Galloway Ridge Inc.

“The primary function of the executive committee will be to execute the policies prescribed by the board and carry out the responsibilities assigned to it by the board and these bylaws, including, without limitation, conducting strategic planning for the corporation, establishing criteria to evaluate the executive direction and other officers and employees of the corporation, and overseeing relationships with the corporation's outside service providers. The board management committee will also be responsible for reviewing and making recommendations regarding conflicts of interest of directors, officers, employees and independent contractors and their employees associated with the corporation. During the intervals between the meetings of the board, the executive committee will have and exercise all of the powers of the board that may be lawfully delegated in the management of the business and affairs of the corporation. The executive committee will be comprised of the following: (1) such officers of the corporation as may hold office from time to time; (2) the chairpersons of such committees of the corporation as may exist from time to time; and (3) such other directors as may be nominated by the president and appointed by the board from time to time. The president of the corporation will be the chairperson of the executive committee. Each member of the executive committee will hold office for the duration of such person's term in an office that qualifies such person for membership on the executive committee.”

“The organization contracts its executive director from lcs management, llc. Under the terms of a management agreement, management services are provided to the organization by cooperative retirement services of america (crsa). These services include the supervision of all aspects of normal operations including budgeting, hiring of employees, billing, payroll, accounts payable, and other management responsibilities. Heather rusnak fullfills the roll of executive director under the terms of the agreement. Her compensation received from lcs for these services to galloway ridge are: reportable compensation: $175,508 deferred compensation & nontaxable benefits: $35,376”

“The return was prepared by an independent accountant with assistance and oversight by management. Upon completion, the return was reviewed by management and distributed electronically to the members of the board of directors. The board of directors were given time to review, discuss, and comment prior to the form being electronically filed with the irs.”

“The conflict of interest policy is reviewed by all board members annually. Each board member signs a statement indicating the understanding of and compliance with the policy. The conflict of interest policy is based upon the irs model conflict of interest policy.”

“For 2014, the executive director's compensation is reviewed by the management company, lcs, annually using industry data for comparison. The ed's position is also reviewed by the president and board chaiman. Other key emplooyees have an annual review by the ed & comparability data is reviewed on a regular basis.”

“Photocopies of the organization's form 1023, form 990 and form 990-t are available upon request. Recent filings of the form 990 can be accessed through guidestar.org, a non-profit website.”

“Bylaws, with any changes or updates, are maintained in the resident library and are also available by request. The conflict of interest policy is included in the annual disclosure statement. Financial statements are provided monthly to the primary creditor, board audit & finance committee, and the resident finance committee and provided quarterly to the board. The annual audit is provided annually in the disclosure statement.”

“Loss on extinguishment of debt -456,351.”

“The process has not changed from the prior year.”