2014 Annual Report { FY2013 } Pickersgill Retirement Community Mission Statement Pickersgill is a nonprofit retirement community with a strong heritage of benevolent purpose. Begun in 1802 by a small group of caring women, Pickersgill is dedicated to helping each person achieve, with dignity, the proper balance between independence and assistance. We take pride in our blend of traditional values with contemporary living. We provide a comfortable home and high- quality care at a reasonable cost, and promote each resident’s vitality of spirit. 2013 Board of Directors Mrs. Carlyle Barton, Jr. Mrs. Gordon Croft Mrs. Jean R. Lillquist Mrs. Jack Smith Mrs. G. Wayne Berry Mrs. Dennis Finnegan Mrs. Carol Long Mackay Mrs. Stephen Tully Mrs. Brian W. Brooke, President Mrs. Robert W. Flower Mrs. William A. Mangels Hon. Jana Corn Burch Mrs. Jane S. Heill Mrs. Russell P. Rich Ms. Marsha Carroll Mrs. Ellen Hennessey Mrs. Judith M. Schiavi 2 A Message From The President of the Board of Directors and the Executive Director Mary Pickersgill with her sister Family Hannah Fearson, c. 1850. As we at Pickersgill keep up with society’s march into exudes a sense of family. Residents meet and the twenty-first century, our residents continue to enjoy become friends at meals in the dining rooms or the the comfort and pleasure of living in their own home grille, on excursions, and through participation in within a nurturing community – in short, as part of a a myriad of activities from bingo to current events family. If you take a moment to peruse the personal discussions to exercise classes to special programs stories on our Web site, you’ll see how our residents are to Happy Hours, and more. Even the layout of thriving in their new extended family— a family that has Pickersgill was designed for mingling. Sprinkled been expanded through social activities and shared life throughout the buildings are areas where residents experiences to encompass many new Pickersgill friends and can relax and chat, visit with family and friends, read, caring staff members. and work on communal jigsaw puzzles. Our community is such a comfortable, interactive one that it is common to Pickersgill is unique among all other retirement communities in hear staff and residents cheerfully greet one another by name. many ways. It’s been in existence since 1802 and is the second oldest retirement community in the country. It was named after Mary Pickersgill, Families come in many different forms. At Pickersgill our family consists one of its early board presidents, who sewed the flag that flew over Fort of staff, residents, and volunteers, all of whom care deeply for one another. McHenry during the War of 1812 and inspired the national anthem. We understand that family is the most important thing in a person’s However, it is Pickersgill’s continuing charitable mission that defines its life, and everything we do here at Pickersgill is geared toward providing most unique quality. This mission is fullfilled by The Benevolent Care kindness, care, and support for every one of our residents. Fund which offers security and peace of mind to those residents who It is with love for our residents and pride in our ability to transition them into occasionally need some financial assistance so they need not worry they their new Pickersgill family that we submit this FY 2013 Annual Report to will lose their home should they outlive their assets. We are very proud you. Thank you for helping us provide them with this nurturing community. of our strong heritage of benevolent purpose and it continues to be an important part of what makes Pickersgill so special. Pickersgill is also very proud of being multi generational. In many cases, Ann Brooke Brant Hart our residents can boast of great-grandparents who made their homes at President, Executive Director Pickersgill, as well as parents, aunts, uncles, cousins, and siblings. Frequently Board of Directors we have two or even three relatives living here at the same time. Friends visit and decide this is where they want to live, too. Why? Because Pickersgill 3 financial Highlights OPERATIONAL ASSETS 2013 2012 LIABILITIES AND NET ASSETS 2013 2012 REVENUE BY SOURCE CURRENT ASSETS CURRENT LIABILITIES Resident fees Cash and cash equivalents $5,023,950 $3,078,534 Accounts payable $380,714 $434,421 10,650,445 Short term investments 2,696,050 2,112,775 Accrued expenses 454,278 460,834 Contributions and Bequests Accounts receivable- net 693,492 396,633 Current portion of long-term debt 1,000,035 1,000,000 313,489 Accrued investment income 146,430 152,664 Current portion of capital leases - 58,742 Gains on Investments Prepaid expenses 222,370 229,163 Total current liabilities 1,869,992 1,953,997 744,721 Other current assets 12,985 37,668 Other LONG-TERM LIABILITIES Total current assets 8,795,277 6,007,437 101,373 Long-term debt, net of PROPERTY, PLANT AND current portion 28,630,000 29,665,000 EQUIPMENT- NET 31,588,420 31,707,586 Derivative financial instrument 2,876,662 5,554,190 OTHER ASSETS Security deposits 261,633 266,021 Investments 48,679,966 41,959,041 Obligation to provide future services Deferred financing costs- net 1,252,414 1,333,123 and use of facilities, in excess Resident fund reserves 264,182 286,386 of amounts received or to be received 24,441 34,152 Deposits 210,138 209,722 Deferred revenue from advance fees 853 1,547 Total other assets 50,406,700 43,788,272 Long-term liabilities 31,793,589 35,520,910 TOTAL ASSETS $90,760,397 $81,503,295 Total liabilities 33,663,581 37,474,907 2013 INVESTMENT NET ASSETS COMMITTEE Unrestricted 57,071,720 43,997,779 Robert W. Bogue, Chairman Temporarily restricted 25,096 30,609 Byron Epple R. Taylor McLean Mary Gregory Michael A. Meredith Total net assets 57,096,816 44,028,388 Monica Hausner Robert L. Oster TOTAL LIABILITIES AND Robert C. Lewis NET ASSETS $90,760,397 $81,503,295 4 report from the Apartment Residents’ Association The purpose of the Apartment Residents’ Association is to enhance the welfare of the apartment residents by promoting ways to make their lives more interesting, enjoyable, and beneficial. The Association encourages fellowship and participation in all cultural, recreational, religious, and social programs. Association officers also meet regularly with Pickersgill’s Executive Director and staff, as well as with members of the Pickersgill Board. The following Association activities were recorded during 2013: • Residents held two food drives for Towson area churches resulting in 38 bags of canned foods and over $700 in cash donations to Assistance Center for Towson Churches • $275 was donated to the Benevolent Care Fund in memory of deceased residents • The Spiritual Life Committee was formed consisting of Board Members and residents From left to right: Bud Ivey, Assistant Treasurer; • Two new non-denominational worship services were formed for residents Sarah Tullis, Secretary; Mary Lou Fish, President; Virginia Price, Treasurer and Dr. Robert Duvall, Vice President Members of the Apartment Residents’ Association regularly volunteer to maintain the library, plants, and clocks; staff the Convenience Store; and assist with religious services, social hours, games, and programs. We are all indebted to the many Association volunteers and the ladies of the Board of Directors who give so generously of their time. Mary Lou Fish President, Pickersgill Apartment Residents’ Association 5 Ms. Virginia Alquist Ms. Ethel Felber Mrs. Mary Barton Mrs. Fran Finnegan Ms. Ann Beery Ms. Mary Lou Fish Ms. Christina Beltran Mrs. Nancy Flower Ms. Grace Benson Mrs. Elaine Gehris Mrs. Rosemary Berry Mrs. Rosemary Giovannoni Rev. Donald Boardman Mrs. Molly Golden Ms. Joanne Bossle Mrs. Mary Ellen Haddad Mrs. Ann Brooke Ms. Esther Hall Ms. Beulah Brown Mrs. Mary Jane Hall special thanks to Hon. Jana Corn Burch Ms. Jeanne Hansen Ms. Marsha Carroll Ms. Emily Harrigan Mrs. Peggy Castagna Ms. Dorothy Hasson Our Volunteers... Ms. Joanne Chamberlain Ms. Tracy Hauser Mrs. Emma Chatham Ms. Nancy Heese Volunteers aren’t paid, not because they are worthless, Ms. Jennie Christiana Mrs. Jane Heill but because they are priceless. Mrs. Monica Christiana Mrs. Ellen Hennessey —Anonymous Mrs. Sina Cook Ms. Mary Holland Mrs. Jane Croft Ms. Dorothy Hopkins Pickersgill Retirement Community is enormously grateful to its Ms. Catherine Cronin Mr. Lester Horn volunteers. From visiting with pets to helping residents get to various Mr. Edmund Cronin Mrs. Susie Hunter activities, our volunteers selflessly give of their time and talents to Ms. Tina Darrell Mr. William Hunter enhance the quality of life for Pickersgill residents. Mrs. Elinore Davidson Mr. Bud Ivey Mr. Gene Dunkel Ms. Michele Jackson Ms. Julie Eastwick Ms. Reada Jasper Mr. Matthew Eberly Ms. Cheryl Karcher Mrs. Lois Evans Ms. Bea Kennedy ““When I come here I feel like I’m coming home. The staff calls me Mom, and everybody knows me.” —Resident’s family member 6 Ms. June Kimmelshue Mrs. Francine Sellinger Pickersgill is also grateful to the many Mrs. Shirley Knode Ms. Peggy Shaffrey students who choose to volunteer at Mr. Bob Knowles Ms. Claire Shepard Pickersgill from schools, colleges and Ms. May Koch Ms. Betty Shock universities all over the Baltimore Mr. Bruce Kyle Ms. Ann Shuman metro area. The following schools Mrs. Karen Kyle Rev. Ernest Smart were represented in 2013: Sr. Denise Labonte Ms. Janice Smart Ms. Anne Laidlaw Mrs. Jean Smith Calvert Hall High School Ms. Lynn Lehneis Mr. Jack Smith Dulaney High School Mrs. Judy Lichty Mrs. Claire Smith Friends School Mrs. Jean Lillquist Mrs. Valerie Smitheman-Brown Garrison Forest School Ms. Jane Lovelace Mrs. Daisy Strasinger Gilman Boys School Mrs.