Methodist Retirement Communities

“The management company of this entity is mrc, a related organization.”

“Methodist retirement communities approves appointment of the board of directors.”

“Methodist retirement communities, a related organization, approves appointment of the board of directors.”

“Methodist retirement communities, a related organization, has a right to approve or reject any decisions made by the governing body.”

“The management team currently reviews all form 990s prior to filing with the irs. They compare the results to the audited financial statements and review all disclosure information. The 990s are reviewed and approved by the audit committee of the board and also made available to the entire board prior to filing with the irs.”

“The organization requires signed affidavit identifying conflict of interest by annual board meeting of mrc each year.”

“Salary for the ceo, executive director, or top management official is set by the methodist retirement communities (mrc) board, the parent entity. In deciding compensation of other officers or key employees, human resources collects comparability data from industry resources related to all industry-related positions. This is shared with appropriate supervisors or others in approval process. The vp of hr collects comparability data from industry resources related to all industry-related positions. Each location submits recommendations within wage scale parameters to ceo. The ceo approves within board approved budgeted guidelines. W-2's are issued by the parent organization, mrc.”

“Governing documents, conflict of interest policy, and financial statements are available upon request.”

“The organization is committed to quality living for senior adults in a faith-based environment. The organization takes great pride in being an important part of the broader, local community where it serves seniors and provides local employment in meeting its mission of service ministry to senior adults. The covenant connection with the texas annual conference of united methodists links the organization to its heritage and origin, though the organization openly accepts persons of all faiths and beliefs; with no discrimination toward residents, staff, board members, volunteers, donors, vendors, etc. The organization accepts donations, usually through the mrc foundation, to assist and retain residents who outlive their resources and run low on funds or eventually even out of money through no fault of their own. The organization provides services, programs, activities, care and housing to seniors in independent/residential living apartments, assisted living apartments, specialty memory support suites for those with alzheimer's and other dementias, and skilled nursing & rehabilitation units. The organization accepts medicare & medicaid payments along with private pay and some insurance plans. The organization also opens its doors to periodically provide space use for other local nonprofits, such as lions, rotary, chamber, etc.”

“Boy equity adjustment 88,151,056. Change in estimate of future service obligation 711,000. Change in value of interest rate swaps -3,275.”

“The organization has a committee which assumes responsibility for choosing the independent auditor and oversight of the independent audit. This process is consistent with prior years.”

“The boy equity adjustment is related to aldersgate trust, which had a prior year ending net asset balance of $88,151,056, being added to the methodist retirement communities (mrc) group return during 2017. Aldersgate trust owns a portion of the property and real estate of the mrc organization and its related affiliates, which is why the property and equipment increased significantly during 2017 for the mrc group return.”