Philadelphia Presbytery Homes and Services for the Aging

“Management performs an internal review of the return. Once all management comments have been cleared, the audit committee of the board of directors reviews and approves the form 990. The form 990 is then sent to all board members for their review prior to finalizing and filing the tax return.”

“All board members, officers, and key employees of the organization are required to annually disclose any conflicts of interest via completion of a conflicts form. Those individuals are required to disclose any and all ongoing issues that arise during the course of the year. Signed conflict of interest statements are given to the board and reviewed and maintained by the organization's compliance officer (the vp of human relations). Any individual with a conflict of interest must abstain from voting on the matter.”

“The organization has an executive compensation program developed by members of the executive compensation committee which is comprised of board members. The committee contracts with a third party consultant for executive compensation advisory services as needed. Annual market studies are used to ensure that salaries of key employees are commensurate with similarly sized senior living organizations. The compensation program has been developed to comply with all regulatory and statutory requirements affecting executive compensation in a not-for-profit context. All compensation recommendations and program design elements for the executives and key employees are reviewed by the executive compensation committee to ensure full compliance with requirements. Legal counsel was retained in 2013 to review executive compensation arrangements and provide an opinion and reasonableness letter. This review will be done every 3 to 5 years. The executive compensation committee is comprised of independent persons, and decisions of the committee are documented in committee minutes, which are included with board materials.”

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

“Transfer from affiliate 2,085,186.”

“This return is being amended due to the recent inadvertent discovery of a transfer of assets in the amount of $2,085,186 which occurred during the 2015 reporting year. The transfer of assets was the result of the organization being considered the sponsor of a tax credit/hud project established by one of its affiliated entities, wynnefield place lp. Hud regulations required all capital advances be passed therough the filing organization. As a result, part x changed with the addition of a receivable and net assets. The organization has previously filed a form 990-n in a timely manner under the assumption that there was no activity that met the filing requirements for a form 990. The form 990-n was filed in good faith and with the expectation that it was the correct form to file.”