Amsterdam House Continuing Care Retirement Community Inc

“Lawerence b. Thompson and r. Scott edmonds have a business relationship.”

“The organization uses amsterdam continuing care health system, inc., a related organziation for management services. The two officers listed in part vii, james davis and mark pancirer are paid by the related organization. Their calendar year 2019 compensation is reported in part vii, section a. The organziation paid the management company $291,360 for management services in 2019.”

“The membership of the corporation shall consist of amsterdam continuing care health system, inc. Membership of the member shall continue until resignation.”

“A meeting of the member shall be 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.”

“Any or all of the directors may be removed by the member or the board of directors upon member's consent. The member may amend, repeal, or adopt by-laws of the corporation.”

“Amsterdam house continuing care retirement community, 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. An interested director means any amsterdam director who has an interest as a principal, partner, director, officer, employee, agent, or stockholder (other than a stockholder of a publicly traded corporation whose stock is widely held) of any entity with which amsterdam has or contemplates transacting business. 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. Said conflicts are addressed by management.”

“Compensation for the executive director is based on an informal review by the president and chief executive officer of comparable data.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is also posted on guidestar.org and other similar types of websites. In addition, the form 1023, financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request or by calling the organization directly. Monthly financial statements, audits, are available to the public on the electronic municipal market access website at http://emma.msrb.org/.”

“Amsterdam house continuing care retirement community, inc. (ahccrc, inc.) undertook a project involving acquisition, construction,furnishing, and equipping of a new continuing care retirement community known as the amsterdam at harborside, located in port washington, new york, which includes: 229 independent living apartments (the residential units), 26 enriched housing units and 18 special needs assisted living units (the enriched housing center), 56 skilled nursing beds (the nursing center) and related common areas and amenities and related infrastructure (collectively, the community).”

“Medical services: program service expenses 2,054,708. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,054,708. Contracted services: program service expenses 839,050. Management and general expenses 180,047. Fundraising expenses 0. Total expenses 1,019,097. Security services: program service expenses 132,842. Management and general expenses 0. Fundraising expenses 0. Total expenses 132,842. Therapists: program service expenses 651,932. Management and general expenses 0. Fundraising expenses 0. Total expenses 651,932. Payroll processing fees: program service expenses 26,287. Management and general expenses 4,201. Fundraising expenses 0. Total expenses 30,488. Financial advisory services: program service expenses 640,696. Management and general expenses 460,584. Fundraising expenses 0. Total expenses 1,101,280. Bond counsel trustee fees: program service expenses 73,880. Management and general expenses 0. Fundraising expenses 0. Total expenses 73,880. Dining services: program service expenses 1,798,232. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,798,232. Marketing advisory services: program service expenses 0. Management and general expenses 491,981. Fundraising expenses 0. Total expenses 491,981.”

“Future service obligation adjustment 6,106,000. Loss on disposal of asset -7,340.”

“The organization has a committee that is responsible for the oversight of the audit of its financial statements and selection of an independent accountant. The process has not changed from the prior year.”