FRASIER FORWARD: Look at us now ANNUAL REPORT | 2017 ▲ OUR VISION We will be the first choice for those seeking residential and health care services and for employees committed to serving them. We will continue to contribute to the health, happiness, and well-being of seniors through innovation, expansion of quality care, and support for our members and the greater community. CHAIRMAN’S REPORT LETTER FROM THE PRESIDENT Greetings! It was a year filled with progress and It’s been an inspiring and busy forward momentum! Celebrating our year for me as Chair of Frasier’s 57th year in 2017, Frasier is well known Board of Trustees. Our engaged for our vibrant residents, caring staff, board, participatory residents passionate Board, and our generous and professional staff have kept engagement with our community – the train on the tracks, and we’re both within our campus and in Boulder. moving forward! Frasier Forward! We took a GIANT Though we have been talking about recovering step forward and celebrated the kick-off of the construction from the flood for four and a half years, we are now phase of our Master Plan expansion, Frasier Forward, in indeed making major steps toward recovery! Two October, along with the much-anticipated demolition of our major financings of Frasier’s Master Plan construction old Assisted Living Building (damaged from the 2013 flood). project were approved and implemented in 2017. People want to live here! We welcomed 23 new residents in The first consolidated and refinanced previous debt, 2017 and averaged a 97% occupancy rate for independent and the second provided additional construction living with more than 400 on our wait list! Moreover, we funds through a private bond offering. concluded our pre-sale process for The Prairies, our new Fitch – the national credit rating company – evaluated 98 independent living residences, proposed to open in late Frasier’s operational strength and rated us BB+! 2019, by selling 100% of the apartments’ entrance fees by This was a first for Frasier and a very good rating. It May 2017! An incredible feat! speaks to the strength of Frasier as an institution, the Many milestones! There are so many, but to highlight a few: Boulder market, our management, and our strong We were successful in securing our first Fitch Rating; we financial footing. This then was the firm foundation completed financing of Frasier Forward; we were awarded on which we offered bonds that were in strong another five-year CARF re-accreditation for the third demand by commercial investment houses. consecutive time; and we implemented IT strategic initiatives In this report, you’ll see that Frasier continues to and plans to address our staff and resident technology needs. move strongly forward. I’m grateful for the support We continually strive for improvement in all that we do… of our residents, our Board, and our staff that while moving forward, we humbly honor our past. makes it all possible. With gratitude, Sincerely, Timothy A. Johnson, President and CEO James R. Topping, Chair, Frasier Board of Trustees 2 LEADERSHIP TEAM ▲ as of July 1, 2018 Timothy A. Johnson Tina Cunningham President and CEO Director of Quality and Compliance Nikki Lewis Chief Financial Officer Corey Dragge Director of Facilities BOARD OF TRUSTEES David Slack Chief Strategy Officer Kazoua Lee Director of Assisted Living Michelle McParland ▲ as of July 1, 2018 Vice President for Health Lindsay Levine and Supportive Services Director of Dining Services Lesley Radocy Tod Knox OFFICERS TRUSTEES Vice President for Wellness Director of Hospitality and Community Services James Topping Meredith Benedict Jeff Pucket Chair Beverly Carrigan Karla Rikansrud Director of Ellen Cotts Vice President for Philanthropy Information Technology Kaye Howe Leslie Durgin and Social Responsibility Vice Chair Bob Ritzen Jane Engel Jackie Stipe Director of Pastoral Care Carol Lynch Betty Hoye Senior Director of Secretary Jonathan Jones Julie Soltis Human Resources Jo Ann Joselyn Director of Communications John Frisbie Beau Rezendes Nicole Barabas Treasurer Eric Tanguay Rev. Dr. Scott Schiesswohl Director of Wellness Manager of Judy Scrimshire Molly Briggs Environmental Services James Williams Director of Community Life Stuart Wright Rose Whitley Kim Calahan Director of Marketing Director of Nursing 3 4 VIBRANT LIVING IS A WAY OF LIFE AT FRASIER Our energetic campus provides Whether that’s a group exercise a lifestyle in which residents can class through our Wellness Center, pursue a variety of lifelong passions, swimming some laps in our pool, intellectual experiences and recreational scheduling a treatment in our Healing opportunities. The commitment to Arts program, hiking, snowshoeing, helping residents live their fullest lives, or skiing, to taking in a show, concert, and our holistic approach to wellness, museum or restaurant around town, are unwavering for us. Encouraging a participating in an art class, book club, healthy mind, body and spirit, keeps or theology discussion, or volunteering our residents thriving and vibrant. for local organizations, being active and vibrant is a way of life at Frasier. Our entire staff (particularly Wellness, Community Life, and Pastoral Care) plan and set robust activity calendars throughout the year. On any given week (or day), our engaged residents have a choice of a number of things to do. Our residents are incredibly engaged so it’s only natural to have so much for them to do. It’s simply part of the Frasier fabric and lifestyle here. —Nicole Barabas, Director of Wellness 5 6 TEAM FRASIER — A FORCE AT WALK TO END ALZHEIMER’S The 3rd Annual Boulder Walk The Frasier planning to End Alzheimer’s was held committee for the Walk did on August 12, 2017, and an excellent job – dedicating despite some wet weather their time and effort in that caused the festival area organizing fundraising to move from Regent Field activities leading up to the to Herbst Plaza, the Walk was big day. Thank you Julie a tremendous success. Team Soltis (Chair); Whitney Garcia, Frasier’s residents, staff, family Molly Briggs, Emily Jackson, and friends came out in full Stephanie Willner, Anna Because of the generosity of our business force with more than 60 joining Hostetter, Sally Hall, Simone partners, Pinkard Construction, Hord Coplan in on the fun. Frasier was, once Kyeyune, and Linda Tuber! Macht, and Retirement Dynamics, along with again, honored to be the all the residents and friends of Frasier who Presenting Sponsor for the Overall, the Boulder Walk donated, Team Frasier was amazing and raised Boulder Walk. to End Alzheimer’s had over 1,120 participants, 113 teams, a little over $15,000. That’s a record for Team Because of the generosity and raised over $223,000!!! Frasier and an 85% increase from last year! of our business partners, Frasier continues to be a proud Pinkard Construction, Hord sponsor of this Coplan Macht, and Retirement amazing community event. Dynamics, along with all the residents and friends of Frasier who donated, Team Frasier raised a little over $15,000. That’s a record for Team Frasier and an 85% increase from 2016! 7 8 SOLD! 100% of the 98 apartments were pre-sold by May 2017 — five months ahead of schedule. GOING, GOING, GONE! It was late October 2016 when our Sales and Marketing team began “pre-selling”— accepting entrance fee deposits—for our new 98 Independent Living residences which were yet to be built. It was determined that an achievable, but, aggressive goal was to pre-sell the entire new building by October 2017. Not only did this “dream team” meet that goal, they beat it—by five months! As of May 2017, in a span of seven short months, 100% of the 98 apartments were spoken for, with a waiting list to boot! Technology played a role in helping meet this challenge. Through the magic of drone photography, prospective residents were given the opportunity to actually “see” what their new apartment’s views were when they were selecting their residence. This technology aided their decision to ensure they were choosing the best home for themselves. Future residents of the new Independent Living building, named The Prairies*, had the choice of 14 new floor plans, each perfectly suited to today’s modern senior. Many of The Monarch, one of the 98 residences were thoughtfully designed to maximize the spectacular views of fourteen floorplans. the Flatirons with all having outdoor living space with private covered balconies. *officially named in February 2018 9 FRASIER HONORS THE PAST AND BUILDS FOR THE FUTURE “Frasier Forward,” a celebration and blessing of our Master Plan expansion, kicked off the $90+ million construction project as well as the ceremonial demolition of our old Assisted Living building. We recognized our progress since the great flood of September 2013, by entering into the construction phase and commemorating Frasier Forward. It was a beautiful, breezy Saturday, on October 14, 2017. Over 300 people attend the festivities that included speeches from Boulder Mayor Suzanne Jones, State Representative Edie Hooton, Reverend Karen Howe, Frasier Board of Trustees Past Chair Jon Kottke, Frasier President and CEO Timothy A. Johnson, Frasier Chaplain Bob Ritzen, Frasier resident (and past Colorado State Representative and State Senator) Dorothy Rupert, and Frasier resident Alex Herzog. A highlight of the event was the ceremonial demolition of the Frasier old Assisted Living building. Residents, guests, and staff alike were delighted with the opportunity to take “swipes” of the old building from huge excavators. “Truly, Frasier’s past is the foundation that inspires our future dreams. After the devastating 2013 flood that greatly affected us, a new genesis of our Master Plan began to take shape. It’s been four years of planning and working with the residents, staff, the City, and our Master Plan partners, to arrive at this point – and we couldn’t be more pleased for the future of Frasier,” stated Tim Johnson.