Porter Hills Foundation

“Porter hills presbyterian village is the sole member of the porter hills foundation.”

“All porter hills foundation board members need to be approved by the porter hills presbyterian village governing body.”

“As the sole member of the corporation, porter hills presbyterian village, inc. Approval shall be required: a. To appoint or remove regular and emeritus trustees of the corporation; b. To amend the articles of incorporation or bylaws of the corporation; c. For the following actions of the board of trustees to be effective: i. The adoption of and all material amendments to annual operating and capital budgets; ii. The approval of all capital expenditures in excess of $10,000 not reflected in a budget previously approved by the member; iii. The transfer of property having a value in excess of $50,000 to any individual or entity, other than the member or an entity the member controls directly or indirectly, for consideration which is less than the fair market value of such property, other than the provision of services to individuals unable to pay fully for such services or other activities undertaken for the benefit of the general public in the ordinary course of business of the corporation; iv. Participation in selection of the foundation president.”

“Draft of 990 is reviewed by the umrc/porter hills foundation president and treasurer. A redacted copy of the return is sent to the porter hills foundation board of directors for comment prior to submission to the irs.”

“Officers, directors, trustees and key employees are required to annually disclose if they have any interest that may result in a conflict. The form which they sign requires them to promptly report any possible existence of a conflict of interest for themselves or anyone else subject to the policy. If a possible conflict was reported on the annual form or if notice was given after the annual disclosure, the information disclosed would be evaluated and if necessary, compliance would be enforced.”

“Line 15a: the porter hills foundation president is paid by united methodist retirement communities (umrc). Every three years, umrc hires an independent consultant to perform a compensation study, most recently completed in 2021. In interim years, umrc uses industry standard compensation studies from multiple sources. All findings are documented and presented to umrc's board of trustees and compensation committee. Utilizing these results, salary increases are set by the umrc president and ceo and chief human resources officer. Line 15b: all employees of the porter hills foundation are paid by porter hills presbyterian village. Every three years, phpv hires an independent consultant to perform a compensation study, most recently completed in 2021. In interim years, phpv uses industry standard compensation studies from multiple sources. All findings are documented and presented to phpv's board of trustees and compensation committee. Utilizing these results, salary increases are set by the porter hills president and ceo and chief human resources officer.”

“These documents will be given out to parties upon request to the business office.”

“Consultants: program service expenses 0. Management and general expenses 20,762. Fundraising expenses 196,902. Total expenses 217,664. Outside training: program service expenses 0. Management and general expenses 0. Fundraising expenses 2,561. Total expenses 2,561.”

“Change in present value of charitable gift annuities 159. Change in present value of pledges receivable -243,148. Change in pv of beneficial interest in charitable remainder trust 928. Dissolution/transfer of net assets to umrc foundation -16,220,660.”

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

“The required single audit as set forth in the single audit act and omb circular a-133 has not yet been completed. Plans have been made to have the required single audit completed by the extended due date as established in omb m-20-26.”