Mercy Terrace Apartments

“The members of the Organization shall be the elected President and Councilors of the Institute of the Sisters of Mercy of the Americas. Each member has the right to authorize another to act for him/her by proxy and the members acting as a group have the right to authorize others to act for them.”

“The members of the Organization have the power to appoint Trustees to the Board upon the recommendation of that Board and remove, with or without cause, any member of the Board of Trustees.”

“The following powers are reserved exclusively to the members of the Organization, who shall retain and exercise such powers, in addition to any power and responsibility as shall be conferred upon them by the laws of the Commonwealth of Pennsylvania: (1) exercise all final authority for the definition, implementation of the philosophy according to which the Organization operates; (2) amend, alter, modify or repeal the certificate of incorporation; (3) approve amendments of the by-laws of the Organization as recommended by the Board of Trustees; (4) approve purchase, sale or lease or disposition of any real property of the Organization upon the recommendation of the Board of Trustees; (5) authorize the merger or consolidation of the Organization with any other entity, organization or program; (6) require a certified financial review/audit of Organization funds; (7) dissolve or terminate the existence of the Organization and determine distribution of assets upon dissolution or termination; (8) appoint Trustees to the Organization Board upon the recommendation of Board and remove, with or without cause, any member of the Board of Trustees; (9) approve the appointment and removal of the Executive Director upon recommendation of the Board of Trustees; (10) approve the borrowing of funds which, together with all the outstanding obligations for borrowed money, exceeds 20% of the net assets of the Organization, upon the recommendation of the Board of Trustees; and, (11) approve any capital campaign upon the recommendation of the Board of Trustees.”

“The Organization's accountants shall prepare Form 990 and present it to the Finance Committee for approval. If the Finance Committee agrees that the Form 990 has been completed appropriately utilizing generally accepted principles, and it accurately presents the Organization, its principals of governance, and its finances, the Committee shall approve it. Following the approval of the Form 990, the Finance Committee shall present it to the Organization's Board of Trustees for information purposes. There shall be contemporaneous documentation and recordkeeping with respect to the deliberations and decisions regarding the approval and submission of the Form 990.”

“At the beginning of each year, the Board of Trustees is required to review the conflict of interest policy and acknowledge it by signing a copy. The policy copies are kept on file at the Organization's offices.”

“The policy for determining compensation of the Organization applies to the compensation of the Executive Director. The process includes: (1) a review and approval by the Board of Trustees; (2) use of comparable compensation data; and (3) contemporaneous documentation and recordkeeping.”

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

“The Organization has not changed its oversight process or selection process during the year.”