The Carol Woods Charitable Fund Inc

“The executive committee shall have authority to manage and conduct the business and property of the corporation, except as limited by law and except for the election of officers and directors. It shall meet as often as necessary in the judgment of its chair, and at any time at the call of and under the authority of members of the board of directors. All actions of the executive committee shall be reported in full at the next ensuing meeting of the board of directors.”

“All directors of the organization shall be appointed by the board of directors of the chapel hill residential retirement center, inc. (d/b/a carol woods retirement community). A majority of the directors shall be persons who are not "disqualified persons" as that term is defined in section 4946 of the internal revenue code. At least three of the directors of the board of the organization at any time shall be current members of the carol woods board.”

“The organization has a policy that states paper and/or electronic copies of form 990 will be provided to each member of the board of directors prior to its filing with the irs. An electronic copy of the form 990 was provided to board members for thier personal review. The form 990 was formally accepted by the board of directors at a subsequent board meeting.”

“The organization regularly and consistently monitors and enforces compliance with the conflict of interest policy by: 1) discussing the policy initially with board of directors candidates prior to being nominated to the board; 2) reviewing the policy annually with each board member; 3) asking each board member to annually sign a statement indicating that he or she has read and understands the policy; 4) asking each board member to also disclose in writing any organizational relationship or other activity or interest that might possibly constitute a conflict of interest.”

“Form 990, part vi, line 15: the organization has no officers, key employees, or other employees to whom an independent review of compensation would apply.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. The organization's articles of incorporation are available on the website of the north carolina secretary of state. The organization files its annual disclosure statement with the north carolina department of insurance. The conflict of interest policy and financials are consolidated with a related organization, the chapel hill residential retirement center, inc. D/b/a carol woods retirement community. Carol woods includes the consolidated financials and shared conflict of interest policy in its disclosure statement that it files annually with the north carolina department of insurance. The department, in turn, makes the disclosure statement available on its website, www.ncdoi.com.”

“Equity transfer to related organization -31,203.”

“The organization's financial statements are consolidated with the chapel hill residential retirement center, inc. D/b/a carol woods retirement community, a related organization.”