Lutheran Elderhood Foundation

“Lec-concord reserve holding co., a non-profit limited liability company, is the sole member of lutheran elderhood foundation.”

“Lec-concord reserve holding co. Llc elects the board of trustees of lutheran elderhood foundation.”

“Lec-concord reserve holding co. Shall have the following exclusive powers: a) to adopt, amend and repeal the articles of incorporation or any amended or restated articles of incorporation of the corporation. B) to select which certified public accountants will audit the books and records of the corporation. C) to adopt, amend and repeal the mission statement of the corporation. D) to adopt, amend and repeal the regulations of the corporation. E) to approve any voluntary merger or consolidation of the corporation or the sale, assignment, pledging, mortgaging, leasing or transfer of all or substantially all of the corporation's assets or the transfer of majority control of the corporation. F) to determine and approve the assumption, refunding, advance refunding or defeasance of any major debt, to execute major debt documents and to take all other actions necessary to enforce the provisions of those documents on behalf of and with respect to lutheran elderhood foundation and to authorize persons to carry out such actions. G) to approve the financing or construction of any new facilities, improvements, building or grounds. H) to approve all capital and operating budgets of the corporation. I) to institute and approve system-wide policies and procedures for human resources and compliance. J) to appoint, evaluate and compensate all officers of the corporation who are employed by lec or any affiliated entity including the corporation. K) to initiate and oversee strategic planning for the corporation. L) any other rights or powers accorded by ohio law to the members of an ohio non-profit corporation and not conferred upon the board of trustees by ohio law or by the articles of incorporation or these regulations.”

“The finance committee of life enriching communities reviews and approves the form 990 prior to filing. Discussions concerning the form 990, questions and answers are documented contemporaneously in the minutes of the finance committee meeting. Additionally, a copy of the form was made available to the lutheran elderhood foundation board of trustees prior to filing.”

“Officers and trustees are required to report any conflicts or potential conflicts of interest at least once a year. A questionnaire is completed, signed and dated by the person completing the questionnaire. The results are compiled into a single document and reviewed by senior management and are distributed to the person approving accounts payable and signing checks. Conflicts of interest are monitored by senior management to ensure that those with conflicts do not vote on matters where they have a conflict of interest. As part of the onboarding process of new officers and trustees, any potential conflicts of interest are identified. Any other conflicts that arise during the year are communicated verbally, and if any are identified, this information is shared.”

“A related organization, life enriching communities, pays compensation to the organization's ceo and other officers. Total cash compensation, inclusive of base pay, variable compensation, retirement contributions and benefits for applicable positions is compared to data contained in the leading age-cemo senior living compensation survey (a national industry organization). Compensation bands for each applicable position were also established based on the survey data. The executive committee of the life enriching communities board reviews and approves various elements of executive compensation based on and as required by the organization's executive compensation policy and the executive incentive plan. Specifically, the ceo's compensation is reviewed and approved by the executive committee of the life enriching communities board. Compensation for other executive team members is determined by the ceo with recommendations reviewed by the executive committee of the life enriching communities board. These approvals were contemporaneously documented in committee meeting minutes and approved by the life enriching communities board. This process was last undertaken in 2021.”

“Lutheran elderhood foundation makes its governing documents, conflicts of interest policy and financial statements available upon written request. The consolidated organization's condensed financial statements are published in its annual report on its website. The annual report is distributed to friends, family members, business partners and contributors. Audited financial statements and quarterly bondholder financial disclosures are posted to the electronic municipal market access (emma).”

“The lutheran elderhood foundation supports the activities of related 501(c)3 organizations through fundraising and fund management.”

“Description of organization vision: we work for the day when everyone involved in senior living finds fulfillment through: life with meaning and purpose; enriching opportunities and experiences; communities fostering relationships and perpetuating legacy. Mission: we provide exceptional everyday experiences in a christian community creating associate experiences that support, engage and empower; delivering resident and customer experiences that exceed expectations; setting and surpassing standards for quality and safety; growing consistently in service and value; producing expanded resources to extend our impact values: we are an extended family of multiple generations bound together with respect: honoring the dignity of all people; innovation: igniting entrepreneurial initiative and creative solutions; spirituality: pursuing our purpose consistent with christian principles; excellence: striving for extraordinary effectiveness and efficiency”

“On november 17, 2021, the board passed a resolution to dissolve and liquidate the organization. Pursuant to this resolution, a liquidating distribution of net assets of $137,852 was transferred to a related organization, lutheran home.”