text:
New Filings
Bluegreen Vacations Holding Corp - FORM 10-Q - August 7, 2015
EX-32.1 - EX-32.1 - Bluegreen Vacations Holding Corp bfcf-20150630xex321.htm
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarter Ended June 30, 2015
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
BFC Financial Corporation
59‑2022148
(State or other jurisdiction of incorporation or organization)
(I.R.S Employer Identification No.)
401 East Las Olas Boulevard, Suite 800
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YES [X]NO [ ]
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "large accelerated filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer [ ]
Accelerated filer [X]
Non-accelerated filer [ ]
Smaller reporting company [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES [ ]NO [ X ]
The number of shares outstanding of each of the registrant's classes of common stock as of August 3, 2015 is as follows:
Class A Common Stock of $.01 par value, 76,982,430 shares outstanding.
Class B Common Stock of $.01 par value, 10,127,860 shares outstanding.
Arch 31, 2013
Consolidated Statements of Financial Condition as of June 30, 2015 and December 31, 2014 -Unaudited
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2015 and 2014 - Unaudited
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2015 and 2014 - Unaudited
Consolidated Statements of Changes in Equity for the Six Months Ended June 30, 2015 and 2014 - Unaudited
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2015 and 2014 - Unaudited
Notes to Consolidated Financial Statements - Unaudited
PART I – FINANCIAL INFORMATION
Consolidated Statements of Financial Condition - Unaudited
(In thousands, except share data)
Cash and interest bearing deposits in banks ($123 in 2015 and $4,993 in 2014
held by variable interest entities ("VIEs"))
Restricted cash ($29,474 in 2015 and $31,554 in 2014 held by VIEs)
Loans held for sale ($0 in 2015 and $35,423 in 2014 held by VIEs)
Loans receivable, net of allowance for loan losses of $172 in 2015 and $977 in 2014
(including $0 in 2015 and $18,972, net of $977 allowance in 2014 held by VIE)
Notes receivable, including net securitized notes held by VIEs of $291,551 in 2015
and $293,950 in 2014, net of allowance of $101,899 in 2015 and $102,566 in 2014
Real estate held for investment ($0 in 2015 and $19,945 in 2014 held by VIEs)
Real estate held for sale ($0 in 2015 and $13,745 in 2014 held by VIEs)
Investments in unconsolidated real estate joint ventures
Properties and equipment, net ($0 in 2015 and $7,561 in 2014 held by VIEs)
Goodwill and intangible assets, net
Other assets ($13 in 2015 and $1,017 in 2014 held by VIEs)
BB&T preferred interest in FAR, LLC ($0 in 2015 and $12,348 in 2014 held by VIEs)
Receivable-backed notes payable - recourse
Receivable-backed notes payable - non-recourse (held by VIEs)
Notes and mortgage notes payable and other borrowings
Junior subordinated debentures
Shares subject to mandatory redemption
Other liabilities ($32 in 2015 and $12,602 in 2014 held by VIEs)
Commitments and contingencies (See Note 12)
Preferred stock of $.01 par value; authorized 10,000,000 shares:
Redeemable 5% Cumulative Preferred Stock of $.01 par value; authorized 15,000 shares;
issued and outstanding 15,000 shares with a stated value of $1,000 per share
Class A common stock of $.01 par value, authorized 150,000,000 shares;
issued and outstanding 73,307,734 in 2015 and 73,307,012 in 2014
Class B common stock of $.01 par value, authorized 20,000,000 shares;
Accumulated earnings
Total BFC Financial Corporation ("BFC") equity
See Notes to Consolidated Financial Statements - Unaudited
Consolidated Statements of Operations - Unaudited
For the Three Months Ended June 30,
For the Six Months Ended June 30,
Sales of VOIs
Sales, other
Fee-based sales commission
Other fee-based services revenue
Other revenue
Cost of sales of VOIs
Cost of sales, other
Cost of other fee-based services
Reversals of loan losses
(Loss recoveries) impairments of assets
Litigation settlement
Total costs and expenses
Equity losses in unconsolidated real estate joint ventures
Income from continuing operations before income taxes
Benefit (provision) for income taxes (See Note 11)
Less: Net income attributable to noncontrolling interests
Net income attributable to BFC
Basic and Diluted Earnings Per Common Share
Attributable to BFC (Note 16):
Basic Earnings Per Common Share
Net earnings per common share
Diluted Earnings Per Common Share
Basic weighted average number of
common shares outstanding
Diluted weighted average number of common
and common equivalent shares outstanding
Amounts attributable to BFC common shareholders:
Net income available to common shareholders
Consolidated Statements of Comprehensive Income - Unaudited
Other comprehensive income, net of tax:
Unrealized (losses) gains on securities available for sale, net of tax
Unrealized gains from foreign currency translation
Other comprehensive income, net of tax
Comprehensive income, net of tax
Less: Comprehensive income attributable
to noncontrolling interests
Total comprehensive income attributable to BFC
Consolidated Statements of Changes in Equity - Unaudited
For the Six Months Ended June 30, 2015 and 2014
Shares of
Accumulated
Comprehen-
Paid-in
Interest in
Balance, December 31, 2013
Other comprehensive income
Subsidiaries' capital transactions attributable to noncontrolling interest
Distributions to noncontrolling interest
Subsidiaries' capital transactions attributable to BFC
Conversion of Common Stock from Class B to Class A
Repurchase and retirement of Class A Common Stock
Issuance of Common Stock from exercise of options
Balance, June 30, 2014
Net effect of BFC's tender offer of BBX Capital attributable to non-controlling interest
Consideration paid in connection with the tender offer of BBX Capital
Consolidated Statements of Cash Flows - Unaudited
Investing activities:
Increase in restricted cash and time deposits at financial institutions
Proceeds from redemption and maturities of tax certificates
Purchase of securities available for sale
Distributions from unconsolidated affiliates
Repayment of loans receivable, net
Proceeds from the sale of loans receivable
Proceeds from sales of real estate held-for-sale
Proceeds from contribution of real estate to
unconsolidated real estate joint ventures
Improvements in real estate held-for-investment
Purchases of real estate held-for-sale
Purchases of property and equipment
Proceeds from the sale of property and equipment
Cash paid for acquisitions, net of cash received
Acquisition of BBX Capital Class A shares
Net cash (used in) provided by investing activities
Financing activities:
Repayment of BB&T preferred interest in FAR, LLC
Repayments of notes, mortgage notes payable and other borrowings
Proceeds from notes, mortgage notes payable and other borrowings
Payments for debt issuance costs
Proceeds from the exercise of BFC stock options
Retirement of Class A common stock
Distributions to non-controlling interest
Decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Supplemental cash flow information:
Interest paid on borrowings, net of amounts capitalized
Income tax refunded
Supplementary disclosure of non-cash investing and financing activities:
Loans and tax certificates transferred to real estate
held-for-sale or real estate held-for-investment
Real estate held-for-investment transferred to investment
in joint ventures
Real estate held-for-investment transferred to real
estate held-for-sale
Receivable from sale of real estate held-for-sale
Issuance of notes payable to acquire business
Fair value of net assets acquired
Increase in BFC accumulated other comprehensive
income, net of taxes
Net increase in BFC shareholders' equity from
the effect of subsidiaries' capital transactions, net of taxes
1. Presentation of Interim Financial Statements
Basis of Financial Statement Presentation
The accompanying unaudited consolidated financial statements of BFC Financial Corporation ("BFC" or, unless otherwise indicated or the context otherwise requires, "we," "us," "our," or the "Company") have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim financial information. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In management's opinion, the accompanying unaudited consolidated financial statements contain all adjustments, which include normal recurring adjustments, as are necessary for a fair statement of the consolidated financial condition of BFC at June 30, 2015; the consolidated results of operations and comprehensive income of BFC for the three and six months ended June 30, 2015 and 2014; changes in consolidated equity of BFC for the six months ended June 30, 2015 and 2014; and the consolidated cash flows of BFC for the six months ended June 30, 2015 and 2014. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 or any other future period. These unaudited consolidated financial statements and related notes are presented as permitted by Form 10-Q and should be read in conjunction with the Company's audited consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 (the "2014 Annual Report"). All significant inter-company balances and transactions have been eliminated in consolidation. As used throughout this document, the term "fair value" reflects the Company's estimate of fair value as discussed herein. Certain amounts for prior periods have been reclassified to conform to the current period's presentation.
BFC is a Florida-based holding company whose principal holdings include an approximately 81% equity interest in BBX Capital Corporation (formerly BankAtlantic Bancorp, Inc.) and its subsidiaries ("BBX Capital") and a direct 54% equity interest in Woodbridge Holdings, LLC ("Woodbridge"). Woodbridge owns 100% of Bluegreen Corporation and its subsidiaries ("Bluegreen"). Bluegreen is a sales, marketing and management company focused on the vacation ownership industry. BBX Capital is a Florida-based company involved in the ownership, financing, acquisition, development and management of real estate, including through real estate joint ventures, and investments in middle market operating businesses. BBX Capital holds the remaining 46% equity interest in Woodbridge. BFC also holds interests in other investments and subsidiaries as described herein. BFC's 81% equity interest in BBX Capital includes 4,771,221 shares of BBX Capital's Class A Common Stock purchased by BFC during April 2015 pursuant to the tender offer described below. The Company currently reports the results of its continuing operations through two reportable segments: Bluegreen and BBX Capital.
GAAP requires that BFC consolidate the financial results of the entities in which it has controlling interests, including BBX Capital, Woodbridge and Bluegreen. As a consequence, the assets and liabilities of all such entities are presented on a consolidated basis in BFC's financial statements. However, except as otherwise noted, the debts and obligations of the consolidated entities, including BBX Capital, Woodbridge, and Bluegreen, are not direct obligations of BFC and are non-recourse to BFC. Similarly, the assets of those entities are not available to BFC absent a dividend or distribution from those entities (and, in the case of Bluegreen, a subsequent dividend or distribution by Woodbridge). The recognition by BFC of income from controlled entities is determined based on the total percent of economic ownership in those entities, as described above.
Strategic Transactions and Other Recent Events
Tender Offer for Shares of BBX Capital's Class A Common Stock
On April 30, 2015, the Company completed a cash tender offer pursuant to which it purchased from the shareholders of BBX Capital a total of 4,771,221 shares of BBX Capital's Class A Common Stock at a purchase price of $20.00 per share, for an aggregate purchase price of approximately $95.4 million. Prior to the tender offer, the Company
owned approximately 51% of the issued and outstanding shares of BBX Capital's Class A Common Stock and all of the issued and outstanding shares of BBX Capital's Class B Common Stock. Collectively, these shares represented an approximately 51% equity interest and 74% voting interest in BBX Capital. As a result of the closing of the tender offer, the Company currently owns approximately 81% of the issued and outstanding shares of BBX Capital's Class A Common Stock, which together with the shares of BBX Capital's Class B Common Stock owned by the Company, represents an approximately 81% equity interest and 90% voting interest in BBX Capital.
On April 17, 2015, BFC entered into a Loan Agreement and Promissory Note with Bluegreen Specialty Finance, LLC, a wholly owned subsidiary of Bluegreen ("BSF"), pursuant to which BSF provided an $80 million loan to BFC. BFC used the proceeds of the loan and approximately $15.4 million in cash on hand to fund the purchase of shares in the tender offer. Amounts outstanding on the loan bear interest at a rate of 10% per annum. Payments of interest only are required on a quarterly basis, with all outstanding amounts due and payable at the end of five years. BFC is permitted to prepay the loan in whole or in part at any time, and prepayments are required, to the extent necessary, in order for Bluegreen or its subsidiaries to remain in compliance with covenants under their outstanding indebtedness.
Reversal of Valuation Allowance
At December 31, 2014, BFC had a valuation allowance against its consolidated net deferred tax assets of approximately $258 million, which was mainly attributable to federal and state net operating loss carry forwards. A valuation allowance on BFC's net deferred tax assets was required until sufficient evidence exists to support the reversal of all or some portion of this allowance. As a result of the increase in BFC's ownership interest in BBX Capital due to the purchase of additional shares of BBX Capital's Class A Common Stock in the above-described tender offer, BFC will be filing a consolidated group tax return which will include the operations the BBX Capital, Woodbridge and Bluegreen. Based on filing a consolidated group tax return, BFC believes that there is sufficient positive evidence to allow BFC to reach a conclusion that a significant portion of its deferred tax valuation allowance is no longer required. As a result, a portion of BFC valuation allowance was released during the quarter ended June 30, 2015 and, in connection therewith, the Company recognized a benefit of $92.3 million during the quarter for the expected realization of its net deferred tax assets in future years. In addition, the Company's combined estimated annual effective tax rate has been reduced to reflect the expected realization of its deferred tax assets in the current year. See Note 11 for additional information regarding the Company's income taxes.
Termination of BFC-BBX Capital Merger Agreement
During May 2013, BFC and BBX Capital entered into a merger agreement which provided for BBX Capital to be merged into and become a wholly owned subsidiary of BFC. The merger agreement was terminated during December 2014 as a result of the inability to obtain the listing of BFC's Class A Common Stock on a national securities exchange, which was a condition to closing the merger.
Woodbridge Acquisition of Bluegreen; Settlement of Litigation
On April 2, 2013, Bluegreen merged with a wholly-owned subsidiary of Woodbridge in a cash merger transaction (sometimes hereinafter referred to as the "Bluegreen merger" or the "Bluegreen cash merger"). Pursuant to the terms of the merger agreement, Bluegreen's shareholders (other than Woodbridge) received consideration of $10.00 in cash for each share of Bluegreen's common stock that they held at the effective time of the merger, including unvested restricted securities. In addition, each option to acquire shares of Bluegreen's common stock that was outstanding at the effective time of the merger, whether vested or unvested, was canceled in exchange for a cash payment to the holder in an amount equal to the excess, if any, of the $10.00 per share merger consideration over the exercise price per share of the option. The aggregate merger consideration was approximately $149.2 million. As a result of the merger, Bluegreen, which was the surviving corporation of the merger, became a wholly-owned subsidiary of Woodbridge. Prior to the merger, the Company indirectly through Woodbridge owned approximately 54% of Bluegreen's outstanding common stock.
In connection with the financing of the merger, BFC and Woodbridge entered into a Purchase Agreement with BBX Capital on April 2, 2013 (the "Purchase Agreement"). Pursuant to the terms of the Purchase Agreement, BBX Capital invested $71.75 million in Woodbridge contemporaneously with the closing of the merger in exchange for a
46% equity interest in Woodbridge. BFC continues to hold the remaining 54% of Woodbridge's outstanding equity interests. BBX Capital's investment in Woodbridge consisted of $60 million in cash, which was utilized to pay a portion of the aggregate merger consideration, and a promissory note in Woodbridge's favor in the principal amount of $11.75 million (the "Note"). The Note initially had a term of five years, with interest payable at a rate of 5% per annum and provided for payments of interest only on a quarterly basis during the term of the Note, with all outstanding amounts due and payable at the end of the five-year term. During the six months ended June 30, 2015 and the year ended December 31, 2014, BBX Capital paid to Woodbridge a total of approximately $294,000 and $587,000, respectively, of interest on the Note. BBX Capital's Board of Directors has approved the repayment in full of the Note in connection with the settlement of the merger-related litigation described below. In connection with BBX Capital's investment in Woodbridge, BFC and BBX Capital entered into an Amended and Restated Operating Agreement of Woodbridge, which sets forth BFC's and BBX Capital's respective rights as members of Woodbridge and provides for, among other things, unanimity on certain specified "major decisions" and for distributions by Woodbridge to be made on a pro rata basis in accordance with BFC's and BBX Capital's respective percentage equity interests in Woodbridge. During April and July, 2015, Bluegreen paid a total of $14.0 million and $10.0 million, respectively, in cash dividends to Woodbridge, and Woodbridge declared and paid cash dividends totaling $13.4 million and $9.9 million, respectively, which were allocated pro rata to BFC and BBX Capital based on their percentage ownership interests in Woodbridge. During 2014, Bluegreen paid cash dividends totaling $71.5 million to Woodbridge, and Woodbridge declared and paid cash dividends totaling $69.1 million, which was allocated pro rata to BFC and BBX Capital based on their percentage ownership interests in Woodbridge.
On March 26, 2013, Bluegreen issued $75 million of senior secured notes (the "2013 Notes Payable") in a private transaction, the proceeds of which, together with approximately $14 million of Bluegreen's unrestricted cash, were utilized in connection with the funding of the $149.2 million merger consideration indicated above. See Note 15 to the Consolidated Financial Statements included in the 2014 Annual Report for additional information regarding the 2013 Notes Payable.
Two consolidated class action lawsuits relating to the Bluegreen merger were filed. The plaintiffs in these actions asserted that the consideration received by Bluegreen's minority shareholders in the transaction was inadequate and unfair, and were seeking to recover damages in connection with the transaction. On June 5, 2015, the parties agreed to the settlement of the litigation. Pursuant to the settlement, Woodbridge or its affiliates will pay $36.5 million, which amounts to approximately $2.50 per share, into a "Settlement Fund" for the benefit of former shareholders of Bluegreen whose shares were acquired in connection with the Bluegreen cash merger. The amount to be received by such former Bluegreen shareholders will be reduced by administrative costs and attorneys' fees and costs. It is anticipated that Woodbridge will fund the Settlement Fund with proceeds from BBX Capital's repayment of its $11.75 million promissory note to Woodbridge and from additional capital contributions from BFC and BBX Capital of $13.4 million and $11.4 million, respectively, based on their respective 54% and 46% ownership interests in Woodbridge. The settlement remains subject to final approval by the Court and dismissal with prejudice of all litigation arising from or relating to the merger, together with a full release of BFC, Bluegreen, Woodbridge, BBX Capital and others. BFC, Bluegreen, Woodbridge, BBX Capital and all of the defendants in the action denied and continue to deny that any of them violated any laws or breached any duties to the plaintiffs or Bluegreen's former shareholders.
Sale of BankAtlantic
On July 31, 2012, BBX Capital completed the sale to BB&T Corporation ("BB&T") of all of the issued and outstanding shares of capital stock of BankAtlantic, the former wholly-owned banking subsidiary of BBX Capital (the stock sale and related transactions are referred to in this report as the "BankAtlantic Sale" or the "BB&T Transaction"). The BankAtlantic Sale was consummated pursuant to the terms of a definitive agreement, dated November 1, 2011, between BBX Capital and BB&T, as amended on March 13, 2012 (the "BB&T Agreement"). The March 13, 2012 amendment amended the previously contemplated terms of the transaction to, among other things, provide for the assumption by BB&T of BBX Capital's $285.4 million in principal amount of then-outstanding trust preferred securities ("TruPS") obligations.
Pursuant to the BB&T Agreement, prior to the closing of the BankAtlantic Sale, BankAtlantic formed two subsidiaries, BBX Capital Asset Management, LLC ("CAM") and Florida Asset Resolution Group, LLC ("FAR"). BankAtlantic contributed to FAR certain performing and non-performing loans, tax certificates, and real estate
owned that had an aggregate carrying value on BankAtlantic's Consolidated Statement of Financial Condition of approximately $346 million as of July 31, 2012 (the date the BB&T Transaction was consummated). FAR assumed all liabilities related to these assets. BankAtlantic also contributed approximately $50 million in cash to FAR on July 31, 2012 and thereafter distributed all of the membership interests in FAR to BBX Capital. At the closing of the BankAtlantic Sale, BBX Capital transferred 95% of the outstanding preferred membership interests in FAR to BB&T in connection with BB&T's assumption of BBX Capital's then-outstanding approximately $285 million of TruPS obligations, with BBX Capital continuing to hold the remaining 5% of FAR's preferred membership interests. BB&T was entitled to hold its 95% preferred interest in the net cash flows of FAR until it recovered $285 million in preference amount plus a priority return of LIBOR + 2.00% per annum on any unpaid preference amount. BBX Capital entered into an incremental $35 million guarantee in BB&T's favor to further assure BB&T's recovery of the $285 million preferred interest within seven years. On May 6, 2015, BB&T's preferred interest in FAR was paid in full and redeemed, and BBX Capital now owns 100% of FAR.
Prior to the closing of the BankAtlantic Sale, BankAtlantic contributed to CAM certain commercial loans, commercial real estate owned and previously written off assets that had an aggregate carrying value on BankAtlantic's Consolidated Statement of Financial Condition of $125 million as of July 31, 2012. CAM assumed all liabilities related to these assets. BankAtlantic also contributed $82 million of cash to CAM on July 31, 2012. Prior to the closing of the BankAtlantic Sale, BankAtlantic distributed all of the membership interests in CAM to BBX Capital. CAM remains a wholly-owned subsidiary of BBX Capital.
2. Fair Value Measurement
Assets and liabilities on a recurring basis
There were no significant assets or liabilities measured at fair value on a recurring basis in the Company's financial statements as of June 30, 2015 or December 31, 2014.
Assets on a non-recurring basis
The following table presents major categories of assets measured at fair value on a non-recurring basis as of June 30, 2015 (in thousands):
Fair Value Measurements Using
Quoted prices in
Active Markets
Impairments (1)
for Identical
Unobservable
For the Six
Months Ended
(Level 1)
Loans measured for impairment
using the fair value of the
underlying collateral
Impaired real estate held-for-sale
and held-for-investment
Total impairments represent the amount of losses recognized during the six months ended June 30, 2015 on assets that were held and measured at fair value as of June 30, 2015.
Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured at fair-value on a non-recurring basis as of June 30, 2015 is as follows (Fair Value in thousands):
As of June 30, 2015
Range (Average)(1)(2)
Fair Value of
Discounted Rates and Appraised
Value less Cost to Sell
$0.3 million ($0.3 million)
$0.2 - $1.0 million ($0.5 million)
Range and average appraised values were reduced by costs to sell.
Average was computed by dividing the aggregate appraisal amounts by the number of appraisals.
Impaired loans held for sale
Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured at fair value on a non-recurring basis as of June 30, 2014 was as follows (Fair Value in thousands):
Liabilities on a non-recurring basis
There were no significant liabilities measured at fair value on a non-recurring basis in the Company's financial statements as of June 30, 2015 or December 31, 2014.
Impaired loans are generally valued based on the fair value of the underlying collateral less cost to sell as the majority of BBX Capital's loans are collateral dependent. The fair value of BBX Capital's loans may significantly increase or decrease based on changes in property values as its loans are primarily secured by real estate. BBX Capital primarily uses third party appraisals to assist in measuring non-homogenous impaired loans and broker price opinions to assist in measuring homogeneous impaired loans. The appraisals generally use the market or income approach valuation technique and use market observable data to formulate an estimate of the fair value of the loan's collateral. However, the appraiser uses professional judgment in determining the fair value of the collateral, and BBX Capital may also adjust these values for changes in market conditions subsequent to the appraisal date. When current appraisals are not available for certain loans, BBX Capital uses its judgment on market conditions to adjust the most current appraisal. As a consequence, the calculation of the fair value of the collateral is considered a Level 3 input. BBX Capital generally recognizes impairment losses based on third party broker price opinions when impaired homogeneous loans become 120 days delinquent. These third party valuations from real estate professionals also use Level 3 inputs in determining fair values. The observable market inputs used to fair value loans include comparable property sales, rent rolls, market capitalization rates on income producing properties, risk adjusted discount rates and foreclosure time frames and exposure periods.
Real Estate Held-for-Sale and Held-for-Investment
Real estate is generally valued using third party appraisals or broker price opinions. These appraisals generally use the market approach valuation technique and use market observable data to formulate an estimate of the fair value of the properties. The market observable data typically consists of comparable property sales, rent rolls, market capitalization rates on income producing properties and risk adjusted discount rates. However, the appraisers or brokers use professional judgment in determining the fair value of the properties and BBX Capital may also adjust these values for changes in market conditions subsequent to the valuation date. As a consequence of using appraisals, broker price opinions and adjustments to appraisals, the calculation of the fair values of the properties is considered a Level 3 input.
Loans Held for Sale
Loans held for sale are valued using an income approach with Level 3 inputs as market quotes or sale transactions of similar loans are generally not available. The fair value is estimated by discounting forecasted cash flows, using a discount rate that reflects the risks inherent in the loans held for sale portfolio. For non-performing loans held for sale, the forecasted cash flows are based on the estimated fair value of the collateral less cost to sell adjusted for foreclosure expenses and other operating expenses of the underlying collateral until foreclosure or sale.
Financial Disclosures about Fair Value of Financial Instruments
The following tables present information for financial instruments at June 30, 2015 and December 31, 2014 (in thousands):
Quoted prices
in Active
Financial assets:
Loans receivable including loans held-
for-sale, net
Vacation ownership notes receivable, net
Notes receivable from preferred shareholders (1)
Financial liabilities:
Receivable-backed notes payable
Notes and mortgage notes payable and
other borrowings


The vaccine is produced by The Vaccine Company, a San Francisco-based biotechnology company.
To enroll or for more information about the study at St. Francis, call 317-782-7820.
More information about clinical trials at St. Francis Hospital & Health Centers is at http://clinicaltrials.stfrancishospitals.org.


The Bowmen Boy's Lacrosse team has dedicated their season to the fight against non Hodgkin's Lymphoma…also known as blood cancer. They have teamed up with the Headstrong foundation and the Wilsonville Wildcats to help fight an aggressive and indiscriminant disease.
This season,the Bowmen have already raised over 2,000.00 in non profit donations for the Headstrong foundation. But, it doesn't stop there.They will continue to raise money and awareness through the end of the 2012season.
One of the major events will take place on Wednesday April 25, 2012. At 6:00pm the nightwill kick off with Sherwood's JV facing Wilsonville's JV, and the main event will follow with the Varsity squads stepping on the field at 8:00pm.
With Sherwood donning their lime green Headstrong chinstraps and Wilsonville rocking their Headstrong socks… the plan is to pack the place with lime green and light up the night!
We will be collecting a $3.00 gate fee, which will all go to Headstrong and anyone wearing their lime green HeadstrongT-shirt… gets in for free. We have the $7.00 & $15.00 T-Shirts Available now!!! We will have vendors, and we will be selling the Headstrong gear from our concession stand throughout the event.
We will step onthe field April 25th in honor of Lacrosse, Healthy Competition and Sportsmanship… as we drive through the night in the spirit of a Good Cause.


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text:
Dark Forces Swing Blind Punches
This is the blog of writer and musician Hank Shteamer, whom you may reach at hshteamer.writes@gmail.com. Thanks for stopping by.
Got the 'Guts?
you know how in "Dr. Strangelove," so much of the absurdity comes from arms-race paranoia? i.e., George C. Scott's "We cannot allow a mine-shaft gap!" proclamation. anyway, technical death metal is sort of like that, in that no one can ever really win the sweepstakes, i.e., each time a record drops that seems like the new benchmark of complexity and aggression, another one tops it by a mile.
anyway, i'm not up enough on this genre to tell you who's currently got the edge, but i will say that Germany's Necrophagist is the state-of-the-art as far as i'm concerned. (though they've been touring their 2004 disc, "Epitaph," for a mite too long. they'd best drop another disc soon...)
wanted to throw up a little mention here of a classic of the genre for the curious: "Obscura" by Gorguts, circa 1998. quick history of this Canadian band is that they did some fairly run-of-the-mill death metal in the early '90s, then disappeared for five years, only to resurface in '98 with a whole new sound, a whole new lineup (guitarist-vocalist Luc Lemay was the only one who stayed) and this monster of a disc.
"Obscura" is sort of like the "Trout Mask Replica" of contemporary metal. no one who's heard it can believe how fucking weird it is. i first heard of it via Colin Marston of Behold... the Arctopus, a serious fucking tech-metal authority if there ever was one, and his recommendation was backed up by Tim Byrnes of Friendly Bears and Chuck Stern of Time of Orchids, two other serious tech/prog aficionados. all spoke of the disc with "whoa, dude" reverence.
so here's the leadoff title track
Gorguts - Obscura
a few things i'd point out about this one... note the insane stop-startness of the rhythms. this is some seriously precarious shit. it's hard enough to play the blast beat (that superfast tata-tata-tata-tata thingie that's the hallmark of death-metal drumming) without essentially rebooting every few beats like this dude, Patrick Robert, does. these drum parts are seriously chopped and screwed in real time (or whatever the antithesis of chopped and screwed would be, i.e., if the basic beats were made infinitely faster and more disjointed).
but the best thing about "Obscura" is the completely loony guitar work from Lemay and Steeve Hurdle. during that first break you can hear the crazy snarling squelching tone they favor. and the riffs are incalculably difficult, but the snazzy chords somehow make them really catchy.
my favorite part of this track is the breakdown at about 1:25. the guitar in the left channel sounds like it's being played by a goddamn hi-powered sewing machine, just peppered with notes, and the one in the left is heaving and snarling and lurching.
then there's that spiraling, hard-grooving math-metal crunch around 2:30. sick, vertiginous riff, that one. the song never lets you breathe. it's like this swirling pit of grossness and jaggedness. and the album pretty much follows suit. pick that shit up used via Amazon, yo.
(if you're wondering what the vocalist--i'm not sure if it's Lemay or Hurdle--is growling about, it has something to do w/ nostalgia and emotional reverie, no joke: "Clouded by the bliss obscura / Covered by the frame of drama")
amazing interviews/demos of some "Obscura" songs courtesy of Lemay and bassist Steve Cloutier. i love the dorky intros: "This is Luc." "And this is Steve from Gorguts," and just the sort of scholarly-dude/dudely-scholar vibe these two emanate. Lemay talks about Gorguts attempting to "invent its own dialect," and listening to "Obscura," you can see how completely they accomplished that. and they even demo that insane sewing machine shit i mentioned above. i also gotta give props to the Marston/Byrnes/Stern triumvirate for hipping me to this goldmine. check it...
there's a part two to this which is easily findable on YewTewb if you're interested.
post-"Obscura," the band again kind of imploded. Steeve Hurdle, a key writing force in the band, left, as did the drummer, Patrick Robert, whose replacement ended up committing suicide. before that, a follow-up, "From Wisdom to Hate," was recorded. i'm not as familiar w/ that one, but i've been told it's inferior to "Obscura." afterward, Lemay turned his attention to wood-carving--how metal is that?!?
fortunately, Lemay and Hurdle are back together in Negativa, and the demos on their MySpace page sound fierce as shit. very much in the "Obscura" lineage of asymmetry, atomization and filigree.
forget the tech-metal arms race and dig into this north-of-the-border wonderland of metallic fucked-up-ed-ness. Gorguts is just another in a long line of Canadian musical icons: Rush, the Band, Neil Young, etc. etc.
Posted by Hank at 10:08 PM
Harris Eisenstadt said...
thanks for posting the wadud link! talk about undersung!i think he lives in ohio though i can't remmber exactly who i heard that from - someone that knew though, i think. will get thru the dickerson interview soon. if wadud were locatable, would amazing to hear what he has to say... he's the man.
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Defining priorities for improving end-of-life care in Canada
Daren K. Heyland, Deborah J. Cook, Graeme M. Rocker, Peter M. Dodek, Demetrios J. Kutsogiannis, Yoanna Skrobik, Xuran Jiang, Andrew G. Day, S. Robin Cohen and ; for the Canadian Researchers at the End of Life Network (CARENET)
CMAJ November 09, 2010 182 (16) E747-E752; DOI: https://doi.org/10.1503/cmaj.100131
Daren K. Heyland
Deborah J. Cook
Graeme M. Rocker
Peter M. Dodek
Demetrios J. Kutsogiannis
Yoanna Skrobik
Xuran Jiang
Andrew G. Day
S. Robin Cohen
Background: High-quality end-of-life care should be the right of every Canadian. The objective of this study was to identify aspects of end-of-life care that are high in priority as targets for improvement using feedback elicited from patients and their families.
Methods: We conducted a multicentre, cross-sectional survey involving patients with advanced, life-limiting illnesses and their family caregivers. We administered the Canadian Health Care Evaluation Project (CANHELP) questionnaire along with a global rating question to measure satisfaction with end-of-life care. We derived the relative importance of individual questions on the CANHELP questionnaire from their association with a global rating of satisfaction, as determined using Pearson correlation coefficients. To determine high-priority issues, we identified questions that had scores indicating high importance and low satisfaction.
Results: We approached 471 patients and 255 family members, of whom 363 patients and 193 family members participated, with response rates of 77% for patients and 76% for families. From the perspective of patients, high-priority areas needing improvement were related to feelings of peace, to assessment and treatment of emotional problems, to physician availability and to satisfaction that the physician took a personal interest in them, communicated clearly and consistently, and listened. From the perspective of family members, similar areas were identified as high in priority, along with the additional areas of timely information about the patient's condition and discussions with the doctor about final location of care and use of end-of-life technology.
Interpretation: End-of-life care in Canada may be improved for patients and their families by providing better psychological and spiritual support, better planning of care and enhanced relationships with physicians, especially in aspects related to communication and decision-making.
Although a "quality death" is an espoused right of Canadians, 1 for many dying patients and their families, it is not achieved. Recent reviews and observational studies describe considerable dissatisfaction with end-of-life care, indicating that there are still opportunities for improvement. 2–5
Ideally, initiatives aimed at improving end-of-life care would be informed by the experiences and expectations of patients and their family members. However, such efforts are often hampered by inadequate definitions of quality of care and by suboptimal tools for measurement. 6–8 In a recent, large cross-sectional survey, the Canadian Researchers at the End of Life Network defined what matters most to seriously ill patients as they approach the end of life. 9 Both patients and their family members reported that it was extremely important that they have trust and confidence in the physicians caring for them or their loved ones. 9 Avoidance of unwanted life-support measures, effective communication, continuity of care, and feelings of life completion were also rated as highly important. 9 We used these comprehensive ratings of importance to develop and validate a novel questionnaire to measure satisfaction with end-of-life care. 10 Using this questionnaire, we formally evaluated the care received at the end of life in several Canadian centres.
By targeting initiatives for change at gaps in quality, we can address the highest priorities for improving end-of-life care in Canada. Our objective was to identify high-priority areas for improvement in the care of patients with advanced, life-limiting diseases and in the perceived quality of that care by their families. We identified these areas by focusing on care-related issues that had been rated as important by patients and their family members but were rated low on the questionnaire measuring satisfaction with end-of-life care.
We conducted a cross-sectional survey involving patients who had advanced, life-limiting illnesses and their family caregivers. Patients and family caregivers were recruited from both inpatient and outpatient facilities and from affiliated home-care programs at the Kingston General Hospital in Kingston, Ontario; St. Joseph's Healthcare in Hamilton, Ontario; St. Paul's Hospital in Vancouver, British Columbia; Queen Elizabeth II Health Sciences Centre in Halifax, Nova Scotia; the New Brunswick Extra-Mural Program in Saint John, New Brunswick; Royal Alexandra Hospital in Edmonton, Alberta; and the Hôpital Maisonneuve-Rosemont in Montréal, Quebec.
To be eligible, patients had to understand English or French, be capable of giving informed consent, be older than 55 years of age and meet the clinical criteria for advanced chronic obstructive pulmonary disease, congestive heart failure, liver disease or metastatic cancer. In addition, patients in hospital who were 80 years of age or older were considered eligible if they had a medical diagnosis as the primary reason for admission or if they were enrolled in a home-care program using long-term oxygen therapy and had a primary diagnosis of chronic obstructive pulmonary disease, congestive heart failure or metastatic cancer. A detailed description of the inclusion criteria is shown in Appendix 1, available at www.cmaj.ca/cgi/content/full/cmaj.100131/DC1.
Using clinical judgment, we excluded patients who were cognitively impaired or otherwise unsuitable for administration of a detailed questionnaire because of communication problems or physical or emotional frailty. We obtained written informed consent from willing patients and then asked them to identify a family caregiver. If the patient was not competent or declined involvement, we approached eligible family caregivers independently of the patient's involvement (Appendix 1). The research assistant then conducted separate face-to-face interviews with the patient and with family care-givers and administered the questionnaires described below.
The Canadian Health Care Evaluation Project (CANHELP) questionnaire
Details of our initial development of the CANHELP questionnaire are published elsewhere. 2,9,11,12 In brief, we generated items to be included in this questionnaire using a review of the literature, focus groups of experts and interviews with patients. Based on our conceptualization of the major themes emerging from our data, we grouped the items into the following domains: characteristics of the doctors and nurses (8 items), illness management (7 items), health service characteristics (4 items), communication and decision-making (11 items), relationships with others (4 items), and spirituality and meaning (3 items). 6 Before rating the domain-specific items, respondents were asked to rate their overall level of satisfaction with the care they had received in the past month. We developed one version of the questionnaire for patients and two for family caregivers (i.e., one version for use if the patient was alive, and one for use if the patient had died). Options for responses were the following: 1 = not at all satisfied, 2 = not very satisfied, 3 = somewhat satisfied, 4 = very satisfied and 5 = completely satisfied. We have shown that the CANHELP questionnaire correlates with other established measures of satisfaction with quality of care at the end of life, has good internal consistency (Cronbach α > 0.70) and can be grouped into valid subscales. 10 The final version of the questionnaire (available online at www.thecarenet.ca) was used in the current study.
We recorded demographic characteristics of participants at the time of the interview. We assessed patients' functional status using the Palliative Performance Scale. 13 Comorbidities were categorized and calculated according to the Charlson Comorbidity Index. 14
We described the characteristics of patients and family care-givers as counts and percentages for categorical variables and as means with standard deviations for continuous variables. Responses to the CANHELP questionnaire were summarized as means with standard deviations (SDs) and ranges. To enable comparisons with previous work using this instrument, we also reported the percentage of respondents who rated themselves as "completely satisfied." To determine the areas that were high in priority as targets for improvement from our data on satisfaction level, we developed plots of importance versus satisfaction. 15 We defined the relative importance of the items according to their association (as determined by Pearson correlation coefficients) with the global rating of satisfaction. 15 Items not found to be correlated with overall satisfaction were considered unimportant. Scatter plots were used to assess the relationship between this measure of importance and the mean score on level of satisfaction for each CANHELP question. We used horizontal and vertical grid lines placed at the median of the plotted data points for each measure to identify four separate quadrants. Questions in the upper left quadrant were important (i.e., correlated highly with overall satisfaction) and had the lowest satisfaction scores relative to other questions. We deemed the care-related issues identified by these questions to have the highest priority as targets for improvement. 15
We obtained approval of the study from the Queen's University Research Ethics Board. The ethics boards of all other participating sites subsequently approved the study.
From August 2007 to January 2009, 622 patients at participating sites were identified as potentially eligible. Of these, 151 were excluded for reasons related to communication (e.g., inability to understand English or French, inability to speak or hear, or impaired mental status) or unsuitability (i.e., deemed unable to tolerate an interview because of lack of physical stamina or psychological state). Of the 471 remaining eligible patients, 363 consented, for an overall response rate of 77.1%. Two patients withdrew before completing the interview, leaving 361 questionnaires evaluable for analysis. Of the patients who completed the interview, 175 (48.5%) had an eligible family caregiver available to interview. We also approached 80 family caregivers independently of the nonparticipating patients who met the inclusion criteria, for a total of 255 family caregivers. A total of 193 family caregivers consented, for a response rate of 75.7%.
The demographic characteristics of the patients and family caregivers we included are listed in Table 1. Owing to sporadic missing data, the number of responses used to calculate the average scores for items and the correlation of items with the global scores was slightly less than 100% of the potential total responses for 361 patients and 193 family caregivers. The most frequently missing response was to the item "satisfaction with home care services." A response to this item was missing in the questionnaire results for 60 (16.6%) patients and 33 (17.1%) caregivers. In both questionnaires, all other items were completed by at least 93.3% of respondents.
Table 1: Demographic characteristics of study participants
The Pearson correlation coefficients showing the association between the scores on individual items and the global satisfaction rating, and the percentage of respondents who indicated for each question that they were completely satisfied, are listed in Appendix 2 (available at www.cmaj.ca/cgi/content/full/cmaj.100131/DC1). Using the magnitude of the correlation coefficients to determine importance, we identified the following as the five most important issues from the perspective of patients: being treated by doctors and nurses in a manner that preserved the patient's sense of dignity (Pearson r = 0.46, p < 0.001), receiving good care when a family member or friend was not able to be with them (r = 0.42, p < 0.001), aspects of their medical care (e.g., tests that were done and treatments given) (r = 0.41, p < 0.001), that health care workers worked together as a team to look after them (r = 0.41, p < 0.001) and that the doctors and nurses looking after them were compassionate and supportive (r = 0.41, p < 0.001).
The mean score for the global rating of satisfaction was 4.3 (SD 0.8, range 1.0–5.0). Patients were least satisfied with the following issues: doing special things they wanted to do during the past month (mean score 3.08), their level of confidence in their own ability to manage their illness (3.18), their understanding of what to expect in the end stage (3.41), their ability to contribute to others (i.e., help other people) in a meaningful way (3.52), and discussions with their physician about final location of care (3.65) and use of life-sustaining technology at the end of life (3.67) (Appendix 1).
The relationship between the importance-related scores and the mean satisfaction-related scores for each question is shown in Figure 1. The issues deemed to have the highest priority were localized to the upper left quadrant, and were related to patients' feelings of peace, the availability of their doctor, the assessment and treatment of their emotional problems, whether their doctor took a personal interest in them and listened to them, the consistency of information about their conditions from all doctors and nurses, and whether things were explained in a way they could understand (Table 2).
Table 2: Questionnaire items that were high in importance based on responses from patients and their families
Figure 1: The performance–importance grid, as derived from a plot of the mean score for each question on the Canadian Health Care Evaluation Project (CANHELP) questionnaire for patients (measuring satisfaction with care) and the correlation coefficient for each question's association with overall satisfaction from the patient's point of view. Gridlines correspond to the median of the mean scores on each question (4.12) and the median of the correlation coefficients (0.29). Note: × = the plotted value; the number closest to the × is the corresponding CANHELP question number.
Family caregivers
The mean global rating of satisfaction by family caregivers with how they were treated was 4.2 (SD 0.8, range 1.0–5.0). The importance-related and satisfaction-related scores for each question on the family caregiver satisfaction survey are shown in Appendix 3 (available at www.cmaj.ca/cgi/content/full/cmaj.100131/DC1). The performance–importance plots of data representing the perspective of family caregivers are shown in Appendix 4 (available at www.cmaj.ca/cgi/content/full/cmaj.100131/DC1). Issues that were high in priority from the perspective of family caregivers are itemized in Table 2.
In our study involving 361 seriously ill patients and 193 family members in several health care centres, we documented that overall satisfaction with end-of-life care was good. (The overall score on this scale of 1–5 was 4.3 for patients and 4.1 for family members.) However, these results should not be interpreted as suggesting that there are no areas in which end-of-life care for this population can be improved. Respondents of surveys of satisfaction tend to over-report positive responses. 16 Among individual patients and their families and in responses on specific aspects of care, there were many ratings of dissatisfaction; the proportion of respondents rating themselves as completely satisfied was as low as 9% and only as high as 57%.
We assessed the extent to which each question was associated with a global rating of satisfaction so that quality improvement initiatives can be focused on issues that matter most to patients. We found that being cared for while experiencing preservation of dignity, being treated with respect and compassion, having trust and confidence in one's doctor, and being well looked after by one's health care team are all important aspects of good-quality end-of-life care. These findings are consistent with those of studies involving other populations and reporting similar aspects of care as being important at the end of life. 9,17–19
For both patients and families, the areas needing improvement that were highest in priority were the emotional support provided to patients, the quality of the relationship of the doctor with the patient and patient's family, and communication and decision-making. Deficiencies in relationships with physicians and in communication and decision-making have been highlighted previously. 2,20–23 In our findings, these deficiencies were centred on physicians' attentiveness, frequency and consistency of interactions with patients and their families, and planning of the logistics of end-of-life care, including limitations on life-sustaining therapies. These gaps did not appear related to medical aspects of care; satisfaction with tests and treatments was rated very high by patients.
Whereas high levels of anxiety and depression have been reported previously among patients with cancer, 24,25 we found that there is a large unmet need for emotional support among patients with advanced medical diseases and their families. This finding underscores the need to improve the assessment and treatment of symptoms of depression and anxiety in this population. Our identification of being at peace as a high-priority issue for improvement is consistent with reports from other studies that existential and spiritual concerns are very prevalent at the end of life. 26,27 Although being at peace did not have the same importance to family caregivers in our survey, evidence from a longitudinal study 11 suggests that this issue is also relevant to family members, whose satisfaction with issues related to their own spirituality and sense of meaning were found to deteriorate substantially in the months after the death of a loved one. We hypothesize that a psychologically or spiritually supportive intervention may help to improve satisfaction with end-of-life care. 28
The limitations of this study are related to the fact that we did not measure importance directly. Asking patients directly to rate the level of importance of each question would have seriously compromised the feasibility of this study by adding to the burden of data collection. In this analysis, we used median scores to identify thresholds on the performance–importance grids. Depending on the institutional resources available, the threshold for these lines could be set elsewhere to identify issues for improvement. Alternatively, institutions could select among items outside of the upper left quadrant to focus on. Although there is no single approach to prioritizing these gaps in quality of care, we suggest that such heuristic divisions provide a useful starting point. Moreover, given the cross-sectional nature of this study, we cannot be certain whether dissatisfaction with care leads to emotional distress or whether emotional distress leads to dissatisfaction with care. Furthermore, we have used the CANHELP questionnaire as a screening tool. Although responses to it may illuminate in general terms where problems lie, more detailed assessments will be required in some cases to understand specific unmet needs. Finally, our study sample primarily comprised a white population; there may be other ethnic groups of patients to which our results do not apply. To overcome this deficiency, we have developed a version of the CANHELP questionnaire that enables individual patients and family caregivers to rate each aspect of care both on its importance and their satisfaction. This version (available at www.thecarenet.ca) allows us to derive a prioritized list of quality-improvement targets individualized to a given patient or patient's family. The strengths of our study include our use of a validated questionnaire and our focus on patients in multiple settings who had diverse medical conditions.
We have identified, from the perspective of patients with advanced, life-limiting diseases and their family members, aspects of care that are high in priority as targets for improvement and that may have the greatest impact in improving overall end-of-life care if so targeted. Psychological interventions, spiritual support, better planning of care, improvements in the nature of physicians' relationships with patients and with patients' families, and enhancement of specific aspects of communication and decision-making could help dying patients and their families realize their right to high-quality care at the end of patients' lives.
Previously published at www.cmaj.ca
Competing interests: None declared.
Contributors: Daren Heyland, Andrew Day, Xuran Jiang and Robin Cohen designed the study protocol with input from other co-investigators. Daren Heyland, Deborah Cook, Graeme Rocker, Peter Dodek, Demetrios Kutsogiannis and Yoanna Skrobik participated in the acquisition, analysis and interpretation of the data and the writing of the manuscript. Xuran Jiang, Andrew Day and Robin Cohen were responsible for the analysis of the data and critically reviewed the manuscript. All of the authors approved the final version of the manuscript submitted for publication.
Funding: This study was supported by CARENET. CARENET is supported by a grant from the Canadian Institutes of Health Research and the Heart and Stroke Foundation of Canada.
Deborah Cook holds a Canada Research Chair with the Canadian Institutes of Health Research.
Acknowledgements: The authors thank all of the members of the Canadian Researchers at the End of Life Network (CARENET) for their contributions to the evolution and development of this work, and the following research assistants who helped in the development of the questionnaire and execution of the study: Deborah Pichora, Jennifer Korol, NancyPaul, Sheilagh Mans, Joanne Young, Wendy Conrad, Pat Thompson, Melissa TeBrake, Chantal Tessmer and Janice Palmer.
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Heyland DK, Groll D, Rocker G, et al.; Canadian Researchers at the End of Life Network (CARENET). End of life care in acute care hospitals in Canada: A quality finish?J Palliat Care 2005;21:142–150.
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Heyland DK, Cook D, Rocker G, et al. The development and validation of a novel questionnaire to measure patient and family satisfaction with end-of-life care: the Canadian Health Care Evaluation Project (CANHELP) Questionnaire. J Palliat Care. 2010 Jul 6. [Epub ahead of print].
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Daren K. Heyland, Deborah J. Cook, Graeme M. Rocker, Peter M. Dodek, Demetrios J. Kutsogiannis, Yoanna Skrobik, Xuran Jiang, Andrew G. Day, S. Robin Cohen
CMAJ Nov 2010, 182 (16) E747-E752; DOI: 10.1503/cmaj.100131
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In 1983, a small group of families in Herndon and Reston, Virginia established the All Dulles Area Muslim Society (ADAMS) Center to serve the local Muslim population. Over the past three decades, the ADAMS Center has grown into one of the largest Muslim communities in the Washington, D.C. area. Today, we serve the areas of Sterling, Ashburn, Centerville, Chantilly, Gainesville, Great Falls Herndon, Leesburg, McLean, and Reston, in northern Virginia. Our community continues to grow each year as more families join us.
At the ADAMS Center, our greatest pride is in education, community and youth development, and service. We organize a variety of educational and social activities and gatherings that provide the children, youth, and families with wonderful opportunities to learn and grow as brothers and sisters in faith. The ADAMS Center also believes in interfaith collaboration and as a result, we host and participate in several interdenominational programs and activities throughout the Washington, D.C. metropolitan area.
The ADAMS Center Sunday School Program was established specifically for building Muslim character, strong faith, and proper knowledge of Islamic beliefs and rituals, as embodied in the Qur'an and the teachings of the Prophet (peace be upon him).
The ADAMS Center is a non-profit, tax-exempt 501(c)(3) corporation registered in the State of Virginia. ADAMS Center has grown since its foundation in 1983. ADAMS now proudly serves thousands of families throughout northern Virginia.
A professional staff of 25 members manage the ADAMS Center and an elected Executive Committee provides oversight on the organization. The Executive Committee routinely reports to the Board of Trustees, which consists of 13 elected members from various backgrounds. The ADAMS Center's main campus is located in Sterling, Virginia on Sugarland Road. The campus has 25,000 square feet and a mosque that can accommodate over 700 attendees, weekend school for children and youth, and a community multi-purpose hall and gymnasium. An expansion plan is underway on the main campus to match the needs of the rapidly growing community. We also have two full-service ADAMS Center campuses in Ashburn and Chantilly, Virginia as well as six satellite campuses, which are located along the Route 267 and Route 28 corridors. These satellite sites specifically run Friday prayers. A full-service ADAMS Center campus in Gainesville, Virginia is currently in development.