The Admiral at the Lake

“The members of the executive committee will be the chair, the vice chair, the secretary, the treasurer, and such other board directors as the board may appoint to the committee. The executive committee will possess and may exercise any and all powers of the board in the management and affairs of the admiral subject to the paramount authority of the full board. The executive committee will not have the power or authority of the board to engage in the following: 1. Authorize distributions to members, board directors, officers, agents or employees except in exchange for value received; 2. Approve the dissolution or merger of the admiral, or the sale, pledge or transfer of all or substantially all of the admiral's assets; 3. Elect, appoint or remove board directors or fill vacancies on the board or on any of its committees; or 4. Adopt, amend or repeal the articles or the bylaws.”

“Revised bylaws were adopted in 2023 in connection with the admiral at the lake's disaffiliation from the kendal corporation.”

“The form 990 is prepared by an independent accounting firm and then reviewed for accuracy and completeness by the ceo, cfo, and the finance committee. A copy of the form 990 is then provided to each board member prior to filing.”

“All board members and employees are required to read and sign the organization's conflict of interest policy. All employees and board members are required to disclose any related party transactions prior to engaging in said transactions, and are required to disclose any related party transactions annually as part of the annual conflict of interest disclosure. The responses are reviewed by the ceo and board chair. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and may be given the opportunity to disclose all material facts to the trustees and committee members with governing board delegated powers considering the proposed transaction or arrangement. The interested person shall then be excused from the meeting while the determination of a conflict of interest is discussed and voted upon. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board of trustees or designated committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the best interest of the admiral, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination, it shall make its decision as to whether to enter into the transaction or arrangement. The ceo and board chair monitor and enforce the conflict of interest policy for the board. The corporate compliance committee monitors and enforces the conflict of interest policy for employees.”

“The executive committee compares the ceo's compensation to industry and competitor standards. The committee then decides if the ceo's compensation is reasonable and consistent. The deliberation is timely documented in the the admiral at the lake committee minutes. The final approved decision is timely documented via email directly to the ceo and cfo from the board chair. The ceo's compensation was last reviewed in december 2024.”

“The governing documents and conflict of interest policy are not made available to the public. The financial statements are available upon request.”

“Fso adjustment 4,596,141. Net periodic pension gain 32,160. Valuation change in assets held in trust 134,769. Pension-related gain not in periodic pension cost 146,789.”

“No changes from prior year”

“Adjust prior year pension liability 721,810 adjust prior year charity care for resident refund reduction -46,305 prior year entrance fee amortization income adjustment 248,112 prior year entrance fee amortization income adjustment 657,157 prior year future service obligation adjustment 4,881,829 prior years future service obligation adjustment 2,679,207 prior year forgiveness of development fee from kendal corp 2,000,000 2023 allowance adjustment -122,158 prior years lsa adjustment -1,225,633 other adjustments -3,791,728 these changes ensure transparency and compliance with irs reporting standards.”