Holland Home

“Pursuant to its Articles of Incorporation as amended, the corporation is organized on a "nonstock membership basis."”

“Pursuant to its Bylaws as amended, the corporation is a subsidiary of Christian Living Services and not withstanding any other provision in their Bylaws to the contrary, the approval of Christian Living Services as the member of this corporation is required to: (1) change the purpose, philosophy, core values, or mission of the corporation, (2) amend the Articles of Incorporation or Bylaws of the corporation, (3) make any change to the structure of operation of the corporation which would affect its status as a nonprofit entity, exempt from taxation under Section 501(c)(3) of the Internal Revenue Code, (4) dissolve or liquidate the corporation, (5) merge or consolidate with another entity, (6) remove a Director of the corporation, (7) create or acquire a new subsidiary entity or enter into a joint venture or partnership, (8) purchase, acquire or lease any real property or sell, lease, exchange, give as security, mortgage, or dispose of any personal property owned, held or leased by the corporation, (9) purchase, lease (as lessor or lessee), sell or otherwise dispose of any personal property that would be a capital asset of the corporation under generally accepted accounting purposes, (10) borrow or enter into a guaranty, (11) adopt a budget, schedule of fees, marketing plan or long-range plan for the corporation, (12) enter into a material contract such as an employee lease arrangement or a contract to subcontract the provision of food service, facilities maintenance or janitorial service, or (13) change accountants or attorneys.”

“The Form 990 and appropriate Schedules are prepared by the organization. The completion of the Form is reported to the organization's Audit Committee. The Form 990 and appropriate Schedules are then submitted to the Internal Revenue Service.”

“On an annual basis each director, principal officer and member of a committee with board delegated powers must complete a statement that (1) they have received a copy of the Conflict of Interest Policy, (2) they have read and understand the policy, (3) they have agreed to comply with the policy, and (4) understands that the organization is charitable and in order to maintain its federal tax exemption it must engage primarily in activities whcih accomplish one or more of its tax-exempt purposes.”

“The organization purchases compensation surveys and bases the executive compensation on the fiftieth percentile of prevailng market rates for similar positions, market trends and the financial capabilities of the organization. The organization continuously strives to balance financial realities with the desire to pay people fairly. Then the executive pay is reviewed with a subgroup of the Board of Directors.”

“The organization does not make its governing documents or Conflict of Interest Policy available to the public. However, a summary of the annual financial statement is printed once each year in the New Horizons, a publication of the organization which is sent to residents, residents' family members and donors on a quarterly basis. A copy of the audited financial statement is available upon request and this is also communicated in the New Horizons.”

“Other Changes in Net Assets of Fund Balances: Change in Fair Market Value of Interest Rate Swap: $1,805,441; Change in Interest in New Asset of Foundation: $1,751,832; Pension Related Changes in Other than Net Periodic Benefit Cost: $5,576,394; Change in Pledges Receivable: $(1,250,000); Total: $7,883,667.”