Cathedral Village

“The sole member of cathedral village is phi, a pennsylvania nonprofit corporation.”

“The sole member, phi elects cathedral village's board of directors.”

“The approval of the member shall be required for any of the following actions by the cathedral village (corporation): (a) the adoption, amendment, or revocation of the corporation's articles of incorporation or these by-laws. (b) the termination, liquidation, reorganization, division, conversion, or dissolution of the corporation, or the merger, consolidation, or combination of the corporation with another entity. (c) any change or transfer of the member's membership interest in the corporation, or the creation or issuance of any additional membership interests in the corporation. (d) the investment of the corporation's assets other than in accordance with the member's investment policy; or, in the absence of a current member investment policy, any investment other than in the ordinary course of business (provided such ordinary course investment is in federally insured interest-bearing bank accounts, short-term direct u.s. Obligations, short-term certificates of deposit of domestic banks, or highly rated money market funds); provided that the investment of the corporation's restricted funds shall continue to be managed as in effect on the date of adoption of these bylaws, unless changed with the approval of the board of directors. (e) the incurrence by the corporation of indebtedness in excess of such amounts may be reasonably designed by the member from time to time, except pursuant to a budget approved by the member or ordinary course indebtedness such as routine trade payables, in amounts less than the amounts designed by the member. (f) the conveyance, transfer, lease, or sale of any of the corporation's assets with fair market value in excess of such aggregate amount as may be designated by the member from time to time, except pursuant to a budget approved by the member, or the conveyance, transfer, lease, or sale of any of the corporation's assets to the member or another affiliate. (g) the making of any capital expenditure or the incurrence of any capital obligations by or on behalf of the corporation in excess of such annual aggregate amount may be designated by the member from time to time, except pursuant to a budget approved by the member. (h) the incurrence of any non-ordinary course obligation (whether actual or contingent) by corporation to guarantee or be responsible for the debts or obligations of any person in excess of such amounts as may be designated by the member from time to time, except pursuant to a budget approved by the member. (i) the approval of the corporation's operating and capital budgets, or any material changes thereto. (j) the voluntary granting of any lien or encumbrance (including a confession of judgment) with respect to the corporation's assets, except in the ordinary course of business. (k) the surrender of material change in any permit, approval, or license of the corporation. (l) the selection of the corporation's outside financial auditors, general ledger counsel, or investment advisors. (m) the requirement that the member make any capital contributions to the corporation. (n) appointments and reappointments to the corporation's board of directors. (o) the approval of the corporation's strategic and operating plans, or any changes thereto. (p) the approval of any changes to the corporation's statements of purpose, vision, or mission. (q) the creation by the corporation of any new lines of business, sites of business subsidiary corporations, or partnerships or other joint ventures, or any material changes in existing services, or participation by the corporation in any key strategic relationships outside the member's group of supported organizations or affiliates. (r) all contracting by the corporation that could materially impact the member or the member's group of supported organizations or affiliates. (s) changing the location or name of the corporation's business. (t) compensating any corporation board member for meeting attendance, other than reimbursement for travel expenses. (u)”

“Cathedral village has a cpa firm prepare its form 990. The return is completed in draft form and reviewed by manangement of the organization. The form 990 is then provided to the board of directors for review before it is filed.”

“The compliance department annually reviews the conflict of interest disclosures remitted from the officers, directors, and key employees to update and monitor any changes that could cause a potential conflict of interest.”

“Every year, salaries for executives are determined based on comparative data from leadingage's sponsored salary survey called cemo leadership compensation survey. These salaries are then approved by the board of directors. For highest paid employees, salaries are set during the yearly budgeting process by the executive directors of each facility in conjunction with the controller and chief financial officer. These wages are also compared to market studies and are approved, in total, by the board.”

“Cathedral village makes its form 990 available to the public upon request.”

“Presbyterian senior living and all of its affiliates are working hard to promote transparency. Therefore, current month/quarterly financial statements are posted right on the psl website, along with census and year end audits. Its governing documents and conflict of interest policy are made available to the public upon request.”

“On june 1, 2015, with the consent of the board of directors, cathedral village affiliated with phi d/b/a presbyterian senior living (psl), located in dillsburg, pennsylvania. The affiliation agreement enables the organization to continue to provide continuing care and related services for its residents, and provides the organization with financial and operational support that will assist in maintaining the long-term mission of the organization. Cathedral village will be included in phi's group form 990 starting fiscal year ending june 30, 2016.”

“Other fees: program service expenses 5,640,678. Management and general expenses 995,414. Fundraising expenses 0. Total expenses 6,636,092.”

“Temporarily restricted contributions 665,059. Loss on impairment upon affiliation -1,616,186. Change in fair value of beneficial interest perpetual trust -139,784. Temporarily restricted investment income 33. Loss on early extinguishment of debt -83,321.”

“Cathedral village has an audit committee that is responsible for the oversight of the audit and selection of the independent auditors. The process has not changed from prior year.”