Senior Resources of the West

“The cfo conducted a complete and thorough review of the form 990. An electronic copy of the form 990 was posted on the organization's internal website for board review and additionally, sent via email directly to each board member for their review and comments prior to filing with the internal revenue service.”

“The conflict of interest policy is reviewed on a transaction basis. The policy applies to all interested persons including any director, principal officer, or member of a committee with board-delegated powers who has a direct or indirect financial interest in the organization. Any officer or board member having a possible conflict of interest in any matter must disclose the existence and nature of the conflict. After disclosure of a potential conflict of interest to the board, the interested officer or board member would leave the board meeting while the conflict of interest is discussed and/or voted upon. The remaining board members shall decide if a conflict of interest exists.”

“Senior management employees listed in part vii are employees of covia communities, a related organization. They are paid and issued w-2s by covia communities. Covia communities uses an independent consultant who analyzes and reports on reasonability of compensation every two years. The consultant is independent of management and reports directly to the chairman of the board. The consultant reviews and provides a report on any issues with the compensation the ceo and/or the cfo receive including any issues around excess compensation. Additionally, all key executives compensation are reviewed by the consultant. This review includes total cash compensation and benefits including retirement plans. Every year, the vice president of human resources reviews the compensation for all management against market analysis guidelines and recommends changes. This review also includes a test of benefits against similar companies.”

“The audited financial statements are available on the organization's website, www.covia.org. The governing/organizing documents and conflict of interest policy are available upon request.”

“Statement of functional expenses: adminstrative overhead is treated as program expense in that the allocated overhead is related to the executive time spent identifying growth opportunities in support of the missions of the supported organizations, performing due diligence on various potential projects, and designing financing schemes to expand or build new affordable housing communities or continuing care retirement communities. Developer fees or other compensation to the parent would be treated as program revenue (as would the expenses be treated as program related).”