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Schedule K
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Information on Tax-Exempt Bonds
right arrow Complete if the organization answered "Yes" to Form 990, Part , line 24a. Provide descriptions,
explanations, and any additional information in Part .
right arrow Attach to Form 990.

right arrowGo to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2022
Open to Public
Inspection
Name of the organization
OHIO LIVING COMMUNITIES
 
Employer identification number
34-4429863
Part
Bond Issues
(a) Issuer name (b) Issuer EIN (c) CUSIP # (d) Date issued (e) Issue price (f) Description of purpose (g) Defeased (h) On
behalf of
issuer
(i) Pool
financing
Yes No Yes No Yes No
A COUNTY OF FRANKLIN OHIO 2016 A&B HEALTHCARE REF REV BOND
 
31-6400067   06-15-2016 60,000,000 SEE PART V   X   X   X
B COUNTY OF FRANKLIN OHIO 2016 C&D HEALTHCARE REF REV BOND
 
31-6400067 353180JW3 10-27-2016 34,170,536 SEE PART V   X   X   X
C COUNTY OF FRANKLIN OHIO 2017 A&B HEALTHCARE REF REV BOND
 
31-6400067   09-06-2017 65,597,000 SEE PART V   X   X   X
D COUNTY OF FRANKLIN OHIO 2017 C HEALTHCARE REF REV BOND
 
31-6400067   12-21-2017 12,260,000 SEE PART V   X   X   X
Part
Proceeds
A B C D
1 Amount of bonds retired .................. 32,183,565 3,826,431 29,678,895 4,856,093
2 Amount of bonds legally defeased ..............        
3 Total proceeds of issue .................. 60,000,000 34,354,244 65,597,000 12,260,000
4 Gross proceeds in reserve funds .............   2,085,831    
5 Capitalized interest from proceeds .............        
6 Proceeds in refunding escrows ...............        
7 Issuance costs from proceeds ...............   625,617 110,998  
8 Credit enhancement from proceeds .............        
9 Working capital expenditures from proceeds .............        
10 Capital expenditures from proceeds .............        
11 Other spent proceeds ............. 60,000,000 31,642,796 65,486,002 12,260,000
12 Other unspent proceeds .............        
13 Year of substantial completion ............. 2016 2016 2016 2016
Yes No Yes No Yes No Yes No
14 Were the bonds issued as part of a current refunding issue of tax-exempt
bonds (or, if issued prior to 2020, a current refunding issue)? ........
X   X   X   X  
15 Were the bonds issued as part of an advance refunding issue of taxable
bonds (or, if issued prior to 2020, an advance refunding issue)? ........
  X   X   X   X
16 Has the final allocation of proceeds been made? .......... X   X   X   X  
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? .................. X   X   X   X  
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50193E
Schedule K (Form 990) 2022
Page 2

Schedule K (Form 990) 2022
Page 2
Part
Private Business Use
A B C D
Yes No Yes No Yes No Yes No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? .............   X   X   X   X
2 Are there any lease arrangements that may result in private business use of bond-financed property? ...............   X   X   X   X
3a Are there any management or service contracts that may result in private business use of bond-financed property? ............. X   X   X   X  
b If "Yes" to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property? X   X   X   X  
c Are there any research agreements that may result in private business use of bond-financed property? .............   X   X   X   X
d If "Yes" to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property?                
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government ....right arrow 0.270 % 0 % 0 % 0.680 %
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government ......... right arrow 0.010 % 0 % 0 % 0.010 %
6 Total of lines 4 and 5 ............. 0.280 % 0 % 0 % 0.690 %
7 Does the bond issue meet the private security or payment test? ... X     X   X   X
8a Has there been a sale or disposition of any of the bond-financed property to a nongovernmental person other than a 501(c)(3) organization since the bonds were issued?............. X   X   X   X  
b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of. .. 4.340 % 8.080 % 8.220 % 5.580 %
c If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections 1.141-12 and 1.145-2? ............. X   X   X   X  
9 Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance with the requirements under
Regulations sections 1.141-12 and 1.145-2? ........
X   X   X   X  
Part
Arbitrage
A B C D
Yes No Yes No Yes No Yes No
1 Has the issuer filed Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate? ...   X   X   X   X
2 If "No" to line 1, did the following apply? ....
a Rebate not due yet? .......   X   X X   X  
b Exception to rebate? ........ X     X X   X  
c No rebate due? .........   X X     X   X
If "Yes" to line 2c, provide in Part the date the rebate
computation was performed ......
3 Is the bond issue a variable rate issue? ..... X   X   X   X  
Schedule K (Form 990) 2022
Page 3

Schedule K (Form 990) 2022
Page 3
Part
Arbitrage (Continued)
A B C D
Yes No Yes No Yes No Yes No
4a Has the organization or the governmental issuer entered into a qualified hedge with respect to the bond issue? X     X X   X  
b Name of provider .......... PNC BANK NA
 
 
 
PNC BANK NA
 
MORGAN STANLEY
 
c Term of hedge ......... 2000.0000000000 %   2000.0000000000 % 3000.0000000000 %
d Was the hedge superintegrated? ......   X       X   X
e Was the hedge terminated? ........   X       X   X
5a Were gross proceeds invested in a guaranteed investment contract (GIC)?   X   X   X   X
b Name of provider ..........  
 
 
 
 
 
 
 
c Term of GIC .........        
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? ........                
6 Were any gross proceeds invested beyond an available temporary period?   X   X   X   X
7 Has the organization established written procedures to monitor the requirements of section 148? ... X   X   X   X  
Part
Procedures To Undertake Corrective Action
A B C D
Yes No Yes No Yes No Yes No
Has the organization established written procedures to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations? X   X   X   X  
Part
Supplemental Information. Provide additional information for responses to questions on Schedule K. (See instructions).
Return Reference Explanation
SCHEDULE K SUPPLENTAL INFORMATION IN JUNE 2016, OLC ISSUED $60,000,000 OF HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, CONSISTING OF $30,000,000 SERIES 2016A AND $30,000,000 2016B. PROCEEDS WERE USED TO CURRENT REFUND $60,000,000 COUNTY OF FRANKLIN, OHIO HEALTH CARE FACILITIES REVENUE BONDS SERIES 2006A (ISSUED JUNE 20, 2006). IN SEPTEMBER 2016, OLC ISSUED $32,130,000 OF HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, CONSISTING OF $21,955,000 SERIES 2016C AND $10,175,000 2016D. PROCEEDS WERE USED TO CURRENT REFUND COUNTY OF FRANKLIN, OHIO HEALTH CARE FACILITIES REVENUE BONDS SERIES 2002A, SERIES 2002B AND SERIES 2005A (ISSUED MARCH 31, 2005). IN SEPTEMBER 2017, OLC ISSUED $60,000,000 OF HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, CONSISTING OF $38,750,000 SERIES 2017A AND $26,847,000 2017B. PROCEEDS WERE USED TO CURRENT REFUND COUNTY OF FRANKLIN, OHIO HEALTH CARE FACILITIES REVENUE BONDS SERIES 2011 (ISSUED JUNE 30, 2011) AND SERIES 2016A (ISSUED JUNE 15, 2016). IN DECEMBER 2017, OLC ISSUED $12,260,000 OF HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, SERIES 2017C. PROCEEDS WERE USED TO CURRENT REFUND COUNTY OF FRANKLIN, OHIO HEALTH CARE FACILITIES REVENUE BONDS SERIES 2005B (ISSUED MARCH 31, 2005). IN APRIL 2019, OLC ISSUED $25,000,000 OF HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, SERIES 2019A. PROCEEDS WERE USED TO CURRENT REFUND COUNTY OF FRANKLIN, OHIO HEALTH CARE FACILITIES REVENUE BONDS SERIES 2013B (ISSUED NOVEMBER 19, 2013). INVESTMENT EARNINGS FOR THE 2013A, 2016C AND 2020B BOND SERIES HAVE BEEN ADDED TO THE TOTAL PROCEEDS OF ISSUE LINE. IN JULY 2020, OLC ISSUED $21,415,000 OF HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, SERIES 2020A. PROCEEDS WERE USED TO CURRENT REFUND COUNTY OF FRANKLIN, OHIO HEALTH CARE FACILITIES REVENUE BONDS SERIES 2010A (ISSUED JUNE 30, 2010). IN SEPTEMBER 2020, OLC ISSUED $27,885,000 OF HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, SERIES 2020B. THE PROCEEDS WILL BE USED TO FINANCE THE ACQUISITION, CONSTRUCTION AND INSTALLATION OF "HOSPITAL FACILITIES". IN APRIL 2022, OLC ISSUED $40,160,000 OF HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, SERIES 2022. PROCEEDS WERE USED TO CURRENT REFUND COUNTY OF FRANKLIN, OHIO HEALTH CARE FACILITIES REVENUE BONDS SERIES 2013A (ISSUED NOVEMBER 19, 2013).
PART I COLUMN 10 COUNTY OF FRANKLIN, OHIO HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, SERIES 2016B (OPRS COMMUNITIES) (THE "SERIES 2016B BONDS"). DEEMED REISSUANCE OF $1,788,967.35 APPLIED ON A PRO RATA BASIS ACROSS ALL MATURITIES OF THE SERIES 2016B BONDS. NO CUSIP NUMBER. COUNTY OF FRANKLIN, OHIO HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, SERIES 2016C AND 2016D (OPRS COMMUNITIES) (THE "SERIES 2016CD BONDS"). DEEMED REISSUANCE OF $764,478.51 APPLIED ON A PRO RATA BASIS ACROSS ALL MATURITIES OF THE SERIES 2016D BONDS. THE SERIES 2016D BONDS WERE ISSUED ON OCTOBER 27, 2016. CUSIP NUMBER 353180JW3. COUNTY OF FRANKLIN, OHIO HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, SERIES 2017A (OHIO LIVING COMMUNITIES) (THE "2017A BONDS") AND HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, SERIES 2017B (OHIO LIVING COMMUNITIES) (THE "2017B BONDS AND TOGETHER WITH THE 2017A BONDS, THE "SERIES 2017AB BONDS"). DEEMED REISSUANCE OF $3,708,191.30 APPLIED ON A PRO RATA BASIS ACROSS ALL MATURITIES OF THE SERIES 2017AB BONDS. THE SERIES 2017AB BONDS WERE ISSUED ON SEPTEMBER 6, 2017. NO CUSIP NUMBER. COUNTY OF FRANKLIN, HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, SERIES 2017C (OHIO LIVING COMMUNITIES) (THE "SERIES 2017C BONDS"). DEEMED REISSUANCE OF $1,102,898.37 APPLIED ON A PRO RATA BASIS ACROSS ALL MATURITIES OF THE SERIES 2017C BONDS. THE SERIES 2017C BONDS WERE ISSUED ON DECEMBER 21, 2017. NO CUSIP NUMBER.
PART I COLUMN 11 THE SERIES 2016CD BONDS. DEEMED REISSUANCE OF $741,285.86 APPLIED ON A PRO RATA BASIS ACROSS ALL MATURITIES OF THE SERIES 2016CD BONDS. CUSIP NUMBER 353180JW3.
PART II LINE 3 TO THE EXTENT THAT AMOUNTS ON LINE 3 EXCEED THE ISSUE PRICE OF ANY PARTICULAR ISSUE, SUCH EXCESS REPRESENTS INVESTMENT EARNINGS ON PROCEEDS OF SUCH ISSUE.
PART II LINE 4 THE AMOUNT IN COLUMN 4 WAS REDUCED BY $98,178 TO ACCOUNT FOR THE AMOUNTS ALLOCABLE TO THE SERIES 2016D BONDS THAT WERE REISSUED. SUCH AMOUNTS ARE REFLECTED IN COLUMNS 10 AND 11.
PART III COLUMN 10 ON JANUARY 31, 2020, OHIO LIVING COMMUNITIES ("OHIO LIVING") SOLD ONE OF ITS SENIOR LIVING FACILITIES, PARK VISTA ("PARK VISTA"), WHICH WAS FINANCED AND REFINANCED WITH PROCEEDS OF SEVERAL SERIES OF BONDS. IN CONNECTION WITH THE SALE OF PARK VISTA, OHIO LIVING EXERCISED THE REMEDIAL ACTIONS PROVIDED UNDER TREASURY REGULATIONS SECTION 1.141-12(D) AND (E). WITH RESPECT TO THE REMEDIAL ACTION EXERCISED UNDER TREASURY REGULATIONS SECTION 1.141-12(D) OHIO LIVING (I) DEFEASED $2,790,000 OF THE COUNTY OF FRANKLIN, OHIO HEALTH CARE FACILITIES IMPROVEMENT REVENUE BONDS, SERIES 2013A (OPRS COMMUNITIES) (THE "2013A BONDS") AND ESTABLISHED SUCH ESCROW ON APRIL 1, 2020 AND PROVIDED NOTICE OF SUCH DEFEASANCE TO THE INTERNAL REVENUE SERVICE ON JUNE 24, 2020, (II) REDEEMED $205,000 OF THE 2013A BONDS ON APRIL 1ST, 2020, (III) REDEEMED $726,020 OF THE COUNTY OF FRANKLIN, OHIO HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, SERIES 2016D ON APRIL 1ST, 2020 AND (IV) REDEEMED $1,470,196 COUNTY OF FRANKLIN, OHIO HEALTHCARE REFUNDING REVENUE BONDS, SERIES 2019A ON APRIL 1ST, 2020. OHIO LIVING EXERCISED THE REMEDIAL ACTION PROVIDED UNDER TREASURY REGULATIONS SECTION 1.141-12(E), RESULTING IN A DEEMED REISSUANCE OF THE FOLLOWING ISSUES IN THE FOLLOWING AMOUNTS: COUNTY OF FRANKLIN, OHIO HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, SERIES 2017A (OHIO LIVING COMMUNITIES) (THE "2017A BONDS") AND HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, SERIES 2017B (OHIO LIVING COMMUNITIES) (THE "2017B BONDS AND TOGETHER WITH THE 2017A BONDS, THE "SERIES 2017AB BONDS"). DEEMED REISSUANCE OF $3,708,191.30 APPLIED ON A PRO RATA BASIS ACROSS ALL MATURITIES OF THE SERIES 2017AB BONDS. COUNTY OF FRANKLIN, HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, SERIES 2017C (OHIO LIVING COMMUNITIES) (THE "SERIES 2017C BONDS"). DEEMED REISSUANCE OF $1,102,898.37 APPLIED ON A PRO RATA BASIS ACROSS ALL MATURITIES OF THE SERIES 2017C BONDS. COUNTY OF FRANKLIN, OHIO HEALTH CARE FACILITIES REFUNDING REVENUE BONDS, SERIES 2016C AND 2016D (OPRS COMMUNITIES) (THE "SERIES 2016CD BONDS"). DEEMED REISSUANCE OF $764,478.51 APPLIED ON A PRO RATA BASIS ACROSS ALL MATURITIES OF THE SERIES 2016D BONDS. COUNTY OF FRANKLIN, OHIO HEALTH CARE FACILITIES IMPROVEMENT REVENUE BONDS, SERIES 2010A (OHIO PRESBYTERIAN RETIREMENT SERVICES) (THE "SERIES 2010A BONDS"). DEEMED REISSUANCE OF $3,050,312.99 APPLIED ON A PRO RATA BASIS ACROSS ALL MATURITIES OF THE SERIES 2010A BONDS. OHIO LIVING SPENT THE DEEMED REISSUED AMOUNTS OF EACH ISSUE NO LATER THAN JANUARY 31, 2022.
PART III COLUMN 11 ON AUGUST 9, 2019, OHIO LIVING SOLD ITS CORPORATE OFFICE BUILDING WHICH WAS FINANCED WITH PROCEEDS OF THE SERIES 2016CD BONDS. OHIO LIVING EXERCISED THE REMEDIAL ACTION PROVIDED UNDER TREASURY REGULATIONS SECTION 1.141-12(E), RESULTING IN A DEEMED REISSUANCE OF THE FOLLOWING ISSUES IN THE FOLLOWING AMOUNTS: DEEMED REISSUANCE OF $741,258.86 APPLIED ON A PRO RATA BASIS ACROSS ALL MATURITIES OF THE SERIES 2016CD BONDS.
Schedule K (Form 990) 2022

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