Westminster Village Greenwood Inc

“Life care services, llc has been engaged to manage the village's operations of the facility since december 1981. The village's management fee paid to life care services is listed on part vii, section b. Independent contractors. The fee paid is a fixed monthly amount plus incentive fees earned for the achievement of certain goals. The executive director (listed as an officer on part vii, section a) and the administrator (non-officer employee) are employed by the unrelated third party management company, life care services, which pays the compensation for these two positions.”

“The process of reviewing the form 990 includes a detailed review of the form and required schedules by the organization's accounting director and executive director. Each voting member of the governing body receives a copy of the form 990 including required schedules, as ultimately filed with the irs, for review prior to filing.”

“The organization regularly and consistently monitors and enforces compliance with its conflict of interest policy. Each director, principal officer, and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person has received a copy of the conflicts of interest policy, has read and understands the policy, and has agreed to comply with the policy. In connection with an actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to unveil all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the governing board meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board members shall decide if a conflict of interest exists.”

“The compensation of the organization's officers and key employees is determined by the unrelated third party management company, life care services, llc.”

“The organization makes all governing documents, policies and procedures, and financial statements available to the public upon request.”

“Unreal. Gain/loss on derivative 11,227.”

“The audit committee assumes responsibility for oversight of the audit of the financial statements and no processes have changed from prior year.”