Bvm-Phs Senior Housing Inc

“The organization has a management agreement with phs management, llc (an affiliate of phs), whereby they have authority and responsibility for the general management of the organization, including personnel management, operating policies, resident services, insurance, maintenance, accounting and other general matters.”

“The members of the corporation shall be presbyterian homes & services and sisters of charity of the blessed virgin mary.”

“Each member appoints one half (1/2) of the total number of board members.”

“The corporation may not take any of the following actions without receiving unanimous member approval. (a)incur long-term debt;(b)mortgage or encumber any assets of the corporation;(c)sell, lease or otherwise dispose of all or substantially all of its property and assets;(d)voluntarily dissolve;(e)purchase or acquire substantially all of the assets of another entity;(f)merge, consolidate with any domestic or foreign organization or lease or sell more than fifty percent of the corporation's property and assets to any entity in any one transaction or series of related transactions;(g)prepay any indebtedness prior to the time for payment thereof as provided in the contract evidencing or creating such indebtedness;(h)loan money or other assets to or guarantee the obligations of any person or entity;(i)substantially change the present or now intended nature of corporation's opeartions;(j)approve any extraordinary compensation or bonus to any employee;(k)amend the articles of incorporation or bylaws;(l)approve, extend or renew any contracts between the corporation and a member, or an affiliate of a member, or modify any such contracts to increase the amount paid thereunder by more than ten percent; or (m)admit additional members.”

“Prior to filing with the irs, the organization's form 990 is provided to the governing body of the member that controls management of the organization and appoints some or all directors to the organization. Officers and management of the organization have been involved in the preparation of the form 990 and remain accountable to the governing body through regular review of financial reports and related information.”

“The organization obtains annually written disclosures from governing body members, officers, and key employees. Management and officers review these disclosures and evaluate whether the interest could result in a conflict and then take the necessary steps to remediate any such conflict.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Sharing of hoursofficers & key employees share their hours between the filing organization and its related organizations.”

“Member contribution - bvm = $1500000”

“Member contribution - phs = $1500000”