Aldersgate United Methodist Retirement

“The executive committee is comprised of board officers. Per the bylaws, the scope of the executive committee is: there shall be an executive committee composed of the board officers and the chairpersons of the finance and governance committees of the board. The executive committee shall meet upon the call of the chairperson of the board, which call shall specify the time, place and purpose of the meeting. Subject to the limitations set forth herein and applicable law, the committee shall be authorized to take action in the name of the corporation, provided, however, that a full report of any such action taken shall be made at the next meeting of the board of directors.”

“The organization contracted with armstrong mcguire to provide an interim ceo from february 2024 through august 2025.”

“During 2024, aldersgate united methodist retiremint community (aldersgate) amended its bylaws to reflect a reorganization with its related exempt entity aldersgate life plan services (alps). As a result of this change, no aldersgate decision will require alps approval, and aldersgate will elect the 3-5 directors of alps. The primary purpose for alps will be to remain the sole member of the development area 1 llcs for the ground lease project outside the obligated group. Additionally, in december 2024, aldersgate merged with aldersgate at home, a related exempt entity. Aldersgate at home's assets were transferred to aldersgate, leaving it the surviving entity.”

“August 2023 aumrc was placed under an order of administrative supervision by the regulator of the north carolina department of insurance invoking oversight over various decisions. Refer to the order for details”

“Cfo reviews and provides to the finance committee of the board for review and approval to submit. The entire board receives a copy of the form 990”

“All members of the board of directors are covered and sign the conflict of interest policy. At the beginning of each meeting, the chair reminds directors of the policy as well as other rules of order. Items with potential conflict that represent major expenditures are subject to a bid process where the lowest cost provider of the desired service is generally selected.”

“All employees (including the top management and key employees) are compared periodically to wage data that is developed independently through a local employers and trade association. The wages are reviewed to confirm they are competitive in the local market and aligned with industry comps. The compensation of the ceo is approved by the board of directors or the executive committee as the board's designee. The process described here was last completed in 2024.”

“Audited financial statements are filed annually with the north carolina department of insurance and published on its website. They are also printed annually in statutorily required disclosure statements which are available to the public. Articles of incorporation are available online at the north carolina secretary of state website. The conflicts of interest policy is available for examination upon request.”

“Change in interest rate swap 71,573. Intercompany loss -114,312. Change in value of beneficial interest with donor restrictions 52,858. Transfer of net assets from aldersgate at home 340,084.”

“The board of directors has established its audit committee to assume responsibility for oversight of the audit of its financial statements and selection of an independent accountant. The organization has not changed its oversight process or selection process during the tax year.”