The Legacy at Willow Bend Retirement

“Members/stockholders of the organization: the sole member of the corporation is the legacy senior communities, inc.”

“Persons who had power to elect or appoint to the governing body: the chairperson and the president of the member, the legacy senior communities, inc., appoint all of the members of the board of trustees.”

“Governance decisions of the organization reserved to members: the exercise of the following reserved powers shall require the consent of the member: i. The incurrence of any indebtedness by the corporation for borrowed money from third parties ii. Any merger, consolidation, liquidation, dissolution or sale of substantially all of the assets of the corporation iii. Any acquisition or transfer of any interest in real property by the corporation iv. Any acquisition or transfer of any interest in personal property other than in the ordinary course of business”

“Process used to review form 990: the 990 is reviewed by management, an external tax firm, the audit & risk management committee and the board of trustees.”

“Process for monitoring conflict of interest policy: management monitors the policy and discloses potential conflicts to the audit & risk management committee potential conflicts are evaluated and disclosed to the rest of the board for appropriate action to be taken.”

“Process for determining compensation: executive director compensation was determined in 2019 by management based upon local market competition, and also by that person's prior experience and compensation. Compensation of other officers and key employees was determined by management based upon local market competition, and by that person's prior experience and compensation. Top management approves the compensation of certain officers and key employees. All compensation reviews are documented in the employee file or contract.”

“Documents made available to the public: the organization makes its governing documents, conflict of interest policy, and financial statements available upon request.”

“Significant Changes to GOVERNING DOCUMENTS: THE BYLAWS WERE AMENDED SEPTEMBER 2019 , WITH AN EFFECTIVE DATE OF OCTOBER 1, 2019, TO CHANGE THE NAME OF THE ORGANIZATION FROM THE LEGACY AT WILLOW BEND RETIREMENT COMMUNITY, INC TO THE LEGACY WILLOW BEND, INC. THE NEW NAME WAS EFFECTIVE OCTOBER 1, 2019. OTHER CHANGES TO THE BYLAWS WERE FOR VARIOUS LANGUAGE AND BOARD TERM UPDATES.”

“Other Changes in Net Assets: The Organization adopted and implemented Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) which became effective for the fiscal year 2019. As a result of the new standard, an opening balance adjustment to net assets of $1,269,033 has been made to conform to the new standard. The organization made permanent transfers of assets to The Legacy Senior Communities totaling $500,000.”