Fsl Real Estate Services

“The majority of the board memebers are not independent as they are compensated by fsl management, a related organization, for their services provided to foundation for senior living as a whole. Foundation for senior living has an independent board and they appoint the board members for fsl real estate services.”

“Fsl real estate services pays fsl management, an affiliate, a management fee. This fee covers services for financial, human resources, risk management oversight, etc.”

“The sole member of this organization is foundation for senior living.”

“Directors shall be appointed by the member of the organization. Directors may be removed at any time without cause by the member.”

“Fsl real estate services does not have a committee with authority to act on behalf of the governing body.”

“The controller of the foundation for senior living (fsl) will review the return prior to being submitted to the governing board. The return will also be provided to the fsl board of directors.”

“Everyone on boards or working for the foundation and its affiliates are covered under the policy. For foundation, conflicts are determined at the fsl board level. For affiliate corporations, conflicts are determined either at the fsl leadership council level or the affiliate board level for both the level at which determinations of whether a conflict exists are made and the level at which actual conflicts are reviewed. All potential conflicts of interest, regardless of how small or insignificant, are to be reported to the president of the board of directors (or committee chair) prior to engaging in a conflict of interest board or committee action. The president will ask the board of directors to make a decision as to whether the relationship is an appropriate one for fsl. The board member declaring the conflict shall retire from the room in the final deliberation regarding the matter under consideration. However, the person shall be permitted to provide the board or committee with any and all information prior to leaving the meeting.”

“The ceo is compensated by a related organization, fsl management, (fsl) for services provided to fsl and its related organizations. The ceo's compensation is approved by the governing board of fsl on an annual basis, they are provided with comparability data/compensation studies to determine his compensation. Other officers and directors are provided compensation from fsl and other related organizations for their services, beyond being on the governing board, provided to that entity and other related organizations. Their compensation is approved by the ceo.”

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

“We broke ground on casa del sol, a community which will provide 16 single-family workforce homeownership options in wickenburg.”

“Gain/(loss) in subsidiaries -1,354,581. Other adjustments 15,073. Excess of assets acquired over liabilities assumed in acquisition 6,775,639.”

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

“Fsl real estate services acquired a 99.99% interest in fsl st. Francis villas, lp on december 18, 2023, and fsl becket house apartments, lp on may 23, 2024, through a cash purchase of $41,715 and $10,000, respectively. These acquisitions were fo rthe purpose of more effective performance of the charitable mission of fsl. The amounts recognized at fair value at the time of acquisition for the assets acquired and liabilities assumed are recorded as excess of assets acquired over liabilties assumed in the amount of $1,049,467 and $5,726,172 and are recorded as other changes in net assets.”