Lutheran Home

“On september 1, 2020, lec - concord reserve holding co. Llc (of whom life enriching communities is the sole member) became the sole member of lutheran home. Prior to the member substitution on september 1, 2020, the corporation was excepted from filing form 990 on the basis of a religious exemption. Concurrent with the member substitution, the corporation no longer qualified for a religious exemption from filing form 990. Additionally, effective september 1, 2020, the articles of incorporation and code of regulations were amended and included giving certain exclusive powers to the member.”

“Lec-concord reserve holding co., a non-profit limited liability company,is the sole member of lutheran home.”

“Lec-concord reserve holding co. Llc elects the board of trustees of lutheran home.”

“Lec-concord reserve holding co. Shall have the following exclusive powers: a) to adopt, amend and repeal the articles of incorporation or any amended or restated articles of incorporation of the corporation. B) to select which certified public accountants will audit the books and records of the corporation. C) to adopt, amend and repeal the mission statement of the corporation. D) to adopt, amend and repeal the regulations of the corporation. E) to approve any voluntary merger or consolidation of the corporation or the sale, assignment, pledging, mortgaging, leasing or transfer of all or substantially all of the corporation's assets or the transfer of majority control of the corporation. F) to determine and approve the assumption, refunding, advance refunding or defeasance of any major debt, to execute major debt documents and to take all other actions necessary to enforce the provisions of those documents on behalf of and with respect to luther house and to authorize persons to carry out such actions. G) to approve the financing or construction of any new facilities, improvements, building or grounds. H) to approve all capital and operating budgets of the corporation. I) to institute and approve system-wide policies and procedures for human resources and compliance. J) to appoint, evaluate and compensate all officers of the corporation who are employed by lec or any affiliated entity including the corporation. K) to initiate and oversee strategic planning for the corporation. L) any other rights or powers accorded by ohio law to the members of an ohio non-profit corporation and not conferred upon the board of trustees by ohio law or by the articles of incorporation or these regulations.”

“The finance committee of life enriching communities reviews and approves the form 990 prior to filing, dicussions concerning the form 990, questions and answers are documented contemporaneously in the minutes of the finance committee meeting. Additionally, a copy of the form 990 was made available to the lutheran home board of trustees prior to filing.”

“Officers and trustees are required to report any conflicts or potential conflicts of interest at least once a year. A questionnaire is completed, signed and dated by the person completing the questionnaire. The results are compiled into a single document and reviewed by senior management and are distributed to the person approving accounts payable and signing checks. Conflicts of interest are monitored by senior management to ensure that those with conflicts do not vote on matters where they have a conflict of interest. As part of the onboarding process of new officers and trustees, any potential conflicts of interest are identified. Any other conflicts that arise during the year are communicated verbally, and if any are identified, this information is shared.”

“A related organization, life enriching communities, pays compensation to the organization's ceo and other officers. Total cash compensation, inclusive of base pay, variable compensation, retirement contributions and benefits for applicable positions is compared to data contained in the leading age-cemo senior living compensation survey (a national industry organization). Compensation bands for each applicable position were also established based on the survey data. The executive committee of life enriching communities board reviews and approves various elements of executive compensation based on and as required by the organization's executive compensation policy and the executive incentive plan. Specifically, the ceo's compensation is reviewed and approved by the executive committee of the life enriching communities board. Compensation for other executive team members is determined by the ceo with ecommendations reviewed by the executive committee of the life enriching communities board. These approvals were contemporaneously documented in committee meeting minutes and approved by the life enriching communities board. This process was last undertaken in 2020.”

“Lutheran home makes its governing documents, conflicts of interest policy and financial statements available upon written request. The consolidated organization's condensed financial statements are published in its annual report on its website. The annual report is distributed to friends, family members, business partners and contributors. Audited financial statements and quarterly bondholder financial disclosures are posted to electronic municipal market access (emma).”

“Description of organization mission: the purpose of lutheran home is to create and maintain a christian community where older adults can join with administration and staff to live as an extended family and be encouraged to live at the highest possible level of independence, and in keeping with the principles established by the united methodist and lutheran churches, to provide older adults with accommodations designed to meet their physical, spiritual, vocational, social, emotional and intellectual needs.”

“Description of organization mission: vision... We work for the day when everyone involved in senior living finds fulfillment through... Life with meaning and purpose; enriching opportunities and experiences; communities fostering relationships and perpetuating legacy. Mission: we provide exceptional everyday experiences in a christian community by creating associate experiences that support, engage and empower; delivering resident and customer experiences that exceed expectations; setting and surpassing standards for quality and safety; growing consistently in service and value; producing expanded resources to extend our impact. Values: we are an extended family of multiple generations, bound together with... Respect: honoring the dignity of all people; innovation: igniting entrepreneurial intiative and creative solutions; spirituality: pursuing our purpose consistent with christian principles; excellence: striving for extraordinary efectiveness and efficiency.”

“Generally accepted accounting principles required the restatement of the balance sheet based on appraised values at the date of member substitution (september 1, 2020). The most significant change as a result of the appraisal was a reduction in value of the fixed assets.”

“Net assets contributed by life enriching communities 250,000. Inherent loss on business combination -855,420. Changes in net assets prior to member substitution -2,030,893.”

“The finance committee of life enriching communities functions as the organization's audit committee.”