Commonbond Communities

“The form 990 was reviewed by the cfo and controller, then presented to the audit committee for review and approval, then sent to the board of directors prior to filing.”

“Any director, officer, member of a committee or individual with board-delegated powers (interested person) who has a direct or indirect financial interest, is asked, on an annual basis, to disclose any actual or possible conflicts of interest in writing to the directors and members of committees with board-delegated powers. The board or committee members decide by majority vote if a conflict of interest exists. If it does exist, or if they have reasonable cause to believe that a director, officer or member has failed to disclose actual or possible conflicts of interest, it shall follow the procedures described in the conflict of interest policy. This may include providing the director, officer or member an opportunity to explain the alledged failure to disclose, deciding if further investigation may be warranted or taking appropriate disciplinary and corrective action with disclosure recorded in the board minutes. A board member with a conflict of interest does not participate in discussions or voting concerning the transaction in question.”

“The compensation of the ceo is reviewed and approved annually by the executive committee, using a compensation analysis and various performance reports for measurement and comparison. The compensation of the executive leadership team is also reviewed by the executive committee. The last year in which this process included review and approval by independent persons, comparability data and contemporaneous substantiations was 2019.”

“Commonbond communities' financial statements, governing documents and conflict of interest policy are available upon request.”

“Transfer from commonbond endowment 469,992. Transfer property to limited partnership 3,060,098.”

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

“On december 31, 2020 verdeco llc donated a 50% general partner interest in oakdale-granada lakes llc to commonbond communities. The general partner interest was donated at its fair market value of $2,100,000 (appraised value) less $200,000 cash payment. The net result was an in-kind donation of $1,900,000 which was not recorded in the 2020 990. This has been included as a prior period adjustment in the 2021 990.”