Methodist Retirement Communities

“During the intervals between meetings of the board of directors, the executive committee shall possess and may exercise all the powers and functions of the board of directors in the management and direction of the affairs of the organization in all cases in which specific direction shall not have been given by the board of directors.”

“Methodist retirement communities implemented new structures which would include four board meetings a year where all mrc and affiliates business would be discussed, with all affiliate board members included in the mrc boards. United methodist senior services foundation and aldersgate trust updates terms to be three years, consistent with the other entities. Pinecrest and cornerstone have been removed from the quorum, with language updates requiring president and executive director to be part of a quorum at crestview. They are now non-voting memebers who will not be counted for quorum. Bylaws changed to bring alignment by unifying the size of the board across all entities, create mroe consistency by bringing all key terms into alignment, and unify processes.”

“The management team currently reviews all form 990s prior to filing with the irs. They compare the results to the audited financial statements and review all disclosure information. The 990s are reviewed and approved by the audit committee of the board and also made available to the entire board prior to filing with the irs.”

“The coi policy covers board members and executive management. Examples of events considered a coi as described in the policy include: (1) an activity that includes an opportunity for a personal gain (financial or material), (2) an interest or activity that competes with the best interests of mrc or one of its affiliates, (3) the wrongful transfer or disposal of mrc property, (4) inappropriate disclosure of mrc business practices. Any potential coi's disclosed by executives and board members are reviewed by the president/ceo (in the case of executives) and the mrc governance commitee (in the case of board members). Board members are required to refrain from voting on issues that could cause a potential coi. Coi's that are not acknowledged can lead to removal from the board or termination of employment, as applicable.”

“Salary for the ceo, executive director, or top management official is set by the mrc board. In deciding compensation of other officers or key employees human resources collects comparability data from industry resources related to all industry-related positions. This is shared with appropriate supervisors or others in approval process. Vp of hr collects comparability data from industry resources related to all industry-related positions. Each location submits recommendations within wage scale parameters to ceo. Ceo approves within board approved budgeted guidelines.”

“Governing documents, conflict of interest policy, and financial statements are available upon request.”

“Change in fair value of interest rate swaps -4,727.”

“The organization has a committee which assumes responsibility for choosing the independent auditor and oversight of the independent audit. This process is consistent with prior years.”