Oakwood Foundation Inc.

“The number of board members has been changed from not more than twenty-one (21) to not more than fifteen (15), with at least four (4) directors being appointed by the parent company. The position of president has been modified to be included as a board member. Prior to 2016, the president was just an agent of the board. All actions undertaken by any officer on behalf of the corporation shall be in accordance with an annual budget approved by the board of directors. A quorum now must include at least two of the four directors that were appointed by the parent. The chair no longer has the authority to sign, execute and acknowledge, on behalf of the corporation, all deeds, mortgages, bonds, contracts, leases, reports and all other documents or instruments necessary or proper to be executed in the course of the coproation's regular business. This authority now rests with the president.”

“The form 990 is reviewed by the board of directors. Any comments and changes that are accepted are incorporated into the final version.”

“The conflict of interest policy is discussed in board orientations and is provided to the board members in their "new board member packet", and annually in the "update packet" sent to all members. Each year all persons are required to complete a conflict of interest statement.”

“The compensation package of the president/chief executive officer (ceo) is reviewed as part of an annual evaluation process. The compensation arrangement for the president/ceo was approved in advance by a separate committee authorized by the board of directors of oakwood lutheran homes association inc. This board committee is composed of three (3) board chairs from several of the related organizations, all of whom do not have a conflict of interest. Prior to making its determination, the board committee obtained and relied on appropriate comparable market data of the compensation range for executive directors/ceos, as gathered by the hr committee (the standing committee of the board), and reviewed the president/ceo's performance in comparison to predetermined goals. The board committee documented the basis for its determination of the president/ceo's compensation concurrent with making that determination. Based on its determination, the board committee then makes compensation recommendations at an executive session of the entire board. Other key positions are also reviewed by the hr committee on a regular basis (quarterly) to determine a grading and compensation level appropriate for such positions.”

“These documents are not generally available to the public.”

“At the beginning of 2016, the volunteer program was moved from oakwood foundation to the oakwood operating entities. Oversight of the convenience stores has also been moved from oakwood foundation to the oakwood operating entities.”

“The process has not changed from the prior year.”

“The 1/1/15 endowment balance was adjusted for a prior period restatement. Therefore it does not match the 12/31/14 balance due to the prior period adjustment to correct the accounting for temporarily restricted net assets that were previously recorded under board designated net assets.”