Willow Valley Communities Charitable Foundation

“Management company since the inception of willow valley communities ("the communities"), a management company has been engaged to oversee and direct various functions on behalf of the communities. Upon founding of the willow valley communities charitable foundation ("foundation"), the management company, willow valley development corporation, assumed similar responsibilities for the foundation. The amount paid to the management company is paid by willow valley communities. The president and chief financial officer oversees all accounting, payroll, financial reporting, purchasing and investment. The chief human resources officer oversees the employment process, benefits administration and training. Strategic planning and direction is spearheaded by the chief executive officer. Due to the expertise and experience, the communities and foundation have found this to be a very efficient, pro-active, and cost effective method of providing leadership and service. Willow valley communities, a related section 501(c)(3) organization, makes payment to the management company”

“Form 990 review the management company's finance department prepares the information for the form 990. Our independent accounting firm (kpmg llp) reviews the information and prepares a draft return. The draft is reviewed by the board of directors with filing approval given by the audit & finance committee. Prior to filing, the final copy of the form 990, as ultimately filed with the irs, is provided to the board of directors.”

“Conflict of interest on an annual basis, officers, directors, and key employees are required to complete a conflict of interest form. Upon completion this form must be notarized. A copy is retained by the management company. As new business relationships are developed/formed, appropriate questions are asked to determine if potential conflicts exist. In addition, each individual that completed the form is to make the foundation aware of any potential conflicts of interest that they may become aware of. Any potential conflict would be reviewed, discussed and brought to the executive committee of the board for recommended resolution. An individual with a conflict will recuse themselves from participating in the deliberations and decisions in the transaction.”

“Compensation review annually the retirement communities' executive committee of the board evaluates the services provided by the management company. Prior to the renewal of the management contract, the executive committee of the board engages an independent counsel to review the terms and conditions of the contract. Additionally, an independent accounting firm is engaged by independent counsel to verify the reasonableness of the management fees by comparing the fees to other management contracts. Upon receipt of all information, including the recommendation of the executive committee, the full board of directors takes action on the renewal of the management contract. The contract is a five-year contract.”

“Availability of governing documents to the public- the organization does not make its governing documents, conflict of interest policy, or financial statements available to the public.”