Channing House

“The audit committee reviews a draft of the form 990 on behalf of the board of trustees prior to filing with the irs. The draft, as reviewed by the audit committee, is then made available to all members of the board of trustees prior to filing with the irs as well. This process includes documenting who conducted the review, when it was conducted, and to what extent (detail or summary) the form was reviewed.”

“Annually, the conflict of interest policy is reviewed with board members and key staff members. Potential conflicts are reviewed at the management and the board level; should a conflict of interest arise, the board member / employee does not participate in decisions related to the matter.”

“The personnel committee (a board committee comprised of 3 trustees) is responsible for the performance appraisal of the executive director. The performance appraisal is normally on an annual basis, with the period under review based on the executive director's date of hire. The committee, in its evaluation, may solicit input from other trustees, residents, and staff of channing house. The salary and benefits of the executive director are also reviewed on an annual basis. The personnel committee submits any recommended changes to the executive director's salary/benefits to the board of trustees for approval. Such recommendation will be submitted for review and approval to the board at the regularly scheduled meeting prior to the executive director's hire date anniversary. Any action taken by the board on personnel committee recommendations is recorded in the board minutes. Compensation adjustments for the executive director is established in conjunction with a review of compensation studies available from both national and statewide sources, as well as other sources as available (such as from a consultant). The executive director is responsible for annual evaluations and implementing any salary adjustments for the chief operating officer and director of health services. Compensation adjustments for these key employees are based on budgeted amounts available, as well as statewide compensation studies.”

“Audited financial statements are posted in the resident library, attached to new resident contracts, and are available on request from the business office. All board minutes and changes to bylaws are posted in the channing house resident library. Copies of meeting minutes are available for a prior three year period. The conflict of interest policy is available on request from the business office.”

“Other fees: program service expenses 2,952,292. Management and general expenses 48,626. Fundraising expenses 0. Total expenses 3,000,918.”

“Change in value of split interest agreements -1,898. Change in minimum pension liability 156,146. Loss on refinance of bonds payable -10,390,622.”