Walker Senior Housing Corporation I

“Walker senior services, inc., a related entity, was engaged to manage the entity's operations. Responsibilities included supervision of the organization's daily operating activities and staff, ensuring regulatory compliance, and preparation of annual budgets for the governing body's approval.”

“The members of the board of directors of walker methodist (a/k/a "walker methodist of minnesota or "wmi of minnesota"), a nonprofit corporation, are the members of walker senior housing corporation i d/b/a walker methodist kenzie.”

“The board of directors, with the exception of the president/ceo, shall be elected by the affirmative vote of a majority of the members at each annual meeting.”

“The following actions, once approved by the board of directors of the organization, must be approved by the vote of a majority of the members: a) amendment of the bylaws of the organization. B) election or replacement of a member of the board of directors of the corporation. C) purchase or sale of a facility owned by the organization. D) creation or refinancing of any debt or other obligation of the corporation in excess of $1,000,000. E) approval of annual operating and capital budgets for any facility owned by the organization with total projected revenues exceeding $500,000 in any given year. In addtion to the above, the following actions, must be approved by an affirmative vote of 75% of the members: a) merger, dissolvement, or consolidation into or with any other qualified foreign or domestic nonprofit corporation, or sell, lease, exchange or otherwise dispose of all or substantially all of its property and assets. B) removal of board of directors. C) amendment to the articles of incorporation.”

“The management of the organization reviewed the form 990 in detail, which was then forwared to the board of directors for review prior to filing with the irs.”

“The organization does require members of the board of directors and senior management to complete a conflict of interest disclosure form annually. The organization's chief executive officer/board chair review and monitor the conflict of interest disclosures. If an individual has a conflict, the individual is not allowed to participate in discussions or vote on the issue.”

“Upon request, walker senior housing corporation i's governing documents, conflict of interest policy and financial statements may be reviewed at the organization's office.”

“Effective february 2022, the organization sold their 45 unit apartments and personal property to an unrelated entity for a purchase price of $5,600,000. The purchase price was reduced by the payment of outstanding debt, change in membership of the capital advance, escrows retained by the seller and various other fees and payments. A gain is recorded on the statement of revenue as a gain on sale of property and equipment.”

“Other fees: program service expenses 6,067. Management and general expenses 5,278. Fundraising expenses 0. Total expenses 11,345.”

“Transfer to affiliate -44,033.”