Cypress Cove at Healthpark Florida Inc

“The executive committee shall be a standing committee of the corporation and shall consist of the chair/president/ceo, vice chair/vice president, secretary and treasurer of the corporation. The executive committee shall study, advise, and make recommendations to the board on matters related to legal and executive management and provide the executive staff with advice, counseling, and the opportunity for confidential communication. Between board meetings, the executive committee is authorized to take any required action of the corporation when calling a special meeting of the board is not reasonably practical given the circumstances of the required action and to take any action specifically delegated to it by the board. The executive committee shall report those actions taken pursuant to the preceding sentence to the board at the next board meeting. Additionally, the executive committee shall recommend to the full board, any actions or changes deemed beneficial to the corporation regarding its operational, legal, and administrative structure or functions including, but not limited to, changes to corporate management agreements and compensation.”

“Management delegated lee fp, inc. (dba cypress living), a related organization, as the management company of cypress cove. Calendar year 2023 fees totaled $1,741,235.”

“Lee memorial hospital, inc. D/b/a lee healthcare resources is the sole corporate member.”

“The board members of lee memorial hospital, inc d/b/a lee healthcare resources select the members of the board of directors under all circumstances including, but not limited to: (i) the annual election, (ii) in the event there is an increase in the size of the board, or (iii) in the event there is a vacancy in the membership of the board.”

“The following events shall require the affirmative vote of the member: the dissolution of the corporation, as provided for in its articles of incorporation; a merger involving the corporation; an amendment to the articles of incorporation, or an amendment to these bylaws; and the sale, exchange, lease or other transfer, other than in the ordinary course of business, of all or substantially all of the corporation's assets.”

“Form 990 is prepared by our outside tax advisor/cpa from information provided. Form 990 is reviewed by the vice president of finance at lee fp inc., the related management company. Form 990 is then reviewed by the full board of directors prior to filing with the irs.”

“All directors, officers and committee members with board-delegated powers are required to disclose potential conflicts of interest at the time the board may be considering a related transaction or arrangement. The individual with the conflict is precluded from voting on matters to which the conflict pertains. In addition, on an annual basis, each director is required to sign a statement affirming they have read and understand the policy and have not been involved in any conflicts of interest. Cypress cove also performs periodic reviews to ensure compliance with this policy.”

“An independent compensation consultant is engaged by the board's human resources committee and management company (lee fp inc) to regularly conduct a formal executive compensation study for the top official (executive director) and other officers. No member of the committee has any conflict of interest with respect to the executive director's compensation. The committee and management company utilize the study's results with other related industry data (such as information reported on forms 990 filed by comparable organizations) as a basis for comparison purposes of overall executive compensation. The study findings and approved recommendations from the committee meetings are documented in the minutes to the committee meeting and delegated to the management company to implement and oversee.”

“All governing documents, conflict of interest policy and audited financial statements are available at the office of the executive director upon request. In addition, the audited financial statements are reviewed annually with the cypress cove resident financial communications committee. Quarterly financial updates are also provided in public forum for all residents.”

“Unrealized loss on interest rate swap -5,870,763. Provision for doubtful accounts -112,906.”