Westminster Village West Lafayette Inc

“The village is managed by life care services, llc (lcs) under an agreement with an effective date of january 1, 2021, that extends through june 30, 2026. Under the terms of the agreement, the monthly management fee is a percentage of gross operating revenues based on community occupancy levels. The base rate percentage for the 2025 and 2024 calendar years is 3.00% and may be adjusted up or down by no more than 0.10% depending on actual occupancy as compared to budgeted occupancy. In addition to the fixed monthly fee, lcs is paid 3% of the total fee eligible revenues of the community less the fixed fee. The total amounts paid under the management agreement related to the fixed and variable monthly fee were approximately $905,000 and $839,000 for the years ended june 30, 2025 and 2024, respectively. The village will also reimburse lcs for the salaries and benefits of the executive director, the health center administrator, and other various services, including travel, marketing, and miscellaneous reimbursable expenses. During the calendar year, the following individuals were compensated for providing services to westminster village in the following amounts: benjamin blankenship, executive director: $271,619”

“The form 990 is fully reviewed and approved by the finance and management committee of the board of directors, and then a copy of the form 990 is provided to each board member prior to filing.”

“All board of directors are required to review and sign a conflict of interest policy on an annual basis. If a possible conflict of interest does arise, the issue is voted on by all board members that do not have an interest in the outcome.”

“Salary information provided by life care services (lcs) is used for determining the compensation of all director positions. Lcs regional hr staff and dom conduct the review for all directors. This process was last conducted in 2025.”

“Although not required, the organization will provide photocopies of its financial statements to all who request them. A copy of the financial statements is also located in the westminster village library.”

“The executive director and health facility administrator's (hfa) compensation is paid by the management company and reimbursed by the organization. The management company issues the w-2. As a result, compensation is listed on page 10 line 5, but not included on page 7.”

“Change in value of interest rate swaps -1,689,604.”

“The organization has a finance and management committee that is responsible for oversight of the audit. This practice is consistent with the prior years.”