Willow Valley Communities

“Acts alliance management, llc (aam), d/b/a "willow valley living" (wvl), a non-affiliated entity, provided management services to willow valley communities through 10/31/24. Wvl provided general management and supervision, accounting, human resources and other services needed to manage the community. Key positions of wvl included president and chief operating officer, chief financial officer, chief human resources officer, chief hospitality officer and chief marketing officer. In return for these services and expertise, aam received a revenue-based fee of $4,008,227 in 2024. Effective 11/1/2024, the contract with wvl terminated and willow valley retirement management, another non-affiliated entity, took over providing ceo services to willow valley communities. In return for these services, willow valley retirement management received a fee of $135,000 in 2024.”

“The organization amended its articles of incorporation to remove acts retirement services, inc. As the sole member.”

“The organization's sole member through 10/31/2024 was acts retirement services, inc.”

“Through 10/31/2024, the election of board of directors was held at least annually by the member. Candidates were nominated by the corporation's board of directors and presented to the member for selection. Beginning 11/01/2024, there is no longer a member, and all board members are elected and appointed by the board of directors.”

“The organization's finance department prepares the information for the form 990. Our independent accounting firm (baker tilly advisory group, lp) reviews the information and prepares a draft return. The draft is reviewed by the board of directors with filing approval given by the audit & finance committee. Prior to filing, the final copy of the form 990, as ultimately filed with the irs, is provided to the board of directors.”

“On an annual basis, officers, directors, and key employees are required to complete a conflict of interest form. Upon completion this form must be notarized. One copy is forwarded to pa department of insurance and another is retained by the management company. As new business relationships are developed/formed, appropriate questions are asked to determine if potentional conflicts exist. In addition, each individual that completed the form is to make the communities aware of any potential conflicts of interest of which they may become aware. Any potential conflict would be reviewed, discussed and brought to the executive committee of the board for recommended resolution. An individual with a conflict will recuse themselves from participating in the deliberations and decisions in the transaction.”

“Officer and key employee compensation is reviewed and approved by the board or compensation committee. All compensation is reviewed to confirm it's within fair market value for the industry.”

“The organization does not make its governing documents, conflict of interest policy, or financial statements available to the public but they are available upon request.”

“Change in fmv of interest rate swap agreements 120,640. Net assets released from restriction 613,557.”