Homestead Village Inc

“Homestead village's cfo performs the initial company review of the form 990 prepared by independent accountants. The form 990 is then presented to the finance committee of the board of directors for review. After the finance committee's review, every member of the board of directors receives a copy of the form 990 for review before the return is filed with the irs.”

“Article iii, section 13 of homestead village's by-laws deals with conflict of interest for board members. All members of the board of directors shall be apprised of the fiduciary obligations of their position as a member of the board and of their responsibility to the corporation to refrain from participating in any action that is a conflict of interest in their director relationship to the corporation. Each member of the board shall be required to execute annually a conflict of interest statement in a form to be prepared and maintained by the office of the president of the corporation. Directors are required to disclose any relationships they may have with other directors, officers, and entities that do business with homestead village, etc. Any director or officer with a conflict will abstain from voting on any matter that involves the conflict.”

“The executive committee of the board of directors annually reviews the performance of homestead village's ceo. It uses the leading age salary survey as a guide when determining the rate of increase in the ceo's compensation. Increases are merit-based and the process includes a review by the executive committee of the goals set for the president for the past year and the progress made toward achieving those goals. New goals for the upcoming year are established as part of the review process. The chairman of the board of directors communicates in writing to the chief financial officer any increase in compensation for the president. The chief financial officer shares the communication with homestead village's director of human resources. All other employees of homestead village have their performance reviewed annually by their supervisors. Pay increases are determined by the results of that review. Any pay increase or decrease varying from the company median must be approved by the ceo. The director of human resources also examines the annual performance reviews. The ceo and director of human resources compare wage and salary levels annually to industry averages using a trade association salary survey. A new board committee has been formed to deal with human resource issues and will become involved in salary decisions for key employees. The occurrence of their meeting is recorded in the minutes of the subsequent meeting of the full board of directors.”

“The organization's governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

“All directors have the same voting rights. The bylaws give the executive committee the power to act with the full authority of the board between meetings. All actions taken by the executive committee must be reported at the next board of directors meeting.”

“Ambulance service: program service expenses 1,396. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,396. Beauty/barber: program service expenses 84,237. Management and general expenses 0. Fundraising expenses 0. Total expenses 84,237. Consulting fees: program service expenses 40,197. Management and general expenses 0. Fundraising expenses 0. Total expenses 40,197. Contracted services: program service expenses 3,944,383. Management and general expenses 0. Fundraising expenses 0. Total expenses 3,944,383. Laboratory and radiology: program service expenses 12,399. Management and general expenses 0. Fundraising expenses 0. Total expenses 12,399. Occupational therapy: program service expenses 316,968. Management and general expenses 0. Fundraising expenses 0. Total expenses 316,968. Pharmacy fees: program service expenses 109,419. Management and general expenses 0. Fundraising expenses 0. Total expenses 109,419. Physical and speech therapy: program service expenses 472,172. Management and general expenses 0. Fundraising expenses 0. Total expenses 472,172.”

“Loss on interest rate swap -85,661.”

“Homestead village has a finance committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed from the prior year.”