Old Ladies Home

“The 990 is first reviewed by the executive director and then shared with the finance committee prior to filing.”

“The conflict of interest policy is designed to help directors, officers and key employees of ashland terrace retirement home identify situations that present potential conflicts of interest and to establish an appropriate governance framework for protecting ashland terrace's interests as a tax-exempt organization. The policy shall apply when consideration is being given to entering into a transaction or arrangement that might benefit the private interest of a director of ashland terrace, or might result in a possible excess benefit transaction. Responsible persons include officer, key employees, and members of the board of directors. Interest persons include any director, officer, or member of a committee, who has a direct or indirect financial interest. Regarding any conflict of interest or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the board and/or the executive or assistant director. If disclosed to the executive or assistant director, he or she shall report the possible conflict of interest to the board for further deliberation. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the board meeting while the determination whether a conflict of interest exists is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists through this discussion and voting process. Procedures for addressing the conflict of interest include, (a) an interested person may make a presentation to the board, but after the presentation, he/she shall leave for the board to discuss and vote on the transaction or arrangement, (b) if appropriate, the board shall appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement, (c) after exercising due diligence, the board shall determine if ashland terrace can obtain with reasonable efforts a more advantageous transaction or arrangement from the person or entity that would not give rise to a conflict of interest, and (d) if a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board shall determine by majority vote of the disinterested directors whether the transaction is in the best interest of ashland terrace. Violations of the conflicts of interest policy include, (a) if the board has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose, (b) if, after hearing the member's response and after making further investigation as warranted by the circumstances, the board determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action. Each director, officer and member of a committee and key employee shall annually sign a statement which affirms such a person has received a copy of the conflict of interest policy, read and understands the policy, agrees to the policy, will promptly advise the board of any circumstances arising during the year that may create a conflict of interest, and understands that ashland terrace is a 501(c)3 organization to keep such a status must engage primarily in activities which accomplish the tax-exempt purpose. Any new board members and/or key employees shall be required to review the conflict of interest policy and sign the statement as part of their orientation and onboarding process. The executive committee of the board shall be responsible for verifying that incoming board members and key employees have reviewed and signed this policy in a timely manner.”

“Organization has the governing documents, conflict of interest policy, and financial statements upon request.”

“Change in fair market value of beneficial interest in assets held by others 267. Change in fair market value of charitable trusts 26,085.”

“The process has not changed from the prior year.”