Founders Woods Ltd

“COMPENSATION FOR THE ORGANIZATION'S TOP MANAGEMENT OFFICIAL IS PAID BY BENEDICTINE UNIVERSITY, A RELATED TAX EXEMPT ORGANIZATION. The process of determining compensation of the President of the University: The Chairman of the Board of Trustees and two independent members of the Board comprised the Compensation Committee. This group reviewed and determined executive compensation through the use of comparable compensation data from various sources including relevant external compensation surveys, compensation data from peer educational institutions, and internal executive equity analysis. The committee met and reviewed salary history and performed an analysis in reaching the annual compensation. Based on this analysis, the Compensation Committee made a recommendation to the Executive Committee of the Board of Trustees for final approval. Contemporaneous documentation was kept and maintained. LAST MEETING WAS IN NOVEMBER 2017. BECAUSE THE ORGANIZATION'S PRESIDENT AND OTHER OFFICERS ARE NOT PAID BY THE FILING ORGANIZATION, THE FORM 990 INSTRUCTIONS REQUIRE THIS TO BE ANSWERED "NO."”

“COMPENSATION FOR THE ORGANIZATION'S OTHER OFFICERS IS PAID BY BENEDICTINE UNIVERSITY, A RELATED TAX EXEMPT ORGANIZATION. The Board of Trustees met in October 2017 when a preliminary operating budget was approved by the Board. Search firms specializing in higher education placement and case compensation data were used. Documentation was kept and maintained. BECAUSE THE ORGANIZATION'S OTHER OFFICERS AND EMPLOYEES ARE NOT PAID BY THE FILING ORGANIZATION, THE FORM 990 INSTRUCTIONS REQUIRE THIS TO BE ANSWERED "NO."”

“The organization amended its by-laws on May 24, 2017. Changes to the organization's by-laws are as follows: The organization removed Benedictine University as its sole member. The organization no longer has members. The organization changed the required number of board members from four (4) to nine (9). The organization also added a clause stating that no more than four (4) directors shall be directors of Benedictine University. The organization did not change the number or composition of the officers of the corporation.”

“Founders woods has no committees that are authorized to act on behalf of the board”

“Prior to filing, the completed form 990 was provided to and reviewed by the benedictine university finance and audit committee together with its outside accounting firm. Founders woods and benedictine university have consolidated financial information; founders' finances are routinely reviewed as a part of benedictine university's overall financial reporting. The 990 was made available to the board prior to filing.”

“Founders woods makes its governing documents and financial information available to the public upon request. The benedictine university conflicts of interest policy is also available upon request and is posted on the compliance page of the university's website.”

“Effective 6/1/2017, the organization transferred all assets, liabilities, debts, and obligations to a related party, Benedictine University.”

“Asset transfered to benedictine university - -4142736;”