Amsterdam House Continuing Care

“The sole member of the corporation is amsterdam continuing care health system, inc.”

“A meeting of the member is held annually for the election of directors and the transaction of other business at a place and time fixed from time to time by the member. In any case in which the member is entitled to vote, the member shall have one vote. The board of ahccrc, inc. Ratifies the election of directors and elects officers and an annual meeting.”

“The member is authorized to approve material actions pursuant to new york not-for-profit corporation law. Any or all of the directors may be removed by the member or the board of directors upon the member's consent. The member may amend, repeal, or adopt by-laws of the corporation or two-thirds of the board of directors upon the member's consent.”

“Ahccrc, inc. Has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, a copy of the form 990 is provided to the audit committee. The cfo makes the 990 available to all board members. Any issues are discussed and resolved. Once the board has approved the return it is filed with the internal revenue service.”

“Directors, officers, and key persons must complete an annual disclosure and affirmation form in accordance with the conflict of interest policy. A person has a "financial interest" if the person has, directly or indirectly, through business, investment or family: a. An ownership or investment interest in any entity with which the amsterdam entity has a transaction or arrangement; b. A compensation arrangement with the amsterdam entity or with any entity or individual with which the amsterdam entity has a transaction or arrangement; or c. A potential ownership or investment interest in, or compensation arrangement with, any entity or individual with which the amsterdam entity is negotiating a transaction or arrangement. An interested director must disclose the relationship or interest in the transaction to the board of directors of the applicable amsterdam entity. Disclosure shall be made to the chairman of the board as soon as the interested director becomes aware of the potential for a conflict in connection with the transaction, who then shall inform the applicable board. If the chairman is involved in the transaction, the chairman shall advise the secretary of the applicable amsterdam entity who shall arrange for board disclosure. No interested director shall participate in the discussion, deliberations and voting regarding a transaction. The affirmative vote of the majority of all the directors of the applicable amsterdam entity shall be required before entering into the transaction (excluded in such counts is the interested director). No transaction shall be invalidated or affected in any way if this policy is followed. All officers and key employees are required to disclose any potential conflicts of interest on an annual basis or sooner if a potential conflict or actual conflict should arise. Potential conflicts or actual conflicts are reviewed by the chief compliance officer of amsterdam nursing home.”

“The compensation for the president and ceo is set using comparable data. Comparable data included publicly available compensation data from similarly situated ccrcs, such as compensation data in the form 990s filed with the irs. The compensation review process was approved by the board and is included in the board minutes. This review process was last conducted in december 2021.”

“The organization makes its form 990 and form 1023 available for public inspection as required under section 6104 of the internal revenue code. The return is also posted on the new york attorney general charities bureau website and guidestar.org and other similar types of websites. In addition, financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request or by calling the organization directly.”

“The organization does business under the following names: the harborside harborside legacy foundation the amsterdam at harborside”

“Amsterdam house continuing care retirement community, inc.'s mission (ahccrc, inc.) was to establish, construct, own, operate and maintain a continuing care retirement community as defined in article 46 of the public health law of the state of new york; to meet the special housing needs of elderly persons by planning, developing, organizing, constructing, acquiring, altering, reconstructing, rehabilitating, owning, operating and maintaining housing for elderly individuals and families in order to promote their general welfare by providing them with safe, sanitary and independent living facilities; to engage in any other lawful activity for which a corporation may be formed under the not-for-profit corporation law; the public or quasi-public objective to be achieved by these purposes is to make available special housing for the elderly where such housing is not currently available.”

“The board of directors of the harborside approved a plan of liquidation as of march 21, 2023, and the harborside began liquidation proceedings shortly thereafter. On march 22, 2023, the harborside (the "debtor") filed a petition for relief under chapter 11 of the federal bankruptcy laws in the united states bankruptcy court for the eastern district of new york ("bankruptcy court"). As a result, the harborside changed its basis of accounting for periods after march 21, 2023, from the going concern basis to the liquidation basis in accordance with accounting principles generally accepted in the united states of america. Under the liquidation basis of accounting, the harborside's assets were measured at estimated net realizable values, and liabilities were stated at estimated settlement amounts, including costs expected to be incurred through completion of liquidation.”