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TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is atwww.irs.gov/form990.
OMB No. 1545-0047
2015
Open to Public
Inspection
Inspection
Name of the organization
STAMFORD ELDERLY HOUSING CORPORATION
D/B/A SCOFIELD MANOR
D/B/A SCOFIELD MANOR
Employer identification number
06-1083307
06-1083307
| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 3 | SCOFIELD MANOR IS OWNED AND OPERATED BY CHARTER OAK COMMUNITIES FORMERLY THE STAMFORD ELDERLY HOUSING CORPORATION. |
| FORM 990, PART VI, SECTION B, LINE 11 | THE FORM 990 IS PREPARED BY OUR EXTERNAL ACCOUNTING FIRM AND PRESENTED TO THE EXECUTIVE DIRECTOR FOR REVIEW. ACTING UNDER THE DIRECTION OF THE BOARD OF DIRECTORS, THE EXECUTIVE DIRECTOR SIGNS AND FILES THE FORM 990 ONCE IT HAS BEEN REVIEWED AND APPROVED FOR FINAL SUBMISSION. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE BOARD OF DIRECTORS AND KEY EMPLOYEES ARE REQUIRED TO COMPLETE A CONFLICT OF INTEREST DISCLOSURE FORM AND UPDATE THE INFORMATION AT ANY TIME A MATTER OF DISCUSSION SHOULD ARISE. |
| FORM 990, PART VI, SECTION C, LINE 19 | SCOFIELD MANOR MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICIES, AND FINANCIAL STATEMENTS AVAILABLE FOR PUBLIC INSPECTION, UPON REQUEST, AT ITS ADMINISTRATIVE OFFICE LOCATION IN STAMFORD, CT. |
| FORM 990, PART XI, LINE 2C: | THE BOARD OF DIRECTORS IS CHARGED WITH THE RESPONSIBILITY FOR THE SELECTION OF THE ORGANIZATION'S INDEPENDENT AUDITORS, AND FOR THE OVERSIGHT OF ITS FINANCIAL STATEMENTS. |
| SCHEDULE R, PART II: | ALL STAFF OF SCOFIELD MANOR ARE EMPLOYEES OF CHARTER OAK COMMUNITIES (COC). IN ADDITION, ALL OPERATING EXPENSES OF SCOFIELD MANOR ARE PAID OUT OF A REVOLVING FUND OPERATED BY COC. ON A MONTHLY BASIS, COC CHARGES SCOFIELD MANOR THE DIRECT COSTS OF SCOFIELD MANOR INCLUDING THE COST OF ITS STAFF, INCLUDING PAYROLL TAXES AND BENEFITS, AND ALL OTHER OPERATING EXPENSES. THE AMOUNTS ADVANCED ARE NONINTEREST BEARING AND ARE DUE ON DEMAND. AT SEPTEMBER 30, 2016 AND 2015, THE AMOUNTS DUE TO COC WERE $163,426 AND $234,549, RESPECTIVELY. ON OCTOBER 1, 2012, SCOFIELD MANOR ENTERED INTO AN AGREEMENT WITH COC TO CONVERT $171,477 OF THE OUTSTANDING BALANCE INTO A PROMISSORY NOTE. IN ACCORDANCE WITH THE PROMISSORY NOTE, THE UNPAID PRINCIPAL BALANCE BEARS NO INTEREST. SCOFIELD MANOR IS REQUIRED TO MAKE PRINCIPAL PAYMENTS ON THE PROMISSORY NOTE BASED ON NET CASH FLOW, DEFINED AS ALL CASH FLOW AVAILABLE AT THE END OF EACH FISCAL YEAR, ON AN ANNUAL BASIS. DURING THE YEAR ENDED SEPTEMBER 30, 2015, SCOFIELD MANOR MADE A PRINCIPAL PAYMENT OF $25,000 OUT OF AVAILABLE CASH, REDUCING THE TOTAL OUTSTANDING AMOUNT TO $146,477 AS OF SEPTEMBER 30, 2015. NO PRINCIPAL PAYMENTS WERE MADE DURING THE YEAR ENDED SEPTEMBER 30, 2016. THE REMAINING OUTSTANDING PRINCIPAL BALANCE IS DUE AND PAYABLE NO LATER THAN SEPTEMBER 30, 2017. EFFECTIVE OCTOBER 1, 2016, THE COMPANY AMENDED THE PROMISSORY NOTE WITH COC FOR THE REMAINING BALANCE OUTSTANDING OF $146,477. THE AMENDED NOTE BEARS NO INTEREST AND REQUIRES THE COMPANY TO MAKE SEVENTEEN PAYMENTS OF $8,000 COMMENCING OCTOBER 1, 2016 THROUGH FEBRUARY 1, 2018 AND A FINAL PAYMENT OF $10,477 ON MARCH 1, 2018. THE NOTE MAY BE PREPAID AT ANY TIME PRIOR TO THE MATURITY WITHOUT PENALTY. IN ADDITION, COC PROVIDES MANAGEMENT SERVICES INCLUDING BOOKKEEPING, PERSONNEL, INFORMATION TECHNOLOGY, STRATEGIC SUPPORT, AND OTHER SERVICES TO SCOFIELD MANOR. IN THE YEARS ENDED SEPTEMBER 30, 2016 AND 2015, SCOFIELD MANOR INCURRED MANAGEMENT FEES IN THE AMOUNT OF $103,045 AND $106,748, RESPECTIVELY, FOR MANAGEMENT SERVICES PROVIDED BY COC. MANAGEMENT FEES CHARGED IN 2016 AND 2015 REPRESENT 4.5 PERCENT OF NET OPERATING REVENUE, AS OUTLINED IN THE MANAGEMENT AGREEMENT. EFFECTIVE OCTOBER 1, 2016, THE COMPANY ENTERED INTO A NEW MANAGEMENT AGREEMENT COC. EFFECTIVE WITH THE DATE OF THE NEW AGREEMENT, MANAGEMENT FEES CHARGED WILL REPRESENT 5.5 PERCENT OF NET OPERATING REVENUE, AS OUTLINED IN THE MANAGEMENT AGREEMENT. SCOFIELD MANOR PROVIDES MEALS TO WORMSER CONGREGATE HOUSING, A FACILITY OPERATED BY COC. THE TOTAL AMOUNT OF THIS CONTRACT IS REPORTED AS FOOD SERVICE REVENUE IN THE ACCOMPANYING STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (DEFICIENCY). AMOUNTS OUTSTANDING UNDER THIS CONTRACT, INCLUDED IN ACCOUNTS RECEIVABLE IN THE AMOUNT OF $56,908 FOR THE YEAR ENDED 2016. THERE WERE NO AMOUNTS OUTSTANDING AT SEPTEMBER 30, 2015. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2015
Additional Data
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