Herons Key

“Danna vanhorn, gary king, and lee kilup have a business relationship with lisa hardy, allan chambard, and kay wallin. This business relationship is only due to an employment relationship within emerald communities, parent organization to heron's key, in which danna vanhorn, gary king, and lee kilup are directors or officers. Compensation for this employment is reported on part vii.”

“As a non-profit organization there are no stockholders. The sole member of the corporation is the parent corporation, emerald communities.”

“The parent corporation, emerald communities, as the sole member, has the right to approve new members and to approve election of directors of the organization.”

“The parent corporation, emerald communities, as the sole member, has the right to approve the following decisions made by the organization's board of directors: election of directors, the chief executive officer of the organization, annual and longer-range operational and capital budgets, financings for amounts over $1,000,000, long-range strategic planning, and amendment of the articles of incorporation or bylaws of the organization.”

“The chief financial officer reviews the form 990 with the ceo of the organization and it is then provided to the finance and audit committee and the board of directors prior to filing. The finance and audit committee reviews the form 990, provides their input and approves the final form 990 before it is filed. All members of the board of directors also receive a copy of the form 990 before it is filed with the irs.”

“The organization requires all directors and officers to complete a conflict of interest questionnaire each year and submit it to the governance committee of the board of directors. The governance committee reviews the questionnaires and determines if there are any conflict issues that need to be addressed. If it is determined that a conflict of interest exists or may appear to exist, the governance committee will recommend to the board the appropriate action to resolve the conflict. The board of directors will vote on such recommendations as needed. The governance committee annually reviews and recommends changes to the conflict of interest policy and questionnaire.”

“The board of directors of emerald communities is responsible for the annual performance review of the president/ceo and establishing the salary for the position. These independent board members consider comparable data from surveys or studies and appropriate input from compensation professionals. The results of these deliberations and decisions are contemporaneously substantiated. Compensation reviews are conducted annually. The process for determining compensation for other officers and key employees includes overall budget compensation criteria for the organization that is approved by the board of directors. All employees of the organization receive annual performance evaluations which are conducted at the same time and become a key factor in compensation decisions. Salary surveys and market compensation information is also considered. The performance evaluation and compensation determination includes review and approval by the ceo and director of human resources. The performance evaluations, compensation decisions, comparability data and comparisons to approved budgets are documented as part of the process. The last compensation review took place in 2017.”

“Governing documents, conflict of interest policy and audited financial statements are available upon request.”

“Heron's key had 5 volunteers during the year. Board members serve a significant amount of time in board and committee meetings, educational events and other service to the organization and its residents.”

“Initial future service obligation -11,485,581.”