Friends Retirement Concepts Inc

“One member of the board of friends retirement concepts, inc. Shall be selected by the board of friends retirement concepts, inc. From among persons nominated by the elected representatives of the residents of the arbor glen continuing care retirement community. There are two residents who are currently serving on the board.”

“Managment does a detail review of the 990 before presentation to the board. The chairman of the board conducts the board meeting. The 990 form is presented to the board members at the meeting for review. The board will approve the form before submission to the irs.”

“The organization regularly and consistently monitors and enforces compliance with its conflict of interest policy through annual disclosure. The conflict of interest policy is discussed annually at a board meeting and training is provided annually by the organization's compliance officer. The chairman of the board reviews the signed conflict of interest statements annually. The executive committee of the board and the ceo handle any actual or potential conflicts of interest. Board members must disclose any conflicts of interest and abstain from voting if such conflict arises.”

“Each year the board of directors forms a compensation and review committee to evaluate performance and review market based salaries for other tax exempt stand-alone communities using aasha salary surveys and guidestar. The committee recommends changes in ceo compensation to the full board based on contract obligations, past year performance, salary surveys and financial condition of the organization. The salary process for the cfo is also established on the basis of salary survey data. The decisions are documented in the compensation and review committee minutes.”

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

“Amount shown on line 7a represents sales proceeds, bonds removed from the books and liabilities assumed at time of sale”

“Effective july 12, 2018 the organization sold substantially all of its assets used in or incidental to the conduct of its business to bridgewater life care property, llc, and lcs bridgewater operations llc, an affiliate of bridgewater llc, and this reporting organization will no longer operate as a continuing care retirement community. Lcs bridgewater operations llc bought the personal property, food and beverage, resident agreements and records, permits and the organization's medicare provider agreement; bridgewater life care property llc bought all other assets.”

“Professional services: program service expenses 1,824,944. Management and general expenses 149,627. Fundraising expenses 0. Total expenses 1,974,571.”

“Assets transferred to community foundation of new jersey -341,035.”