Tel Hai Development Inc.

“The sole member of tel hai development is tel hai services, inc. (ein: 23-2630672), a pennsylvania nonprofit corporation.”

“Qualification and selection: each director of the corporation shall be a natural person of majority age, but need not be a resident of pennsylvania. In the case of vacancies, new directors, subject to the approval of the member, shall be selected by the board. If the board is classified with respect to the terms of office and if, due to a vacancy or vacancies or otherwise, directors of more than one class are to be selected, each class of directors to be selected shall be nominated and selected separately.”

“Limitation on board of directors: without the approval of the member, the board may not: (a) unless previously approved by the member in the annual budget of the corporation, borrow more than $25,000 or a sum in excess of such other amount as may be determined from time to time by the member; (b) unless previously approved by the member in the annual budget of the corporation, enter into any leases which would obligate the corporation to make rental payments in excess of $10,000 per year, or payments in excess of such other amount as may be determined from time to time by the member; (c) purchase insurance policies; (d) unless previously approved by the member in the annual budget of the corporation, undertake any capital expenditures in excess of $20,000 or in excess of such other amount as may be determined from time to time by the member; or (e) adopt any original or revised capital or operating budgets.”

“The form 990 is first reviewed by the ceo and cfo. Once they have approved the initial draft, the return is presented to the finance committee. The finance committee reviews and approves the form, then reports to the board of directors. A final copy of the return is provided to each board member before the return is filed.”

“All board members and the executive team are required to sign the conflict of interest policy annually. The president reviews all statements and any potential conflict is brought to the attention of the chairman of the board. If a conflict exists for a board member, the member is asked to abstain from any vote associated with the conflict. Family and business relationships are expressly mentioned in the conflict of interest policy when addressing who is an interested person.”

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

“Actuarial adjustments of split interest agreements 1,200. Unrealized losses on perpetual trusts -24,767.”

“All employees of tel hai development are paid by tel hai retirement community (ein: 23-2039189) a common paymaster. As a result, no forms w-2 or w-3 were filed for tel hai development. However, there are 3 employees who were paid through the common paymaster and have their salaries and benefits recorded on the tel hai development form 990.”