Carolina Adventist Retirement Systems Inc

“As stated in cars' bylaws section 3.1 "the members of the corporation shall be the members of the executive committee of the carolina conference."”

“As stated in cars' bylaws section 4.3 "each voting member of the executive committee of the carolina conference shall serve ex officio as a voting member of the cars board of directors (i.e., constituent board)."”

“As stated in cars' bylaws section 4.1 "the business and affairs of the corporation shall be managed by a board of directors, referred to herein as the "constituent board and section 4.13 "except as otherwise provided in these bylaws, the act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the constituent board."”

“The return was prepared by an independent accounting firm with assistance and oversight by the treasurer.”

“The organization required its board of directors to sign an annual conflict of interest statement at the annual directors meeting. Due to the timing of the sale of the operations of the organization, this process was not conducted during this filing period.”

“Historically, management obtained a letter prepared by a 3rd party consultant comparing a range of ceo and cfo salaries based on historical salaries of comparable organizations to the organization's ceo and cfo current salaries. In this letter the consultant provides comments as to the reasonableness of the organization's ceo and cfo's salaries, which is reviewed by the organization's board of directors. The board makes recommendations for ceo and cfo annual salary adjustments, which management incorporates into the organization's annual budget. Due to the tming of the sale and the transition of the management team, the organization did not undertake this process in the fy 2018 period.”

“The organization makes its form 990 available to the public upon request.”

“The organization makes its governing documents and financial statements available to the public upon request. The organization makes its form 990 available upon request.”

“Sold all operations effective 2/1/2018. The proceeds relating to the sale of th assets/operations were transferred to carolina conference of seventh-day adventists the organization's sponsoring organization which is a tax-exempt organization recognized as a church.”

“Loss on pisgah project transfer of assets to carolina conference of seventh-day adventists -17,093,217. Loss on sale of company -634,253. Intercompany transfer 4,645.”