Ocean State Assisted Living

“Osal is organized as a non-stock, non-profit corporation with 2 members: steere house, inc. And scandinavian home, inc., both of which are rhode island non-profit corporations. The two members have the right to participate in the organization's governance.”

“Osal is governed by a seven-person board of directors, three of whom are elected by the board of directors of each of the corporate members, with the balance elected by the board members of osal.”

“The organization's by-laws include a list of decisions that need to be approved by the members.”

“The organization does not have any active committees.”

“The organization's board of directors reviews and approves the form 990 prior to issuance.”

“Board members and senior managers of the organization are required to submit annual disclosure statements in accordance with the organization's conflict of interest policy. Any potential conflicts of interest that may arise periodically must be disclosed to the board. To ensure that the organization operates in a manner consistent with its charitable purposes and does not engage in activities that could jeopardize its tax-exempt status, periodic reviews are conducted.”

“The administrator's compensation is part of the organization's overall budget that is reviewed and approved by the board of directors. Compensation for the administrator is approved by the board of directors. Compensation of key employees is approved by the administrator and included in the operating budget that is presented to the board of directors for approval.”

“The governing documents, conflict of interest policy and financial statements are available to the public at the organization's location.”

“Contracted dining, housekeeping and maintenance: program service expenses 1,165,117. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,165,117. Food: program service expenses 331,766. Management and general expenses 0. Fundraising expenses 0. Total expenses 331,766. Other resident related cost: program service expenses 128,090. Management and general expenses 0. Fundraising expenses 0. Total expenses 128,090. Miscellaneous: program service expenses 19,785. Management and general expenses 0. Fundraising expenses 0. Total expenses 19,785. Bank fees and serv. Charges: program service expenses 14,843. Management and general expenses 0. Fundraising expenses 0. Total expenses 14,843.”

“Change in value of interest rate swap 63,709.”

“There have been no changes from the prior year in the methods used by the committee responsible for oversight of the audit of the financial statements and selection of an independent accountant.”