Methodist Retirement Communities

“Methodist retirement communities implemented new structures which would include four board meetings a year where all mrc and affiliates business would be discussed, with all affiliate board members included in the mrc boards. United methodist senior services foundation and aldersgate trust updates terms to be three years, consistent with the other entities. Pinecrest and cornerstone have been removed from the quorum, with language updates requiring president and executive director to be part of a quorum at crestview. They are now non-voting memebers who will not be counted for quorum. Bylaws changed to bring alignment by unifying the size of the board across all entities, create mroe consistency by bringing all key terms into alignment, and unify processes.”

“The organization updated it's bylaws during the year which included changes to the amount of members needed for a quorum along with changes in names and officers.”

“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.”

“During the intervals between meetings of the board of directors, the executive committee shall possess and may exercise all the powers and functions of the board of directors in the management and direction of the affairs of the organization in all cases in which specific direction shall not have been given by the board of directors.”

“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.”

“Change in value of interest rate swaps -2,880,894. Additional fso -420,000.”

“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.”