| FORM 990, PART VI, SECTION A, LINE 1 |
THE EXECUTIVE COMMITTEE SHALL CONSIST OF THE CHAIR OF THE BOARD, VICE-CHAIRS, SECRETARY, TREASURER, AND ONE ADDITIONAL TRUSTEE WHO IS NOT AN OFFICER WHO SHALL BE ELECTED BY THE BOARD AT THE ANNUAL MEETING FOR A TERM OF ONE YEAR. AT LEAST ONE MEMBER OF THE EXECUTIVE COMMITTEE SHALL BE A TRUSTEE WHO IS A RESIDENT OF WAVERLY HEIGHTS, LTD. THE EXECUTIVE COMMITTEE SHALL HAVE FULL AUTHORITY TO MANAGE AND CONTROL THE BUSINESS AND AFFAIRS OF THE WAVERLY HEIGHTS, LTD. BETWEEN MEETINGS OF THE BOARD, WITH ALL OF THE POWERS OF THE BOARD ITSELF, EXCEPT THAT IT SHALL NOT HAVE THE POWER OR AUTHORITY AS TO THE FOLLOWING: (A) THE CREATION OF OR FILLING OF VACANCIES IN THE BOARD; (B) THE ADOPTION, AMENDMENT OR REPEAL OF THESE BYLAWS; (C) THE AMENDMENT OR REPEAL OF ANY RESOLUTION OF THE BOARD; AND (D) ACTION ON MATTERS COMMITTED BY A RESOLUTION OF THE BOARD TO ANOTHER COMMITTEE OF THE BOARD. |
| FORM 990, PART VI, SECTION B, LINE 11B |
THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM AND THEN REVIEWED BY THE CFO AND CONTROLLER. THE AUDIT COMMITTEE PERFORMS A FINAL REVIEW AND A THEN A COPY IS PROVIDED TO ALL MEMBERS OF THE BOARD OF TRUSTEES BEFORE FILING WITH THE INTERNAL REVENUE SERVICE. |
| FORM 990, PART VI, SECTION B, LINE 12C |
WAVERLY HEIGHTS, LTD.'S CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY TO PROVIDE GUIDANCE TO GOVERNING BOARD MEMBERS. ALL NEW MEMBERS SIGN OFF ON THIS POLICY UPON APPOINTMENT TO THE BOARD. ANY POSSIBLE CONFLICT OF INTEREST ON THE PART OF THE GOVERNING BOARD MEMBERS IS REQUIRED TO BE TIMELY DISCLOSED UPON REALIZATION OF THE POTENTIAL CONFLICT TO THE OTHER MEMBERS OF THE BOARD AND MADE A MATTER OF RECORD WHEN THE CONFLICT BECOMES A MATTER OF BOARD ACTION. THE BOARD MAKES THE DECISION AS TO WHETHER A POTENTIAL CONFLICT IS AN ACTUAL CONFLICT. ANY GOVERNING BOARD MEMBERS HAVING A CONFLICT OF INTEREST SHALL NOT VOTE OR USE THEIR PERSONAL INFLUENCE ON THE MATTER, EVEN WHERE PERMITTED BY LAW. THE MINUTES OF THE MEETING SHALL REFLECT THE DISCLOSURE, ABSTENTION AND THE QUORUM. |
| FORM 990, PART VI, SECTION B, LINE 15 |
COMPENSATION FOR THE CEO, OTHER OFFICERS AND KEY EMPLOYEES OF WAVERLY HEIGHTS, LTD. IS DETERMINED BY THE BOARD HUMAN RESOURCES COMMITTEE BASED ON THE RECOMMENDATIONS FROM AN INDEPENDENT CONSULTANT. THE CONSULTANT BASES THEIR INFORMATION ON SURVEY DATA FROM SIMILAR LIFE PLAN COMMUNITIES AND EXTERNAL DATA. ADDITIONALLY, ANY SIGNIFICANT ADJUSTMENTS FOR CHANGE AND ANNUAL ADJUSTMENTS ARE REVIEWED AND RECOMMENDED BY THE BOARD HUMAN RESOURCES COMMITTEE TO THE BOARD OF TRUSTEES. THIS PROCESS WAS REVIEWED AND APPROVED IN 2019. THE DELIBERATION AND FINAL DECISION WERE DOCUMENTED IN THE BOARD AND COMMITTEE MINUTES WITH SPECIFIC DETAILS DOCUMENTED IN CONFIDENTIAL EMPLOYEE FILES. |
| FORM 990, PART VI, SECTION C, LINE 19 |
THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE ALL MADE AVAILABLE TO THE PUBLIC UPON REQUEST. |
| FORM 990, PART XI, LINE 9: |
CUMULATIVE EFFECT OF IMPLEMENTATION OF ASU NO. 2014-09 -40,464,184. LOSS ON EXTINGUISHMENT OF DEBT -1,752,631. |
Attach to Form 990 or 990-EZ.