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Variable Interest Entity

12 Months Ended

Jun. 30, 2021

Variable Interest Entity

Variable Interest Entity

Note 5:Variable Interest Entity

Pinewood Lodge, LLP (“PWD”) is a VIE, but the Company is not the primary beneficiary. The Company does not have the power to direct the activities that most significantly impact the economic performance of PWD. Accordingly, the Company does not consolidate PWD. PWD is accounted for using the equity method of accounting and is included in equity method investments in the accompanying consolidated balance sheets. The equity earnings of PWD are insignificant. The balance of the Company’s investment in PWD is $0.8 million, which represents the maximum exposure to loss.

InnovAge Senior Housing Thornton, LLC (“SH1”) is a VIE. The Company is the primary beneficiary of SH1 and consolidates SH1. The Company is the primary beneficiary of SH1 because it has the power to direct the activities that are most significant to SH1 and has an obligation to absorb losses or the right to receive benefits from SH1. The most significant activity of SH1 is the operation of the housing facility. The Company has provided a subordinated loan to SH1 and has provided a guarantee for the convertible term loan held by SH1.

The following table shows the assets and liabilities of SH1 as of June 30:

​

​	​	​	​	​	​	​
​		2021			2020
​	​	in thousands
Assets	​	​	​	​	​	​
Cash and cash equivalents	​	$	431	​	$	435
Accounts receivable	​		—	​		1
Prepaid expenses and other	​		5	​		7
Property, plant and equipment, net	​		10,164	​		10,501
Deposits and other, net	​		390	​		376
Liabilities	​	​	​	​	​	​
Accounts payable and accrued expenses	​		219	​		199
Current portion long-term debt	​		40	​		38
Noncurrent liabilities	​		454	​		454
Long-term debt, net of debt issuance costs	​		3,827	​		3,901

​

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- Definition

Variable Interest Entity [Abstract]

+ References

No definition available.

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI http://asc.fasb.org/topic&trid=2197479

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