| Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company |
Effective Janaury 1, 2010, American Baptist Homes of the West, a related entity exempt under IRC 501(c)(3), has been providing management services to Las Ventanas Retirement Community. |
| Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder |
Cornerstone Affiliates is a California nonprofit public benefit corporation exempt under IRC 501(c)(3) and is the sole member of Las Ventanas Retirement Community. |
| Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body |
As the sole member of Las Ventanas Retirement Community, Cornerstone Affiliates exercises its direction and control through the appointment of the Board of Directors. |
| Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders |
The following transactions require approval by the members:-Merger, consolidation or dissolution of the corporation;-Amendment, repeal, or restatement of the Articles of Incorporation or Bylaws;-Aggregate borrowing for any purpose in excess of $50,000;-Purchase, sale, lease, disposition, hypothecation, exchange, gift, pledge, encumbrance or mortgage of any real property, and of any personal property with a value in excess of $50,000;-Appointment of the independent auditor;Transactions outside the ordinary course of business. |
| Form 990, Part VI, Line 11b: Form 990 Review Process |
The Form 990 is reviewed by the CFO and furnished to the Board of Directors prior to filing. |
| Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts |
Every year, ABHOW and LVRC Directors and Officers are asked to complete a Conflict of Interest disclosure along with a Statement of Commitment. These documents are aimed at informing ABHOW and its affiliated entities of any conflicts that that should be revealed.Duty to Disclose. In connection with any actual or possible conflict of interest, directors and officers must disclose the existence of the Financial Interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing Board delegated powers considering the proposed transaction or arrangement. Determining Whether a Conflict of Interest Exists. After disclosure of the Financial Interest and all material facts, and after any discussion with the Interested Person, he/she shall leave the Board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining Board or committee members shall decide if a conflict of interest exists. Procedures for Addressing the Conflict of Interest a. An Interested Person may make a presentation at the governing Board or committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement that results in the conflict of interest. b. The chair of the governing Board or committee shall, if appropriate, appoint a disinterested Person or committee to investigate alternatives to the proposed transaction or arrangement. c. After exercising due diligence, the Board or committee shall determine whether LVRC can obtain a more advantageous transaction or arrangement with reasonable efforts from a person or entity that would not give rise to a conflict of interest. d. If a more advantageous transaction or arrangement is not reasonably attainable under circumstances that would not give rise to a conflict of interest, the Board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in LVRC's best interest and for its own benefit and whether it is fair and reasonable to LVRC and shall make its decision as the whether to enter into the transaction or arrangement in conformity with such determination.4. Violations of the Conflicts of Interest Policy a. If the Board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. b. If, after hearing the response of the member and making such further investigation as may be warranted in the circumstances, the Board or committee determines that the member has in fact failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action. |
| Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management |
Compensation of the President and CFO of American Baptist Homes of the West (source of "related organization" compensation in Part VII) is reviewed annually for market competitiveness and intermediate sanctions compliance by a compensation committee of the ABHOW board. Compensation of other officers and key employees is reviewed by the CEO with disclosure to the compensation committee of the ABHOW board. The ABHOW board members and CEO are independent with respect to the individuals whose compensation is being reviewed. The ABHOW board and President rely upon wage and salary studies and/or regular review by a compensation consultant to provide comparable salary data for their consideration. Decisions regarding compensation are documented on a contemporaneous basis.The compensation of the Executive Director for Las Ventanas Retirement Community is determined by wage and salary studies conducted annual by ABHOW's Human Resources department and reviewed by ABHOW's SVP Chief Operations Manager and ABHOW's President. |
| Form 990, Part VI, Line 19: Other Organization Documents Publicly Available |
The governing documents and financial statements are available for inspection upon request. |
| Other Changes In Net Assets Or Fund Balances - Other Decreases |
Chang in future service benefit obligations = -$1559255 |
Attach to Form 990 or 990-EZ.