Lakewood Heritage Foundation

“The sole member of the foundation is lakewood cemetery association, a minnesota cemetery association.”

“The foundation may not take any of the following actions without receiving member approval: (a) substantially change the present or now intended nature of the foundation's operations or its mission; (a) amend the articles of incorporation or these bylaws; (b) voluntarily dissolve; (c) incur long-term debt; (d) mortgage or encumber any assets of the foundation; (e) sell, lease or otherwise dispose of all or substantially all of its property and assets; (f) add or delete major services; (g) purchase or acquire substantially all of the assets of another entity; (h) merge, consolidate with any domestic or foreign organization or lease or sell more than fifty percent (50%) of the foundation's property and assets to any entity in any one transaction or series of related transactions; (i) prepay any indebtedness prior to the time for payment thereof as provided in the contract evidencing or creating such indebtedness; (j) loan money or other assets to or guarantee the obligations of any person or entity; (k) approve annual operating budgets, annual or long-range capital budgets, and nonbudgeted contracts entered into over $25,000; and (l) approve any extraordinary compensation or bonus to any employee.”

“The form 990 is reviewed by the board prior to filing.”

“Lakewood heritage foundation employs the same conflict of interest policy as lakewood cemetery association, a related organization. Covered persons are covered under the policy. Covered persons include any trustee, officer, executive-level employee or non-trustee member of a committee with governing board-delegated powers. Each year, covered persons are required to sign and submit a code of conduct which includes a conflict of interest disclosure statement. Potential conflicts are discussed with the board of directors or committee considering the proposed transaction or arrangement with lakewood. After disclosure and discussion, the interested covered person shall leave the board or committee meeting so that the remaining members can vote on whether a conflict exists or whether lakewood can obtain a transaction or arrangement that would not give rise to a conflict. The board chair may appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement.”

“The president is compensated by lakewood cemetery association, a related organization. The president's compensation is determined by the executive committee. Comparable industry data is used as well as responses from a survey circulated among members of the entire board of directors evaluating the president's performance. The review/approval process is documented within meeting minutes. The director level compensation is reviewed and approved by the president.”

“Upon request, all governing documents are available to the public.”