The Carol Woods Charitable Fund Inc

“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 whereby electronic or paper copies of form 990 will be provided to each member of the board prior to its filing with the irs. The form 990 is formally accepted by the board at a subsequent board meeting, and prior to filing with the irs.”

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

“The organization does not directly compensate any officers or key employees. It relies on the chapel hill residential retirement center, inc., a related organization, to set and remit compensation to its officers. The related organization uses the following methods to establish compensation of the individuals listed on form 990, part vii, line 1: compensation committee, independent compensation consultant, compensation survey or study, approval by the board or compensation committee.”

“The conflict of interest policy is explained in an annual disclosure statement filed with the nc dept of insurance, and the audited consolidated financial statements are included as an appendix to that disclosure statement, which is available to the public on the website of the nc dept of insurance.”

“No change from prior year.”