Kendal at Oberlin

“The committees with authority to act on behalf of the board consist of the executive and all standing committees. Each committee is required to provide their contemporaneous minutes to the board of directors as part of the board's consent agenda.”

“The kendal corporation, a 501(c)(3) public charity, is considered the sole member based on the internal revenue service definition of member.”

“The board must seek and obtain approval from the kendal corporation prior to undertaking any of the following: (1) any change in corporate purposes; (2) incurring of indebtedness with a principal amount over a specified amount; (3) the manner in which the corporation uses the name "kendal" (4) any material change in the contracts with residents/members; (5) purchase, sale, lease, encumbrance or other disposition of any real estate or improvements over a specified value; (6) dissolution, division, or acquisition by or of another entity; and (7) certain amendment to the articles of incorporation and/or bylaws.”

“The form 990 is prepared by an independent accounting firm. The governance committee has instructed the chair of the board and the treasurer to complete a detailed review and approval of the form 990 prior to submitting to the full board of directors. After this detail review, a draft form 990 is distributed to kendal at oberlin's board of directors for review and comment prior to the completion of the final electronic filing of the form 990.”

“On an annual basis, the board of directors and key staff (management and supervisors) of the organization complete a conflict of interest statement. This information is summarized and reviewed by the board of directors for awareness. The board of directors determines if a potential conflict is an actual conflict. All known conflicts are evaluated again if they relate to a specific transaction that is being considered. If a conflict were to arise, the person who has the conflict would not be involved with the discussions or decision making process. The governance committee of the board of directors receives and reviews a summary of the completed conflict of interest disclosures. At each board meeting the board chair reminds everyone to consider any potential conflicts of interest and abstain from that particular decision making process if a conflict is present.”

“The chief executive officer's compensation is established by the board of directors. The board of directors utilizes independent salary surveys from the national industry association, the state industry association and a local salary survey. Additional information and support is also obtained from the kendal corporation. This information is reviewed with the chair of the board on an annual basis. This process was last completed in 2024. Compensation of other officers also utilizes independent salary surveys from national, state and local sources, in conjunction with the overall performance review of the employee. This information is reviewed with the chair of the board on an annual basis. This process was last completed in 2024.”

“Kendal at oberlin makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. The annual disclosure statement includes the summary of the audited financial statements and related footnotes. This is provided to the current residents of kendal at oberlin, the priority wait list members of kendal at oberlin and any request obtained throughout the year.”

“Change in value of charitable remainder unitrusts 33,075. Change in value of annuity obligations -83,948. Change in value of interest rate swap agreement -30,916.”