Our Lady of Hope Residence

“All voting members are members of the little sisters of the poor which is a nonprofit, tax-exempt organization. Maintenance of its tax-exempt status is important both for its continued financial stability and for fublic support. Therefore, the irs as well as state regulatory and tax officials view the operations of the little sisters of the poor as a public trust, which is subject to scrutiny by and accountable to such governmental authorities as well as to members of the public.”

“The board, officers and management have the responsibility of administering the affairs of the little sisters of the poor honestly and prudently, and of exercising their best care, skill and judgement for the sole benefit of the little sisters of the poor. Those persons shall exercise the utmost good faith in all transactions involved in their duties and they shall not use their position with the little sisters of the poor or knowledge gained therefrom for their personal benefit. The interests of the organization are and must be the first priority in all decisions and actions.”

“Officers review the printed 990 form prior to signing and filing at a meeting with preparer of form 990 annually.”

“Annual disclosure of interests is reviewed during the annual meeting of the directors.”

“The little sisters of the poor is a charitable organization and a nonprofit corporation. All of the directors are members of the little sisters of the poor congregation. All officers, directors and trustees are members of the congregatiopn of the little sisters of the poor and take a vow of poverty rendering them ineligalbe for compensation.”

“All key employee wages are subject to approval by the little sisters of the poor. As a charitable organization the little sisters of the poor pay reasonable compensation for services for all staff. Reasonable compensation is defined as the amount tahat would ordinarily be paid for like services by like enterprises under like circumstances. All compensation is subject to review by the board annualy.”

“Governing documents are made avaiable to the public upon request.”

“Volunteers provide necessary supplement to the operations in that they provide manpower at no cost to help with the providing of services to the elderly residents of the home. The volunteers work in all departments (administration, program services and development).”

“Increase in permanently restricted net assets 15,101”