Lasell Village Inc

“The governing body of lasell village has authorized lasell university through a management contract as the management company to perform the management duties typically handled by direct supervision of officers or key employees. Lasell village shall have the right, upon notice to lasell university, to change, repeal or alter policies adopted and/or implemented by lasell university in connection with managing the day-to-day operations.”

“Lasell, inc., acting through its board of trustees, shall be the sole member of lasell village, inc.”

“Lasell, inc. May appoint to the board of trustees a number of trustees up to, but not exceeding, twenty five percent (25%) of the total number of lasell village's trustees serving from time to time.”

“Lasell, inc. Shall have the right to approve each of the following actions of the board of trustees, and such actions by the board shall not be effective unless and until approved by lasell, inc.: (a) the adoption of annual operating and capital budgets; (b) employment terms for the president of the corporation; (c) the adoption of any long-range plans of the corporation; (d) approval of any increase in the long-term debt of the corporation; (e) the expenditure, disposition, donation or acquisition by purchase, lease or other means of donation of corporate assets, other than budgeted items, in an amount in excess of $10,000; (f) the merger or consolidation of the corporation with any other corporation, and the formation or dissolution of subsidiaries; (g) a decision to conduct any fundraising activities; (h) the selection or employment of legal counsel and certified public accountants, whether for special projects or on a regular basis; (i) the sale or other disposition of all or substantially all of the corporation's assets; and (j) any amendments to the corporation's bylaws pursuant to article xii or to the articles of organization.”

“The form was provided to all board members and was reviewed by the bot at their meeting, prior to being filed.”

“Our organization regularly and consistently enforces compliance with our written conflict of interest policy by having each trustee, principal officers and member of a committee with board delegated powers annually sign a statement which affirms their understanding of the policy and they indicate whether or not a conflict exists. The policy is also reviewed annually with managers and which in turn review annually with their staff.”

“The chairman of the board of trustees in consultation with the executive committee of the board of trustees conduct an annual written evaluation of the president and recommends compensation based on a comparison of presidents at similar sized institutions. The president conducts an annual written evaluation of key employees taking into account compensation of peers at similar sized institutions.”

“The 990 is available on guidestar and the massachusetts attorney general's website. The form 1023 is available upon request. Also available upon request are our governing documents, conflict of interest policy and financial statements.”

“Change in fair value of interst rate swap 196,763.”