St Therese at Oxbow Lake Inc

“The executive committee is entirely composed of the governing body members. The executive committee shall have the authority of the board of directors in the management of the business of this corporation in the interval between meetings of the board of directors, and the executive committee shall at all times be subject to the control and direction of the board of directors.”

“The organization delegated control over management duties to saint therese, a related organization.”

“The sole member of saint therese communities is saint therese.”

“The directors of saint therese communities are elected by the board of directors of the sole member.”

“The sole member has reserved to itself the authority, with respect to saint therese communities, to approve the incurrence of any indebtedness for money borrowed, to approve any inter-corporate transfers of funds or assets, to approve any sale of assets, merger, consolidation or other significant affiliation agreement, and to approve any amendment ot the articles of incorporation of this corporation or any amendments to their bylaws.”

“The form 990 was reviewed and approved by the finance committee of the board of directors prior to being filed with the irs.”

“All directors, officers and key management employees are annually required to disclose any conflicts of interest. The disclosures are reported to the board of directors, who determine the level of potential conflict. Potential conflicts of interest for the organization include any contract or transaction between (a) one or more of its directors, officers, or key employees, (b) a director, officer, or key employee of a related organization (within the meaning of minnesota statutes, section 317a.11, subd. 18), or (c) an organization in which or of which a director, officer, or key employee is also a director, officer, or legal representative or has a material financial interest; unless the material facts as to the contract or transaction and as to the party's interest are fully disclosed in writing to the board of directors prior to any action, and the board of directors authorizes, approves, or ratifies the contract or transaction in good faith by the affirmative vote of a majority of the directors. Individuals assessed as having material conflicts of interest are asked to refrain from voting on any action that may be influenced by the conflict, which is reflected in the board minutes.”

“The process of determining the compensation of the president & ceo includes review and approval by a compensation committee of the board of directors of saint therese, a related tax exempt organization and the sole member, with the help of an independent compensation consultant and salary surveys. The process last included review and approval by independent persons, comparability data and contemporaneous substantiation in 2024. The process of determining the compensation of the cfo and other key employees includes review and approval by the president & ceo, with the help of an independent compensation consultant and salary surveys. The process last included comparability data and contemporaneous substantiation in 2024, but it does not include review and approval by independent persons.”

“The organization does not make its governing documents or conflict of interest policy available to the public. Financial statements are provided to the bond trustee, who distributes them to the electronic municipal market access system.”

“Saint therese communities assumed sponsorship of ihm senior living community, inc., a michigan nonprofit corporation.”

“Professional services: program service expenses 4,912,933. Management and general expenses 645,586. Fundraising expenses 0. Total expenses 5,558,519.”

“Change in restricted net assets 91,779.”