The Admiral at the Lake Foundation

“The members of the executive committee will be the chair, the vice chair, the secretary, the treasurer, and two other board directors as the board may appoint to the committee. The executive committee will possess and may exercise any and all powers of the board in the management and affairs of the foundation subject to the paramount authority of the full board. The executive committee will not have the power or authority of the board to engage in the following: 1. Approve the dissolution or merger of the foundation, or the sale, pledge or transfer of all or substantially all of the foundation's assets; 2. Elect, appoint or remove board directors or fill vacancies on the board or on any of its committees; or 3. Adopt, amend or repeal the articles or the bylaws.”

“The governing documented were amended during the tax year and the following changes were deemed significant: 1. The required range of board directors is now between 5 and 10, previously it was between 10 and 15. 2. Previously there were no term limits. Board directors are now only permitted to serve a maximum of 3 consecutive 3-year terms. In evaluating when board director term limits have been met any service of 24 months or less can be disregarded. After term limits have been met, board directors can be re-elected after at least an 11 month absence from board service. 3. The admiral continues to have the right to appoint at least a majority of board directors without regard to the nominations process, but the remaining board directors are now elected by the board of directors. Previously the admiral appointed all board directors. 4. The admiral could previously remove any board director with or without cause, the admiral is now only permitted to remove with or without cause a board director that they appointed. 5. As a means of formalizing existing practices, a provision was added to specify the board will endeavor to at least annually perform a self-evaluation.”

“The admiral at the lake (the admiral), a 501(c)(3) public charity, is considered the sole member based on the internal revenue service definition of member.”

“A majority of the board of directors shall be appointed by and serve at the pleasure of the admiral.”

“The governing documents may not be amended without the approval of board of directors of the admiral.”

“The form 990 is prepared by an independent accounting firm and then reviewed for accuracy and completeness by the ceo, cfo and the governance committee chair. A copy of the form 990 is then provided to each board member prior to filing.”

“All board directors are required to read and sign the organization's conflict of interest policy. The policy requires disclosure at least once annually of possible conflicts and requires disclosure in real time of any related party transactions prior to engaging in said transactions. The disclosures are reviewed by the ceo and chairperson. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and may be given the opportunity to disclose all material facts to the board and committee members with governing board delegated powers considering the proposed transaction or arrangement. The interested person shall then be excused from the meeting while the determination of a conflict of interest is discussed and voted upon. The ceo and board chair monitor and enforce the conflict of interest policy for the board.”

“The governing documents and conflict of interest policy are not made available to the public. The financial statements are available upon request.”

“All references to the old people's home of the city of chicago, a 501(c)(3) public charity, have been replaced with the admiral at the lake, a 501(c)(3) public charity. Both organizations had an exempt purpose of serving and supporting senior living in chicago, il. This update was administratively necessary as the old people's home of the city of chicago was dissolved during the tax year. The governing documents, including exempt purpose, of the admiral at the lake foundation is to support the admiral at the lake.”

“Change in value of beneficial interest in trust 1,182,997.”