Westminster Ingleside King Farm Presbyterian Retirement Communitie

“The board delegates authority to the executive committee. The executive committee is comprised of the chair, vice chair, chair emeritus, president/ceo, secretary, and treasurer. All are members of the governing body.”

“The initial review is performed by the president, chief financial officer, and controller. Once the management team approves the draft, all board members receive a copy of the return for review. Board members may discuss corrections, revisions, and questions with management. Subsequent to board review the return is filed with the irs.”

“The written conflict of interest policy states that directors, officers, and all employees annually, or at any time that a situation arises, declare conflicts of interest. Not only actual conflicts but transactions from which a conflict may appear to exist are to be disclosed to the board chair or the foundation director. The board chairman, director, and president/ceo of the organization monitor conflict disclosures. Any director or officer for which a conflict may be involved is expected to remain removed from any discussions or decision-making related to the conflict. Business and family relationships are specifically mentioned in the conflict of interest statement as part of the due diligence the organization follows to ensure conflicts are handled in an ethical manner.”

“The board executive committee serving as the compensation committee follows compensation best practice processes to evaluate and compensate the president/ceo. The process includes the following: the board executive committee serves as the compensation committee and uses two salary surveys to establish compensation within fair value range. One survey provides information on an industry-wide basis and the other provides comparables for the dc metropolitan area. The board also uses an independent compensation consultant to assist in the compensation analysis and determination. These methods provide additional benchmarking information to establish the compensation package for the president/ceo. The board executive committee, operating as the compensation committee, approves the president/ceo's compensation, which then goes to the board of directors for approval. All discussions on compensation are documented in the minutes of the executive session. Similar procedures are established for other key employees as well.”

“Copies of the organizations' governing documents, financial statements, and conflict of interest policy are kept in the libraries at each community. They are also available upon request.”