George J & Hilda Meyer Foundation Inc.

“On august 1, 2008, the foundation entered into a ten-year management agreement with life care services, llc (lcs). Under the terms of the agreement, lcs assumes responsibility to implement the policies, budget and goals established by the foundation. Lcs will provide marketing software, training, establish and maintain financial software and assist in the related controls. The foundation will pay a monthly management fee of 3.75% of the current month's gross operating revenue. The foundation shall pay lcs an incentive fee of $1,000 for the sale of each apartment upon closing. The foundation shall pay lcs a service provider fee for the use of lcs accounting, payroll, and billing technology in the amount of $600 per month. In the event this agreement is terminated prior to forty-eight months, the remaining balance of this service provider fee shall be due and payable. Either party may terminate the agreement, without cause at any time by giving the other party at least six months written notice of its desire to terminate, and using a scheduled severance agreement. The executive director and the health center administrator shall be employees of lcs, and the foundation shall reimburse lcs for the executive director's and administrator's compensation and related expenses. The foundation paid management fees, the executive director's and administrator's compensation and employee benefits and other related expenses to lcs totaling $724,130 and $703,221 for the years ended august 31, 2019 and 2018, respectively. On september 1, 2017, the foundation entered into an accounting agreement with lcs. Under the terms of the agreement, lcs will provide accounting, payroll, accounts payable and billing services outlined within the agreement until a termination date that coincides with the management agreement. Fees for lcs' accounting services are payable monthly beginning september 1, 2017 at $4,167 per month. During the 2018 calendar year, the following individuals were compensated for providing services to the foundation in the following amounts. These figures include salaries, payroll taxes and benefits. Paige wheeler, administrator: $80,892 cristine morreale, executive director: $29,892 jordan wagner, health center administrator: $34,332 jeff merritt, executive director: $102,083”

“The executive director and accounting director review form 990 and then a complete copy is provided to all board members before it is filed.”

“Officers and directors are required to annually disclose conflicts of interest to the foundation.”

“The organization's executive director and top management officials are employees of life care services corp. Life care services is a manager of senior living communities. Life care services determines the compensation for the executive director and health care administrator. Lcs uses comparability data and the employees annual review information to determine compensation. The board of directors has final approval of any compensation.”

“Documents are made available to the public upon request.”

“The executive director is an employee of life care services corp. And the foundation reimburses life care services corp. For the executive director's compensation and related expenses for their management services, but life care services corp issues the w-2s, not the foundation, so no compensation is listed.”

“Outside servies: program service expenses 141,084. Management and general expenses 0. Fundraising expenses 0. Total expenses 141,084. Therapy services: program service expenses 790,576. Management and general expenses 0. Fundraising expenses 0. Total expenses 790,576. Consulting: program service expenses 35,523. Management and general expenses 45,130. Fundraising expenses 0. Total expenses 80,653.”

“Processes have not changed from the prior year.”

“The executive director is an employee of life care services corp. And the foundation reimburses life care services corp. For the executive director's compensation and related expenses for their management services, but life care services corp issues the w-2s, not the foundation, so no compensation is listed on page 7 of form 990 although fiscal year compensation is shown on page 10, line 5 for the reimbursed expense amount.”