Unknown Organization

“The Executive Committee often makes decisions for the Board; however, the Board is always notified of any action the Executive Committee takes. The Executive Committee is composed of the Chairman, Vice Chairman, Secretary, Treasurer, and President. The President is a non-voting member with voice. With regard to scope, the Executive Committee "shall possess and may exercise all the powers of the Board of Trustees except as subject to the provisions of Article 7.07. The Executive Committee shall exercise these powers only when it is impractical to convene a called meeting of the Board of Trustees. The Board of Trustees may delegate specific authority or responsibility to the Executive Committee." The Executive Committee may not: Amend the Articles of Incorporation; Adopt a plan of merger or a plan of consolidation with another corporation; Authorize the sale, lease, exchange, or mortgage of all or substantially all of the property and assets of the Corporation; Authorize the voluntary dissolution of the Corporation; Revoke proceedings for the voluntary dissolution of the Corporation; Adopt a plan for the distribution of the assets of the Corporation; Amend, alter or repeal the bylaws; Elect, appoint, or remove a member of a committee or a Trustee or officer of the Corporation; Approve any transaction to which the Corporation is a party and that involves a potential conflict of interest as defined in paragraph 10.05, below; Take any action outside the scope of authority delegated to it by the Board of Trustees; Take final action on a matter that requires the approval of the Board of Trustees.”

“The Organization delegates management duties including supervising personnel, operations, and budgeting to Sears Methodist Retirement System, the parent company, who in turn has a management contract with Life Care Services.”

“A copy of the form 990 was made available to all board members for review and approval before filing the return.”

“Conflict of Interest statements are completed annually by Sears Methodist Retirement System Board of Trustees, Sears Methodist Centers Board of Directors and all senior staff. Any new Board Members or senior staff are required to complete the statement upon hire.”

“The compensation for the CEO is determined by the board in an annual review. Any raise or bonus is discussed and voted on by the board. Every few years an outside compensation specialist is hired to help determine compensation for the CEO. Each senior VP or executive VP review or salary increase is determined by the CEO in an annual review process. Each senior VP has key officers under them that are reviewed in the same manner.”

“Although not required, the organization provides photocopies of its governing documents, conflict of interest policy, and financial statements available to all who request one or more these items.”

“Gain on Discontinuted Operations 183,968. Debt Service Payments -1,800,000. Change in SMF Investment -19,780.”

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

“During the year ended December 31, 2013, the Organization adopted ASU 2012-01. The adoption results in an adjustment increasing net deficit and increasing the liability for refundable fees by $1,131,650 as of January 1, 2012. The entrance fee amortization for the year ended December 31, 2012 was decreased by $258,093 due to the adoption of this standard. The cumulative effect of the change in accounting as of December 31, 2012 is $1,389,743.”