2023-11-08T13:05:36-06:00 2022-12-31 010494526 Baker Newman & Noyes PO Box 507 Portland ME 04112 990 2022-01-01 237352599 Kieve Wavus Education Inc KIEV 2075635172 PO Box 169 Nobleboro ME 04555 Christopher Renyi Business Director 2075635172 2023-11-07 1 Christopher Renyi 999009999 0 Connor Smart P02285543 2078792100 2023-11-07 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z Sam Kennedy PO Box 169 Nobleboro ME 04555 13161036 0 X www.kwe.org X 1926 ME To help people grow through experiential programs led by inspirational role models. 15 15 287 15 0 0 3024062 1449690 8677124 9494043 2067111 1413417 7953 -45660 13776250 12311490 708038 900533 0 0 3575040 4443412 0 0 1420948 4319400 5181495 8602478 10525440 5173772 1786050 46138199 44937228 3835714 3671814 42302485 41265414 X To educate and empower young people and adults to contribute positively to society. (Continued on Schedule O)We foster spiritual, intellectual, social, and physical growth in order to increase self-confidence, raise personal aspirations, and generate enthusiasm for life-long learning. Working at our spectacular camps on Damariscotta Lake, in the wilderness, in schools, and in communities, we promote the values of teamwork, kindness, respect, and environmental stewardship. 0 0 3066312 268342 4525361 Boys Camp - Traditional summer camp, experiential education in outdoor setting. 637 campers were in the 2022 camp program.Founded in 1926, Kieve is a boys' summer camp on Damariscotta Lake in Nobleboro, Maine. Kieve is a Celtic verb meaning to strive in emulation of to work hard to acquire skills, knowledge, and attitudes from others so as to improve yourself and the program is built on this foundation, providing a staff full of tremendous role models worthy of emulation. Campers ranging from 8-17 years old experience a wide variety of in-camp activities and a set of increasingly longer and more challenging wilderness trips as they get older. 2906156 187248 3614190 Girls Camp: Traditional summer camp, experiential education in outdoor setting. 541 campers were in the 2022 camp program.Our campers, ranging from 8-17 years old, experience a wide variety of traditional in-camp activities and a unique series of wilderness tripping adventures that increase in challenge as they grow older. Our girls return year after year to test themselves and to bond with their cabin mates while each girl discovers that there is more grit and grace within her than she could have imagined. We develop leaders with a sense of self and who possess the strength of character necessary to meet the challenges of the world in which they live. We honor the words of Helen Keller "Life is either a daring adventure or nothing." 2140835 442057 1342020 Facilitate Events & Retreats: The Leadership School (TLS) - Non-traditional limited purpose educational school teaching leadership skills to middle school aged children. Making good decisions and the consequences of poor decisions is the primary focus. In a typical year, Kieve-Wavus Education (KWE) sees over 200 contracted programs serving more than 10,000 boys, girls and visiting teachers at, on average, a 60% scholarship rate.(Continued on Schedule O)Educators In Residence (EIR): Trained faculty of TLS were provided to Maine public schools with a total student body of almost 3,000 for ten to twenty weeks. The EIR program was tailored to meet the needs of each school, but primary emphasis was to reinforce the TLS principals stressed to the students who had attended the TLS residential program and with other grade levels and teachers throughout each school. This program had a 90% scholarship rate.Youth-oriented nonprofit programs - KWE to host leadership retreats and training for local community organizations such as "Out as I want to be." 366750 2886 800 Other Programs - Kennedy Learning Center & Jewell Lodge.The Kennedy Learning Center is a place where work teams visit to learn and grow, where groups spend time to think and create, and where families come together to celebrate and share.After an eventful and joyous camp season, the Wavus campus becomes a place of transformation and relaxation for others with a similar mission to strengthen individuals and community. Through KWE sponsored programs as well as those hosted for other non-profit programs, such as For Pete's Sake and Maine Adaptive, the Wavus campus and its Jewell Lodge are remarkable spaces for large group retreats. 366750 2886 800 8480053 1 1 0 0 0 0 1 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 0 1 1 0 1 0 0 0 0 1 0 0 0 1 26 0 1 287 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 15 15 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 X Chris Renyi 2075635172 PO Box 169 Nobleboro ME 04555 James Blue Trustee 1.00 0.00 X 0 0 0 W Morgan Churchman III Trustee 1.00 0.00 X 0 0 0 Lynley W Ciorobea Trustee 1.00 0.00 X 0 0 0 Christopher T Dougherty Trustee 1.00 0.00 X 0 0 0 Pamela K Jensen Trustee 1.00 0.00 X 0 0 0 Louise W McIlhenny Trustee 1.00 0.00 X 0 0 0 Clifford E Muller Trustee 1.00 0.00 X 0 0 0 Gabriela Perez Rocchietti Trustee (start May 2022) 1.00 0.00 X 0 0 0 Libby Schroeder Trustee 1.00 0.00 X 0 0 0 Mistye Wilson Trustee 1.00 0.00 X 0 0 0 William A Knowlton President 8.00 0.00 X X 0 0 0 Kathryn H Redmond Vice President 3.00 0.00 X X 0 0 0 J Harrison Stuart Vice President 3.00 0.00 X X 0 0 0 Matthew J McKenna Treasurer 3.00 0.00 X X 0 0 0 John W Geismar Secretary 3.00 0.00 X X 0 0 0 Henry Kennedy Executive Director Emeritus 45.00 0.00 X 417091 0 89101 Sam Kennedy Executive Director 45.00 0.00 X 212266 0 96447 Christopher Renyi Business Director 40.00 0.00 X 82645 0 31631 Charles Richardson Jr Senior Advisor to Executive Director 45.00 0.00 X 318711 0 87789 Sam Kaplan Camp Director 45.00 0.00 X 105453 0 28088 1136166 0 333056 4 0 1 0 0 23023 1426667 40861 1449690 Boys camp tuition 611600 4525361 4525361 Girls camp tuition 611600 3614190 3614190 Facilitated events & retreats 611600 1353692 1353692 Kennedy Learning Center & Jewell 611600 800 800 9494043 475479 475479 22600 0 22600 22600 22600 252117 1207201 521380 0 -269263 1207201 937938 937938 10557 23023 107905 -97348 -97348 208589 220261 -11672 -11672 Timber sales 110000 40760 40760 40760 12311490 9482371 0 1379429 900533 900533 929181 656956 43755 228470 2855610 2013409 97832 744369 180920 126456 16200 38264 231775 162002 20753 49020 245926 171893 22020 52013 21226 21226 47324 47324 381587 196646 50547 134394 182018 165026 1745 15247 168933 151476 6742 10715 109497 54601 10073 44823 612315 577590 17061 17664 314285 308672 607 5006 115742 101530 4802 9410 39846 37587 1110 1149 865726 865726 190457 190457 Camp programs/supplies 863834 733382 61738 68714 Food/dining services 768437 765843 904 1690 Student transportation 300268 300268 Settlements 200000 200000 10525440 8480053 624439 1420948 3787346 4561550 1317761 590812 191383 99351 54419 539458 79559 181649 38011984 14238703 23619099 23773281 16183955 11504486 2747805 904677 938836 46138199 44937228 1149157 1299337 1861400 1601744 820642 768470 4515 2263 3835714 3671814 X 39724317 39251543 2578168 2013871 42302485 41265414 46138199 44937228 1786050 -2823121 0 X X 0 1 X 1 0 X 1766975 1226365 2714640 3024062 1449690 10181732 8709675 9071869 212463 8677124 9482371 36153502 10476650 10298234 2927103 11701186 10932061 46335234 76161 482908 219542 162835 88946 1030392 0 76161 482908 219542 162835 88946 1030392 45304842 433333 468558 263977 663254 498079 2327201 433333 468558 263977 663254 498079 2327201 40760 40760 10909983 10766792 3191080 12364440 11470900 48703195 0.93020 0.92500 0.04780 0.00500 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 47.60 0 0 1 0 15.00 0 17497932 5000 -2569339 107400 14826193 15995764 111399 1516419 125650 17497932 13915600 279000 1914562 113398 15995764 11742882 123897 2134871 86050 13915600 11946789 717925 -810272 111560 11742882 0.87840 0.12160 0.00000 0 0 6449940 6449940 26419219 9694614 16724605 3722136 3288002 434134 1420689 1256087 164602 23773281 Corporate bonds 2747805 F 2747805 Capital lease obligation 2263 2263 X 9769211 -2823121 328166 -2494955 12264166 47324 47324 12311490 10806282 328166 328166 10478116 47324 47324 10525440 Part II, Line 9: During the year ended December 31, 2020, the Organization purchased a parcel of land in the town of Jefferson, Maine for $1,220,000. As part of that purchase, the Organization applied for a $260,000 conservation easement through the Agricultural Land Easement program of the United States Department of Agriculture. Until the Organization's easement application is approved, the Organization has a liability due to the original seller of the land in the amount of the $260,000. As a result, this amount has been included as a component of accounts payable and accrued liabilities at both December 31, 2022 and 2021, in the accompanying statements of financial position. Part V, Line 4: At December 31, 2022 and 2021, the Organization held board-designated and donor-restricted endowments amounting to $14,826,193 and $17,497,932, respectively. The purpose of these endowment funds is to provide investment income and gains to further various activities of the Organization, including a provision for financial aid and related expenditures. The organization has adopted a total return spending policy. Under this policy, an amount equal to 3% (adjusted-down from 4% in November, 2022) of the market value of the fund (4.5% for the Damariscotta Lake fund), based on a rolling three-year average of the fund's calendar year-end market value, shall be available to the organization each year. Part X, Line 2: The Organization is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code. However, income from certain activities not directly related to the Organization's tax-exempt purpose is subject to taxation as unrelated business income. In addition, the Organization qualifies for the charitable contribution deduction under Section 170(b)(1)(A) and has been classified as an organization other than a private foundation under Section 509(a)(2) of the Code. Under GAAP, the Organization must recognize and disclose in its financial statements a liability for any uncertain tax reporting positions it has taken or expects to take when, despite the Organization's belief that its tax return positions are supportable, it is possible that certain positions may not be fully sustained upon review by tax authorities. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences impact income tax expense in the period in which such determination is made. Interest and penalties, if any, related to accrued liabilities for potential tax assessments are included in income tax expense. Management has determined that no liability for uncertain tax positions exists as of December 31, 2022. Part XI, Line 2d - Other Adjustments: Cost of goods sold 220,261. Fundraising expenses 107,905. Part XII, Line 2d - Other Adjustments: Cost of goods sold 220,261. Fundraising expenses 107,905. Schedule D, Part II, Conservation Easements: The Organization holds ownership over approximately 50 acres of undeveloped and natural land that has been deemed by the State of Maine to constitute a conservation easement. As part of the Organization's responsibility under this easement-designation, the Organization is to exercise stewardship over the acreage by keeping the property in its natural and undeveloped state. Accordingly, the Organization expends very little direct cost or time to the property other than annual inspections and minor landscaping expenses; overall, the Organization holds the land to protect it in its wild and unchanged state of being, but otherwise does not interefere with the conditions or natural environment of this property. Wavus 100th Anniversy 33580 23023 10557 1310 53291 53304 33580 23023 10557 1310 53291 53304 107905 -97348 Schedule G, Part II, Fundraising Events, Wavus 100 In August 2022, the Organization gathered nearly 200 alumni on Wavus Point to commemorate the century since Wavus's founding. Welcoming generations of campers back to the lake, the Wavus 100th Anniversary event was an opportunity for the Organization to recognize and celebrate the Kieve Wavus 100-year history, the Organization's lifetime of accomplishments, and the Camp's success and survival through the recent COVID-19 Pandemic. The Wavus 100th Anniversary Celebration resulted in an overall net loss to the Organization. However, the Organization believes that the event will ultimately contribute to the Camp's future success in means that cannot be directly attributed to current year revenues, such as building valuable and long-lasting relationships with past and future campers, staff, volunteers, and board members. In accordance with IRS guidelines and definitions, this event has been disclosed on this Schedule G and on the Form 990, Part VIII, as a Fundraising Event for transparency purposes. 1 Scholarships and financial aid for tuition-funded programs. 3486 900533 Part I, Line 2: Scholarships are given to campers and students in the form of tuition reductions; there are no direct cash payments. Scholarships are awarded on a case-by-case basis and relative to financial need. Those wishing to receive financial aid from the Organization must apply for a scholarship in accordance with the Organization's formal application policies and procedures. The Organization requires verification of income and ability (or inability) to pay when considering scholarship applicants. More information regarding the Organization's financial aid and scholarship programs, including documents and forms for application, are available on the Organization's website at: https://www.kwe.org/wavus/application-aid/ X X 1 1 X X X 0 1 0 0 0 0 0 1 0 Henry Kennedy Executive Director Emeritus 161619 0 207496 0 47976 0 77319 0 11782 0 506192 0 0 0 Charles Richardson Jr Senior Advisor to Executive Director 144242 0 173534 0 935 0 68392 0 19397 0 406500 0 0 0 Sam Kennedy Executive Director 140354 0 37500 0 34412 0 66410 0 30037 0 308713 0 0 0 Part I, Line 1a Housing Allowances: Henry Kennedy and Sam Kennedy, who each served as the Organization's Executive Director during the period covered by this Form 990, received taxable stipends to assist them with housing and residential costs ($23,077 and $24,000, respectively). These stipends have been included in their taxable wages as reported on their 2022 Forms W-2, Box 5. Additionally, these stipends are included in the figures reported on this Schedule J, Part II, Column B(iii), Other Compensation. Payments for Business Use of Personal Residence: During the year covered by this Form 990, the Organization entered a short-term license and use agreement with Henry Kennedy, the Organization's Executive Director Emeritus, to utilize personal properties and lodging units owned by Henry Kennedy for Kieve Wavus programs. The Organization leased the properties from Mr. Kennedy to provide additional lodging for camp guests and families. As part of the agreement, the Organization compensated Henry Kennedy $13,200, an amount considered to be reasonable and representative of the fair market value of the properties under the agreement. This agreement was subject to approval by the Organization's Board and Treasurer. Part I, Line 4b The Organization maintains a retirement plan under Internal Revenue Service Code Section 457(f) for the benefit of certain key employees. The Organization made contributions to the plan for the benefit of the employees in the amount of $102,354 for the December 31, 2022 tax year. As of December 31, 2022 total assets of the plan amounted to $407,554 and are presented as other assets, with an offset to accounts payable and accrued liabilities, within the statements of financial position. For the 2022 Tax Year, the following listed individuals received 457(f) contributions under the plan: Henry Kennedy, $39,202; Charlie Richardson, $33,154; Sam Kennedy, 30,000. The 457(f) contributions have been deemed to be deferred compensation and have been included within the amounts reported this Schedule J, Part II, Column C. The contributions to these plans are to recognize many years of distinguished service to the Organization. Part I, Line 7 The Organization may from time-to-time pay bonuses, awards, and incentive compensation to select individuals upon the successful completion of defined goals and in accordance with clear performance metrics. During the year covered by this Form 990 specifically, Henry Kennedy and Charlie Richardson, who served as Officers on the Organization's Board, each received lifetime achievement awards to recognize 20-30 years of service provided to the Organization. These service awards were subject to review and approval by the Organization's Board of Trustees, and it is not anticipated that bonuses of this magnitude will occur in future years. These payments were included in the individuals' respective 2022 Forms W-2 wages, and have been included within the amounts reported on this Schedule J, Part II, Column B(ii). Paddle and Thistle LLC Lots 8 1 Executive Director Emeritus Purchase land X 865000 465353 0 1 1 Richard Kennedy Lot 9 Executive Director Emeritus Purchase land X 385000 207124 0 1 1 Richard Kennedy Lots 18 20 Executive Director Emeritus Purchase land X 145000 58886 0 1 1 RCK Irrevocable Trust Executive Director Emeritus Purchase land X 95000 37107 0 1 1 768470 Henry Kennedy Executive Director Emeritus 1165181 For many years, Kieve Wavus rented three properties from Henry Kennedy, the executive director of Kieve Wavus, and his wife, Betty Kennedy. On August 1, 2021, Kieve Wavus gave notice to Henry Kennedy that the leases would be terminated. Under the terms of the leases, Henry Kennedy was required to purchase the improvements Kieve Wavus made to the properties. The Kennedy family and KWE entered into a Settlement Agreement, dated May 31, 2022, wherein the parties formalized the terms under which the Kennedy family would make payments to KWE, in the form of cash and/or real property. In accordance with the terms of the Settlement Agreement, the Kennedy family made a first payment to KWE on August 18, 2022, and the Kennedy family made a second and final payment to KWE on March 31, 2023. 0 Henry Kennedy Executive Director Emeritus 13200 During the year covered by this Form 990, the Organization entered a short-term license and use agreement with Henry Kennedy, the Organization's Executive Director Emeritus, to utilize personal properties and lodging units owned by Henry Kennedy for Kieve Wavus programs. The Organization leased the properties from Mr. Kennedy to provide additional lodging for camp guests and families. As part of the agreement, the Organization compensated Henry Kennedy $13,200, an amount considered to be reasonable and representative of the fair market value of the properties under the agreement. This agreement was subject to approval by the Organization's Board and Treasurer. 0 Sarah Kennedy Family Member of Executive Director 59521 Sarah Kennedy is an employee of the Organization. Sarah Kennedy also shares a family relationship with Sam Kennedy and Henry Kennedy, each of whom served as the Organization's Executive Director during this tax year. Sarah Kennedy is a licensed nurse and is one of the few healthcare professionals available on the Kieve Wavus campus should any camp guest, visitor, or staff require medical attention. Accordingly, Sarah Kennedy, while a relative of an Officer of the Organization, is considered a valuable employee of the Organization who is necessary to the Organization's ability to fulfill its mission. Any compensation and benefits offered to Sarah would have been paid at a fair market value relative to the services performed and the quality of those services, as well as subject to review by the Organization's independent Board of Trustees. 0 Betty J Kennedy Family Member of Executive Director 52060 Betty J. Kennedy is an employee of the Organization. Betty J. Kennedy also shares a family relationship with Sam Kennedy and Henry Kennedy, each of whom served as the Organization's Executive Director during this tax year. Betty performs administrative services on behalf of the Organization. The employment relationship with Betty J. Kennedy has been deemed necessary and appropriate for the Organization's routine operations. Any compensation and benefits offered to Betty would have been paid at the fair market value relative to the services performed and the quality of those services, as well as subject to review by the Organization's independent Board of Trustees. 0 Form 990, Schedule L, Part II, Loans with Interested Persons Henry Kennedy served as the Organization's Executive Director during the period covered by this Form 990 as well as in prior tax years. Henry Kennedy has also been a strong believer, advocate, and supporter of the Kieve Wavus mission and operation for many years. To support the Organization, Henry Kennedy, either directly or through his trusts and business interests, has provided loans to the Organization so that it may purchase land and real estate to expand its campuses and to further its exempt mission. All loan agreements offered by Henry Kennedy were subject to review and approval by the Organization's Treasurer at the time of such loan. Any fees, charges, or interest rates on these loans was set in reference to the Federal Reserve long-term government bond yield interest-rate at the time of the original loan agreement. Accordingly, the rates on these loans have not been deemed to be unreasonable; the rates were set with the intention of maintaining an objective, measurable fair market yield, without construing any unreasonable private benefit or advantage upon Henry Kennedy. In other words, it was the position of the Organization's Treasurers at the time of these loan agreements that the loan was taken due to a fair, arm's length transaction. The outstanding balances for each loan, and the applicable lending body, are disclosed on this Schedule L, Part II, and in total on this Form 990, Part X. X 5 40861 Fair Market Value 0 1 1 Part I, Line 32b: The Organization engages professional investment advisors and brokers to process, sell, and/or maintain contributions of non-cash financial assets as they are received. Form 990, Part VI, Section A, line 2 Henry Kennedy and Sam Kennedy have a family relationship. Form 990, Part VI, Section A, line 4 The Organization adopted the following significant amendments and changes to its bylaws in November 2021. 1. The amended bylaws explicitly state that the Corporation shall have no members, and that the Board of Directors may exercise the rights and powers of members. 2. The amended bylaws explicitly state that every Director in exercising his or her powers and discharging his or her duties shall: (a) act honestly and in good faith with a view to the best interests of the Corporation; and (b) exercise the care, diligence, and skill that a reasonably prudent person would exercise in comparable circumstances. 3. The amended bylaws change the number of Directors constituting the Board to be not less than three (3) or more than thirty-three. The exact number of Directors shall be fixed from time to time by a resolution adopted by the affirmative vote of a majority of the Directors then in office. Directors shall be elected at the annual meeting of the Directors or as soon thereafter as conveniently possible. 4. The amended bylaws allow that each Director shall be elected for a term of three (3) years and until his or her successor has been duly elected or until his or her earlier death, resignation, or removal. A director is eligible for election for up to four consecutive three-year terms. A Director who has met the term limits herein may be renominated for service on the Board of Directors following a one-year absence from the Board of Directors. For any Director, lifetime service to the organization as a director is limited to eighteen years. The Board may extend by vote the term limit for any Director. 5. The amended bylaws state that the annual meeting of the Organization shall be for the purpose of electing Directors. 6. The amended bylaws mandate that a majority of the Directors must be present to constitute a quorum for the purpose of transacting Organization business. 7. The amended bylaws apply limits on the information actions that Directors may take on behalf of the Organization. Specifically, the amended bylaws mandate that any action that might be taken at a meeting of the Board of Directors or of any committee thereof may also be taken without a meeting if (a) all Directors or committee members are notified in writing of the proposed action, (b) at least three-quarters of the total number of Directors or committee members send written consents to the action to be taken, at any time before or after the intended effective date of such action, and (c) the Secretary, committee chair, or his or her designee receives no written objection to such action from a Director or committee member within 48 hours of the notification to the Directors or committee members. 8. The amended bylaws rephrase the responsibilities and powers of the President of the Organization to be as follows: the President shall preside over all meetings of the Board of Directors. The President shall perform such other duties, and exercise such powers, as from time to time prescribed by these bylaws or by the Board of Directors. 9. The amended bylaws rephrase the responsibilities and powers of the Treasurer of the Organization to be as follows: the Treasurer shall have the custody of all funds, property, and securities of the Corporation, subject to such regulations as may be imposed by the Board of Directors. When necessary or proper, the Treasurer shall endorse on behalf of the Corporation for collection, checks, notes, and other obligations, and shall deposit the same to the credit of the Corporation at such bank or banks or depository as the Board of Directors may designate. The Treasurer shall, in general, perform all duties incident to the office of Treasurer, including a general supervision and control of the accounts of the Corporation, subject to the control of the Board of Directors. 10. The amended bylaws added a new Article VI specifically for the Executive of the Organization, stating the following: The Board of Directors shall hire an Executive Director for the Corporation. The Executive Director shall be the chief executive officer of the Corporation. Subject to the approval of the Board of Directors, the Executive Director shall have day-to-day responsibilities for the Corporation, including carrying out the Corporation's charitable purposes, goals, and policies. The Executive Director will attend all meetings of the Board of Directors, report on the progress of the Corporation, answer questions from the Directors, and carry out the duties of his or her position as described in the job description of the Executive Director. Subject to the direction and control of the Board of Directors, the Executive Director shall manage and oversee the business and affairs of the Corporation and shall see that the resolutions and directives of the Board of Directors are carried into effect except in those instances in which responsibility is assigned to some other person by the Board of Directors. Except in those instances in which the authority to execute is expressly delegated to another officer or agent of the Corporation or a different mode of execution is expressly prescribed by the Board of Directors, the Executive Director may execute for the Corporation any contracts or other instruments which the Board of Directors has authorized to be executed, and the Executive Director may accomplish such execution either under or without the seal of the Corporation and either individually or with the Secretary or any other officer thereunto authorized by the Board of Directors, according to the requirements of the form of the instrument. The Executive Director may vote all securities which the Corporation is entitled to vote except to the extent such authority shall be vested in a different officer or agent of the Corporation by the Board of Directors. The Board of Directors may, from time to time, designate other duties to the Executive Director, as the Board of Directors deems necessary and appropriate. Form 990, Part VI, Section B, line 11b The Form 990 is prepared with the assistance of an independent CPA firm. The CPA firm coordinates with key officers and finance personnel of the Organization to prepare review a draft of the Form 990 prior to its filing with the IRS. Once a completed draft of the Form 990 is prepared, the drafted return is sent to the finance and audit committee and other members of the Board of Trustees for their review and consideration; any members of the finance committee, the audit committee, or the board of trustees who are able to vote on or review the Form 990 must be deemed to be external independent trustees, and such persons must also be knowledgeable of the finances of the Organization. As these individuals consider the drafted Form 990, they are given the opportunity to ask questions and to address any concerns with the tax filing or otherwise. Lastly, the finance and audit committees meet with the Organization's engaged independent accountants to discuss the Form 990. Subsequent to this meeting, these committees will then recommend acceptance and filing of the Form 990 to the Organization and Board at large, on or before the IRS filing due date. The full Board of Trustees will issue a formal, recorded vote to accept the Form 990 prior to its filing with the IRS. The majority of the Board of Trustees are provided the Public Disclosure Copy of the Form 990 prior to filing; only key personnel and select trustees and officers review the Complete Copy of the Form 990. The only information contained in the Complete Copy that is not provided in the Public Disclosure Copy are the names and addresses of donors disclosed on Schedule B. All other information disclosed on the Form 990 is made available for the Board's review and comment prior to filing. Form 990, Part VI, Section B, line 12c The Organization requires board members to review and sign a conflict of interest form at the annual meeting each year. Board members are required to report and potential conflicts arising during the ensuing year as they occur. Form 990, Part VI, Section B, line 15a From time-to-time the Organization will engage in a comprehensive review of the compensation package offered to its Chief Executive Officer. The purpose of this review is to ensure that the CEO's wages and benefits are appropriate and in alignment with the quality and level of services performed and with industry standards. This review has historically included the analysis of comparability data, including comparison and consideration of executive compensation paid by similar institutions. This review has also included insight from legal counsel and other knowledgeable and independent persons. The Compensation Committee shall oversee, plan, and determine the compensation of the Executive Director and shall oversee compensation of the Corporation's senior leadership. After establishing a comprehensive and secure model for executive compensation, the Organization may use that model as a framework when considering the compensation and benefits to be offered to its other employed officers and key personnel. However, such a detailed compensation study is not typically done for other officer positions. Rather, officers other than the Chief Executive are compensated based on the framework established specifically for the Executive. For this reason, form 990, Part VI-B, Line 15b has been marked "no". Though the compensation and benefits paid to officers and key personnel other than the Chief Executive does not undergo the same level of intensive scrutiny or comparability study as does the Executive's compensation package, the Organization believes that the framework established while determining the Executive's compensation provides a reasonable model to base other employees' payroll on, and that the compensation paid to other officers and key personnel is appropriate relative to the quality and level of services performed. Form 990, Part VI, Section C, line 19 The Organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. Form 990, Part XII, Line 2c: During its 2022 tax year, the Organization engaged a new independent public accounting firm, Baker Newman Noyes, to perform an audit of the Organization's financial statements and to assist in the subsequent preparation and filing of the Organization's annual Form 990. The audit was subject to the review and oversight of the Organization's Executive Director, finance and audit committees, and key financial and business personnel within the Organization. Additionally, the Organization's audited financial statements and Form 990 are subject to review by the Organization's independent Board of Trustees prior to their issuance. Charitable Remainder Trusts (2) c/o Security Life of Denver Insuran E Tufts Avenue CO 80237 Beneficiary Distributions ME N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0