Baptist Retirement Communities Of

“A copy of the 990 is provided to the ceo, the coo, and the outsourced cpa for review and comment before the form is filed. The board receives a copy after the filing.”

“Annual reviews are not specifically required by the policy, but periodic reviews are required. The president determines beforehand if potential board members would have a conflict of interest and they are eliminated from consideration. From time to time, should a potential conflict of interest arise and either be brought to the attention of the board by a board member or the president, the board shall consider the matter and vote to excuse the member from voting on the topic.”

“Prevailing/comparative market compensation amounts are used in determining compensation. The full board votes on the compensation of the president/ceo. The president/ceo recommends compensation amounts for other staff which is reviewed by the board.”

“Documents are available upon request in the corporate office.”

“Early redemption of bonds payable and sale of clairmont crest, inc. Beginning in march 2020, the communities were adversely impacted by the covid-19 pandemic, which affected the overall economy. As a result, the communities incurred a significant loss during the year ended december 31, 2021. As the communities were at risk of being in default on their bonds, the board of trustees of both the communities and clairmont crest, inc. Location sought out and obtained a donation from a third-party, who subsequent to the donation named a new board of trustees of clairmont crest, inc.. This new governing board is independent of the communities and the georgia baptist convention, and the assets of each organization are no longer jointly encumbered by any third party obligations. In order to facilitate this transfer on november 25, 2022, the bond holders agreed to an early pay off of the bonds at a 2% premium funded in large part to the aforementioned donation. As a result of the board transfer, the communities obtained a contribution from the third-party investor to redeem the bonds payable. Over the years, an intercompany due to/from balance accumulated between baptist retirement communities and clairmont crest. During the closing process, clairmont crest forgave the intercompany balance owed from baptist retirement communities, in exchange for baptist retirement communities assuming the bonds payable balance from clairmont crest. During the early redemption of the bonds payable, the communities incurred a loss on debt extinguishment, as denoted in transactions listed in part viii, statement of revenue.”

“The process the organization uses for the oversight of the audit and selection of an independent accountant has not changed from the prior year.”