2018-10-25T10:02:06-05:00 2017-12-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 1650 MARKET STREET SUITE 4500 PHILADELPHIA PA 191037341 990 2017-01-01 570337132 BISHOP GADSDEN EPISCOPAL RETIREMENT COMMUNITY BISH 8434066298 1 BISHOP GADSDEN WAY CHARLESTON SC 29412 C WILLIAM TRAWICK PRESIDENT/CEO 8434066298 2018-10-25 1 JULIUS C GREEN CPA P00350393 2159720701 X 174.59.42.130 2018-10-25 07:40:39 ED P F2402B78FC355C8D5AEB106FC1FA7B3FDC501D48 41D52B76DFE0CA0C5E5ED141E25DBC48D8427C36 2017 2018-06-14 16:35:46Z C WILLIAM TRAWICK 1 BISHOP GADSDEN WAY CHARLESTON SC 29412 44335418 0 X WWW.BISHOPGADSDEN.ORG X 1948 SC OPERATION OF A FAITH-BASED RETIREMENT FACILITY PROVIDING HOUSING AND HEALTH CARE SERVICES 14 14 573 288 0 0 869811 1557054 31477519 34135858 272289 1251510 1037708 205189 33657327 37149611 458488 676298 0 0 14053752 15586103 0 0 27842 18435525 18764109 32947765 35026510 709562 2123101 172287131 175231710 137942518 133871982 34344613 41359728 X BISHOP GADSDEN, A LIFE CARE RETIREMENT COMMUNITY, EMBRACES GOD'S CALL TO MINISTRY. WE AFFIRM POSITIVE LIVING FOR ALL WHO LIVE AND WORK HERE. WE SERVE WITH INTEGRITY. WE EXERCISE WISE STEWARDSHIP. WE REACH OUT WITH A GENEROUS SPIRIT. 0 0 26959581 0 34135858 FOUNDED BY THE FOURTH EPISCOPAL BISHOP OF SOUTH CAROLINA IN 1850, BISHOP GADSDEN EPISCOPAL RETIREMENT COMMUNITY UPHOLDS THE TRADITION OF FAITH-BASED, NOT-FOR-PROFIT ORGANIZATIONS DEDICATED TO THE WELL-BEING OF THOSE PERSONS WHO, BECAUSE OF AGE, PERSONAL CONDITIONS, HEALTH AND THEIR EXPRESS DESIRE, CHOOSE TO RESIDE IN A RETIREMENT COMMUNITY. BISHOP GADSDEN IS A MISSION-DRIVEN, NOT PROFIT-DRIVEN, ORGANIZATION. IT HAS A LONG-TERM OBLIGATION TO ITS RESIDENTS AND IS COMMITTED TO REMOVING FINANCIAL BARRIERS TO RESIDENCY. ITS ROOTS IN THE GREATER CHARLESTON COMMUNITY SPAN OVER 165 YEARS AND, THROUGH THE YEARS, IT HAS RESPONDED TO SPECIFIC NEEDS OF THE GREATER COMMUNITY. IT HAS LONG BEEN OPEN TO ALL MEN AND WOMEN WITHOUT REGARD TO RACE, CREED, RELIGIONS, SEXUAL PREFERENCE, OR NATIONAL ORIGIN.RETIREMENT COMMUNITY BISHOP GADSDEN SERVES APPROXIMATELY 500 SENIOR ADULTS, 62 YEARS OF AGE AND OLDER, RESIDING IN FOUR LEVELS OF CARE: INDEPENDENT COMMUNITY (260 UNITS), ASSISTED LIVING (80 UNITS), MEMORY SUPPORT (19 BEDS), AND SKILLED NURSING CARE (50 BEDS). BISHOP GADSDEN OPERATES TO MEET THE PRIMARY NEEDS OF SENIOR CITIZENS BY PROVIDING (1) RESIDENTIAL FACILITIES DESIGNED TO MEET PHYSICAL, EMOTIONAL, RECREATIONAL, SOCIAL, RELIGIOUS, AND SIMILAR NEEDS OF THE ELDERLY, (2) ACCESS TO HEALTHCARE SERVICES AS NEEDED, (3) ASSURANCE THAT THE ORGANIZATION IS RUN IN A FISCALLY RESPONSIBLE MANNER, AND (4) THE COMMITMENT OF FINANCIAL SECURITY TO ANY RESIDENT WHO RUNS OUT OF MONEY THROUGH NO FAULT OF HIS/HER OWN. 676298 676298 0 RESIDENT ASSISTANCE PROGRAM: BISHOP CHRISTOPHER GADSDEN FOUNDED THE HOME FOR ORPHANS AND WIDOWS IN 1850 TO ASSIST THOSE IN NEED. HIS VISION FOR A CARING COMMUNITY IS THE HEART AND SOUL OF THE ORGANIZATION NOW CALLED BISHOP GADSDEN. AT THE CORE OF BISHOP GADSDEN IS THE BELIEF AND EXECUTION OF THE CHARITABLE MISSION.SINCE 1995, BISHOP GADSDEN'S RESIDENT ASSISTANCE FUND HAS DONATED MORE THAN $4.73 MILLION IN CHARITABLE CARE TO RESIDENTS FACING FINANCIAL DIFFICULTIES. THE RESIDENT ASSISTANCE FUND ALLEVIATES ANY ANXIETIES RESIDENTS AND THEIR FAMILIES HAVE BY ASSURING THEM THAT THEY WILL CONTINUE TO RECEIVE THE CARE THEY NEED REGARDLESS OF WHETHER THEY CAN PAY. THROUGH THE CONTINUED EFFORTS OF BISHOP GADSDEN RESIDENTS, FAMILIES, STAFF, AND OTHER ORGANIZATIONS, THE RESIDENT ASSISTANCE FUND CONTINUES TO BE A HIGH PRIORITY. THIS IMPERATIVE FUND ALLOWS BISHOP GADSDEN TO ASSIST RESIDENTS AND FUTURE RESIDENTS WHO, BY NO FAULT OF THEIR OWN, CAN NO LONGER AFFORD THEIR CONTINUED CARE, WHILE ALSO SUPORTING OUTSIDE CHARITABLE ORGANIZATIONS.ALL RESIDENTS WHO ARE RECEIVING FINANCIAL SUPPORT OR ASSISTANCE ARE BETWEEN THE AGES OF 73-98. THEY COME FROM THE GREATER CHARLESTON AREA, ARE BOTH MALE AND FEMALE, AND CROSS ALL SOCIOECONOMIC LINES. THEIR QUALIFICATIONS RANGE FROM HAVING A PAST STRONG COMMITMENT TO THEIR CHURCH COMMUNITY-THROUGH VOLUNTEERING TIME AND TALENTS. TO RESIDENTS WHO HAVE MADE SIGNIFICANT CONTRIBUTIONS TO THE CHARLESTON AREA. THEIR CONTRIBUTIONS MAY BE OF AN ARTISTIC NATURE, ONE OF PUBLIC SERVICE, OR THE ABILITY TO HAVE CREATED A POSITIVE PHILOSOPHICAL CHANGE. BISHOP GADSDEN WILL CONTINUE TO EXTEND ASSISTANCE TO RESIDENTS, ACTING ON THE FIRM BELIEF THAT REMOVING ECONOMIC BARRIERS TO RESIDENCY IS PART OF ITS MISSION. 0 0 0 GENEROUS SPIRIT OUTREACH PROGRAMS: THROUGHOUT BISHOP GADSDEN'S EXISTENCE, A GIVING COMMITMENT HAS BEEN ON THE FOREFRONT RESULTING IN OVER $6,132,719 IN CHARITABLE CARE AND GIFTS BEING RAISED FOR AND DISTRIBUTED TO OTHER NON-PROFIT ORGANIZATIONS IN OUR LOCAL COMMUNITY.THE GENEROUS SPIRIT SUB COMMITIEE, AS PART OF THE BISHOP GADSDEN'S RESIDENTS' COUNCIL, CHOOSES TO SUPPORT SPECIFIC CHARITABLE ORGANIZATIONS EACH YEAR. LED BY RESIDENTS, WITH ASSISTANCE FROM STAFF, THE COMMITTEE SETS A FUNDRAISING GOAL AND CONDUCTS ALL SOLICITATIONS AND APPEALS. IN 2017, THIS IMPORTANT COMMITTEE RAISED $212,210 IN CASH AND $278,987 IN-KIND ITEMS. THESE FUNDS WERE ALLOCATED AS FOLLOWS: HALLIE HILL ANIMAL SANCTUARY ($34,000), WALK TO END ALZHEIMER'S ($2,000), MY SISTER'S HOUSE ($104,000), COASTAL CRISIS CHAPLAINCY ($34,000), TRIDENT LITERACY ($2,120), WINDWOOD FARMS ($2,000), ABLE LIFE FOUNDATION ($34,000), SEA ISLAND HABITAT FOR HUMANITY AND TOYS FOR TOTS - 250 TOYS.IN ADDITION TO CHARITABLE CAUSES THAT SUPPORT OUTSIDE ORGANIZATIONS, RESIDENTS AND STAFF CONTRIBUTE TO THE STRONGHEART EMPLOYEE EDUCATION SCHOLARSHIP FUND, WITH $54,000 BEING DISTRIBUTED TO EMPLOYEES FOR EDUCATION PURPOSES.RESIDENTS AND STAFF CONTRIBUTE TO MORE THAN 1,000 LOCAL AND NATIONAL CHARITABLE ORGANIZATIONS - BISHOP GADSDEN'S CULINARY DEPARTMENT DONATED 24,839 LBS OF FOOD, EQUALING A GIFT OF $168,905, AND 37,258 MEALS. THE ORGANIZATION ALSO PROVIDES OTHER SUPPORT TO THE LOCAL COMMUNITY, SUCH AS THE FREE USE OF MEETING SPACE TO LOCAL CHARITIES, STUDENT INTERNSHIPS FROM LOCAL COLLEGES, TUTORING SERVICES TO THE NEIGHBORING MIDDLE SCHOOL, SPACE FOR AFTER SCHOOL ACTIVITIES, PERFORMANCE SPACE FOR SCHOOLS AND OTHER LOCAL GROUPS, FOOD DONATIONS TO LOCAL FOOD BANKS, THE OPERATION OF A COMMUNITY FESTIVAL TO THANK THE LOCAL COMMUNITY AND THE LOCAL FIRST RESPONDERS, AND OTHER ACTIVITIES MEANT TO CEMENT THE ORGANIZATION'S RELATIONSHIP WITH THE LOCAL COMMUNITY. EXECUTIVE STAFF ALSO SIT ON COMMUNITY BOARDS SUCH AS ROPER ST. FRANCIS, SEA ISLAND HABITAT FOR HUMANITY, AND LEADINGAGE SC. 27635879 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 102 0 1 573 1 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 SC X C WILLIAM TRAWICK PRESIDENTCEO 8437623300 1 BISHOP GADSDEN WAY CHARLESTON SC 29412 CRAIG ASHE BOARD MEMBER 1.00 X 0 0 0 HEYWARD CARTER JR ESQUIRE BOARD MEMBER 1.00 X 0 0 0 THE REV ALASTAIR VOTAW BOARD MEMBER 1.00 X 0 0 0 WARREN MERSEREAU CHAIRMAN 1.00 X X 0 0 0 MARGARET P BLACKMER VICE CHAIR 1.00 X X 0 0 0 PAUL MCMANUS BOARD MEMBER 1.00 X 0 0 0 BRIAN HUSSAIN SECRETARY/TREASURER 1.00 X X 0 0 0 BARBARA EDLUND BOARD MEMBER 1.00 X 0 0 0 DAVID BENNETT BOARD MEMBER 1.00 X 0 0 0 BARBARA CHRISTIE BOARD MEMBER 1.00 X 0 0 0 DR CHARLES C GEER BOARD MEMBER 1.00 X 0 0 0 MELINDA LUCKA KELLEY BOARD MEMBER 1.00 X 0 0 0 ROBERT VINGI BOARD MEMBER 1.00 X 0 0 0 RIGHT REV SKIP ADAMS BOARD MEMBER 1.00 X 0 0 0 C WILLIAM TRAWICK PRESIDENT/CEO 50.00 X 305093 0 31976 SARAH E H TIPTON VICE PRESIDENT/COO 50.00 X 211547 0 32763 LYNNE L KERRISON CFO 50.00 X 185273 0 24589 JAMES A EPPER DIRECTOR OF CULINARY SERVICES 50.00 X 139695 0 7415 BERNARD C KRAFSIG IT DIRECTOR 40.00 X 120239 0 8072 DEBRA L PARKER DIRECTOR OF NURSING 40.00 X 116840 0 10744 SUSAN GALLO HR DIRECTOR 40.00 X 106502 0 7040 DANIEL F LARRABEE EVS DIRECTOR 40.00 X 105171 0 10078 1290360 0 132677 8 0 1 0 RAWLS CONSTRUCTION LLC 1199 STARLING RD HANAHAN SC 29410 CONSTRUCTION SERVICES 929366 RLPS ARCHITECTS 250 VALLEYBROOK DR LANCASTER PA 17601 ARCHITECTURAL SERVICES 803133 S K BURT CONSTRUCTION LLC 201 BAYBERRY RUN SUMMERVILLE SC 29485 CONSTRUCTION SERVICES 769205 CHASTAIN CONSTRUCTION INC PO BOX 20697 CHARLESTON SC 29413 CONSTRUCTION SERVICES 621453 CAROLINA CHILLERS INC PO BOX 50550 SUMMERVILLE SC 294850550 HVAC CONTRACTORS 326283 20 1557054 1557054 RESIDENT REVENUE 623000 34135858 34135858 34135858 903955 903955 89537 2940 86597 86597 86597 7442353 6899445 195353 542908 -195353 347555 347555 5651 4386 1265 1265 63336 83683 -20347 -20347 LATE CHARGES 900099 32912 32912 INDEPENDENT LIVING 623000 16801 16801 COVERED PARKNG 900099 10300 10300 77661 77661 137674 37149611 34135858 0 1463669 676298 676298 791241 646548 144693 11749329 9600743 2148586 239697 195863 43834 1537476 1256280 281196 1268360 1036416 231944 26311 26311 68863 68863 4350 4350 165139 165139 636227 306704 329523 222503 146610 75893 1734443 1072636 633965 27842 311545 311545 3525427 2880736 644691 124368 69794 54574 1483769 1212434 271335 6726133 5496133 1230000 702425 573973 128452 FOOD & BEVERAGE 2120575 2118453 2122 EDUCATION 425889 28400 397489 MEDICAL EXPENSES 114912 114912 RESIDENT EXPENSES 100667 71467 29200 270563 131479 139084 35026510 27635879 7362789 27842 3718211 2476031 252609 5881031 20462 4033 191151 282242 124483 100754 223031 178386 182628535 63550910 119684930 119077625 13192685 12804367 34490387 34427241 389182 172287131 175231710 4329166 2282667 33076115 36950121 54127691 48159972 46409546 46479222 137942518 133871982 X 25581965 30969491 4380629 5867248 4382019 4522989 34344613 41359728 172287131 175231710 X 2123101 4939806 -47792 X 0 1 X 1 0 X 1208924 3545720 1230499 869811 1557054 8412008 24655355 25476850 26178561 31477519 34135858 141924143 25864279 29022570 27409060 32347330 35692912 150336151 65875 23288 89163 1928264 4708 1050490 2983462 1928264 65875 27996 1050490 3072625 147263526 804904 889790 1040393 882970 993492 4611549 804904 889790 1040393 882970 993492 4611549 979986 1176568 1079760 940803 137674 4314791 27649169 31088928 29529213 34171103 36824078 159262491 0.92470 0.91340 0.02900 0.02980 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: FORFEITURES TERM INC MISC - 2013 AMOUNT: $ 979,986. 2014 AMOUNT: $ 1,176,568. 2015 AMOUNT: $ 1,079,760. 2016 AMOUNT: $ 940,803. MISCELLANEOUS REVENUE - 2017 AMOUNT: $ 52,511. CHAPEL SERVICES FEE - 2017 AMOUNT: $ 4,000. TOBACCO SURCHARGE REV - 2017 AMOUNT: $ 4,130. POSTAGE SALES - 2017 AMOUNT: $ 6,970. CLINIC HOURS INCOME - 2017 AMOUNT: $ 10,050. INDEPENDENT LIVING - 2017 AMOUNT: $ 16,801. PARKING - 2017 AMOUNT: $ 10,300. LATE CHARGES - 2017 AMOUNT: $ 32,912. 0 0 0 0 0 0 0 0 1 4350 4350 0 PART II-B, LINE 1: THIS AMOUNT REPRESENTS THE PORTION OF MEMBERSHIP DUES ATTRIBUTABLE TO LOBBYING. 5306975 140970 412255 6000 5854200 5105737 49143 158095 6000 5306975 4665021 647124 -200408 6000 5105737 2483618 2143250 44153 6000 4665021 2199789 40259 248070 4500 2483618 0.00000 0.77300 0.22700 0 0 4684872 4684872 154980913 51629521 103351392 18361842 11404188 6957654 4600908 517201 4083707 119077625 CF GLOBAL MULTI-ASSET FUND 34427241 F 34427241 GIFT ANNUITIES 469723 OTHER LIABILITIES 460189 RENTAL DEPOSITS 1200 REFUNDABLE ENTRANCE FEES 45548110 46479222 X 42129694 4939806 -47792 4892014 37237680 -88069 -88069 37149611 35114579 88069 88069 35026510 0 35026510 PART V, LINE 4: THE ENDOWMENT ASSETS ARE INVESTED IN A MANNER THAT IS INTENDED TO PRESERVE AND GROW CAPITAL, STRIVE FOR CONSISTENT ABSOLUTE RETURNS, PRESERVE PURCHASING POWER BY STRIVING FOR LONG-TERM RETURNS WHICH EITHER MATCH OR EXCEED THE SET PAYOUT, CONTROL FEES AND INFLATION WITHOUT PUTTING THE PRINCIPAL VALUE AT PRUDENT RISK, AND DIVERSIFY INVESTMENTS CONSISTENT WITH COMMONLY ACCEPTED INDUSTRY STANDARDS TO MINIMIZE THE RISK OF LARGE LOSSES. PART X, LINE 2: BISHOP GADSDEN FILES AS A TAX-EXEMPT ORGANIZATION. MANAGEMENT IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE THE TAX-EXEMPT STATUS OF BISHOP GADSDEN. MANAGEMENT IS NOT AWARE OF ANY SIGNIFICANT ACTIVITIES THAT ARE SUBJECT TO TAX ON UNRELATED BUSINESS INCOME, EXCISE OR OTHER TAXES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -47,792. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -83,683. GAMING EXPENSES -4,386. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 83,683. GAMING EXPENSES 4,386. 1 FINANCIAL ASSISTANCE 10 676298 PART I, LINE 2: FINANCIAL ASSISTANCE IS GIVEN TO RESIDENTS WHO QUALIFY FOR RESIDENCY IN EVERY WAY EXCEPT FINANCIAL. ALL PROSPECTIVE RESIDENTS SEEKING FINANCIAL ASSISTANCE UNDERGO THE SAME SCREENING THAT ALL OTHER PROSPECTIVE RESIDENTS DO. IF A CURRENT RESIDENT SEEKS FINANCIAL ASSISTANCE, BISHOP GADSDEN REQUIRES AN UPDATE OF HIS/HER CONFIDENTIAL FINANCIAL INFORMATION. WE MAY ALSO REQUIRE FURTHER DOCUMENTS IN THE FORM OF TAX RETURNS AND/OR BANK STATEMENTS. A RESIDENT IS NEVER ASKED TO LEAVE BISHOP GADSDEN IF HE/SHE OUTLIVES RESOURCES THROUGH NO FAULT OF HIS/HER OWN. X X X X X 0 1 0 0 0 0 0 1 0 C WILLIAM TRAWICK PRESIDENT/CEO 262428 0 25150 0 17515 0 28070 0 3906 0 337069 0 0 0 SARAH E H TIPTON VICE PRESIDENT/COO 177343 0 20150 0 14054 0 25743 0 7020 0 244310 0 0 0 LYNNE L KERRISON CFO 152630 0 17650 0 14993 0 17000 0 7589 0 209862 0 0 0 PART I, LINE 3 THE CEO BONUS IS DETERMINED BY THE BOARD. THE BOARD ALSO DETERMINES THE DISCRETIONARY BONUS POOL FOR THE EMPLOYEES. THIS IS DOCUMENTED IN THE BOARD MINUTES. PART I, LINE 4B C WILLIAM TRAWICK (PRESIDENT/CEO), LYNNE KERRISON (CFO), AND SARAH E. H. TIPTON (VICE PRESIDENT/COO) PARTICIPATE IN 457(B) AND 401(K) DEFERRED COMPENSATION PLANS. AT THE END OF THE YEAR, THE TOTAL AMOUNT OF EMPLOYER CONTRIBUTIONS TO THE 457(B) PLANS WERE $17,000 TO EACH PARTICIPANT. ALSO, AT THE END OF THE YEAR THE TOTAL AMOUNT OF EMPLOYER CONTRIBUTIONS TO THE 401(K) PLANS WERE $10,585 (CWT) AND $6,201 (SET), RESPECTIVELY. THIS COMPENSATION IS REFLECTED AS PART OF THE DEFERRED COMPENSATION REPORTED ON FORM 990, PART VII AND IN SCHEDULE J, PART II, COLUMN (C). PART I, LINE 7 THE EXECUTIVE COMMITTEE TAKES INTO ACCOUNT THE CEO'S PERFORMANCE REPORT AND FEEDBACK FROM VARIOUS INTERNAL SOURCES. THE DECISION IS THEN MADE HOW TO ALLOCATE THE BONUS POOL OF FUNDS AMONG THE CEO AND EMPLOYEES AT THE DIRECTOR LEVEL AND ABOVE. A SC JOBS - ECONOMIC DEVELOPMENT AUTHORITY 570960018 2014-05-07 56563209 REFUNDING OF SERIES 2014 0 0 0 B SC JOBS - ECONOMIC DEVELOPMENT AUTHORITY 570960018 2016-07-28 11162500 TO REFUND THE SERIES 2002F1 BONDS 0 0 0 C SC JOBS - ECONOMIC DEVELOPMENT AUTHORITY 570960018 2017-04-03 12015486 REFUNDING OF SERIES 2007 BOND ISSUE 0 0 0 A 30161753 56563209 660000 42791783 13111426 2015 1 0 1 1 B 641391 11162500 162181 11000319 2016 1 0 1 1 C 12015486 165486 11850000 2017 1 0 1 1 A 0 0 0 0 0.01300 0.00000 0.01300 0 0 1 B 0 0 0 0 0.01300 0.00000 0.01300 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 1 0 0 0 0 0 1 C 0 0 1 0 0 0 0 0 1 A 1 B 1 C 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: SC JOBS - ECONOMIC DEVELOPMENT AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 06/28/2017 FORM 990, PART VI, SECTION B, LINE 11B AN INTERNAL REVIEW WAS PERFORMED BY THE ORGANIZATION'S ADMINISTRATIVE TEAM. A COPY OF FORM 990 WAS PROVIDED TO THE GOVERNING BODY BEFORE FILING FOR THEIR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C AT THE BEGINNING OF EACH BOARD YEAR, ALL MEMBERS OF THE BOARD OF TRUSTEES ARE REQUIRED TO COMPLETE A CONFLICT OF INTEREST STATEMENT. THE POLICY COVERS FAMILIES AND BUSINESS RELATIONSHIPS AS A POTENTIAL SOURCE OF CONFLICT. AFTER THE STATEMENTS ARE TURNED IN, THEY ARE REVIEWED BY THE CHAIRMAN OF THE BOARD AND THE PRESIDENT/CEO. SHOULD A CONFLICT BE NOTED, THE CHAIRMAN AND PRESIDENT/CEO EITHER ASK THE BOARD MEMBER TO RESOLVE THE CONFLICT OR RECUSE HIM OR HERSELF FROM VOTING ON MATTERS WHERE THE CONFLICT EXISTS. FORM 990, PART VI, SECTION B, LINE 15 TO ENSURE COMPENSATION IS WITHIN FAIR MARKET VALUE FOR THE SENIOR LIVING INDUSTRY, THE BOARD OF TRUSTEES REVIEWS 990 DATA AND ASSOCIATION PUBLICATIONS. THE BOARD ALSO QUESTIONS LEADING CONSULTANTS IN OUR INDUSTRY AND PERFORMS SALARY REVIEWS. ALL DISCUSSIONS REGARDING COMPENSATION ARE DOCUMENTED IN BOARD MINUTES. FORM 990, PART VI, SECTION C, LINE 19 THE CONFLICT OF INTEREST POLICY AND THE FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -47,792.