Saint Therese

“The executive committee is entirely composed of the governing body members. The executive committee shall have the authority of the board of directors in the management of the business of this corporation in the interval between meetings of the board of directors, and the executive committee shall at all times be subject to the control and direction of the board of directors.”

“At the beginning of fiscal year 2020, saint therese (the parent) was restructured and reorganized in order to reduce inefficiencies and duplication of effort, better manage operating risks and potential liabilities, enhance fundraising and the protection of investment funds and assets, maintain compliance with financial covenants in connection with long term debt financings, and build strong public recognition of the saint therese organization as a quality provider of senior living facilities and services in the twin cities metropolitan area. Due to this restructuring, st. Therese foundation, inc.'s name was changed to saint therese, and the governing documents of this organization have been approved and authorized for such change. In addition, two llc's were created, saint therese management services, llc and saint therese foundation, llc. Saint therese management services, llc, with the parent as the sole member, shall take appropriate steps to transfer assets, staff, contracts, leases, and related management and administrative operations from the parent to the new limited liability company for the purpose of relocating the central office management functions for the saint therese organization from the parent to saint therese management services, llc. Saint therese foundation, llc, with the parent as the sole member, shall take appropriate steps to transfer the surplus funds currently held by the parent for long-term purposes from the parent to saint therese foundation, llc for the purpose of relocating the fund preservation and investment functions and the primary fundraising functions for the saint therese orgnaization form the parent to saint therese foundation, llc.”

“The form 990 was reviewed and approved by the finance committee of the board of directors prior to being filed with the irs.”

“All directors, officers and key management employees are annually required to disclose any conflicts of interest. The disclosures are reported to the board of directors, who determine the level of potential conflict. Potential conflicts of interest for the organization include any contract or transaction between (a) one or more of its directors, officers, or key employees, (b) a director, officer, or key employee of a related organization (within the meaning of minnesota statutes, section 317a.11, subd. 18), or (c) an organization in which or of which a director, officer, or key employee is also a director, officer, or legal representative or has a material financial interest; unless the material facts as to the contract or transaction and as to the party's interest are fully disclosed in writing to the board of directors prior to any action, and the board of directors authorizes, approves, or ratifies the contract or transaction in good faith by the affirmative vote of a majority of the directors. Individuals assessed as having material conflicts of interest are asked to refrain from voting on any action that may be influenced by the conflict, which is reflected in the board minutes.”

“The compensation of the president & ceo, cfo and other key employees is determined by saint therese of new hope, an affilated organization. The process of determining the compensation of the president & ceo includes review and approval by a compensation committee of the board of directors, with the help of an independent compensation consultant and salary surveys. This process was last completed in 2020.”

“The foundation does not make its governing documents or conflict of interest policy available to the public. The financial statements are provided to the bond trustee, who distributes them to the electronic municipal market access system.”

“At the beginning of fiscal year 2020, there was a major organizational restructuring done by saint therese, formerly st. Therese foundation, inc., that rearranged inefficiencies and duplication of effort, in an effort to better manage operating risks and potential liabilities, enhance fundraising and the protection of investment funds and assets, maintain compliance with financial covenants in connection with long term debt financings, and build strong public recognition of the saint therese orgnaization as a quality provider of senior living facilities and services in the twin cities metropolitan area. Due to this restructuring, saint therese took on the management services from saint therese of new hope, a related organization.”

“Due to the major organizational restructuring, described above, the program services relating to saint therese's disregarded llcs were ceased for saint therese and moved to saint therese communities, a related organization.”

“Professional services: program service expenses 609,585. Management and general expenses 0. Fundraising expenses 5,134. Total expenses 614,719.”

“Net asset transfer for organizational restructure -15,211,310. Gain on release of temp rest na with org restructure 45,944.”

“The process for selection and oversight of an independent accountant has not changed from the prior year.”

“The corporate payroll operations for the saint therese organization were delegated to saint therese of new hope through december 31, 2019 and were transferred to saint therese (the parent organization) as of january 1, 2020. For the first six months of the fiscal year, saint therese contracted their management employees from saint therese of new hope. The audited consolidated financial statements for saint therese show all corporate payroll as an expense of saint therese for the entirety of fiscal year 2020. Because of this difference in timelines, the salaries on part vii of the return are being shown as being paid by saint therese of new hope form 990 to line up with the treatment for calendar year 2019, and the fiscal year salary expenses will be shown on the saint therese form 990 to line up with the financial statements.”