Watertown Lutheran Senior Housing Inc

“The sole member of the corporation is the lutheran home association, a minnesota nonprofit corporation.”

“Form 990 is reviewed by the ceo, cfo, and corporate controller prior to presenting to the board of directors after submission to the internal revenue service.”

“All board members sign conflict of interest policies annually. In connection with any actual or possible conflicts of interest, and interested person must diclose the existence of his or her financial interest and all material facts to the directors and members of committees with board delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he shall leave the board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. If the interested person is a member of the board or committee, he shall be counted in determining the presence of a quorum at the meeting that decides if a conflict of interest exists.”

“The board of directors of the lutheran home association makes the compensation decision for the president/ceo. The board of directors is provided with historical salary information for the ceo and with market data of compensation for the industry for the same or similar positions. The board of directors does not determine or approve the compensation for the cfo, however, the ceo and other management team will use market data and surveys to determine the appropriate range for compensation.”

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

“The organization provides housing to the elderly in a 52-unit residential rental apartment complex. During the current tax year, 0 unit days were rented.”