Westminster Ingleside Presbyterian Foundation

“The board delegates authority to the executive committee which is comprised of the chair and two or more members of the board. The executive committee, to the extent consistent with law and any resolutions adopted by the board, may exercise the authority of the board between meetings of the board as delegated by the board as necessary to promote prompt, efficient action.”

“Westminster ingleside king farm presbyterian retirement communities, inc. (45-3825159) is the sole member of the filing organization.”

“The board of the parent, westminster ingleside king farm presbyterian retirement communities, inc. (45-3825159), holds the power to elect, appoint, and remove members of the organization's board of directors.”

“Westminster ingleside king farm presbyterian retirement communities, inc., the parent organization, has the power to act on behalf of the organization as well as having the power to define the mission, policies, and retaining, evaluating, and setting compensation for the president/ceo. It also has the right to delegate any of its powers to the officers of the corporation.”

“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. 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 outside independent compensation consultant information in awarding compensation. The information provided by the outside independent compensation consultant utilizes forms 990 of other like organizations. The results of the compensation survey provided by the outside independent compensation consultant 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.”

“Change in value of gift annuities -31,998.”

“The organization does not have any of its own employees. The salaries listed on part ix, functional expenses, are an allocation based upon employees' time devoted to the foundation. No employee performs duties to the extent that he or she would be considered an employee of the filing organization.”