Home for the Aged

“Lorri Sommer, Chief Financial Officer, reviews prepared 990 and work performed by Bruce Rutter, Director of Finance, in conjuction with preparation prior to February Finance Committee meeting. Members of the Finance Committee receive a copy of the prepared 990 and meet with Joe Byrne, Berry Dunn, to discuss preparation. Finance Committee recommends approval to the Board of Trustees. Board of Trustees receives copy of prepared 990 and votes to approve the return prior to filing.”

“The Organization's Conflict of Interest Policy covers Trustees, Officers and Key Employees (CEO, COO, and CFO). The Organization reviews the Conflict of Interest Policy with these individuals annually and requires them to complete and sign an acknowledgement and disclosure questionnaire. The Organization's officers also monitor transactions during the year for known conflicts of interest. The policy requires that any conflict of interest transaction be authorized, approved or ratified by the majority of board members who do not have an interest. A conflict of interest transaction can only be approved, authorized or ratified if the material facts are known, the transaction is fair and equitable to the Organization and any conflict of interest is not substantial. Documentation of all relevant information is maintained in the board minutes.”

“Compensation budgets, including proposed wage increases and comparative data, are reviewed annually by the Board of Trustee's Personnel Committee. Discussion and decisions are documented in meeting minutes. CEO compensation is determined annually by the Board of Trustees based on performance and comparative data and documented in writing.”

“The governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

“The Organization initiated pandemic related protocols on March 13, 2020. New services designed to prevent the spread of the novel Coronavirus on campus, to facilitate resident wellness and to assist residents required to isolate or quarantine were also put into place. These included: Staffed screening desk, additional daily campus-wide sanitizing, virus awareness signage, regular management communication related to protocols, increased resident wellness checks, meal delivery to all apartments, socially distant small group activities, laundry service for quarantining residents, virus testing clinics, vaccination clinics.”

“Consistent with the pandemic related protocols described above, the organization eliminated or significantly curtailed communal activities, including dining, in accordance with guidance and regulations issued by applicable local, state and federal bodies. Limitations on outside visitors also limited activities and entertainment previously provided to residents.”

“Section 1.263(a)-3(n) Election: Home for the Aged 777 Stevens Avenue Portland, ME 04103 EIN: 01-0211512 Home for the Aged is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n).”