Management Discussion & Analysis Jul09 Board Packet Jul09.pdf · Analysis For the Month Ending July 31, 2009 (Unaudited) Not for distribution beyond community management Financial

1

Management Discussion & Analysis

For the Month EndingJuly 31, 2009 (Unaudited)

Not for distribution beyond community management

Financial Results

2

3

Executive Summary

-$1,109- 13,906

846-6,715

14,601

$4,065$4,065

FYTD

-1,236-106Swap Hedge

$5,551- $1,634GAAP Net Income-12,402- 1,426Depreciation

2,277-1,530Investment Income

14,2541,180EF Revenue

$2,658248248Cash Operating Margin

Prior YearMonth($000s)

$1,174- $5,318- $2,210Budget Variance

$ 6,725$ 4,209$ 576Budget

4

Components of GAAP Net Income Variance

$986$ 2,816$ 81Operations

$1,174- $5,318-$2,210Total Variance

95-413-77Depreciation Expense

-1,236846-106Swap Hedge649921-20Interest Expense

-1,704- 9,736- 1,833Investment Income

36248-255Amort. of EF Revenue

Prior Year

FYTDMonth($000s)

3

5

Components of Net Income Contribution from Operations

- 192-57AB Properties

$ 81

6113-7

79-$ 8

Month

$ 2,816Operations Total

450Foundation111Seniority, Inc.1117 Affordable Housing

442Home Office$ 1,8949 CCRCs

FYTD($000s)

6

Components of Cash Operating Margin Variance- Revenue Items ($000’s)

+ 333-8Donations and Foundation assets released

- 196-48Lower than budget AL/SCU occupancy

+ 551+ 81Other$2,343$81Operating Revenue variance

+ 3,703+ 393Higher reimbursement rates- payer mix, ancillaries, prior period adjustments

- 797-182Lower than budget HC occupancy

- 1,251- 155Lower than budget RL occupancy

YTDMonthItem

4

7

Components of Cash Operating Margin Variance- Expense Items ($000’s)

-264-192Purchased Services (incl. legal)

+120+120Workers Comp- Actuarial Adjustment-500-50Incentive Accrual

+921-20Interest Expense-224+41Bad Debt

$ 1,395- $ 19Operating Expense variance

429-15Other

-626-134Higher Ancillary expenses+639+40Lower Utility costs+847+125Health & other benefit costs

+53+36Staffing costs

YTDMonthItem

8

Cash Operating Margin Trend

-$300-$100$100$300$500$700$900

$1,100

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

$000

s

Actual Budget

YTD Cash Operating Margin $3,683K better than budget

Mar09 includes $318K reversal of prior period interest expense

5

9

FYTD Cash Operating Margin ($000s)

-$1,500-$1,000

-$500$0

$500$1,000$1,500$2,000$2,500

PH GLG SJG PG PV VV RW TLGCalifornia Communities

Prior Yr Budget Actual

10

FYTD Cash Operating Margin ($000s)

-$3,000

-$2,500

-$2,000

-$1,500

-$1,000

-$500

$0

$500

JP HO Found SI AH ABPOther Communities

Prior Yr Budget Actual

6

11

Expense Variances

-$300-$200-$100

$0$100$200$300$400$500$600$700

$000

s

Employee Costs

Supplies

Services

MarketingUtilit

ies

InsuranceOther

Month FYTD

-

Excludes Ancillary Expenses

12

Corporate Reserves

50

55

60

65

70

75

80

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

$ in

mill

ions

Cost BasisMarket

Note- Includes COG cash and unrestricted investments

$11MM drop in market value since Sep08

7

13

Investment Income Trend

-$2,500

-$2,000-$1,500

-$1,000-$500

$0$500

$1,000

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul

$000

sActual Budget

Jul08 - Brandes portfolios were liquidated given poor performance and a new value manager was put in place.

Mar09- Alliance Bernstein portfolios liquidated and a new international manager was put in place.

14

Interest Expense Trend

$290$340$390$440$490$540$590$640$690$740


$000

s

Actual Budget

Mar09- The one-time reversal of Church on the Hill interest (-$318K) is not reflected in this chart.

8

Occupancy by Level of Care

16

Residential Living Occupancy

1,2101,2201,2301,2401,2501,2601,2701,280

Jul

AugSep Oct

NovDec Ja

nFeb Mar Apr

May Jun Ju

l

Month

Actual Budget

9

17

Assisted Living Occupancy

230235240245250255260

Jul

AugSep Oct

NovDec Ja

nFeb Mar Apr

May Jun Ju

l

Month

Actual Budget

18

Special Care Unit Occupancy

40

42

44

46

48


Month

Actual Budget

10

19

Health Center Occupancy

505

515

525

535

545

555

Jul

AugSep Oct

NovDec Ja

nFeb Mar Apr

May Jun Ju

l

Month

Actual Budget

Capital Spending& Entrance Fees

11

21

Capital Spending Summary ($000s)

$20,570

4,097

16,473

FYTD

$ 1,186Total

** N.A.454Affordable Housing

See Next Slide732Master Planning *

MonthOTHER CAPITAL SPENDING

* Excludes AB Properties

** Affordable Housing capital expenditures are reimbursed by HUD or are self-funded from replacement reserves

10,6008,270850Capital Budget Total

02,452116FY08 Carry-Forward

1,400333107FY09 Contingency

5,2701,760341FY09 Projects

$ 3,9303,725$ 286FY09 Apt Remodels

BudgetFYTDMonthFY2009 CAPITAL BUDGET

22

Master Planning (Soft Costs $000s)

06,6322,68082TSJG

36,67317,93412,298618TSJG

$58,471$32,862$16,473$732Grand Total36,67317,31612,298618Subtotal- Bond Funds

6780HO

21,79814,9284,175114Subtotal- Oper. Funds

01,840370-4JP014240Other

7,1882,64954432VV8,9031,5131293PG5,7072,0854401PH

Cumulative Budget *

Total SpendYTDCurrent Month

CCRC

* Based on Budgets as of Feb08 timeline

12

23

Net Entrance Fee vs. Capital Spending- YTD

$0$2,000$4,000$6,000$8,000

$10,000$12,000$14,000$16,000$18,000

Oct Nov Dec Jan Feb Mar Apr May Jun Jul

$000

sEntry Fees CapEx Difference

24

Net Entrance Fee Collections - YTD

$0$2,000$4,000$6,000$8,000

$10,000$12,000$14,000$16,000$18,000$20,000

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

$000

s

Actual Budget Prior Year

YTD Entrance fees are $1.7MM better than Budget

13

25

Entrance Fee Variances (FYTD)

-$800-$700-$600-$500-$400-$300-$200-$100

$0$100$200$300$400$500$600$700

($00

0s)

PH GLG * SJG PG PV VV RW TLG ** JP

** Does not include $4,690K of initial entry fees at Judson Park

** Does not include $1,679K of initial entry fees at San Joaquin Gardens

American Baptist Homes of the West

And Combined Affiliates

Financial Statements

The Ten Months Ending July 31, 2009

(unaudited)

08/13/09 American Baptist Homes of the West & Combined Affiliates 1

01:44 PM Income Statement - Budget Comparison F100

July 31, 2009

CURRENT MONTH YEAR-TO-DATEActual Budget 09 Variance Var-% Actual Budget 09 Variance Var-%

REVENUE$3,486,105 $3,640,771 ($154,666) -4.25% Residential Living $34,722,443 $35,973,428 ($1,250,985) -3.48%

983,337 960,735 22,602 2.35% Assisted Living 9,763,970 9,838,889 (74,919) -0.76%5,043,337 4,831,866 211,471 4.38% Health Center (SNF) 49,297,602 46,391,699 2,905,903 6.26%

237,166 307,388 (70,222) -22.84% Memory Support 2,413,827 2,534,968 (121,141) -4.78%136,586 145,074 (8,488) -5.85% Other Resident Services 1,295,239 1,429,607 (134,368) -9.40%

1,179,685 1,435,276 (255,591) -17.81% Amortization of Entry Fees 14,600,725 14,352,760 247,965 1.73%60,884 60,971 (87) -0.14% Affordable Housing Fees 623,053 609,710 13,343 2.19%

784,339 696,636 87,703 12.59% Other Operating Revenue 7,491,339 6,918,693 572,646 8.28%7,803 (7,803) -100.00% Foundation Distributions & Assets released 510,602 78,030 432,572 554.37%

11,911,439 12,086,520 (175,081) -1.45% Total Operating Revenues 120,718,800 118,127,784 2,591,016 2.19%

EXPENSES5,136,347 5,122,335 (14,012) -0.27% Salaries and Wages 50,364,683 49,917,120 (447,563) -0.90%1,164,084 1,408,128 244,044 17.33% Fringe Benefits 12,706,874 13,673,322 966,448 7.07%

6,300,431 6,530,463 230,032 3.52% Total Employee Costs 63,071,557 63,590,442 518,885 0.82%879,890 811,964 (67,926) -8.37% Supplies 8,190,439 7,995,011 (195,428) -2.44%709,922 575,672 (134,250) -23.32% Chargeable Ancillary Services 6,382,819 5,756,685 (626,134) -10.88%844,862 653,526 (191,336) -29.28% Other Purchased Services 7,003,018 6,740,514 (262,504) -3.89%80,022 113,575 33,553 29.54% Marketing & Advertising 998,970 1,135,750 136,780 12.04%

528,047 567,965 39,918 7.03% Utilities 5,067,134 5,705,936 638,802 11.20%147,818 157,234 9,416 5.99% Insurance 1,423,594 1,570,997 147,403 9.38%

2,725 3,072 347 11.30% Foundation Distributions 74,423 30,720 (43,703) -142.26%386,457 467,133 80,676 17.27% Other Operating Expenses 4,927,806 5,087,191 159,385 3.13%

9,880,174 9,880,604 430 0.00% Total Operating Expenses 97,139,760 97,613,246 473,486 0.49%

2,031,265 2,205,916 (174,651) -7.92% Subtotal 23,579,040 20,514,538 3,064,502 14.94%

OTHER INCOME / (EXPENSE)158,487 126,783 31,704 25.01% Investment Income 2,724,639 1,266,845 1,457,794 115.07%

(1,688,956) 175,500 (1,864,456) -1062.37% Realized Gains and Losses (9,500,645) 1,755,000 (11,255,645) -641.35%0.00% Gain on Sale of Real Estate 61,174 61,174 0.00%

(1,426,337) (1,349,327) (77,010) 5.71% Depreciation (13,905,881) (13,493,270) (412,611) 3.06%(602,975) (583,409) (19,566) 3.35% Mortgage Interest (4,906,551) (5,834,088) 927,537 -15.90%(105,789) (105,789) 0.00% Swap Interest 845,722 845,722 0.00%

(1,634,305) 575,463 (2,209,768) -384.00% Operating Gain (loss) (1,102,502) 4,209,025 (5,311,527) -126.19%

5,194,333 5,194,333 0.00% Unrealized Gains (losses) 3,550,199 3,550,199 0.00%

3,560,028 575,463 2,984,565 518.64% Change in Unrestricted Net Assets 2,447,697 4,209,025 (1,761,328) -41.85%

TEMP & PERM RESTRICTED14,869 54,500 (39,631) -72.72% Contributions 468,849 545,000 (76,151) -13.97%

(16,498) 51,583 (68,081) -131.98% Dividends & Interest Income (89,109) 515,830 (604,939) -117.27%(47,439) (70,750) 23,311 -32.95% Payments to Beneficiaries (797,284) (707,500) (89,784) 12.69%

(11,668) 11,668 -100.00% Net Assets released (507,562) (116,680) (390,882) 335.00%432,126 432,126 0.00% Unrealized Gains (losses) (181,520) (181,520) 0.00%

383,058 23,665 359,393 1518.67% Change in Restricted Assets (1,106,626) 236,650 (1,343,276) -567.62%

3,943,086 599,128 3,343,958 558.14% Total Change in Net Assets 1,341,071 4,445,675 (3,104,604) -69.83%

851,580 770,640 80,940 10.50% Operating Margin 8,978,315 6,161,778 2,816,537 45.71%7.9% 7.2% 0.7% 9.7% Operating % 8.5% 5.9% 2.5% 42.5%

248,605 187,231 61,374 32.78% Cash Operating Margin 4,071,764 327,690 3,744,074 1142.57%2.3% 1.8% 0.6% 31.8% Cash Margin % 3.8% 0.3% 3.5% 1115.1%

(3) 1 4 400.00% Off Balance By: 2 (2) 0.00%


10:02 AM Income Statement - Prior Year Comparison F102

July 31, 2009

MONTH DESCRIPTION YEAR-TO-DATECurrent Year Prior Year Variance Var-% Current Year Prior Year Variance Var-%

REVENUE$3,486,105 $3,332,139 $153,966 4.62% Residential Living $34,722,443 $33,078,965 $1,643,478 4.97%

983,337 942,642 40,695 4.32% Assisted Living 9,763,970 9,639,504 124,466 1.29%5,043,337 4,625,490 417,847 9.03% Health Center (SNF) 49,297,602 45,632,370 3,665,232 8.03%

237,166 217,458 19,708 9.06% Memory Support 2,413,827 2,151,755 262,072 12.18%136,586 121,706 14,880 12.23% Other Resident Services 1,295,239 1,194,440 100,799 8.44%

1,179,685 1,086,001 93,684 8.63% Amortization of Entry Fees 14,600,725 14,253,675 347,050 2.43%60,884 60,906 (22) -0.04% Affordable Housing Fees 623,053 645,170 (22,117) -3.43%

784,339 703,047 81,292 11.56% Other Operating Revenue 7,491,339 6,397,750 1,093,589 17.09%0.00% Foundation Distributions & Assets released 510,602 156,418 354,184 226.43%

11,911,439 11,089,389 822,050 7.41% Total Operating Revenues 120,718,800 113,150,047 7,568,753 6.69%

EXPENSES5,136,347 4,873,709 (262,638) -5.39% Salaries and Wages 50,364,683 47,568,561 (2,796,122) -5.88%1,164,084 1,069,340 (94,744) -8.86% Fringe Benefits 12,706,874 11,907,394 (799,480) -6.71%

6,300,431 5,943,049 (357,382) -6.01% Total Employee Costs 63,071,557 59,475,955 (3,595,602) -6.05%879,890 816,920 (62,970) -7.71% Supplies 8,190,439 7,707,488 (482,951) -6.27%709,922 587,873 (122,049) -20.76% Chargeable Ancillary Services 6,382,819 5,629,456 (753,363) -13.38%844,862 676,584 (168,278) -24.87% Other Purchased Services 7,003,018 6,441,110 (561,908) -8.72%80,022 102,839 22,817 22.19% Marketing & Advertising 998,970 1,012,800 13,830 1.37%

528,047 605,361 77,314 12.77% Utilities 5,067,134 5,145,023 77,889 1.51%147,818 142,523 (5,295) -3.72% Insurance 1,423,594 1,415,272 (8,322) -0.59%

2,725 2,788 63 2.26% Foundation Distributions 74,423 75,930 1,507 1.98%386,457 431,703 45,246 10.48% Other Operating Expenses 4,927,806 4,554,140 (373,666) -8.20%

9,880,174 9,309,640 (570,534) -6.13% Total Operating Expenses 97,139,760 91,457,174 (5,682,586) -6.21%

2,031,265 1,779,749 251,516 14.13% Subtotal 23,579,040 21,692,873 1,886,167 8.69%

OTHER INCOME / (EXPENSE)158,487 167,668 (9,181) -5.48% Investment Income 2,724,639 2,748,872 (24,233) -0.88%

(1,688,956) (1,835,384) 146,428 7.98% Realized Gains and Losses (9,500,645) (479,069) (9,021,576) -1883.15%0.00% Gain on Sale of Real Estate 61,174 61,174 0.00%

(1,426,337) (1,229,425) (196,912) -16.02% Depreciation (13,905,881) (12,401,489) (1,504,392) -12.13%(602,975) (371,838) (231,137) -62.16% Mortgage Interest (4,906,551) (4,781,058) (125,493) -2.62%(105,789) (12,855) (92,934) -722.94% Swap Interest 845,722 (1,236,374) 2,082,096 168.40%

(1,634,305) (1,502,085) (132,220) -8.80% Operating Gain (loss) (1,102,502) 5,543,755 (6,646,257) -119.89%

5,194,333 648,940 4,545,393 700.43% Unrealized Gains (losses) 3,550,199 (11,482,433) 15,032,632 130.92%

3,560,028 (853,145) 4,413,173 517.28% Change in Unrestricted Net Assets 2,447,697 (5,938,678) 8,386,375 141.22%

TEMP & PERM RESTRICTED14,869 105,410 (90,541) -85.89% Contributions 468,849 790,079 (321,230) -40.66%

(16,498) (151,998) 135,500 89.15% Dividends & Interest Income (89,109) 349,394 (438,503) -125.50%(47,439) (73,833) 26,394 35.75% Payments to Beneficiaries (797,284) (807,128) 9,844 1.22%

0.00% Net Assets released (507,562) (156,418) (351,144) -224.49%



July 31, 2009


$432,126 $52,101 $380,025 729.40% Unrealized Gains (losses) ($181,520) ($1,202,344) $1,020,824 84.90%

383,058 (68,320) 451,378 660.68% Change in Restricted Assets (1,106,626) (1,026,417) (80,209) -7.81%

3,943,086 (921,465) 4,864,551 527.91% Total Change in Net Assets 1,341,071 (6,965,095) 8,306,166 119.25%


248,605 321,910 (73,305) -22.77% Cash Operating Margin 4,071,764 2,658,140 1,413,624 53.18%2.3% 3.2% -0.9% -28.0% Cash Margin % 3.8% 2.7% 1.1% 42.8%

(3) 3 0.00% Off Balance By: 2 (2) (4) 200.00%


10:41 AM Income Statement - Historical Trends F104

FY 2006-2007 Actual and FY 2008 Budget

Full Year Full Year Full Year Full Year Full Year Year To Date Year To Date Year To Date Year To Date Full YearActual Budget Actual Budget Actual Budget Actual Budget Actual Budget

DESCRIPTION 09/30/06 09/30/07 09/30/07 09/30/08 09/30/08 07/31/08 07/31/08 07/31/09 07/31/09 09/30/09

REVENUEResidential Living $36,639,177 $38,172,566 $38,302,657 $39,878,764 $39,843,274 $33,184,751 $33,078,965 $35,973,428 $34,722,443 $43,193,871Assisted Living 11,253,128 11,797,875 11,523,056 12,412,653 11,565,491 10,325,937 9,639,504 9,838,889 9,763,970 11,722,467Health Center (SNF) 48,537,275 50,837,612 52,702,702 54,867,793 55,106,229 45,694,655 45,632,370 46,391,699 49,297,602 55,899,960Special Care 2,340,069 2,431,565 2,394,529 2,566,728 2,591,118 2,135,334 2,151,755 2,534,968 2,413,827 3,147,845Other Resident Services 1,829,862 1,704,908 1,508,111 1,644,555 1,476,295 1,369,192 1,194,440 1,429,607 1,295,239 1,717,397Other Operating Revenue 7,021,171 7,496,754 7,540,154 7,954,275 8,124,604 6,603,426 6,677,031 6,778,403 7,377,534 8,140,404Contributions and Bequests 1,099,687 600,000 429,918 600,000 356,397 500,000 365,889 750,000 736,859 900,000Foundation Distributions & Assets Released 340,649 150,474 254,212 139,846 286,546 116,530 156,418 78,030 510,602 93,636

Total Operating Revenues 109,061,018 113,191,754 114,655,339 120,064,614 119,349,954 99,929,825 98,896,372 103,775,024 106,118,076 124,815,580

EXPENSESSalaries and Wages Health Center 18,515,507 19,116,575 19,078,241 19,298,177 20,066,719 16,063,609 16,588,332 16,310,778 16,765,347 19,632,040 Assisted Living 2,749,634 2,916,674 2,928,130 3,232,029 3,282,155 2,689,785 2,704,544 2,824,421 2,869,742 3,391,148 Special Care Unit 637,681 755,907 713,442 808,506 743,196 673,470 618,925 801,440 657,684 986,626 Home Care & Wellness 2,103,658 2,122,306 1,945,105 2,286,380 2,233,063 1,903,232 1,828,614 2,038,793 2,156,141 2,449,899 Dining 6,808,304 6,924,822 7,191,452 7,642,896 7,685,251 6,363,325 6,365,835 6,854,262 6,833,400 8,235,762 Housekeeping & Laundry 3,269,731 3,609,108 3,434,054 3,736,488 3,589,747 3,109,506 2,992,473 3,258,031 3,184,861 3,916,307 Maintenance, Grounds, & Security 3,290,155 3,717,036 3,475,449 3,886,019 3,920,227 3,234,637 3,235,930 3,578,726 3,448,499 4,299,542 Administration 7,395,257 7,601,207 8,171,385 7,900,518 8,612,883 6,575,959 7,357,943 7,622,701 8,112,970 9,158,568 IT 744,200 1,058,372 981,692 1,104,956 1,057,123 919,326 849,246 924,150 934,409 1,110,917 Human Resources 1,594,015 1,627,675 1,773,126 1,822,639 1,918,575 1,516,270 1,532,663 1,603,431 1,554,668 1,927,387 Marketing 1,548,714 1,483,873 1,335,665 1,494,575 1,470,801 1,172,047 1,074,025 1,353,151 1,275,141 1,746,377 Resident Services & Activities 2,411,858 2,826,125 2,591,930 3,100,558 2,899,855 2,580,816 2,420,029 2,747,236 2,562,160 3,301,775Total Salaries 51,068,714 53,759,680 53,619,671 56,313,741 57,479,595 46,801,982 47,568,559 49,917,120 50,355,022 60,156,348Supplies 8,385,588 8,631,621 9,096,551 9,006,723 9,447,601 7,506,822 7,707,488 7,995,011 8,186,597 9,598,045Chargeable Ancillary Services 4,752,862 4,689,187 6,295,589 6,433,469 6,822,014 5,361,224 5,629,456 5,756,685 6,382,819 6,908,023Other Purchased Services 7,405,562 7,506,138 7,914,934 7,812,555 8,325,677 6,525,638 6,441,110 6,740,514 7,001,096 8,119,967Marketing & Advertising 945,826 1,071,334 984,798 1,292,591 1,264,399 1,077,200 1,012,800 1,135,750 998,970 1,362,846Utilities 5,808,135 6,239,353 6,080,386 6,351,469 6,214,481 5,291,460 5,145,023 5,705,936 5,065,912 6,804,876Travel and Related 782,573 833,665 966,436 835,952 1,030,708 697,021 828,336 765,112 909,252 913,488Leases and Rents 1,586,775 1,735,854 1,581,968 1,757,060 1,546,469 1,464,215 1,313,906 1,355,959 1,187,576 1,627,175Meetings and Training 609,477 846,404 619,946 1,005,522 871,747 858,682 655,149 929,286 752,492 1,184,251Bad Debt 754,164 208,594 656,896 321,600 196,621 268,000 183,881 205,474 432,988 246,591SRIP 126,279Gifts and Donatioins 362,502 10,000 358,017 142,000 76,358 118,330 37,237 116,660 45,234 140,000Distributions to Beneficiaries 175,343 1,211,877 1,236,556 1,290,684 1,290,677 1,075,570 1,083,562 1,079,170 1,086,967 1,294,998Other Operating Expenses 1,673,852 566,051 154,556 555,360 739,622 489,560 527,999 666,240 586,436 761,603

Controllable Expenses 84,437,652 87,309,758 89,566,304 93,118,726 95,305,969 77,535,704 78,134,506 82,368,917 82,991,361 99,118,211

Controllable Operating Margin 24,623,366 25,881,996 25,089,035 26,945,888 24,043,985 22,394,121 20,761,866 21,406,107 23,126,715 25,697,369





DESCRIPTION 09/30/06 09/30/07 09/30/07 09/30/08 09/30/08 07/31/08 07/31/08 07/31/09 07/31/09 09/30/09

OTHER NON-CONTROLLABLE OPERATING ITEMSAmortization of Entry Fees $17,080,414 $16,544,148 $16,627,309 $17,060,924 $16,296,820 $14,217,470 $14,253,675 $14,352,760 $14,600,725 $17,223,312Fringe Benefits (11,069,731) (16,656,871) (11,423,011) (16,652,133) (13,548,606) (13,827,411) (11,907,394) (13,673,322) (12,705,759) (16,467,275)Home Office Allocation (31) 4,975 4,147 (10) (12)Insurance (2,163,290) (3,144,790) (1,714,862) (2,542,510) (1,760,037) (2,118,784) (1,415,272) (1,570,997) (1,423,594) (1,885,249)

Earnings Before Interest and Depreciatio 28,470,759 22,624,483 28,578,440 24,817,144 25,032,162 20,669,543 21,692,875 20,514,538 23,598,087 24,568,145

OTHER INCOME / (EXPENSE)Dividends and Interest 1,659,795 1,501,366 3,537,848 1,754,944 3,390,151 1,462,362 2,748,872 1,266,845 2,724,626 1,520,240Realized Gains and Losses 3,903,523 2,515,000 2,972,362 3,023,000 (1,587,520) 2,519,170 (479,069) 1,755,000 (9,500,645) 2,106,000Gain on Sale of Real Estate 547,618 (266,000) 61,174Depreciation (13,545,796) (13,917,862) (14,257,084) (14,995,957) (15,178,332) (12,496,630) (12,401,489) (13,493,270) (13,905,881) (16,206,681)Mortgage Interest (6,018,302) (6,275,934) (6,069,989) (6,515,609) (6,038,764) (5,429,700) (4,781,058) (5,834,088) (4,894,734) (7,000,895)Swap Interest 1,228,238 1,154,498 (1,934,292) (1,236,374) 845,722

Operating Gain (loss) 16,245,835 6,447,053 15,916,075 8,083,522 3,417,405 6,724,745 5,543,757 4,209,025 (1,071,651) 4,986,809

Unrealized Gains (losses) 6,366,166 6,493,638 (18,548,676) (11,482,433) 3,611,373

Change in Unrestricted Net Assets 22,612,001 6,447,053 22,409,713 8,083,522 (15,131,271) 6,724,745 (5,938,676) 4,209,025 2,539,722 4,986,809

TEMP & PERM RESTRICTEDContributions 565,335 644,000 1,450,507 654,000 899,597 545,000 790,079 545,000 466,849 654,000Dividends & Interest Income 448,839 319,000 568,421 511,000 358,499 425,830 343,074 410,830 61,498 493,000Payments to Beneficiaries (724,219) (1,032,000) (734,580) (813,000) (294,773) (677,500) (708,288) (607,500) (626,142) (729,000)Net Assets released (334,174) (150,000) (252,398) (160,000) (286,546) (133,340) (156,418) (116,680) (507,562) (140,000)Unrealized Gains (losses) 129,391 424,704 (1,354,016) (955,238) (319,250)

Change in Restricted Assets 85,172 (219,000) 1,456,654 192,000 (677,239) 159,990 (686,791) 231,650 (924,607) 278,000

Total Change in Net Assets 22,697,173 6,228,053 23,866,367 8,275,522 (15,808,510) 6,884,735 (6,625,467) 4,440,675 1,615,115 5,264,809

CARF - NOM numerator 9,950,009 5,329,861 11,267,001 7,016,374 8,092,399 5,835,543 6,916,893 5,333,748 7,749,901 6,351,197CARF - NOM denominator 107,620,682 112,441,280 113,971,209 119,324,768 118,707,011 99,313,295 98,374,065 102,946,994 104,870,615 123,821,944CARF NOM % 9.25% 4.74% 9.89% 5.88% 6.82% 5.88% 7.03% 5.18% 7.39% 5.13%

CARF Operating Ratio numerator 103,688,975 113,387,353 108,774,197 118,824,003 116,653,376 98,907,452 96,238,230 103,447,334 102,015,448 124,471,642CARF Operating Ratio denominator 109,280,477 113,942,646 117,509,057 121,079,712 122,097,162 100,775,657 101,122,937 104,213,839 107,595,241 125,342,184CARF Operating Ratio (OR) % 94.88% 99.51% 92.57% 98.14% 95.54% 98.15% 95.17% 99.26% 94.81% 99.31%

ABHOW Operating Margin 11,390,345 6,080,335 11,951,131 7,756,220 8,735,342 6,452,073 7,439,200 6,161,778 8,997,362 7,344,833 Operating Margin (OM) % 10.4% 5.4% 10.4% 6.5% 7.3% 6.5% 7.5% 5.9% 8.5% 5.9%





DESCRIPTION 09/30/06 09/30/07 09/30/07 09/30/08 09/30/08 07/31/08 07/31/08 07/31/09 07/31/09 09/30/09

Changes in Accruals:Workers Comp ($1,611,822) ($1,226,625) ($395,560) ($54,173) ($184,864)Claims (740,480) (343,609) (72,341) (35,454) (269,246)Workers Compensation Liabilities, Beginni 5,579,360 3,967,538 2,740,913 2,740,913 2,345,353Workers Compensation Liabilities, Current 3,967,538 2,740,913 2,345,353 2,686,740 2,160,489

Net change in Workers Compensation Liabil (1,611,822) (1,226,625) (395,560) (54,173) (184,864)

Claims Liabilities, Beginning Balance 3,000,000 2,259,520 1,915,911 1,915,911 1,843,570Claims Liabilities, CurrentBalance 2,259,520 1,915,911 1,843,570 1,880,457 1,574,324

Net change in Claims Liabilities (*) (740,480) (343,609) (72,341) (35,454) (269,246)

ABHOW COM before Accrual Chan 5,372,043 (195,599) 5,881,142 1,240,611 2,696,578 1,022,373 2,658,142 327,690 4,102,628 343,938

ABHOW COM after Accrual Change 3,019,741 (195,599) 4,310,908 1,240,611 2,228,677 1,022,373 2,568,515 327,690 3,648,518 343,938 Cash Margin % 2.8% -0.2% 3.8% 1.0% 1.9% 1.0% 2.6% 0.3% 3.4% 0.3%

Executive Limit #5, Item 12:Cash expenditures / Cash revenues 97.2% 100.2% 96.2% 99.0% 98.1% 99.0% 97.4% 99.7% 96.6% 99.7%

(2) Cash Received from Entrance Fees & DepositsDeferred Entrance Fees, Current Balance 109,793,228 247,580 113,672,836 (832,256) 126,061,655 (888,275) 112,807,414 (2,377,476) 129,570,450 (2,657,537)Deferred Entrance Fees, Beginning Balance 106,191,742 109,793,228 113,672,836 113,672,836 126,061,655

Net Change in Deferred Entrance Fees 3,601,486 247,580 3,879,608 (832,256) 12,388,819 (888,275) (865,422) (2,377,476) 3,508,795 (2,657,537)

Notes Receivable, Beginning Balance 460,278 465,440 902,100 902,100 2,101,381Notes Receivable, Current Balance 465,440 902,100 2,101,381 1,924,020 612,761

Net Change in Notes Receivable (5,162) (436,660) (1,199,281) (1,021,920) 1,488,620

Deposits, Current Balance 2,849,192 3,518,067 2,492,889 8,178,199 3,017,989Deposits, Beginning Balance 1,807,930 2,849,192 3,518,067 3,518,067 2,492,889

Net Change in Deposits 1,041,262 668,875 (1,025,178) 4,660,132 525,100

Amortization of Entry Fees 17,080,414 16,544,148 16,627,309 17,060,924 16,296,820 14,217,470 14,253,675 14,352,760 14,600,725 17,223,312

Cash Received from Entrance Fees and D 21,718,000 16,791,728 20,739,132 16,228,668 26,461,180 13,329,195 17,026,465 11,975,284 20,123,240 14,565,775

Net Turnover Entrance Fees 21,718,000 16,791,728 20,739,132 16,228,668 26,461,180 13,329,195 17,026,465 11,975,284 20,123,240 14,565,775

COM + TOEF / Cash Revenues % 22.7% 14.7% 21.8% 14.5% 24.0% 14.4% 19.8% 11.9% 22.4% 11.9%

OFF BALANCE BY: (1) 1 (42) 2 (1) (3) 2

American Baptist Homes of the West & Combined Affiliates F010

Balance SheetJuly 31, 2009

DESCRIPTION 07/31/09 09/30/08

ASSETSCash $7,272,309 $8,291,223Marketable Securities 91,677,335 101,916,302Accounts Receivable, net 9,033,806 7,188,222Notes & Other Receivables 986,307 2,425,946Inventory 176,398 163,535Prepaids Expense and Deposits 1,561,712 1,293,585

Total Current Assets 110,707,867 121,278,813

LONG TERM ASSETSLand, Buildings and Equipment 373,509,092 345,216,012Construction-in-Progress 46,099,862 30,445,292 Less: Accumulated Depreciation (192,080,559) (178,701,407)

Land, Buildings and Equipment - net 227,528,395 196,959,897

Restricted Cash 4,105,351 3,260,513Marketable Securities 41,881,139 65,052,350InterCompany - Due (To)/From (646,265) (807,043)Real Estate & Notes Receivable 4,315,000 8,314,594Other Assets 11,326,109 16,598,407

Total Long Term Assets 288,509,729 289,378,718

TOTAL ASSETS 399,217,596 410,657,531

LIABILITIES & NET ASSETSCurrent Portion of Notes and Bonds Payable 4,695,469 16,885,016Accounts Payable and Other Accrued Expenses 4,820,719 9,962,322Accrued Payroll Related Liabilities 7,801,961 7,389,699Other Current Liabilities 5,679,356 6,157,649

Total Current Liabilities 22,997,505 40,394,686

LONG-TERM LIABILITIESLong Term Notes and Bonds Payable 207,120,973 206,224,192Deferred Revenue-Entrance Fees 129,570,450 126,061,655Deferred Revenue - Investment Contract 3,875,536 4,053,316Revocable Trusts 883,936 724,472Obligations under Annuity Agreements 2,893,946 2,880,692Long Term Pension Liabilities 4,699,999 4,699,999Other Long Term Liabilities 2,412,981 2,197,319

TOTAL LIABILITIES 374,455,326 387,236,331

NET ASSETSUnrestricted Net Assets 13,916,217 29,059,731Changes in Unrestricted Net Assets 2,447,695 (15,143,513)

Total Unrestricted Net Assets 16,363,912 13,916,218

Temporary Restricted Net Assets 9,053,407 10,249,629Changes in Temp Restricted Net Assets (1,113,956) (1,196,223)

Total Temporary Restricted Net Assets 7,939,451 9,053,406

Permanently Restricted Net Assets 451,576 436,91508/13/09 112:46 PM

American Baptist Homes of the West & Combined Affiliates F010


DESCRIPTION 07/31/09 09/30/08

Changes in Perm Restricted Net Assets $7,330 $14,661

Total Permanently Restricted Net Assets 458,906 451,576

TOTAL NET ASSETS 24,762,269 23,421,200

TOTAL LIABILITIES & NET ASSETS 399,217,595 410,657,531

Balance check: 1

08/13/09 212:46 PM


10:37 AM Statement of Cash Flows F200

July 31, 2009

CURRENT MONTH YEAR-TO-DATEActual Budget Variance DESCRIPTION Actual Budget Variance

Cash Flows from Operating Activities$10,212,869 $10,129,810 $83,059 Cash Received from Resident Services $98,641,036 $98,603,967 $37,069

588,569 1,504,139 (915,570) Cash Received from Entrance Fees & Deposits 13,753,843 11,975,284 1,778,559586,207 434,766 151,441 Cash Received from Other Operating Income 3,840,915 4,304,377 (463,462)126,418 86,667 39,751 Cash Received from Bequests and Trust Maturities 1,253,558 866,670 386,888

(1,548,247) 302,283 (1,850,530) Cash Received from Investments (6,900,114) 3,021,845 (9,921,959)

(4,640,301) (4,868,768) 228,467 Cash Paid to Employees (47,176,984) (47,404,550) 227,566

(965,596) (177,459) (788,137) Cash Paid for Pensions (2,054,016) (1,727,498) (326,518)(256,029) (162,499) (93,530) Cash Paid for Workers Compensation (1,554,496) (1,624,518) 70,022(580,322) (616,995) 36,673 Cash Paid for Health, Life, etc. Benefits (5,658,412) (5,953,124) 294,712(337,995) (389,728) 51,733 Cash Paid for Other Fringe Benefits (3,534,883) (3,753,712) 218,829

(2,139,942) (1,346,681) (793,261) Subtotal - Cash Paid for Fringe Benefits (12,801,807) (13,058,852) 257,045

(3,967,745) (3,665,155) (302,590) Cash Paid to Vendors (32,375,560) (37,149,834) 4,774,274(222,831) (245,554) 22,723 Cash Paid for Interest (5,499,658) (6,410,730) 911,072

(1,005,003) 2,331,507 (3,336,510) Net Cash Provided by Operating Activites 12,735,229 14,748,177 (2,012,948)

Cash Flows from Investing Activities(2,047,280) (985,384) (1,061,896) Acquistion of Property & Equipment (45,050,503) (9,853,840) (35,196,663)

(716,033) (716,033) Change in Restricted Cash (844,838) (844,838)(5,902) (8,667) 2,765 Cash Invested in Current Marketable Securities 13,850,340 (86,670) 13,937,010(5,825) (5,825) Cash Invested in Long Term Marketable Securities 23,045,629 23,045,629

(2,775,040) (994,051) (1,780,989) Net Cash Flows from Investing Activities (8,999,372) (9,940,510) 941,138

Cash Flows from Financing Activities769,472 769,472 Payments of Notes and Bonds Payable (10,255,800) (2,555,000) (7,700,800)

1,502,955 1,502,955 Cash Received from Initial Entrance Fees & Deposits 6,369,138 6,369,13830,475 30,475 Cash Received from Intercompany Tranactions (160,778) (160,778)16,163 54,500 (38,337) Cash Received from Restricted Gifts & Donations 381,078 545,000 (163,922)

(28,824) (30,835) 2,011 Cash Received (paid) from other trust activity - net (1,027,236) (308,350) (718,886) Disposition of (Assets) /Liabilities & Cost of Sale (61,174) (61,174)

2,290,241 23,665 2,266,576 Net Cash Flows from Financing Activities (4,754,772) (2,318,350) (2,436,422)

(1,489,802) 1,361,121 (2,850,923) Increase (decrease) in Cash (1,018,915) 2,489,317 (3,508,232)

8,762,106 8,288,549 473,557 Cash, Beginning Balance 8,291,223 8,288,549 2,674

$7,272,304 $9,649,670 ($2,377,366) Cash, Ending Balance $7,272,308 $10,777,866 ($3,505,558)

C:\Documents and Settings\amcdonald\Desktop\July Close\F200- CASH FLOW REPORT.FRD



July 31, 2009


Operating Activities$3,937,256 $599,127 ($3,338,129) Changes in net assets $1,335,236 $4,445,675 $3,110,439

Adjustments to reconcile change in net assets to net cash provided

(1,179,685) (1,435,276) (255,591) Amortization of Entrance fees (14,600,725) (14,352,760) 247,965588,569 1,504,139 (915,570) Entrance fees for reoccupancy 13,753,843 11,975,284 1,778,559(17,778) (17,778) Amortizaton of deferred revenue (177,780) (177,780)

1,426,337 1,349,327 77,010 Depreciation 13,905,881 13,493,270 412,611(5,626,459) (5,626,459) Increase in unrealized gains (3,485,791) (3,485,791)

105,789 105,789 Change in unrealized swap (845,722) (845,722) Discontinued Operations 61,174 61,174

Other changes in operating assets and liabilities:69,849 69,849 Resident Receivables (1,171,725) (1,171,725)9,236 9,236 Resident trust (23,885) (23,885)

Deferred revenue (6,590) (6,590) 3rd party settlements (124,696) (124,696)

104,653 104,653 Other Receivables (1,047,235) (1,047,235)10,000 10,000 Deferred management revenue 40,000 40,00035,113 35,113 Beneficiary payment liability 310,781 310,78113,955 (23,665) 37,620 Restricted trust activity 614,325 (236,650) 850,975

267,751 267,751 Payroll and related liabilities 393,747 393,747(808,429) (808,429) Pension liabilities (482,719) (482,719)(220,066) (220,066) Workers comp liabilities (184,864) (184,864)

Health liabilities 3 319,143 19,143 Unemployment liabilities 37,458 37,45892,507 92,507 Inventory and deposits (280,990) (280,990)97,227 97,227 Intangibles and other assets 10,672,619 10,672,619

(332,475) (332,475) Accounts payable (5,279,665) (5,279,665)22,362 22,362 Other accrued liabilities (84,346) (84,346)

352,913 325,129 27,784 Accrued interest payable (1,036,463) (703,902) (332,561) Other receivables 324,424 324,424

27,231 12,726 14,505 Deferred bond costs 118,932 127,260 (8,328)(2) (2) Unlocated difference 2 2

(239,032) 314,190 (553,222) Total other changes 2,789,113 (813,292) 3,602,405

($1,005,003) $2,331,507 ($3,336,510) Net Cash Provided by Operating Activities $12,735,229 $14,748,177 ($2,012,948)



California Obligated Group

(excluding Foundation)



(unaudited)

08/13/09 ABHOW California Obligated Group 1


July 31, 2009


REVENUE$3,079,351 $3,188,987 ($109,636) -3.44% Residential Living $30,865,999 $31,520,854 ($654,855) -2.08%

819,198 853,011 (33,813) -3.96% Assisted Living 8,271,965 8,575,730 (303,765) -3.54%4,312,220 4,091,201 221,019 5.40% Health Center (SNF) 41,734,564 39,128,701 2,605,863 6.66%

237,166 221,972 15,194 6.85% Memory Support 2,413,827 2,225,054 188,773 8.48%127,788 134,525 (6,737) -5.01% Other Resident Services 1,218,142 1,326,086 (107,944) -8.14%

1,071,784 1,358,830 (287,046) -21.12% Amortization of Entry Fees 13,392,683 13,588,300 (195,617) -1.44%86,057 88,414 (2,357) -2.67% Affordable Housing Fees 874,778 884,140 (9,362) -1.06%

343,800 314,923 28,877 9.17% Other Operating Revenue 3,475,337 3,134,619 340,718 10.87%96,226 96,006 220 0.23% Foundation Distributions & Assets released 962,260 960,060 2,200 0.23%

10,173,590 10,347,869 (174,279) -1.68% Total Operating Revenues 103,209,555 101,343,544 1,866,011 1.84%

EXPENSES4,280,343 4,240,047 (40,296) -0.95% Salaries and Wages 42,032,290 41,439,453 (592,837) -1.43%

965,819 1,184,967 219,148 18.49% Fringe Benefits 10,614,338 11,532,072 917,734 7.96%

5,246,162 5,425,014 178,852 3.30% Total Employee Costs 52,646,628 52,971,525 324,897 0.61%736,164 676,626 (59,538) -8.80% Supplies 6,845,913 6,672,533 (173,380) -2.60%598,597 494,089 (104,508) -21.15% Chargeable Ancillary Services 5,516,907 4,940,855 (576,052) -11.66%681,618 560,158 (121,460) -21.68% Other Purchased Services 5,854,842 5,814,048 (40,794) -0.70%224,918 231,098 6,180 2.67% Marketing & Advertising 2,251,896 2,310,980 59,084 2.56%429,772 447,072 17,300 3.87% Utilities 4,001,326 4,419,566 418,240 9.46%110,807 116,411 5,604 4.81% Insurance 1,052,037 1,162,911 110,874 9.53%325,375 419,879 94,504 22.51% Other Operating Expenses 4,277,036 4,505,998 228,962 5.08%

8,353,413 8,370,347 16,934 0.20% Total Operating Expenses 82,446,585 82,798,416 351,831 0.42%

1,820,177 1,977,522 (157,345) -7.96% Subtotal 20,762,970 18,545,128 2,217,842 11.96%

OTHER INCOME / (EXPENSE)99,803 76,207 23,596 30.96% Investment Income 1,596,836 761,085 835,751 109.81%

(947,228) 100,000 (1,047,228) -1047.23% Realized Gains and Losses (5,375,600) 1,000,000 (6,375,600) -637.56%0.00% Gain on Sale of Real Estate 61,174 61,174 0.00%

(1,109,435) (1,069,828) (39,607) 3.70% Depreciation (10,851,821) (10,698,280) (153,541) 1.44%(383,173) (414,385) 31,212 -7.53% Mortgage Interest (3,169,425) (4,143,848) 974,423 -23.51%

0.00% Swap Interest 1,381,048 1,381,048 0.00%

(519,856) 669,516 (1,189,372) -177.65% Operating Gain (loss) 4,405,182 5,464,085 (1,058,903) -19.38%


2,392,127 669,516 1,722,611 257.29% Change in Unrestricted Net Assets 6,409,260 5,464,085 945,175 17.30%2,392,127 669,516 1,722,611 257.29% Total Change in Net Assets 6,409,260 5,464,085 945,175 17.30%


365,220 204,307 160,913 78.76% Cash Operating Margin 4,200,862 812,980 3,387,882 416.72%4.0% 2.3% 1.7% 76.5% Cash Margin % 4.7% 0.9% 3.8% 404.9%

2 (2) 0.00% Off Balance By: 0.00%



July 31, 2009


REVENUE$3,079,351 $3,078,320 $1,031 0.03% Residential Living $30,865,999 $30,799,989 $66,010 0.21%

819,198 806,422 12,776 1.58% Assisted Living 8,271,965 8,235,777 36,188 0.44%4,312,220 3,829,314 482,906 12.61% Health Center (SNF) 41,734,564 38,449,856 3,284,708 8.54%

237,166 217,458 19,708 9.06% Memory Support 2,413,827 2,151,755 262,072 12.18%127,788 114,195 13,593 11.90% Other Resident Services 1,218,142 1,131,257 86,885 7.68%

1,071,784 1,007,946 63,838 6.33% Amortization of Entry Fees 13,392,683 13,515,932 (123,249) -0.91%86,057 86,078 (21) -0.02% Affordable Housing Fees 874,778 896,894 (22,116) -2.47%

343,800 309,064 34,736 11.24% Other Operating Revenue 3,475,337 3,155,897 319,440 10.12%96,226 95,812 414 0.43% Foundation Distributions & Assets released 962,260 958,120 4,140 0.43%


EXPENSES4,280,343 4,091,229 (189,114) -4.62% Salaries and Wages 42,032,290 40,098,322 (1,933,968) -4.82%

965,819 936,816 (29,003) -3.10% Fringe Benefits 10,614,338 10,009,436 (604,902) -6.04%

5,246,162 5,028,045 (218,117) -4.34% Total Employee Costs 52,646,628 50,107,758 (2,538,870) -5.07%736,164 700,591 (35,573) -5.08% Supplies 6,845,913 6,604,964 (240,949) -3.65%598,597 497,957 (100,640) -20.21% Chargeable Ancillary Services 5,516,907 4,844,133 (672,774) -13.89%681,618 593,744 (87,874) -14.80% Other Purchased Services 5,854,842 5,491,395 (363,447) -6.62%224,918 207,856 (17,062) -8.21% Marketing & Advertising 2,251,896 2,076,197 (175,699) -8.46%429,772 504,973 75,201 14.89% Utilities 4,001,326 4,168,906 167,580 4.02%110,807 110,373 (434) -0.39% Insurance 1,052,037 1,046,884 (5,153) -0.49%325,375 344,624 19,249 5.59% Other Operating Expenses 4,277,036 3,815,575 (461,461) -12.09%


1,820,177 1,556,446 263,731 16.94% Subtotal 20,762,970 21,139,665 (376,695) -1.78%

OTHER INCOME / (EXPENSE)99,803 100,501 (698) -0.69% Investment Income 1,596,836 1,596,852 (16) 0.00%

(947,228) (735,873) (211,355) -28.72% Realized Gains and Losses (5,375,600) 56,528 (5,432,128) -9609.62%0.00% Gain on Sale of Real Estate 61,174 61,174 0.00%

(1,109,435) (1,046,154) (63,281) -6.05% Depreciation (10,851,821) (10,585,604) (266,217) -2.51%(383,173) (309,109) (74,064) -23.96% Mortgage Interest (3,169,425) (3,872,762) 703,337 18.16%

0.00% Swap Interest 1,381,048 (952,420) 2,333,468 245.00%

(519,856) (434,189) (85,667) -19.73% Operating Gain (loss) 4,405,182 7,382,259 (2,977,077) -40.33%


2,392,127 (367,664) 2,759,791 750.63% Change in Unrestricted Net Assets 6,409,260 262,360 6,146,900 2342.93%2,392,127 (367,664) 2,759,791 750.63% Total Change in Net Assets 6,409,260 262,360 6,146,900 2342.93%

748,393 548,500 199,893 36.44% Operating Margin 7,370,287 7,623,733 (253,446) -3.32%8.2% 6.4% 1.8% 28.0% Operating % 8.2% 8.9% -0.7% -7.7%

365,220 239,391 125,829 52.56% Cash Operating Margin 4,200,862 3,750,971 449,891 11.99%4.0% 2.8% 1.2% 43.1% Cash Margin % 4.7% 4.4% 0.3% 7.0%

ABHOW California Obligated Group F010


DESCRIPTION 07/31/09 09/30/08

ASSETSCash $2,322,893 $5,538,027Marketable Securities 59,063,952 67,122,354Accounts Receivable, net 7,933,368 6,076,508Notes & Other Receivables 478,450 481,969Inventory 153,838 145,053Prepaids Expense and Deposits 1,120,902 861,359


LONG TERM ASSETSLand, Buildings and Equipment 264,170,971 258,396,399Construction-in-Progress 36,063,566 18,968,864 Less: Accumulated Depreciation (165,022,734) (154,626,314)


Restricted Cash 2,291,205 742,900Marketable Securities 29,747,906 42,293,582InterCompany - Due (To)/From 14,339,480 8,632,274Real Estate & Notes Receivable 4,315,000 4,315,000Other Assets 8,074,357 13,296,698


TOTAL ASSETS 265,053,154 272,244,673

LIABILITIES & NET ASSETSCurrent Portion of Notes and Bonds Payable 3,790,000 2,555,000Accounts Payable and Other Accrued Expenses 3,577,873 7,653,786Accrued Payroll Related Liabilities 7,256,056 6,802,896Other Current Liabilities 4,448,283 4,372,849


LONG-TERM LIABILITIESLong Term Notes and Bonds Payable 131,108,500 141,896,266Deferred Revenue-Entrance Fees 107,451,555 107,558,312Deferred Revenue - Investment Contract 3,875,536 4,053,316Long Term Pension Liabilities 4,699,999 4,699,999Other Long Term Liabilities 1,391,456 1,607,616


NET ASSETSUnrestricted Net Assets (8,955,366) (3,744,049)Changes in Unrestricted Net Assets 6,409,260 (5,211,316)

Total Unrestricted Net Assets (2,546,106) (8,955,365)

TOTAL NET ASSETS (2,546,106) (8,955,365)


Balance check: 2 (2)

08/13/09 112:46 PM



July 31, 2009



562,335 1,279,539 (717,204) Cash Received from Entrance Fees & Deposits 12,834,304 11,043,194 1,791,110629,614 543,987 85,627 Cash Received from Other Operating Income 4,493,567 5,422,660 (929,093)

Cash Received from Bequests and Trust Maturities 202 202(865,204) 176,207 (1,041,411) Cash Received from Investments (3,902,872) 1,761,085 (5,663,957)

(3,739,308) (4,012,869) 273,561 Cash Paid to Employees (38,552,845) (39,187,599) 634,754

(937,350) (145,731) (791,619) Cash Paid for Pensions (1,767,105) (1,422,629) (344,476)(254,120) (153,026) (101,094) Cash Paid for Workers Compensation (1,465,769) (1,530,260) 64,491(476,026) (508,068) 32,042 Cash Paid for Health, Life, etc. Benefits (4,631,095) (4,914,256) 283,161(276,378) (320,570) 44,192 Cash Paid for Other Fringe Benefits (2,883,962) (3,089,207) 205,245

(1,943,874) (1,127,395) (816,479) Subtotal - Cash Paid for Fringe Benefits (10,747,931) (10,956,352) 208,421

(3,871,861) (3,230,083) (641,778) Cash Paid to Vendors (31,269,983) (32,654,455) 1,384,472(40,698) (76,530) 35,832 Cash Paid for Interest (3,858,680) (4,720,490) 861,810

(767,526) 1,997,907 (2,765,433) Net Cash Provided by Operating Activites 11,996,663 13,040,617 (1,043,954)

Cash Flows from Investing Activities(1,484,898) (844,437) (640,461) Acquistion of Property & Equipment (23,749,055) (8,444,370) (15,304,685)

(694,926) (694,926) Change in Restricted Cash (1,548,305) (1,548,305)(680,266) (680,266) Cash Invested in Current Marketable Securities 10,062,480 10,062,480(92,438) (92,438) Cash Invested in Long Term Marketable Securities 12,545,676 12,545,676

(2,952,528) (844,437) (2,108,091) Net Cash Flows from Investing Activities (2,689,204) (8,444,370) 5,755,166

Cash Flows from Financing Activities Payments of Notes and Bonds Payable (8,515,800) (2,555,000) (5,960,800)

823,250 823,250 Cash Received from Initial Entrance Fees & Deposits 1,678,915 1,678,915(20,016) (20,016) Cash Received from Intercompany Tranactions (5,707,206) (5,707,206)

Cash Received (paid) from other trust activity - net 21,500 21,500

803,234 803,234 Net Cash Flows from Financing Activities (12,522,591) (2,555,000) (9,967,591)

(2,916,820) 1,153,470 (4,070,290) Increase (decrease) in Cash (3,215,132) 2,041,247 (5,256,379)

5,239,709 5,538,027 (298,318) Cash, Beginning Balance 5,538,027 5,538,027

$2,322,889 $6,691,497 ($4,368,608) Cash, Ending Balance $2,322,895 $7,579,274 ($5,256,379)




July 31, 2009


Operating Activities$2,386,323 $669,516 ($1,716,807) Changes in net assets $6,403,457 $5,464,085 ($939,372)


(1,071,784) (1,358,830) (287,046) Amortization of Entrance fees (13,392,683) (13,588,300) (195,617)562,335 1,279,539 (717,204) Entrance fees for reoccupancy 12,834,304 11,043,194 1,791,110(17,778) (17,778) Amortizaton of deferred revenue (177,780) (177,780)

1,109,435 1,069,828 39,607 Depreciation 10,851,821 10,698,280 153,541(2,911,983) (2,911,983) Increase in unrealized gains (2,004,078) (2,004,078)

Change in unrealized swap (1,381,048) (1,381,048)

Other changes in operating assets and liabilities:(23,409) (23,409) Resident Receivables (883,658) (883,658)

Resident trust 258 258 3rd party settlements (124,696) (124,696)

50,187 50,187 Other Receivables (1,346,608) (1,346,608)2,500 2,500 Deferred management revenue 25,000 25,000

Beneficiary payment liability 21,500 21,500 Restricted trust activity (21,500) (21,500)

277,890 277,890 Payroll and related liabilities 434,645 434,645(808,429) (808,429) Pension liabilities (482,719) (482,719)(220,066) (220,066) Workers comp liabilities (184,864) (184,864)

Health liabilities 3 319,143 19,143 Unemployment liabilities 37,458 37,458

124,261 124,261 Inventory and deposits (268,327) (268,327)99,125 99,125 Intangibles and other assets 6,505,898 6,505,898

(701,291) (701,291) Accounts payable (4,097,413) (4,097,413)13,543 13,543 Other accrued liabilities (63,055) (63,055)

330,543 325,129 5,414 Accrued interest payable (1,153,978) (703,902) (450,076) Other receivables 324,424 324,424

11,932 12,726 (794) Deferred bond costs 140,299 127,260 13,039(3) (1) (2) Unlocated difference 3 3

(824,074) 337,854 (1,161,928) Total other changes (1,137,330) (576,642) (560,688)

($767,526) $1,997,907 ($2,765,433) Net Cash Provided by Operating Activities $11,996,663 $13,040,617 ($1,043,954)


American Baptist Homes of Washington

d/b/a Judson Park



(unaudited)

08/13/09 Judson Park 1


July 31, 2009


REVENUE$406,754 $451,784 ($45,030) -9.97% Residential Living $3,856,445 $4,452,574 ($596,129) -13.39%164,139 107,724 56,415 52.37% Assisted Living 1,492,005 1,263,159 228,846 18.12%731,117 740,665 (9,548) -1.29% Health Center (SNF) 7,563,038 7,262,998 300,040 4.13%

85,416 (85,416) -100.00% Memory Support 309,914 (309,914) -100.00%8,799 10,549 (1,750) -16.59% Other Resident Services 77,097 103,521 (26,424) -25.53%

107,901 76,446 31,455 41.15% Amortization of Entry Fees 1,208,042 764,460 443,582 58.03%23,547 19,771 3,776 19.10% Other Operating Revenue 198,789 196,637 2,152 1.09%4,934 4,934 0.00% Foundation Distributions & Assets released 49,340 49,340 0.00%

1,447,191 1,497,289 (50,098) -3.35% Total Operating Revenues 14,444,756 14,402,603 42,153 0.29%

EXPENSES585,641 604,325 18,684 3.09% Salaries and Wages 5,683,838 5,737,371 53,533 0.93%131,719 151,978 20,259 13.33% Fringe Benefits 1,345,256 1,438,114 92,858 6.46%

717,360 756,303 38,943 5.15% Total Employee Costs 7,029,094 7,175,485 146,391 2.04%111,189 118,452 7,263 6.13% Supplies 1,107,373 1,153,618 46,245 4.01%111,324 81,583 (29,741) -36.45% Chargeable Ancillary Services 865,913 815,830 (50,083) -6.14%62,500 51,623 (10,877) -21.07% Other Purchased Services 491,442 509,016 17,574 3.45%33,582 30,208 (3,374) -11.17% Marketing & Advertising 312,268 302,080 (10,188) -3.37%51,049 73,664 22,615 30.70% Utilities 609,290 789,240 179,950 22.80%19,978 21,367 1,389 6.50% Insurance 199,609 213,526 13,917 6.52%

145,779 142,204 (3,575) -2.51% Other Operating Expenses 1,479,931 1,460,040 (19,891) -1.36%

1,252,761 1,275,404 22,643 1.78% Total Operating Expenses 12,094,920 12,418,835 323,915 2.61%

194,430 221,885 (27,455) -12.37% Subtotal 2,349,836 1,983,768 366,068 18.45%

OTHER INCOME / (EXPENSE)8,657 8,657 0.00% Investment Income 116,123 116,123 0.00%2,800 2,800 0.00% Realized Gains and Losses 78,251 78,251 0.00%

(199,469) (179,637) (19,832) 11.04% Depreciation (1,912,815) (1,796,370) (116,445) 6.48%(150,271) (125,062) (25,209) 20.16% Mortgage Interest (1,149,592) (1,250,620) 101,028 -8.08%(105,789) (105,789) 0.00% Swap Interest (535,325) (535,325) 0.00%

(249,642) (82,814) (166,828) 201.45% Operating Gain (loss) (1,053,522) (1,063,222) 9,700 -0.91%

12,527 12,527 0.00% Unrealized Gains (losses) 12,138 12,138 0.00%

(237,115) (82,814) (154,301) 186.32% Change in Unrestricted Net Assets (1,041,384) (1,063,222) 21,838 -2.05%(237,115) (82,814) (154,301) 186.32% Total Change in Net Assets (1,041,384) (1,063,222) 21,838 -2.05%

86,529 145,439 (58,910) -40.50% Operating Margin 1,141,794 1,219,308 (77,514) -6.36%6.5% 10.2% -3.8% -36.9% Operating % 8.6% 8.9% -0.3% -3.5%

(63,742) 20,377 (84,119) -412.81% Cash Operating Margin (7,798) (31,312) 23,514 -75.10%-4.8% 1.4% -6.2% -431.9% Cash Margin % -0.1% -0.2% 0.2% -74.3%

(2) 2 0.00% Off Balance By: 0.00%



July 31, 2009


REVENUE$406,754 $253,819 $152,935 60.25% Residential Living $3,856,445 $2,278,976 $1,577,469 69.22%164,139 136,221 27,918 20.49% Assisted Living 1,492,005 1,403,727 88,278 6.29%731,117 796,175 (65,058) -8.17% Health Center (SNF) 7,563,038 7,182,514 380,524 5.30%

8,799 7,511 1,288 17.15% Other Resident Services 77,097 63,182 13,915 22.02%107,901 78,056 29,845 38.24% Amortization of Entry Fees 1,208,042 737,743 470,299 63.75%23,547 19,498 4,049 20.77% Other Operating Revenue 198,789 196,444 2,345 1.19%4,934 4,871 63 1.29% Foundation Distributions & Assets released 49,340 48,710 630 1.29%


EXPENSES585,641 554,348 (31,293) -5.65% Salaries and Wages 5,683,838 5,176,136 (507,702) -9.81%131,719 63,902 (67,817) -106.13% Fringe Benefits 1,345,256 1,268,616 (76,640) -6.04%

717,360 618,250 (99,110) -16.03% Total Employee Costs 7,029,094 6,444,752 (584,342) -9.07%111,189 95,773 (15,416) -16.10% Supplies 1,107,373 882,116 (225,257) -25.54%111,324 89,916 (21,408) -23.81% Chargeable Ancillary Services 865,913 785,324 (80,589) -10.26%62,500 54,980 (7,520) -13.68% Other Purchased Services 491,442 415,291 (76,151) -18.34%33,582 23,608 (9,974) -42.25% Marketing & Advertising 312,268 236,940 (75,328) -31.79%51,049 57,994 6,945 11.98% Utilities 609,290 548,685 (60,605) -11.05%19,978 13,414 (6,564) -48.93% Insurance 199,609 191,583 (8,026) -4.19%

145,779 148,631 2,852 1.92% Other Operating Expenses 1,479,931 1,306,088 (173,843) -13.31%


194,430 193,585 845 0.44% Subtotal 2,349,836 1,100,517 1,249,319 113.52%

OTHER INCOME / (EXPENSE)8,657 5,343 3,314 62.03% Investment Income 116,123 108,141 7,982 7.38%2,800 2,440 360 14.75% Realized Gains and Losses 78,251 83,991 (5,740) -6.83%

(199,469) (91,588) (107,881) -117.79% Depreciation (1,912,815) (898,380) (1,014,435) -112.92%(150,271) (27,886) (122,385) -438.88% Mortgage Interest (1,149,592) (459,650) (689,942) -150.10%(105,789) (12,855) (92,934) -722.94% Swap Interest (535,325) (283,954) (251,371) -88.53%

(249,642) 69,039 (318,681) -461.60% Operating Gain (loss) (1,053,522) (349,335) (704,187) -201.58%

12,527 (3,440) 15,967 464.16% Unrealized Gains (losses) 12,138 (37,538) 49,676 132.34%

(237,115) 65,599 (302,714) -461.46% Change in Unrestricted Net Assets (1,041,384) (386,873) (654,511) -169.18%(237,115) 65,599 (302,714) -461.46% Total Change in Net Assets (1,041,384) (386,873) (654,511) -169.18%

86,529 115,529 (29,000) -25.10% Operating Margin 1,141,794 362,774 779,020 214.74%6.5% 9.5% -3.0% -31.9% Operating % 8.6% 3.2% 5.4% 165.7%

(63,742) 87,643 (151,385) -172.73% Cash Operating Margin (7,798) (96,876) 89,078 91.95%-4.8% 7.2% -12.0% -166.1% Cash Margin % -0.1% -0.9% 0.8% 93.2%

(2) 1 3 300.00% Off Balance By: 1 1 100.00%

Judson Park F010


DESCRIPTION 07/31/09 09/30/08

ASSETSCash $2,912,155 $1,916,808Marketable Securities 1,964,618 1,821,420Accounts Receivable, net 747,244 621,099Notes & Other Receivables 458,861 1,894,981Inventory 22,560 18,482Prepaids Expense and Deposits 58,547 88,909


LONG TERM ASSETSLand, Buildings and Equipment 51,182,413 50,792,542Construction-in-Progress 711,837 330,883 Less: Accumulated Depreciation (14,011,737) (12,170,168)


Restricted Cash 18,544 604,132Marketable Securities 468,938 10,712,640InterCompany - Due (To)/From (5,078,800) (4,784,897)Other Assets 2,412,533 2,307,358


TOTAL ASSETS 41,867,713 54,154,189

LIABILITIES & NET ASSETSCurrent Portion of Notes and Bonds Payable 490,000 14,240,000Accounts Payable and Other Accrued Expenses 483,087 856,596Accrued Payroll Related Liabilities 229,628 199,363Other Current Liabilities 174,146 953,163


LONG-TERM LIABILITIESLong Term Notes and Bonds Payable 22,290,000 22,770,000Deferred Revenue-Entrance Fees 22,118,896 18,503,343Other Long Term Liabilities 790,673 299,055


NET ASSETSUnrestricted Net Assets (3,667,332) (3,065,066)Changes in Unrestricted Net Assets (1,041,384) (602,266)


TOTAL NET ASSETS (4,708,716) (3,667,332)


Balance check: (1) 1

08/13/09 112:46 PM



July 31, 2009


Cash Flows from Operating Activities$1,399,824 $1,396,138 $3,686 Cash Received from Resident Services $12,821,563 $13,392,166 ($570,603)

26,235 224,600 (198,365) Cash Received from Entrance Fees & Deposits 919,540 932,090 (12,550)(88,350) (94,656) 6,306 Cash Received from Other Operating Income (949,715) (947,633) (2,082)

230 230 Cash Received from Bequests and Trust Maturities 1,403 1,40311,458 11,458 Cash Received from Investments 194,374 194,374

(566,296) (577,936) 11,640 Cash Paid to Employees (5,351,597) (5,476,655) 125,058

(18,216) (21,271) 3,055 Cash Paid for Pensions (184,325) (201,636) 17,311(1,533) (6,888) 5,355 Cash Paid for Workers Compensation (67,610) (68,880) 1,270

(67,262) (74,159) 6,897 Cash Paid for Health, Life, etc. Benefits (659,770) (695,516) 35,746(44,054) (47,076) 3,022 Cash Paid for Other Fringe Benefits (430,359) (446,242) 15,883

(131,065) (149,394) 18,329 Subtotal - Cash Paid for Fringe Benefits (1,342,064) (1,412,274) 70,210

(421,764) (428,713) 6,949 Cash Paid to Vendors (4,534,505) (4,336,296) (198,209)(147,719) (125,062) (22,657) Cash Paid for Interest (1,222,195) (1,250,620) 28,425

82,553 244,977 (162,424) Net Cash Provided by Operating Activites 536,804 900,778 (363,974)

Cash Flows from Investing Activities(97,259) (125,259) 28,000 Acquistion of Property & Equipment (993,814) (1,252,590) 258,776

Change in Restricted Cash 585,588 585,588(6,406) (6,406) Cash Invested in Current Marketable Securities (131,060) (131,060)64,951 64,951 Cash Invested in Long Term Marketable Securities 10,243,702 10,243,702

(38,714) (125,259) 86,545 Net Cash Flows from Investing Activities 9,704,416 (1,252,590) 10,957,006

Cash Flows from Financing Activities Payments of Notes and Bonds Payable (14,230,000) (14,230,000)

679,705 679,705 Cash Received from Initial Entrance Fees & Deposits 4,690,223 4,690,223(9,579) (9,579) Cash Received from Intercompany Tranactions 293,903 293,903

670,126 670,126 Net Cash Flows from Financing Activities (9,245,874) (9,245,874)

713,965 119,718 594,247 Increase (decrease) in Cash 995,346 (351,812) 1,347,158

2,198,191 1,916,808 281,383 Cash, Beginning Balance 1,916,808 1,916,808

$2,912,156 $2,036,526 $875,630 Cash, Ending Balance $2,912,154 $1,564,996 $1,347,158




July 31, 2009


Operating Activities($237,113) ($82,814) $154,299 Changes in net assets ($1,041,384) ($1,063,222) ($21,838)


(107,901) (76,446) 31,455 Amortization of Entrance fees (1,208,042) (764,460) 443,58226,235 224,600 (198,365) Entrance fees for reoccupancy 919,540 932,090 (12,550)

199,469 179,637 19,832 Depreciation 1,912,815 1,796,370 116,445(12,527) (12,527) Increase in unrealized gains (12,138) (12,138)105,789 105,789 Change in unrealized swap 535,325 535,325

Other changes in operating assets and liabilities:93,258 93,258 Resident Receivables (120,555) (120,555)(1,483) (1,483) Resident trust (43,707) (43,707)

Other Receivables (5,591) (5,591)(15,467) (15,467) Payroll and related liabilities 30,265 30,265(20,078) (20,078) Inventory and deposits 26,283 26,28349,068 49,068 Accounts payable (373,509) (373,509)

752 752 Other accrued liabilities (9,895) (9,895) Accrued interest payable (119,170) (119,170)

2,552 2,552 Deferred bond costs 46,567 46,567(1) (1) Unlocated difference

108,601 108,601 Total other changes (569,312) (569,312)

$82,553 $244,977 ($162,424) Net Cash Provided by Operating Activities $536,804 $900,778 ($363,974)


Seniority, Inc.



(unaudited)

08/13/09 Seniority, Inc. 1


July 31, 2009


REVENUE$364,857 $364,949 ($92) -0.03% Other Operating Revenue $3,788,760 $3,624,490 $164,270 4.53%

364,857 364,949 (92) -0.03% Total Operating Revenues 3,788,760 3,624,490 164,270 4.53%

EXPENSES156,855 161,615 4,760 2.95% Salaries and Wages 1,559,367 1,600,995 41,628 2.60%39,846 38,323 (1,523) -3.97% Fringe Benefits 468,919 381,256 (87,663) -22.99%

196,701 199,938 3,237 1.62% Total Employee Costs 2,028,286 1,982,251 (46,035) -2.32%3,880 1,375 (2,505) -182.18% Supplies 25,026 13,750 (11,276) -82.01%2,541 4,150 1,609 38.77% Other Purchased Services 69,333 41,500 (27,833) -67.07%

71,270 90,732 19,462 21.45% Marketing & Advertising 870,012 907,320 37,308 4.11%1,846 933 (913) -97.86% Utilities 11,564 9,330 (2,234) -23.94%1,942 1,942 0.00% Insurance 19,420 19,420 0.00%

46,013 39,573 (6,440) -16.27% Other Operating Expenses 461,121 458,983 (2,138) -0.47%

324,193 338,643 14,450 4.27% Total Operating Expenses 3,484,762 3,432,554 (52,208) -1.52%

40,664 26,306 14,358 54.58% Subtotal 303,998 191,936 112,062 58.39%

OTHER INCOME / (EXPENSE)333 (333) -100.00% Investment Income 1,604 3,330 (1,726) -51.83%

283 283 0.00% Depreciation 0.00%

40,947 26,639 14,308 53.71% Operating Gain (loss) 305,602 195,266 110,336 56.51%

40,947 26,639 14,308 53.71% Change in Unrestricted Net Assets 305,602 195,266 110,336 56.51%40,947 26,639 14,308 53.71% Total Change in Net Assets 305,602 195,266 110,336 56.51%

40,664 26,306 14,358 54.58% Operating Margin 303,998 191,936 112,062 58.39%11.1% 7.2% 3.9% 54.6% Operating % 8.0% 5.3% 2.7% 51.5%40,664 26,306 14,358 54.58% Cash Operating Margin 303,998 191,936 112,062 58.39%11.1% 7.2% 3.9% 54.6% Cash Margin % 8.0% 5.3% 2.7% 51.5%

(2) (1) 1 -100.00% Off Balance By: 0.00%



July 31, 2009


REVENUE$364,857 $364,826 $31 0.01% Other Operating Revenue $3,788,760 $3,263,100 $525,660 16.11%

364,857 364,826 31 0.01% Total Operating Revenues 3,788,760 3,263,100 525,660 16.11%

EXPENSES156,855 120,615 (36,240) -30.05% Salaries and Wages 1,559,367 1,257,819 (301,548) -23.97%39,846 42,073 2,227 5.29% Fringe Benefits 468,919 352,750 (116,169) -32.93%

196,701 162,688 (34,013) -20.91% Total Employee Costs 2,028,286 1,610,569 (417,717) -25.94%3,880 3,488 (392) -11.24% Supplies 25,026 20,398 (4,628) -22.69%2,541 693 (1,848) -266.67% Other Purchased Services 69,333 16,796 (52,537) -312.79%

71,270 91,585 20,315 22.18% Marketing & Advertising 870,012 837,911 (32,101) -3.83%1,846 1,042 (804) -77.16% Utilities 11,564 11,804 240 2.03%1,942 2,042 100 4.90% Insurance 19,420 18,920 (500) -2.64%

46,013 35,688 (10,325) -28.93% Other Operating Expenses 461,121 456,030 (5,091) -1.12%

324,193 297,226 (26,967) -9.07% Total Operating Expenses 3,484,762 2,972,428 (512,334) -17.24%

40,664 67,600 (26,936) -39.85% Subtotal 303,998 290,672 13,326 4.58%

OTHER INCOME / (EXPENSE)301 (301) -100.00% Investment Income 1,604 2,169 (565) -26.05%

0.00% Realized Gains and Losses (532,000) 532,000 100.00%283 283 0.00% Depreciation 0.00%

40,947 67,901 (26,954) -39.70% Operating Gain (loss) 305,602 (239,159) 544,761 227.78%

0.00% Unrealized Gains (losses) 266,000 (266,000) -100.00%

40,947 67,901 (26,954) -39.70% Change in Unrestricted Net Assets 305,602 26,841 278,761 1038.56%40,947 67,901 (26,954) -39.70% Total Change in Net Assets 305,602 26,841 278,761 1038.56%

40,664 67,600 (26,936) -39.85% Operating Margin 303,998 290,672 13,326 4.58%11.1% 18.5% -7.4% -39.9% Operating % 8.0% 8.9% -0.9% -9.9%40,664 67,600 (26,936) -39.85% Cash Operating Margin 303,998 290,672 13,326 4.58%11.1% 18.5% -7.4% -39.9% Cash Margin % 8.0% 8.9% -0.9% -9.9%

(2) (1) 1 -100.00% Off Balance By: (1) (1) 100.00%

Seniority, Inc. F010


DESCRIPTION 07/31/09 09/30/08

ASSETSCash $594,619 $302,868Accounts Receivable, net 303,690 237,190

Total Current Assets 898,309 540,058

LONG TERM ASSETSLand, Buildings and Equipment 6,039 6,039 Less: Accumulated Depreciation (6,039) (6,039)

InterCompany - Due (To)/From (177,879) 29,535

Total Long Term Assets (177,879) 29,535

TOTAL ASSETS 720,430 569,593

LIABILITIES & NET ASSETSAccounts Payable and Other Accrued Expenses 120,553 208,803Accrued Payroll Related Liabilities 238,724 320,238

Total Current Liabilities 359,277 529,041

LONG-TERM LIABILITIESOther Long Term Liabilities 45,000 30,000

TOTAL LIABILITIES 404,277 559,041

NET ASSETSUnrestricted Net Assets 10,551 140,455Changes in Unrestricted Net Assets 305,602 (129,904)

Total Unrestricted Net Assets 316,153 10,551

TOTAL NET ASSETS 316,153 10,551

TOTAL LIABILITIES & NET ASSETS 720,430 569,592

Balance check: 1

08/13/09 112:46 PM



July 31, 2009


Cash Flows from Operating Activities Cash Received from Resident Services ($1,354) ($1,354)

361,534 347,449 14,085 Cash Received from Other Operating Income 3,563,613 3,449,490 114,123333 (333) Cash Received from Investments 1,604 3,330 (1,726)

(220,338) (161,615) (58,723) Cash Paid to Employees (2,204,559) (1,600,995) (603,564)

(6,411) (5,702) (709) Cash Paid for Pensions (65,554) (56,684) (8,870)(29) (967) 938 Cash Paid for Workers Compensation (8,115) (9,613) 1,498

(23,671) (19,639) (4,032) Cash Paid for Health, Life, etc. Benefits (235,149) (195,253) (39,896)(9,736) (12,015) 2,279 Cash Paid for Other Fringe Benefits (139,592) (119,706) (19,886)

(39,847) (38,323) (1,524) Subtotal - Cash Paid for Fringe Benefits (448,410) (381,256) (67,154)

(72,553) (121,205) 48,652 Cash Paid to Vendors (826,557) (1,275,303) 448,746

28,796 26,639 2,157 Net Cash Provided by Operating Activites 84,337 195,266 (110,929)

Cash Flows from Investing Activities283 283 Acquistion of Property & Equipment

283 283 Net Cash Flows from Investing Activities

Cash Flows from Financing Activities30,760 30,760 Cash Received from Intercompany Tranactions 207,414 207,414

30,760 30,760 Net Cash Flows from Financing Activities 207,414 207,414

59,839 26,639 33,200 Increase (decrease) in Cash 291,751 195,266 96,485

534,776 302,868 231,908 Cash, Beginning Balance 302,868 302,868

$594,615 $329,507 $265,108 Cash, Ending Balance $594,619 $498,134 $96,485




July 31, 2009


Operating Activities$40,949 $26,640 ($14,309) Changes in net assets $305,602 $195,266 ($110,336)


(283) (283) Depreciation

Other changes in operating assets and liabilities: Resident Receivables (1,354) (1,354)

6,677 6,677 Other Receivables (65,147) (65,147)7,500 7,500 Deferred management revenue 15,000 15,0006,747 6,747 Payroll and related liabilities (81,514) (81,514)

(32,791) (32,791) Accounts payable (88,250) (88,250)(3) (1) (2) Unlocated difference

(11,870) (1) (11,869) Total other changes (221,265) (221,265)

$28,796 $26,639 $2,157 Net Cash Provided by Operating Activities $84,337 $195,266 ($110,929)


American Baptist Homes Foundation of the West



(unaudited)

08/13/09 Foundation 1


July 31, 2009


REVENUE$126,188 $75,000 $51,188 68.25% Other Operating Revenue $736,859 $750,000 ($13,141) -1.75%

11,667 (11,667) -100.00% Foundation Distributions & Assets released 510,602 116,670 393,932 337.65%

126,188 86,667 39,521 45.60% Total Operating Revenues 1,247,461 866,670 380,791 43.94%

EXPENSES32,335 35,486 3,151 8.88% Salaries and Wages 341,551 351,257 9,706 2.76%6,669 8,659 1,990 22.98% Fringe Benefits 78,399 85,711 7,312 8.53%

39,004 44,145 5,141 11.65% Total Employee Costs 419,950 436,968 17,018 3.89%969 833 (136) -16.33% Supplies 7,361 8,330 969 11.63%

3,252 10,250 6,998 68.27% Other Purchased Services 72,956 102,500 29,544 28.82%1,800 8,333 6,533 78.40% Marketing & Advertising 47,809 83,330 35,521 42.63%

578 500 (78) -15.60% Utilities 5,061 5,000 (61) -1.22%2,675 3,450 775 22.46% Insurance 26,750 34,500 7,750 22.46%

104,011 107,917 3,906 3.62% Foundation Distributions 1,086,967 1,079,170 (7,797) -0.72%(6,513) (7,999) (1,486) 18.58% Other Operating Expenses (58,979) (72,590) (13,611) 18.75%

145,776 167,429 21,653 12.93% Total Operating Expenses 1,607,875 1,677,208 69,333 4.13%

(19,588) (80,762) 61,174 -75.75% Subtotal (360,414) (810,538) 450,124 -55.53%

OTHER INCOME / (EXPENSE)42,629 44,000 (1,371) -3.12% Investment Income 867,874 440,000 427,874 97.24%

(705,532) 65,250 (770,782) -1181.28% Realized Gains and Losses (3,977,862) 652,500 (4,630,362) -709.63%

(682,491) 28,488 (710,979) -2495.71% Operating Gain (loss) (3,470,402) 281,962 (3,752,364) -1330.80%


1,428,221 28,488 1,399,733 4913.41% Change in Unrestricted Net Assets (2,088,051) 281,962 (2,370,013) -840.54%

TEMP & PERM RESTRICTED14,869 54,500 (39,631) -72.72% Contributions 466,849 545,000 (78,151) -14.34%16,039 41,083 (25,044) -60.96% Dividends & Interest Income 61,498 410,830 (349,332) -85.03%

(28,239) (60,750) 32,511 -53.52% Payments to Beneficiaries (626,142) (607,500) (18,642) 3.07%(11,668) 11,668 -100.00% Net Assets released (507,562) (116,680) (390,882) 335.00%

300,485 300,485 0.00% Unrealized Gains (losses) (319,250) (319,250) 0.00%

303,154 23,165 279,989 1208.67% Change in Restricted Assets (924,607) 231,650 (1,156,257) -499.14%

1,731,375 51,653 1,679,722 3251.94% Total Change in Net Assets (3,012,658) 513,612 (3,526,270) -686.56%

(19,588) (80,762) 61,174 -75.75% Operating Margin (360,414) (810,538) 450,124 -55.53%-15.5% -93.2% 77.7% -83.3% Operating % -28.9% -93.5% 64.6% -69.1%(19,588) (80,762) 61,174 -75.75% Cash Operating Margin (360,414) (810,538) 450,124 -55.53%-15.5% -93.2% 77.7% -83.3% Cash Margin % -28.9% -93.5% 64.6% -69.1%



July 31, 2009


REVENUE$126,188 $65,708 $60,480 92.04% Other Operating Revenue $736,859 $365,884 $370,975 101.39%

0.00% Foundation Distributions & Assets released 510,602 156,418 354,184 226.43%

126,188 65,708 60,480 92.04% Total Operating Revenues 1,247,461 522,302 725,159 138.84%

EXPENSES32,335 32,771 436 1.33% Salaries and Wages 341,551 326,643 (14,908) -4.56%6,669 6,780 111 1.64% Fringe Benefits 78,399 70,920 (7,479) -10.55%

39,004 39,551 547 1.38% Total Employee Costs 419,950 397,563 (22,387) -5.63%969 102 (867) -850.00% Supplies 7,361 6,823 (538) -7.89%

3,252 3,268 16 0.49% Other Purchased Services 72,956 72,050 (906) -1.26%1,800 850 (950) -111.76% Marketing & Advertising 47,809 62,629 14,820 23.66%

578 493 (85) -17.24% Utilities 5,061 4,888 (173) -3.54%2,675 3,167 492 15.54% Insurance 26,750 28,995 2,245 7.74%

104,011 103,551 (460) -0.44% Foundation Distributions 1,086,967 1,083,562 (3,405) -0.31%(6,513) 6,654 13,167 197.88% Other Operating Expenses (58,979) 86,893 145,872 167.88%

145,776 157,636 11,860 7.52% Total Operating Expenses 1,607,875 1,743,403 135,528 7.77%

(19,588) (91,928) 72,340 78.69% Subtotal (360,414) (1,221,101) 860,687 70.48%

OTHER INCOME / (EXPENSE)42,629 48,486 (5,857) -12.08% Investment Income 867,874 890,050 (22,176) -2.49%

(705,532) (1,004,738) 299,206 29.78% Realized Gains and Losses (3,977,862) (63,000) (3,914,862) -6214.07%

(682,491) (1,048,180) 365,689 34.89% Operating Gain (loss) (3,470,402) (394,051) (3,076,351) -780.70%


1,428,221 (513,074) 1,941,295 378.37% Change in Unrestricted Net Assets (2,088,051) (4,674,053) 2,586,002 55.33%

TEMP & PERM RESTRICTED14,869 105,410 (90,541) -85.89% Contributions 466,849 790,079 (323,230) -40.91%16,039 (62,038) 78,077 125.85% Dividends & Interest Income 61,498 343,074 (281,576) -82.07%

(28,239) (64,419) 36,180 56.16% Payments to Beneficiaries (626,142) (708,288) 82,146 11.60%0.00% Net Assets released (507,562) (156,418) (351,144) -224.49%

300,485 8,317 292,168 3512.90% Unrealized Gains (losses) (319,250) (955,238) 635,988 66.58%

303,154 (12,730) 315,884 2481.41% Change in Restricted Assets (924,607) (686,791) (237,816) -34.63%

1,731,375 (525,804) 2,257,179 429.28% Total Change in Net Assets (3,012,658) (5,360,844) 2,348,186 43.80%

(19,588) (91,928) 72,340 78.69% Operating Margin (360,414) (1,221,101) 860,687 70.48%-15.5% -139.9% 124.4% 88.9% Operating % -28.9% -233.8% 204.9% 87.6%(19,588) (91,928) 72,340 78.69% Cash Operating Margin (360,414) (1,221,101) 860,687 70.48%-15.5% -139.9% 124.4% 88.9% Cash Margin % -28.9% -233.8% 204.9% 87.6%

0.00% Off Balance By: (1) (1) 100.00%

Foundation F010


DESCRIPTION 07/31/09 09/30/08

ASSETSCash $299,978 $35,141Marketable Securities 27,928,382 29,917,623Accounts Receivable, net 53,135 176,862Notes & Other Receivables 48,996 48,996Prepaids Expense and Deposits 3,882 7,429


LONG TERM ASSETS

Marketable Securities 9,663,325 9,970,077InterCompany - Due (To)/From (520,070) 307,972


TOTAL ASSETS 37,477,628 40,464,100

LIABILITIES & NET ASSETSAccounts Payable and Other Accrued Expenses 3,658 66,100Accrued Payroll Related Liabilities 41,382 37,703


LONG-TERM LIABILITIESRevocable Trusts 883,936 724,472Obligations under Annuity Agreements 2,893,946 2,880,692Other Long Term Liabilities 11,474 99,245


NET ASSETSUnrestricted Net Assets 29,778,715 37,221,286Changes in Unrestricted Net Assets (2,088,051) (7,442,572)

Total Unrestricted Net Assets 27,690,664 29,778,714

Temporary Restricted Net Assets 6,556,597 7,248,496Changes in Temp Restricted Net Assets (931,937) (691,898)

Total Temporary Restricted Net Assets 5,624,660 6,556,598

Permanently Restricted Net Assets 320,576 305,915Changes in Perm Restricted Net Assets 7,330 14,661

Total Permanently Restricted Net Assets 327,906 320,576

TOTAL NET ASSETS 33,643,230 36,655,888


Balance check: 2

08/13/09 112:46 PM



July 31, 2009


Cash Flows from Operating Activities($7,658) ($7,658) Cash Received from Other Operating Income $123,727 $123,727126,188 86,667 39,521 Cash Received from Bequests and Trust Maturities 1,247,461 866,670 380,791

(662,903) 109,250 (772,153) Cash Received from Investments (3,109,987) 1,092,500 (4,202,487)

(34,151) (35,486) 1,335 Cash Paid to Employees (337,312) (351,257) 13,945

(1,075) (1,423) 348 Cash Paid for Pensions (12,115) (14,086) 1,971(3,970) (4,365) 395 Cash Paid for Health, Life, etc. Benefits (43,273) (43,206) (67)(1,624) (2,871) 1,247 Cash Paid for Other Fringe Benefits (23,011) (28,419) 5,408

(6,669) (8,659) 1,990 Subtotal - Cash Paid for Fringe Benefits (78,399) (85,711) 7,312

(110,905) (123,284) 12,379 Cash Paid to Vendors (1,363,942) (1,240,240) (123,702)

(696,098) 28,488 (724,586) Net Cash Provided by Operating Activites (3,518,452) 281,962 (3,800,414)

Cash Flows from Investing Activities649,652 649,652 Cash Invested in Current Marketable Securities 3,371,592 3,371,592(30,075) (30,075) Cash Invested in Long Term Marketable Securities (12,498) (12,498)

619,577 619,577 Net Cash Flows from Investing Activities 3,359,094 3,359,094

Cash Flows from Financing Activities41,390 41,390 Cash Received from Intercompany Tranactions 828,042 828,04216,163 54,500 (38,337) Cash Received from Restricted Gifts & Donations 379,078 545,000 (165,922)22,913 (31,335) 54,248 Cash Received (paid) from other trust activity - net (782,925) (313,350) (469,575)

80,466 23,165 57,301 Net Cash Flows from Financing Activities 424,195 231,650 192,545

3,945 51,653 (47,708) Increase (decrease) in Cash 264,837 513,612 (248,775)

296,032 35,141 260,891 Cash, Beginning Balance 35,141 35,141

$299,977 $86,794 $213,183 Cash, Ending Balance $299,978 $548,753 ($248,775)




July 31, 2009


Operating Activities$1,731,375 $51,653 ($1,679,722) Changes in net assets ($3,012,658) $513,612 $3,526,270


(2,411,197) (2,411,197) Increase in unrealized gains (1,063,101) (1,063,101)

Other changes in operating assets and liabilities:(7,658) (7,658) Other Receivables 123,727 123,72735,113 35,113 Beneficiary payment liability 289,281 289,281

(37,782) (23,165) (14,617) Restricted trust activity 316,076 (231,650) 547,726(1,816) (1,816) Payroll and related liabilities 3,679 3,679

(175) (175) Inventory and deposits 3,547 3,547(3,958) (3,958) Accounts payable (179,004) (179,004)

Unlocated difference 1 1

(16,276) (23,165) 6,889 Total other changes 557,307 (231,650) 788,957

($696,098) $28,488 ($724,586) Net Cash Provided by Operating Activities ($3,518,452) $281,962 ($3,800,414)


The Terraces of Phoenix



(unaudited)

08/13/09 Terraces of Phoenix 1


July 31, 2009


REVENUE$525,854 $570,462 ($44,608) -7.82% Residential Living $5,317,296 $5,322,682 ($5,386) -0.10%198,604 171,282 27,322 15.95% Assisted Living 1,817,630 1,686,417 131,213 7.78%655,450 543,872 111,578 20.52% Health Center (SNF) 5,617,983 5,096,779 521,204 10.23%120,940 110,197 10,743 9.75% Memory Support 1,151,626 1,085,827 65,799 6.06%

3,363 9,605 (6,242) -64.99% Other Resident Services 28,330 95,935 (67,605) -70.47%112,172 58,250 53,922 92.57% Amortization of Entry Fees 1,254,646 582,500 672,146 115.39%43,213 21,272 21,941 103.14% Other Operating Revenue 224,529 211,227 13,302 6.30%2,851 2,851 0.00% Foundation Distributions & Assets released 28,510 28,510 0.00%


EXPENSES576,284 551,673 (24,611) -4.46% Salaries and Wages 5,348,808 5,324,173 (24,635) -0.46%128,055 143,511 15,456 10.77% Fringe Benefits 1,249,578 1,382,004 132,426 9.58%

704,339 695,184 (9,155) -1.32% Total Employee Costs 6,598,386 6,706,177 107,791 1.61%113,397 113,820 423 0.37% Supplies 1,161,610 1,105,878 (55,732) -5.04%134,851 57,495 (77,356) -134.54% Chargeable Ancillary Services 1,067,254 574,950 (492,304) -85.63%72,978 69,172 (3,806) -5.50% Other Purchased Services 732,399 690,567 (41,832) -6.06%24,908 38,100 13,192 34.62% Marketing & Advertising 310,056 381,000 70,944 18.62%

121,750 99,088 (22,662) -22.87% Utilities 902,656 811,480 (91,176) -11.24%23,678 23,668 (10) -0.04% Insurance 236,532 236,422 (110) -0.05%

106,315 95,504 (10,811) -11.32% Other Operating Expenses 1,011,185 967,541 (43,644) -4.51%

1,302,216 1,192,031 (110,185) -9.24% Total Operating Expenses 12,020,078 11,474,015 (546,063) -4.76%

360,231 295,760 64,471 21.80% Subtotal 3,420,472 2,635,862 784,610 29.77%

OTHER INCOME / (EXPENSE)654 3,000 (2,346) -78.20% Investment Income 59,531 30,000 29,531 98.44%

0.00% Realized Gains and Losses 305,563 305,563 0.00%(256,180) (230,340) (25,840) 11.22% Depreciation (2,524,804) (2,303,400) (221,404) 9.61%(214,254) (224,940) 10,686 -4.75% Mortgage Interest (2,111,393) (2,249,400) 138,007 -6.14%(164,872) (164,872) 0.00% Swap Interest (1,758,719) (1,758,719) 0.00%

(274,421) (156,520) (117,901) 75.33% Operating Gain (loss) (2,609,350) (1,886,938) (722,412) 38.28%

0.00% Unrealized Gains (losses) (294,704) (294,704) 0.00%

(274,421) (156,520) (117,901) 75.33% Change in Unrestricted Net Assets (2,904,054) (1,886,938) (1,017,116) 53.90%(274,421) (156,520) (117,901) 75.33% Total Change in Net Assets (2,904,054) (1,886,938) (1,017,116) 53.90%

248,059 237,510 10,549 4.44% Operating Margin 2,165,826 2,053,362 112,464 5.48%16.0% 16.6% -0.6% -3.7% Operating % 15.3% 15.2% 0.1% 0.6%33,805 12,570 21,235 168.93% Cash Operating Margin 54,433 (196,038) 250,471 -127.77%

2.2% 0.9% 1.3% 148.0% Cash Margin % 0.4% -1.4% 1.8% -126.5%

1 (1) 0.00% Off Balance By: 1 1 0.00%



July 31, 2009


REVENUE$525,854 $493,916 $31,938 6.47% Residential Living $5,317,296 $4,569,560 $747,736 16.36%198,604 159,467 39,137 24.54% Assisted Living 1,817,630 1,576,968 240,662 15.26%655,450 471,014 184,436 39.16% Health Center (SNF) 5,617,983 4,820,985 796,998 16.53%120,940 114,457 6,483 5.66% Memory Support 1,151,626 879,102 272,524 31.00%

3,363 1,617 1,746 107.98% Other Resident Services 28,330 20,726 7,604 36.69%112,172 104,425 7,747 7.42% Amortization of Entry Fees 1,254,646 766,998 487,648 63.58%43,213 17,670 25,543 144.56% Other Operating Revenue 224,529 210,901 13,628 6.46%2,851 2,868 (17) -0.59% Foundation Distributions & Assets released 28,510 28,680 (170) -0.59%


EXPENSES576,284 492,409 (83,875) -17.03% Salaries and Wages 5,348,808 5,155,321 (193,487) -3.75%128,055 109,696 (18,359) -16.74% Fringe Benefits 1,249,578 1,165,264 (84,314) -7.24%

704,339 602,105 (102,234) -16.98% Total Employee Costs 6,598,386 6,320,585 (277,801) -4.40%113,397 123,226 9,829 7.98% Supplies 1,161,610 1,028,710 (132,900) -12.92%134,851 54,870 (79,981) -145.76% Chargeable Ancillary Services 1,067,254 894,161 (173,093) -19.36%72,978 71,496 (1,482) -2.07% Other Purchased Services 732,399 637,297 (95,102) -14.92%24,908 24,212 (696) -2.87% Marketing & Advertising 310,056 270,259 (39,797) -14.73%

121,750 94,242 (27,508) -29.19% Utilities 902,656 742,815 (159,841) -21.52%23,678 23,461 (217) -0.92% Insurance 236,532 234,403 (2,129) -0.91%

106,315 130,227 23,912 18.36% Other Operating Expenses 1,011,185 1,026,631 15,446 1.50%

1,302,216 1,123,839 (178,377) -15.87% Total Operating Expenses 12,020,078 11,154,861 (865,217) -7.76%

360,231 241,595 118,636 49.11% Subtotal 3,420,472 1,719,059 1,701,413 98.97%

OTHER INCOME / (EXPENSE)654 13,922 (13,268) -95.30% Investment Income 59,531 229,338 (169,807) -74.04%

0.00% Realized Gains and Losses 305,563 324,029 (18,466) -5.70%(256,180) (247,733) (8,447) -3.41% Depreciation (2,524,804) (2,168,573) (356,231) -16.43%(214,254) (189,270) (24,984) -13.20% Mortgage Interest (2,111,393) (2,241,317) 129,924 5.80%(164,872) (150,126) (14,746) -9.82% Swap Interest (1,758,719) (933,838) (824,881) -88.33%

(274,421) (331,612) 57,191 17.25% Operating Gain (loss) (2,609,350) (3,071,302) 461,952 15.04%

0.00% Unrealized Gains (losses) (294,704) (351,568) 56,864 16.17%

(274,421) (331,612) 57,191 17.25% Change in Unrestricted Net Assets (2,904,054) (3,422,870) 518,816 15.16%(274,421) (331,612) 57,191 17.25% Total Change in Net Assets (2,904,054) (3,422,870) 518,816 15.16%

248,059 137,170 110,889 80.84% Operating Margin 2,165,826 952,061 1,213,765 127.49%16.0% 10.9% 5.1% 47.1% Operating % 15.3% 7.9% 7.4% 94.1%33,805 (52,100) 85,905 164.88% Cash Operating Margin 54,433 (1,289,256) 1,343,689 104.22%

2.2% -4.1% 6.3% 152.8% Cash Margin % 0.4% -10.6% 11.0% 103.6%

1 (1) 0.00% Off Balance By: 1 (1) 0.00%

Terraces Of Phoenix REPORT 010T


DESCRIPTION 07/31/09 09/30/08

ASSETSCash $1,496,175 $833,989Marketable Securities 3,068,085 2,454,130Accounts Receivable, net 740,149 680,511Notes & Other Receivables 1,471,214 1,250,610Inventory 40,294 30,519Prepaids Expense and Deposits 116,215 183,763 Total Current Assets 6,932,132 5,433,522

LONG TERM ASSETSLand, Buildings and Equipment 77,328,747 76,777,883Construction-in-Progress 200,657 33,679 Less: Accumulated Depreciation (15,505,223) (13,294,192) Land, Buildings and Equipment - net 62,024,181 63,517,370

Restricted Cash 639,535Marketable Securities 1,820,143 4,467,464Other Assets 3,883,411 4,118,065 Total Long Term Assets 67,727,735 72,742,434

TOTAL ASSETS 74,659,867 78,175,956

LIABILITIES & NET ASSETSCurrent Portion of Notes and Bonds Payable 790,000 3,885,000Accounts Payable and Other Accrued Expenses 2,230,104 1,914,492Accrued Payroll Related Liabilities 174,815 139,679Other Current Liabilities 1,258,105 1,396,334 Total Current Liabilities 4,453,024 7,335,505

LONG-TERM LIABILITIESLong Term Notes and Bonds Payable 64,865,000 65,800,000Deferred Revenue-Entrance Fees 39,366,679 37,787,110Other Long Term Liabilities 2,631,237 1,005,360TOTAL LIABILITIES 111,315,940 111,927,975

NET ASSETSUnrestricted Net Assets (33,752,019) (30,162,598)Changes in Unrestricted Net Assets (2,904,055) (3,589,421)


TOTAL NET ASSETS (36,656,074) (33,752,019)


Balance check: 1

08/17/09 112:56 PM


03:13 PM Statement of Cash Flows REPORT 031T

July 31, 2009



(689,790) (689,790) Cash Received from Entrance Fees & Deposits (851,745) (851,745)(31,318) (36,463) 5,145 Cash Received from Other Operating Income (454,593) (366,123) (88,470)

654 3,000 (2,346) Cash Received from Investments 365,094 30,000 335,094

(535,093) (530,178) (4,915) Cash Paid to Employees (4,854,733) (5,113,303) 258,570

(17,456) (19,405) 1,949 Cash Paid for Pensions (166,073) (187,148) 21,075(1,935) (8,693) 6,758 Cash Paid for Workers Compensation (72,765) (86,930) 14,165

(64,456) (67,651) 3,195 Cash Paid for Health, Life, etc. Benefits (595,008) (645,581) 50,573(41,417) (42,945) 1,528 Cash Paid for Other Fringe Benefits (382,160) (414,175) 32,015

(125,264) (138,694) 13,430 Subtotal - Cash Paid for Fringe Benefits (1,216,006) (1,333,834) 117,828

(395,951) (454,873) 58,922 Cash Paid to Vendors (4,552,792) (4,344,018) (208,774)(200,544) (224,940) 24,396 Cash Paid for Interest (2,101,405) (2,249,400) 147,995

(502,567) 15,570 (518,137) Net Cash Provided by Operating Activites 63,105 (166,038) 229,143

Cash Flows from Investing Activities(226,878) (16,590) (210,288) Acquistion of Property & Equipment (860,931) (651,822) (209,109)

Change in Restricted Cash 639,535 639,53563 63 Cash Invested in Current Marketable Securities (908,659) (908,659)

(117,503) (117,503) Cash Invested in Long Term Marketable Securities 2,647,321 2,647,321

(344,318) (16,590) (327,728) Net Cash Flows from Investing Activities 1,517,266 (651,822) 2,169,088

Cash Flows from Financing Activities Payments of Notes and Bonds Payable (4,030,000) (4,030,000)

671,800 671,800 Cash Received from Initial Entrance Fees & Deposits 3,111,814 3,111,814(1,678,190) 1,678,190 Cash Received from Intercompany Tranactions (8,931,512) 8,931,512

Swap Transactions 1 1

671,800 (1,678,190) 2,349,990 Net Cash Flows from Financing Activities (918,185) (8,931,512) 8,013,327

(175,085) (1,679,210) 1,504,125 Increase (decrease) in Cash 662,186 (9,749,372) 10,411,558

1,671,258 1,671,258 Cash, Beginning Balance 833,989 833,989

$1,496,173 ($1,679,210) $3,175,383 Cash, Ending Balance $1,496,175 ($9,749,372) $11,245,547

S:\Home Office\Finance\Private\Financial Statements 2009\July 2009\frx reports\R031T- TOP CASH FLOW REPORT.FRD


03:13 PM Statement of Cash Flows REPORT 031T

July 31, 2009


Operating Activities($274,422) ($156,520) $117,902 Changes in net assets ($2,904,055) ($1,886,939) $1,017,116


(112,172) (58,250) 53,922 Amortization of Entrance fees (1,254,646) (582,500) 672,146(689,790) (689,790) Entrance fees for reoccupancy (851,745) (851,745)256,180 230,340 25,840 Depreciation 2,524,804 2,303,400 221,404

Increase in unrealized gains 294,704 294,704164,872 164,872 Change in unrealized swap 1,758,719 1,758,719

Other changes in operating assets and liabilities:(18,472) (18,472) Resident Receivables (59,738) (59,738)(11,000) (11,000) Resident trust (11,000) (11,000)

Deferred revenue (132,842) (132,842)(10) (10) Other Receivables 100 100

(396) (396) Payroll and related liabilities 35,136 35,13672,393 72,393 Inventory and deposits 57,774 57,77463,080 63,080 Accounts payable 315,612 315,61233,460 33,460 Other accrued liabilities 280,295 280,2957,262 7,262 Accrued interest payable (53,982) (53,982)6,448 6,448 Deferred bond costs 63,970 63,970

Unlocated difference (1) 1 (2)

152,765 152,765 Total other changes 495,324 1 495,323

($502,567) $15,570 ($518,137) Net Cash Provided by Operating Activities $63,105 ($166,038) $229,143

S:\Home Office\Finance\Private\Financial Statements 2009\July 2009\frx reports\R031T- TOP CASH FLOW REPORT.FRD

American Baptist Properties



(unaudited)

08/14/09 American Baptist Properties 1


July 31, 2009


EXPENSES$65,523 $1,929 ($63,594) -3296.73% Other Purchased Services $275,314 $250,096 ($25,218) -10.08%

(60) 60 0.00% Other Operating Expenses 85 85 100.00%

65,463 1,929 (63,534) -3293.62% Total Operating Expenses 275,314 250,181 (25,133) -10.05%

(65,463) (1,929) (63,534) -3293.62% Subtotal (275,314) (250,181) (25,133) -10.05%

OTHER INCOME / (EXPENSE)7,877 10,717 (2,840) -26.50% Investment Income 128,107 130,190 (2,083) -1.60%

(38,996) (97,213) 58,217 59.89% Realized Gains and Losses (225,435) (24,588) (200,847) -816.85%(4,371) 12,888 (17,259) -133.92% Mortgage Interest (33,621) (33,621) 0.00%

(100,953) (75,537) (25,416) -33.65% Operating Gain (loss) (406,263) (144,579) (261,684) -181.00%

159,111 50,749 108,362 213.53% Unrealized Gains (losses) 212,806 (310,994) 523,800 168.43%

58,158 (24,788) 82,946 334.62% Change in Unrestricted Net Assets (193,457) (455,573) 262,116 57.54%58,158 (24,788) 82,946 334.62% Total Change in Net Assets (193,457) (455,573) 262,116 57.54%

(65,463) (1,929) (63,534) -3293.62% Operating Margin (275,314) (250,181) (25,133) -10.05%(69,834) 10,959 (80,793) -737.23% Cash Operating Margin (308,935) (250,181) (58,754) -23.48%

(1) (1) 100.00% Off Balance By: 0.00%



July 31, 2009


EXPENSES$65,523 $8,333 ($57,190) -686.31% Other Purchased Services $275,314 $83,330 ($191,984) -230.39%

(60) 60 0.00% Other Operating Expenses 0.00%

65,463 8,333 (57,130) -685.59% Total Operating Expenses 275,314 83,330 (191,984) -230.39%

(65,463) (8,333) (57,130) 685.59% Subtotal (275,314) (83,330) (191,984) 230.39%

OTHER INCOME / (EXPENSE)7,877 4,417 3,460 78.33% Investment Income 128,107 44,170 83,937 190.03%

(38,996) 10,250 (49,246) -480.45% Realized Gains and Losses (225,435) 102,500 (327,935) -319.94%(4,371) (4,371) 0.00% Mortgage Interest (33,621) (33,621) 0.00%

(100,953) 6,334 (107,287) -1693.83% Operating Gain (loss) (406,263) 63,340 (469,603) -741.40%

159,111 159,111 0.00% Unrealized Gains (losses) 212,806 212,806 0.00%

58,158 6,334 51,824 818.19% Change in Unrestricted Net Assets (193,457) 63,340 (256,797) -405.43%58,158 6,334 51,824 818.19% Total Change in Net Assets (193,457) 63,340 (256,797) -405.43%

(65,463) (8,333) (57,130) 685.59% Operating Margin (275,314) (83,330) (191,984) 230.39%(69,834) (8,333) (61,501) 738.04% Cash Operating Margin (308,935) (83,330) (225,605) 270.74%

American Baptist Properties F010


DESCRIPTION 07/31/09 09/30/08

ASSETSCash ($2,539) $141,901Marketable Securities 2,720,382 3,054,905Accounts Receivable, net 1,622 1,622


LONG TERM ASSETSLand, Buildings and Equipment 12,709,440Construction-in-Progress 229,992

Land, Buildings and Equipment - net 12,939,432

InterCompany - Due (To)/From (8,302,517) (4,000,271)Real Estate & Notes Receivable 3,999,594Other Assets 273,394 372,586

Total Long Term Assets 4,910,309 371,909

TOTAL ASSETS 7,629,774 3,570,337

LIABILITIES & NET ASSETSAccounts Payable and Other Accrued Expenses 42,183 39,289


LONG-TERM LIABILITIESLong Term Notes and Bonds Payable 7,325,000 3,075,000


NET ASSETSUnrestricted Net Assets 456,048 1,247,210Changes in Unrestricted Net Assets (193,457) (791,163)

Total Unrestricted Net Assets 262,591 456,047

TOTAL NET ASSETS 262,591 456,047


Balance check: 1

08/13/09 112:46 PM



July 31, 2009


Cash Flows from Operating Activities Cash Received from Resident Services ($175,000) ($175,000) Cash Received from Other Operating Income 175,000 175,000

(31,119) 14,667 (45,786) Cash Received from Investments (97,328) 146,670 (243,998)

(79,113) (8,333) (70,780) Cash Paid to Vendors 3,894,301 (83,330) 3,977,6318,375 8,375 Cash Paid for Interest (101,555) (101,555)

(101,857) 6,334 (108,191) Net Cash Provided by Operating Activites 3,695,418 63,340 3,632,078

Cash Flows from Investing Activities(11,471) (11,471) Acquistion of Property & Equipment (12,939,432) (12,939,432)31,120 (8,667) 39,787 Cash Invested in Current Marketable Securities 547,329 (86,670) 633,999

19,649 (8,667) 28,316 Net Cash Flows from Investing Activities (12,392,103) (86,670) (12,305,433)

Cash Flows from Financing Activities Payments of Notes and Bonds Payable 4,250,000 4,250,000

2,393 2,393 Cash Received from Intercompany Tranactions 4,302,246 4,302,246

2,393 2,393 Net Cash Flows from Financing Activities 8,552,246 8,552,246

(79,815) (2,333) (77,482) Increase (decrease) in Cash (144,439) (23,330) (121,109)

77,276 141,901 (64,625) Cash, Beginning Balance 141,901 141,901

($2,539) $139,568 ($142,107) Cash, Ending Balance ($2,538) $118,571 ($121,109)




July 31, 2009


Operating Activities$58,158 $6,334 ($51,824) Changes in net assets ($193,457) $63,340 $256,797


(159,111) (159,111) Increase in unrealized gains (212,806) (212,806)

Other changes in operating assets and liabilities: Resident Receivables (175,000) (175,000) Other Receivables 175,000 175,000

(1,898) (1,898) Intangibles and other assets 4,166,721 4,166,721(11,752) (11,752) Accounts payable 2,894 2,89412,746 12,746 Deferred bond costs (67,934) (67,934)

(904) (904) Total other changes 4,101,681 4,101,681

($101,857) $6,334 ($108,191) Net Cash Provided by Operating Activities $3,695,418 $63,340 $3,632,078
