Kendal-Crosslands Communities

“The form 990 is presented to the board finance committee for their review by the independent accounting firm which prepares the form, then the entire board of directors will receive a copy of the form 990 in final form before the form 990 is filed.”

“The policy regarding conflicts of interest has been adopted by the board of directors and covers all staff members, their immediate family and the board of directors. A conflict is defined as a member using their position(s), or knowledge which they obtain in pursuit of their employment, for their own personal gain or for the gain of any other person other than a resident. Staff members shall disclose all known, potential or possible conflicts of interest to the chief executive officer. The chief executive officer shall disclose such conflicts involving himself/herself to the board of directors. The board alone may grant approval for exceptions to this policy. This policy is reviewed with each new staff member during new employee orientation period and is reviewed annually. Any possible conflict of interest on the part of any governing board member shall be disclosed to the board and made a matter of record, either through an annual procedure or when the interest becomes a matter of board action. Any governing board member having a possible conflict of interest on any matter shall not be a part of any decision or use his/her personal influence on the matter, and he/she shall not be counted in determining the quorum for that matter, even where permitted by law. The minutes of the meeting shall reflect that a disclosure was made, the abstention from the decision, and the quorum situation. Notwithstanding the previous statement, the board recognizes the importance of equal participation in board activities by all directors, and the need for unity to be sought among all governing board members on business affecting our communities. The board acknowledges that some board members are interested persons by virtue of being residents, immediate family members of residents or staff, or members of our waiting list. When considering approval of a project, capital or operating budgets, those board members will not be required to abstain from such decisions.”

“All officers, except the ceo, and key employee compensation is evaluated by the chief executive officer on an annual basis and was last performed in 2024. The chief executive officer's compensation is determined by a compensation committee comprised of three board members who gather evaluations from department heads, board members and the president and past president of the resident associations. The committee also compiles and/or obtains salary comparison information from the head of human resources. All of this information is summarized and shared with the board for their consideration in the performance evaluation and any wage adjustments. This is documented in the board meeting minutes. This process was reviewed in 2024.”

“The financial statements are distributed to the residents each year in the disclosure statement. All of the governing documents, conflict of interest policies and the financial statements are available upon request.”

“Change in fair value of interest rate cap agreements -112,800.”