Congregational Homes Inc

“Congregational homes, inc. Has one class of members. The corporation consists of at least 59 corporate members. The corporate members consist of elected members of the board of directors and elected members at large.”

“Congregational homes, inc. Has at least 59 corporate members who elect and appoint the board of directors. The board of directors consist of no less than 25 directors and no more than 35 directors.”

“Governance decisions are approved by corporate members of which consist of elected members of the board of directors and members at large. The board of directors nominating committee develops a slate of nominees for incoming members of the corporation, incoming directors, officers of the corporation, and persons to fill vacancies occurring in the corporation and board of directors except under certain circumstances (e.g. Death, resignation, removal of director, or when number of directors approved is increased). Nominees are presented to and elected by members of the corporation. Members of the corporation also have the ability to call for the removal of directors.”

“The tax returns are first submitted to the audit committee when a draft is available, but prior to its irs due date or extended due date. Questions are directed to the cfo or ceo. Once accepted by the audit committee, the form 990 will be provided to all board members for their review and approval.”

“The ceo's secretary distributes the forms at the start of each calendar year. She is responsible for ensuring that all are returned. The completed forms are then reviewed by the chairman and secretary of the board of directors. It is the responsibility of each director to identify when potential conflicts of interest may occur during board proceedings. The chairman and the secretary may find it necessary to remind individual members of potential conflicts, as necessary. In the event a potential conflict arises the chairman decides if the individual member should recuse him or herself from the discussion and/or vote.”

“The executive committee serves as the management compensation committee. Salary adjustments are based on general salary adjustments for all employees, position in the market, individual performance and value to the organization. Competitive salary reviews are conducted on a periodic basis using an independent compensation consultant and form 990 of other organizations.”

“Documents are kept in the administration office in a binder - for public review - that contains irs tax exemption letter, articles of incorporation, bylaws, conflict of interest policy, code of ethical conduct, and three years of 990's and audited financial statements.”

“Other fees for services (non-employees): program service expenses 3,421,209. Management and general expenses 243,449. Fundraising expenses 0. Total expenses 3,664,658.”

“Change in fair value of interest rate cap -95,798. Changes in actuarial value of split-interest agreements -24,555.”

“On october 1, 2018, msag adopted asc 606 applying the full retrospective method. The adoption of asc 606 did not have a material impact on the measurement nor the recognition of revenue.”