Clark Retirement Community Foundation

“Clark retirement community, inc. Is the sole member of the corporation.”

“Clark retirement community, inc., the sole member, has the ability to appoint board members.”

“The corporation's board of trustees may not undertake the following actions without the approval of clark retirement community, inc., the sole member: a) change the corporation's strategic plans or purposes; b) amend the corporation's articles of incorporation or bylaws; c) sell, transfer or dispose of the corporation's assets or investments, or cause the corporation to purchase assets or make an investment, in a single transaction or series of integrated transactions with a value in excess of an amount established from time to time by the member's board; d) adopt the corporation's annual capital and operating budgets and approve deviations from line items in the budget in excess of an amount established from time to time by the member board; e) incur or guarantee debt of the corporation in excess of an amount established from time to time by the member board; f) appoint or remove the members of the corporation's board of trustees; g) approve the corporation's participation in any new joint venture with a person or entity not controlled directly or indirectly by the member, whether such activities are conducted through the use of a corporation, partnership, or other form of organization; and h) approve any material change in the corporation's investment policy.”

“Review of the organization's form 990 prior to the filing of the return is made by an officer of the managing agent of the organization. The form 990 is also reviewed by the board of directors and an independent accounting firm prior to filing.”

“On an annual basis, the board is required to complete a conflict of interest document. These documents are reviewed annually to ensure compliance. When a conflict of interest is identified, the individual with the conflict of interest with clark retirement community can not influence in any way and must abstain from voting on any outcome related to the conflict of interest.”

“The organization's president/ceo is compensated by a related party who uses the following methods to determine his compensation: - independent compensation consultant - form 990 other organization - compensation survey or study - approval by board or compensation committee”

“Governing documents, conflict of interest policy and financial statements are available to the public upon request. Additionally, portions of the financial statements are included in the annual disclosure statement.”

“Contract services: program service expenses 147,760. Management and general expenses 46,729. Fundraising expenses 0. Total expenses 194,489.”

“Effective february 1, 2022, the clark retirement organization had a change in ownership. As a result, an audit was performed for the period may 1, 2021 through january 31, 2022. The period february 1, 2022 through december 31, 2022 will be included in bhi senior livings consolidated audit.”

“There has been no change in process from the prior year.”