Cogic Memorial Home for the Elderly

“A copy of the return is provided to all board members prior to filing with the irs. They review the return as a group during the board meeting before the return is electronically filed.”

“In the event of a potential conflict of interest, an interested person may make a presentation at the board of directors or committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. The chairperson of the board of directors or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the board of directors or committee shall determine whether the organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board of directors or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the organization's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it shall make its decision as to whether to enter into the transaction or arrangement.”

“The following process is used when determining compensation for covered individuals: (1) the executive committee convenes at least annually to discuss proposed compensation arrangements; (2) any committee member having a conflict of interest (for example, family member of covered individuals) recuses himself/herself; (3) the committee considers data that reflects compensation for similar positions at similar organizations. This data may include information from salary surveys, job descriptions, the department of labor and other industry guidelines; and, (4) the committee records minutes of the meeting that include the outcome of the vote. Supplemental information is kept on file.”

“Governing documents, conflict of interest policy, and financial statements required for public disclosure are made available to the public upon request.”

“Bad debt expense -15,432.”