 vs a budget of $2,735. This rate variance largely resulted from an Total Personnel Expenses $1,322,519 $1,334,676 $12,157 1% $3,973,707 $3,967,098 ($6,609) 0% Purchased Services $112,734 $133,436 $20,702 16% unfavorable mix of occupied apartments. While less expensive $320,731 $398,208 $77,477 19% Supplies $271,208 $258,354 ($12,854) -5% rental apartments averaged an occupancy of 245 vs a budget $782,504 $775,091 ($7,413) -1% of 236, more expensive entrance fee apartments averaged an Utilities $102,550 $120,458 $17,908 15% $315,292 $361,374 $46,082 13% occupancy of 176 vs a budget of 185. Also contributing was Interest Expense $189,388 $271,726 $82,338 30% $755,405 $815,178 $59,773 7% less entrance fee amortization than expected. Other Expenses $197,872 $250,864 $52,992 21% $680,214 $753,772 $73,558 10% Payroll Benefits: Total Expenses $2,196,272 $2,369,514 $173,242 7% $6,827,853 $7,070,721 $242,868 3% This favorable variance is due primarily to less than expected holiday pay and FICA expense. Operating Income $376,277 $340,331 $35,946 11% $829,375 $890,513 ($61,138) -7% Purchased Services: This favorable variance results from less than expected therapy Depreciation & Amortization $355,652 $351,866 ($3,786) -1% expenses. $1,062,767 $1,055,598 ($7,169) -1% Contributions $2 $6,307 ($6,305) -100% $6 $18,921 ($18,915) -100% Supplies: Unrealized Gain/(Loss) on Investments $26,898 $0 $26,898 $37,026 $0 $37,026 This unfavorable variance resulted primarily from increased Loss on Bond Refunding $1,122,526 $0 $1,122,526 $1,122,526 $0 $1,122,526 Raw Food costs in Food Service. Gain/(Loss) on Disposal of Assets $0 $0 $0 $0 $0 $0 Utilities: This favorable variance was the result of less than expected Net Income ($1,075,002) ($5,228) ($1,069,774) -20462% use of electricity. ($1,318,887) ($146,164) ($1,172,723) -802% Loss on Bond Refunding: This is the write-off of the remaining costs of issuance associated with the 2006 bond issue that had not yet been amortized. Per accounting rules, these costs are amortized over the expected life of the financing. This is a non-cash expense. of 150. This unfavorable variance results from less client volume than expected. The contribution margin month to date was $22,000 and unfavorable to budget by $18,000. We recorded $82K in revenue with $41K in direct expenses and $19K in therapy costs for a contribution margin of $22K. Our budgeted contribution margin for December was $40K. expected, but is more than made up in reduced expenses. favorable to budget. Interest Expense: This favorable variance results from the bond refunding that took place in December. The budget will be adjusted in January when it is reopened to properly time the Salary Improvement and Minimum Wage increases. Other Expenses: This favorable variance results primarily from less Conmfort Matters travel expenses and less than expected HVAC, Fire Alarm and Elevator Maintenance in Plant Operations. Other Expenses: This favorable variance results primarily from less Conmfort Matters travel expenses and less than expected HVAC, Fire Alarm and Elevator Maintenance in Plant Operations. Loss on Bond Refunding: This is the write-off of the remaining costs of issuance associated with the 2006 bond issue that had not yet been amortized. Per accounting rules, these costs are amortized over the expected life of the financing. This is a non-cash expense. Skilled Nursing: This unfavorable variance results from less than expected volume. Occupancy averaged 63 residents on a budget of 67. Assisted Living: This favorable variance results from a greater than expected average rate ($3,829 vs a budget of $3,788). Early Memory Support: This favorable variance results from both volume and rate. Average occupancy was 31 vs a budget of 27, and average rate was $4,317 per month vs a budget of $4,125. Beatitudes at Home: This unfavorable variance results from less than expected volume. Average Hours of Care per Day were 144 vs a budget of 150. Home Health: This unfavorable variance results from less client volume than expected. The contribution margin year to date was $48,000 and unfavorable to budget by $73,000. We recorded $238K in revenue with $122K in direct expenses and $68K in therapy costs for a contribution margin of $48K. Our budgeted contribution margin year to date was $121K. Comfort Matters: This unfavorable variance results from less client volume than expected, but is almost made up in reduced expenses. Contribution Margin year to date is within $4,000 of budget. Independent living: This unfavorable variance results primarily from lower than expected rate and mix (Avg rate of $2,631 per month vs a budget of $2,735). Also contributing was less entrance fee amortization than expected. Other Revenue: This favorable variance was primarily due to greater than expected provider reimbursements and food service revenue and purchasing rebates. Payroll Benefits: This favorable variance is due primarily to less than expected holiday pay and FICA expense. Fringe Benefits: This unfavorable variance is primarily the result of more than planned Employee Medical insurance expenses. Purchased Services: This favorable variance results from less than expected therapy and Marketing expenses. Supplies: This unfavorable variance resulted primarily Purchased Goods in the Gift Shop. Utilities: This favorable variance was the result of less than expected use of electricity and natural gas. Interest Expense: This favorable variance results from the bond refunding that took place in December. The budget will be adjusted in January when it is reopened to properly time the Salary Improvement and Minimum Wage increases.
Income Statement Year Ago vs Year to Date Comparison December Fiscal 2017 Fiscal 2018 Change % Change Explanations Revenue Skilled Nursing $1,562,195 $1,598,452 $36,257 2% Assisted Living $957,033 $1,020,016 $62,983 7% Early Memory Support $303,438 $400,115 $96,677 32% Beatitudes at Home $267,137 $333,193 $66,056 25% Home Health $254,765 $237,944 ($16,821) -7% Comfort Matters $71,446 $91,260 $19,814 28% Independent Living $3,465,219 $3,465,987 $768 0% Total Operating Revenue $6,881,233 $7,146,967 $265,733 4% Other Revenue $568,346 $510,261 ($58,085) -10% Total Revenue $7,449,579 $7,657,228 $207,649 3% Expenses Personnel Expenses Payroll Related Salaries & Wages $2,932,064 $3,096,877 $164,814 6% Registry Labor $0 $0 $0 #DIV/0! Payroll Related Benefits $430,256 $440,919 $10,663 2% Total Payroll Related $3,362,320 $3,537,797 $175,477 5% Assisted Living: This favorable variance results primarily from volume. Average census in fiscal 2017 was 85 vs 88 in fiscal 2018. Beatitudes at Home: This favorable variance results primarily from volume. Average Hours of Care rendered fiscal 2017 was 125 vs 144 in fiscal 2018. Home Health: This unfavorable variance results primarily from patient mix. We had more starts of care but less visits. This indicates less acute patients. Salaries: This unfavorable change is largely due to the implementation of the minimum wage and sick time increase in January 2017. Fringe Benefits: This unfavorable change results from more mature incurrecd but not reported estimates in our partially self funded employee medical plan. This is in line with year end 2017 monthly expenses. Fringe Benefits $277,218 $435,910 $158,692 57% Total Personnel Expenses $3,639,538 $3,973,707 $334,169 9% Purchased Services $367,293 $320,731 ($46,563) -13% Supplies $805,715 $782,504 ($23,210) -3% Utilities $317,869 $315,292 ($2,577) -1% Interest Expense $862,947 $755,405 ($107,542) -12% Other Expenses $717,450 $680,214 ($37,236) -5% Total Expenses $6,710,813 $6,827,853 $117,040 2% Operating Income $738,766 $829,375 $90,609 12% Depreciation & Amortization $1,014,423 $1,062,767 $48,344 5% Contributions $56 $6 ($50) -89% Redevelopment Loan from Foundation Forgiven $0 $0 $0 #DIV/0! Transfer from Foundation - Capital Campaign Fund $0 $0 $0 #DIV/0! Transfer from Foundation - Real Estate $0 $0 $0 Unrealized Gain/(Loss) on Investments ($110,055) $37,026 $147,081 Loss on Bond Refunding $0 $1,122,526 $1,122,526 Gain/(Loss) on Disposal of Assets ($68) $0 $68 Net Income ($385,724) ($1,318,887) ($933,162) -242% Purchased Services: This favorable variance results primarily from decreased Therapy expenses resulting from less than expected Medicare occupancy in the Care Center as well no contract driver services in Transportation. Interest Expense: This favorable variance results rfom the refunding of the 2006 bonds in December 2017. Supplies: This favorable variance resulted primarily from decreased Raw Food cost in Food Service. Unrealized Gain/(Loss) on Investments: This favorable change results from changes in the market value of the Campus' investment portfolio. Loss on Bond Refunding: This is the write-off of the remaining costs of issuance associated with the 2006 bond issue that had not yet been amortized. Per accounting rules, these costs are amortized over the expected life of the financing. This is a non-cash expense.
Assets Beatitudes Campus Balance Sheet At December 31, 2017 Unaudited Audited 12/31/2017 9/30/2017 Change % Comments Current Assets Cash $5,844,307 $6,181,356 ($337,049) -5% Accounts & Notes Receivable (net) $956,823 $1,020,853 ($64,030) -6% AR - Entrance Fee Installments $0 $0 $0 #DIV/0! Interest Receivable on Bonds $0 $101,795 ($101,795) -100% Inventory (at cost) $264,552 $265,045 ($493) 0% Prepaid Expenses & Other $143,056 $139,560 $3,496 3% Total Current Assets $7,208,738 $7,708,609 ($499,871) -6% Prepaid Expenses: These are expenses that are paid in advance and amortized over the period they benefit. Insurance payments are an example of a prepaid expense. General Fund: This is the sinking fund held by US Bank for the payment of our semi-annual bond interest and principal payments. Assets Whose Use Is Limited Resident's Security Deposits $479,403 $456,045 $23,358 5% Escrow Deposits - Promenade $137,893 $124,077 $13,816 11% Related Company Funds $12,844 $11,671 $1,173 10% Bond Funds Debt Service Reserve $5,063,625 $5,274,345 ($210,720) -4% Capitalized Interest $0 $0 $0 #DIV/0! Construction Project $6,288,718 $0 $6,288,718 #DIV/0! General Fund $51,765 $3,655,858 ($3,604,093) -99% $12,034,248 $9,521,996 $2,512,252 26% Property, Plant & Equipment (net) $72,385,244 $72,621,222 ($235,978) 0% Other Investments CCIC Insurance Captive $115,384 $115,384 $0 0% Acacia Properties $8,840 $8,840 $0 0% Total Other Investments $124,224 $124,224 $0 Other Assets Gift Annuities Receivable $0 $0 $0 #DIV/0! License Home Health $175,000 $175,000 $0 0% Deferred marketing Costs $933,204 $1,036,690 ($103,486) -10% Total Other Assets $1,108,204 $1,211,690 ($103,486) -9% Total Assets $92,860,658 $91,187,741 $1,672,917 2% PP&E: This represents all additions in property, plant & equipment net of any equipment retirements and accumulated depreciation. Accrued Salaries: The salary and benefit accrual fluctuates monthly depending on when in the month the last pay period falls. It represents the amount earned by our employees but not yet paid. Entrance Fees: This results largely from the "90%" entrance fee deposits made by incoming residents under our continuing care residency contract that will eventually be refunded to the residents or their estates. Deferred Entrance Fees: These are the "10%" portion of the entrance fee deposits made by incoming residents under our continuing care contract that are earned by the Campus and will not be refunded. They will be recognized in income over the expected life of each resident contract. Liabilities and Fund Balances Unaudited Audited 12/31/2017 9/30/2017 Change % Comments Current Liabilities Accounts Payable & Accrued Expenses $680,750 $922,594 ($241,844) -26% Promenade Refunds Payable $3,124 $766,008 ($762,884) -100% Accrued Interest Payable Bonds $0 $1,721,543 ($1,721,543) -100% Accrued Salaries and Benefits $1,392,239 $915,476 $476,763 52% ML Working Capital Loan $472,811 $472,811 $0 0% Current Portion of Phone Lease Payable $17,247 $14,676 $2,571 18% Current Maturities of Long Term Debt $0 $1,830,000 ($1,830,000) -100% Current Portion of Grant Vehicle Liability $0 $0 $0 #DIV/0! Promenade Upgrade Fees $0 $0 $0 #DIV/0! Total Current Liabilities $2,566,171 $6,643,108 ($4,076,937) -61% Long Term Liabilities Resident's Security & Escrow Deposits, Refundable Entrance Fees (less current portion) $26,837,718 $27,044,466 ($206,748) -1% Deferred Entrance Fees (non refundable) $2,477,326 $2,144,543 $332,783 16% Bonds (net of discount) $71,821,245 $64,601,339 $7,219,906 11% Less Costs of Issuance (net) ($1,392,002) ($1,123,635) Long Term Phone Lease Payable $47,791 $54,612 Asset Retirement Obligation $124,400 $124,400 $0 0% Payable City of Phoenix Water $8,045 $10,057 ($2,012) -20% Total Long Term Liabilities $99,924,523 $92,855,782 $7,343,929 8% Total Liabilities $102,490,694 $99,498,890 $2,991,804 3% Fund Balance Unrestricted ($10,302,997) ($8,984,110) ($1,318,887) 15% Restricted $672,961 $672,961 $0 0% Total Fund Balance ($9,630,036) ($8,311,149) ($1,318,887) 16% Total Liabilities and Fund Balance $92,860,658 $91,187,741 $1,672,917 2% Fund Balance: Fund balance is the residual balance that exists when liabilities are subtracted from assets. Stated differently, liabilities represent our creditor's claims to the Campus' assets and "Fund Balance" represents our claims to the Campus' assets. In a Continium of Care Retirement Community (CCRC) that has a highly leveraged financing structure in place supported by refundable entrance fees, it is possible, and in fact likely, that Fund Balance will turn negative in the early years of the loan. This is because the refundable portion of the entrance fees are carried as a liability on the balance sheet and never recorded as revenue. However, in a stabile operating environment, this entrance fee liability will never be paid down. As one resident vacates an entrance fee apartment, the refundable portion of their entrance fee is paid with the entrance fee deposit from the next resident moving into that apartment. This allows a negative Fund Balance or "Equity position" to be viewed with much less concern than would normally be true.
Statement of Cash Flow December 2017 (Unaudited) Year to Date Comments CASH FLOWS FROM OPERATING ACTIVITIES Revenue over Expenses (including contributions) ($1,318,887) Add Back: Depreciation & Amortization $1,062,767 Cash from Operations ($256,120) Changes in Operating Assets Accounts Receivable (Net) $165,825 Inventory $493 Prepaid Expenses & Other ($3,496) Resident's Security Deposits and Entrance Fees ($38,349) Bond Funds ($2,473,904) Capital Campaign Due from Foundation $0 Gift Annuities Receivable (UCC) $0 License - Home Health $0 Deferred Marketing Costs $103,486 Deferred Financing Costs ($268,367) Total Changes in Operating Assets ($2,514,312) Changes in Operating Liabilities Accounts Payable and Accrued Liabilities ($2,726,271) Salaries & Benefits Payable $476,763 Promenade Upgrade Fees $0 Current Portion of Long Term Debt $0 Resident's Security Deposits and Entrance Fees $126,035 Phone Lease Payable ($4,249) Asset Retirement Obligation $0 Line of Credit Loan Payable $0 Deferred City Water ($2,012) Total Changes in Operating Liabilities ($2,129,734) Net Cash from Operating Activities ($4,900,166) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of Property, Plant & Equipment ($826,789) Retirement of Property Plant & Equipment $0 Other Investments (CCIC & Acacia Properties) $0 Net Cash from Investing Activities ($826,789) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from Notes Payable (less current portion) $0 Sinking Fund $0 Bond Proceeds $5,389,906 Net Cash from Financing Activities $5,389,906 INCREASE (DECREASE) IN CASH ($337,049) Beginning Cash Balance $6,181,356 Ending Cash Balance $5,844,307 INCREASE (DECREASE) IN CASH ($337,049)
Cash Flow Summary Fiscal 2018 Description Actual Budget Variance Explanation Cash & Marketable Securities - 9/30/2017 $6,181,000 $6,181,000 $0 Cash Flow Fiscal 2018 Cash from Residents Resident Revenue $7,147,000 $7,302,000 ($155,000) Resident Entrance Fees Discounted Apartments Received $342,000 $340,000 $2,000 Refunded ($423,000) ($162,000) ($261,000) Net ($81,000) $178,000 ($259,000) Non-Discounted Apartments Received $344,000 $1,271,000 ($927,000) Refunded ($845,000) ($996,000) $151,000 Net ($501,000) $275,000 ($776,000) Total Cash Flow From Entrance Fees ($582,000) $453,000 ($1,035,000) Cash Flow from Changes in Resident Related Balance Sheet Accounts ($28,000) $0 ($28,000) Cash Used in Providing Services to Residents ($5,847,000) ($6,256,000) $409,000 Total Cash Flow From Residents $690,000 $1,499,000 ($809,000) Entrance Fees Received - "Discounted" Apartments: 2 discounted entrance fee apartments have turned in fiscal 2018 year to date. 2 full entrance fee payments were received for $342,000. Entrance Fees Refunded - "Discounted" Apartments: 5 discounted entrance fees were refunded in fiscal 2018 year to date averaging $98,000 each. 3 of these refunds were for apartments where the new entrance fee receipts were received in fiscal 2017. Discounted Entrance Fee Variance: The budget amounts assume the entrance fees received and refunded take place in the same fiscal year. $301,000 of this variance is because the new entrance fee receipts took place in fiscal 2017 (Sept) and the corresponding refunds took place in fiscal 2018 (Oct). Entrance Fees Received - "Non-Discounted" Apartments: 2 non-discounted entrance fees apartments have turned in fiscal 2018 year to date averaging new full entrance fees of $124,000 each, and 6 entrance fee deposits have been received averaging $16,000 each. Entrance Fees Refunded - "Non-Discounted" Apartments: 8 entrance fees from non-discounted apartments were refunded in fiscal 2018 year to date averaging $106,000 each. Cash From Foundation, Contributions, Ancillary Sales $510,000 $512,000 ($2,000) Change in Marketable Securities $138,000 $0 $138,000 Cash Used to Pay Debt ($952,000) ($1,296,000) $344,000 Cash Used for Capital Purchases ($723,000) ($578,000) ($145,000) Total Cash Flow Fiscal 2018 Year to Date ($337,000) $137,000 ($474,000) Cash & Marketable Securities - 12/31/2017 $5,844,000 $6,318,000 ($474,000) Narrative:
Average Occupancy by Division December 2017 Month to Date Year to Date Month to Date Year to Date Resident Days Actual Budget Variance % Variance Actual Budget Variance % Variance Average Occupancy Actual Budget Variance % Variance Actual Budget Variance % Variance Skilled Nursing Skilled Nursing ALTCS (Medicaid) 705 893 (188) -21% 2,173 2,650 (477) -18% ALTCS (Medicaid) 23 29 (6) -21% 23 29 (6) -21% Hospice 2 (2) -100% 7 5 2 40% Hospice - - - #DIV/0! - - - #DIV/0! Managed Care 66 92 (26) -28% 302 273 29 11% Managed Care 2 3 (1) -33% 3 3-0% Medicare A 199 245 (46) -19% 625 727 (102) -14% Medicare A 7 8 (1) -13% 7 8 (1) -13% Private 975 845 130 15% 2,727 2,508 219 9% Private 31 27 4 15% 30 27 3 11% Total Skilled Nursing 1,945 2,077 (132) -6% 5,834 6,163 (329) -5% Total Skilled Nursing 63 67 (4) -6% 63 67 (4) -6% Assisted Living Assisted Living Base 93 98 (5) -5% 276 291 (15) -5% Base 3 3-0% 3 3-0% Level 1 124 70 54 77% 283 208 75 36% Level 1 4 2 2 100% 3 2 1 50% Level 2 279 207 72 35% 743 614 129 21% Level 2 9 7 2 29% 8 7 1 14% Level 3 315 578 (263) -46% 1,010 1,716 (706) -41% Level 3 10 19 (9) -47% 11 19 (8) -42% Level 4 239 243 (4) -2% 697 721 (24) -3% Level 4 8 8-0% 8 8-0% Level 5 75 136 (61) -45% 246 404 (158) -39% Level 5 2 4 (2) -50% 3 4 (1) -25% Level 6 426 268 158 59% 1,384 795 589 74% Level 6 14 9 5 56% 15 9 6 67% Respite Care - #DIV/0! 22 22 #DIV/0! Respite Care - - - #DIV/0! - - - #DIV/0! Continuing Care Contract 248 179 69 39% 498 531 (33) -6% Continuing Care Contract 8 6 2 33% 5 6 (1) -17% ALTCS (Medicaid) 973 918 55 6% 2,965 2,724 241 9% ALTCS (Medicaid) 31 29 2 7% 32 29 3 10% Total Assisted Living 2,772 2,697 75 3% 8,124 8,004 120 1% Total Assisted Living 89 87 2 2% 88 87 1 1% Early Memory Support Early Memory Support Base 16 (16) -100% 48 (48) -100% Base - 1 (1) -100% - 1 (1) -100% Level 1 481 376 105 28% 1,569 1,116 453 #DIV/0! Level 1 15 12 3 25% 17 12 5 42% Level 2 124 59 65 110% 241 175 66 38% Level 2 4 2 2 100% 3 2 1 50% Continuing Care Contract 31 42 (11) -26% 95 125 (30) -24% Continuing Care Contract 1 1-0% 1 1-0% ALTCS (Medicaid) 306 344 (38) -11% 914 1,021 (107) -10% ALTCS (Medicaid) 10 11 (1) -9% 10 11 (1) -9% Total Directed Care 942 837 105 13% 2,819 2,485 334 13% Total Directed Care 30 27 3 11% 31 27 4 15% Independent Living Independent Living North Plaza Apartments 3,734 3,683 51 1% 11,158 10,931 227 2% North Plaza Apartments 120 119 1 1% 121 119 2 2% South Plaza Apartments 3,864 3,625 239 7% 11,424 10,758 666 6% South Plaza Apartments 125 117 8 7% 124 117 7 6% Central Park North Apartments 1,488 1,655 (167) -10% 4,465 4,912 (447) -9% Total Rental Apartments 245 236 9 4% 245 236 9 4% Central Park South Apartments 1,370 1,427 (57) -4% 4,176 4,235 (59) -1% Central Park West Apartments 2,264 2,339 (75) -3% 6,710 6,941 (231) -3% Central Park North Apartments 48 53 (5) -9% 49 53 (4) -8% Patio Homes 341 352 (11) -3% 1,012 1,045 (33) -3% Central Park South Apartments 44 46 (2) -4% 45 46 (1) -2% Total Independent Living 13,061 13,081 (20) 0% 38,945 38,822 123 0% Central Park West Apartments 73 76 (3) -4% 73 76 (3) -4% Patio Homes 11 11-0% 11 11-0% Total Entrance Fee Apartments 176 186 (10) -5% 178 186 (8) -4% Month to Date Year to Date Total Independent Living 421 422 (1) 0% 423 422 1 0% Occupancy % Actual Budget Variance % Variance Actual Budget Variance % Variance Skilled Nursing 88% 93% -6% -6% 88% 93% -6% -6% Assisted Living 97% 95% 2% 2% 96% 95% 1% 1% Early Memory Support 103% 93% 10% 11% 107% 93% 14% 15% Independent Living North Plaza Apartments 92% 92% 1% 1% 93% 92% 2% 2% South Plaza Apartments 97% 91% 6% 7% 96% 91% 5% 6% Central Park North Apartments 86% 95% -9% -9% 88% 95% -7% -8% Central Park South Apartments 92% 96% -4% -4% 94% 96% -2% -2% Central Park West Apartments 87% 90% -4% -4% 87% 90% -4% -4% Patio Homes 100% 100% 0% 0% 100% 100% 0% 0% Total Independent Living 92% 92% 0% 0% 92% 92% 0% 0%