Edgewood Summit Inc.

“Edgewood summit, inc. (the community) has delegated management duties to a management company experienced in senior living. The executive director is an employee of the management company contracted to provide management oversight at the community. In addition, the executive director and community staff are supported by various team members of the management company that provide operations, marketing and financial support services.”

“The executive director and a representative of the organization's management company review the 990. A copy of the 990 is emailed to the board of directors before it is filed with the irs.”

“The organization constantly monitors the conflict of interest policy.”

“The executive director is an employee of the management company, contracted to provide management oversight at the community. The executive director's initial compensation was based on industry market survey comparisons and initial compensation and annual wage adjustments are approved by the board of directors during review and approval of the annual operating budget. Key employees are reviewed annually with a uniform performance review process and document which rates performance on standards, guidelines, financial performance, quality, resident satisfaction, employee relations, regulatory compliance and customer service, as well as other variables important to the organization. The merit increase, if appropriate, is based upon the performance review of the employee and the approved budget scale for each fiscal year. Salaries are reviewed at least annually for comparison to national salary information from leading age (a national organization for ccrc's) and regional salary information is used for comparison purposes as state data is not available. Should adjustments be required in the salary scale based upon competitive wage factors, the changes are approved by the board of directors as well as the management company, greystone communities, and incorporated into the operating budget.”

“Edgewood summit, inc. Makes its governing documents and financial statements available to the public through the west virginia secretary of state's office and the west virginia economic development authority.”

“The total for management services expense of $502,922 includes the compensation of the executive director as follows: executive director salary and benefits: $214,777 management company general services: $288,145”

“Change in fair value of derivative obligation 1,119,410.”