2012-11-02T10:12:00-05:00 2011-12-31 410746749 CLIFTONLARSONALLEN LLP 220 SOUTH SIXTH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2011-01-01 410711588 ECUMEN ECUM 6517664300 3530 LEXINGTON AVENUE NORTH SHOREVIEW MN 55126 DENNIS JOHNSON 6517664300 2012-10-30 1 TERRANCE O'REILLY P00068340 6123764500 2011 2016-02-24 21:20:13Z KATHRYN R ROBERTS 3530 LEXINGTON AVENUE NORTH SHOREVIEW MN 55126 141701270 1 0 9386 X WWW.ECUMEN.ORG X 1923 MN TO OWN, OPERATE, MANAGE & SUPPORT SENIOR LIVING AND HEALTH CARE COMMUNITIES. 14 14 3799 827 0 0 2164152 2908487 122561514 136730832 895302 239944 -19286 -195644 125601682 139683619 65576 11337 0 0 66415276 74923172 0 0 512417 58049676 66960824 124530528 141895333 1071154 -2211714 288585242 287475373 244904076 246412712 43681166 41062661 X ECUMEN IS A MINNESOTA NON-PROFIT CORPORATION ORGANIZED PRIMARILY TO OWN, OPERATE, MANAGE AND SUPPORT SENIOR LIVING AND HEALTH CARE COMMUNITIES. HOUSING AND SERVICES ARE PROVIDED AT ECUMEN COMMUNITIES THROUGH A CONTINUUM OF CARE, INCLUDING VARIOUS LEVELS OF RESIDENTIAL LIVING AND SKILLED NURSING AS WELL AS OTHER COMMUNITY-BASED PROGRAMS AND SERVICES, SUCH AS HOME HEALTH CARE AND OUTPATIENT THERAPIES. 0 0 129655203 11337 136730832 ECUMEN IS A MINNESOTA NONPROFIT CORPORATION ORGANIZED PRIMARILY TO OWN, OPERATE, MANAGE AND SUPPORT SENIOR LIVING AND HEALTH CARE COMMUNITIES. HOUSING AND SERVICES FOR SENIORS ARE PROVIDED AT ECUMEN COMMUNITIES THROUGH A CONTINUUM OF CARE, INCLUDING VARIOUS LEVELS OF RESIDENTIAL LIVING AND SKILLED NURSING AS WELL AS OTHER COMMUNITY-BASED PROGRAMS AND SERVICES, INCLUDING HOME HEALTH CARE AND OUTPATIENT THERAPIES. AS OF DECEMBER 31, 2011, ECUMEN AND ITS AFFILIATES OWNED OR LEASED 50 HEALTH CARE AND OTHER FACILITIES, INCLUDING 10 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SUBSIDIZED HOUSING PROJECTS. AN ADDITIONAL 20 HEALTH CARE AND OTHER FACILITIES WERE MANAGED FOR UNRELATED THIRD-PARTY OWNERS. 129655203 1 1 0 1 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 345 0 3799 1 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 MN X DENNIS JOHNSON 6517664300 3530 LEXINGTON AVENUE NORTH SHOREVIEW MN 55126 LYNN ANDERSON 1.00 X X 0 0 0 ROBERT KARRICK 1.00 X X 0 0 0 JOHN BYOM 1.00 X X 0 0 0 ROBERT HOFFMAN 1.00 X X 0 0 0 GLENN BARON 1.00 X 0 0 0 DEBBIE CERVENDA 1.00 X 0 0 0 LISA DEVERELL 1.00 X 0 0 0 KEITH HALLELAND 1.00 X 0 0 0 REVEREND KRISTINE LNNER 1.00 X 0 0 0 DIANE NIMMER 1.00 X 0 0 0 GAIL OLSON 1.00 X 0 0 0 GERALD PETERSON 1.00 X 0 0 0 TODD PETERSON 1.00 X 0 0 0 LOANNE THRANE 1.00 X 0 0 0 STEPEHN ORDAHL 40.00 X X 227616 0 48700 KATHRYN ROBERTS 40.00 X 408790 0 81443 DENNIS JOHNSON 40.00 X 244097 0 50512 GILBERT ACEVEDO 40.00 X 33750 0 0 SCOTT RIDDLE 40.00 X 171864 0 38808 LARRY JORGENSEN 40.00 X 168282 0 21827 ERIC SCHUBERT 40.00 X 166019 0 21701 ROBIN BALCK 40.00 X 163139 0 38718 JOHN KORSENDORFER 40.00 X 162270 0 32021 1745827 0 333730 24 0 1 0 AP MIDWEST 6701 WEST 23RD ST LOUIS PARK MN 55426 CONSTRUCTION 1265067 GRAY PLANT MOOTY & BENNETT 500 IDS CENTER 80 SOUTH EIGHTH STR MINNEAPOLIS MN 55402 LEGAL 364267 CLIFTONLARSONALLEN LLP 220 SOUTH SIXTH STREET SUITE300 MINNEAPOLIS MN 55402 AUDIT & TAX 275437 LINCOLN WASTE 500 COTTAGE GROVE ROAD BLOOMFIELD CT 06002 TRASH SERVICE 171430 DOUGHERTY MORTGAGE LLC 90 SOUTH 7TH STREET SUITE 4300 MINNEAPOLIS MN 55402 DEBT CONSULTING 122329 5 60000 1773880 1074607 5162 2908487 NURSING REVENUE 623000 77605682 77605682 ASSISTED LIVING FEES 623000 54094375 54094375 MANAGEMENT FEES 541610 1511748 1511748 OTHER OPERATING FEES 623000 1351843 1351843 MEAL REVENUE 722210 1018104 1018104 1149080 1149080 136730832 762798 762798 443720 1009154 502145 1473583 -58425 -464429 -522854 -522854 128184 41923 86261 86261 FACILITY USE FEES 713940 211855 211855 DEBT REFINANCING GAIN 900099 -493760 -493760 -281905 139683619 136730832 0 44300 11337 11337 1789197 169861 1528746 90590 57001480 52924313 3808411 268756 1844485 1575998 252630 15857 9449729 8854698 558115 36916 4838281 4485539 313819 38923 4096325 4096325 188913 147248 39426 2239 167266 16727 150539 13482290 12613195 857323 11772 858736 740110 113468 5158 1261446 992589 255042 13815 7222972 6450634 772338 1052629 915822 128575 8232 606169 460643 129244 16282 11808690 10508748 1299942 9726996 8515419 1211577 1358919 1144890 214029 RESIDENT CARE SUPPLIES 9921695 9921695 SURCHARGE 2328239 2328239 EQUIPMENT RENTAL AND MA 1448512 1422767 25583 162 BAD DEBT EXPENSE 517551 515853 1698 913476 842553 68906 2017 141895333 129655203 11727713 512417 8476933 8986897 2226999 2344245 99072 63470 12886364 12224272 274829 274829 962 11872 735815 653977 286390016 70139089 213063752 216250927 19324816 19312250 2608247 2394670 649199 649180 7551358 7154461 20686896 17154323 288585242 287475373 15299590 12954982 289210 264568 185556479 157246889 183247 171740 40071391 72861063 3504159 2913470 244904076 246412712 X 39109833 36820127 1150679 1000240 3420654 3242294 43681166 41062661 288585242 287475373 X -2211714 -406791 X 0 1 1 X 0 X 1682839 1337550 1763571 2164152 2908487 9856599 95135523 112109404 120431745 122561527 136730832 586969031 96818362 113446954 122195316 124725679 139639319 596825630 0 0 0 596825630 1536543 1128564 650311 723775 762798 4801991 1536543 1128564 650311 723775 762798 4801991 85593 583075 451364 56503 -153721 1022814 98440498 115158593 123296991 125505957 140248396 602650435 0.99030 0.98840 0.00800 0.00940 X SCHEDULE A, PART II, LINE 12, EXPLANATION OF OTHER INCOME: SPECIAL EVENT REVENUES DEBT REFINANCING GAIN FACILITY USE FEES RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 EXPLANATION OF LOBBYING ACTIVITIES: PART II-B, LINE 1: ECUMEN PAID $120,159 FOR MEMBERSHIP DUES TO AGING SERVICES OF MINNESOTA AND $40,467 FOR MEMBERSHIP DUES TO LEADING AGE. THESE AGENCIES ARE INVOLVED IN AGING SERVICES ISSUES RELATED TO LONG TERM CARE, SENIOR HOUSING AND SUPPORTIVE SERVICES THROUGH GRASSROOTS ADVOCACY AND EDUCATION. THESE ASSOCIATIONS DO CONDUCT LOBBYIG ACTIVITIES ON BEHALF OF THEIR MEMBERS. THE DUES AMOUNTS SHOWN ARE THE TOTAL DUES PAID TO THE RESPECTIVE ASSOCIATIONS, BUT THE PERCENTAGE OF THE DUES ATTRIBUTABLE TO LOBBYING ACTIVITIES HAS NOT BEEN PROVIDED TO ECUMEN. 0 1 4571333 615355 -205226 738928 4242534 3780013 1020634 223079 452393 4571333 3479595 933512 335034 968128 3780013 5204537 784164 -1246259 1262847 3479595 0.76000 0.24000 1 0 13257141 13257141 247873925 56278639 191595286 22412243 13860450 8551793 2846707 2846707 216250927 TENANT SECURITY DEPOSITS 154206 BOND & MORTGAGE INDENTURE AGREEMENTS 16925117 WORKERS COMPENSATION RESERVE 75000 17154323 ASSET RETIREMENT OBLIGATIONS 175433 INSURANCE CLAIMS RESERVES 2738037 2913470 PART IV, LINE 2B: ECUMEN HOLDS IN TRUST SECURITY DEPOSIT AMOUNTS RECEIVED BY TENANTS OF THE PROJECT UPON MOVE-IN. TENANT SECURITY DEPOSITS ARE MAINTAINED IN AN INTEREST- BEARING SAVNGS ACCOUNT SEPARATE FROM ECUMEN'S OPERATING ACCOUNT. WITHDRAWLS ARE RESTRICTED TO REIMUBURSEMENTS OF TENANT'S SECURITY DEPOSITS. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: EARNINGS FROM ENDOWMENT FUNDS ARE USED TO SUPPORT OUR GENERAL UNRESTRICTED OPERATING EXPENSES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE ORGANIZATION'S INCOME TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL, STATE, AND LOCAL AUTHORITIES. THE TAX RETURNS OF THE YEARS 2008 TO 2010 ARE OPEN TO EXAMINATION BY FEDERAL, LOCAL, AND STATE AUTHORITIES. THE ORGANIZATION IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS. CHANGING AGING INVITATIONAL 2011 51200 51200 5881 16444 2325 1383 EMMANUEL CHRTY BNFT 48160 48160 146 5277 1400 3543 3 28824 28824 743 2224 1743 814 128184 128184 146 6624 18668 9345 1400 5740 41923 86261 1 SCHOLARSHIPS 13 6837 EMPLOYEE ASSISTANCE 5 4500 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: GRANTS TO RELATED ORGANIZATIONS ARE MONITORED THROUGH EXECUTIVE OVERSIGHT OF THE SUBSIDIARIES' ACTIVITIES. SCHOLARSHIP RECIPIENTS ARE REQUIRED TO PROVIDE TUITION STATEMENTS PRIOR TO RECEIVING SCHOLARSHIP FUNDS. EMPLOYEE ASSISTANCE RECIPIENTS ARE REQUIRED TO PROVIDE BILLS OTHER EXPENSE STATEMENTS PRIOR TO RECEIVING ASSISTANCE FUNDS. X X X X 0 0 1 1 1 1 1 0 0 STEPEHN ORDAHL 190581 0 30083 0 6952 0 33564 0 15136 0 276316 0 0 0 KATHRYN ROBERTS 329987 0 70234 0 8569 0 60179 0 21264 0 490233 0 0 0 DENNIS JOHNSON 203727 0 34817 0 5553 0 35731 0 14781 0 294609 0 0 0 SCOTT RIDDLE 154030 0 16854 0 980 0 21304 0 17504 0 210672 0 0 0 LARRY JORGENSEN 151038 0 16761 0 483 0 20192 0 1635 0 190109 0 0 0 ERIC SCHUBERT 150171 0 15639 0 209 0 20021 0 1680 0 187720 0 0 0 ROBIN BALCK 142676 0 16670 0 3793 0 20291 0 18427 0 201857 0 0 0 JOHN KORSENDORFER 134158 0 22560 0 5552 0 19160 0 12861 0 194291 0 0 0 PART I, LINE 4C KATHRYN ROBERTS : $70,234 (EQUITY-BASED COMPENSATION) DENNIS JOHNSON : $34,817 (EQUITY-BASED COMPENSATION) STEPHEN ORDAHL : $30,083(EQUITY-BASED COMPENSATION) LARRY JORGENSEN : $16,761(EQUITY-BASED COMPENSATION) ROBIN BALCK : $16,670(EQUITY-BASED COMPENSATION) SCOTT RIDDLE : $16,854(EQUITY-BASED COMPENSATION) ERIC SCHUBERT : $15,639(EQUITY-BASED COMPENSATION) JOHN KORZENDORFER : $22,560(EQUITY-BASED COMPENSATION) PART I, LINE 5 PURPOSE: THE PURPOSE OF THE PLAN IS TO REWARD INDIVIDUAL AND TEAM ACCOMPLISHMENTS OF MANAGEMENT AND PROFESSIONAL STAFF THAT MAKE SIGNIFICANT CONTRIBUTIONS TO THE ACHIEVEMENT OF BUDGETED FINANCIAL AND STRATEGIC GOALS AS ESTABLISHED BY ECUMEN. ELIGIBILITY: ELIGIBILITY FOR THE PLAN IS LIMITED TO REGULAR MANAGEMENT EMPLOYEES WHO RETAIN THE JOB TITLE OF MANAGER, DIRECTOR, SENIOR DIRECTOR, VICE PRESIDENT, SENIOR VICE PRESIDENT OR CHIEF EXECUTIVE LEVEL OF THE HOME OFFICE, AND TO MANAGEMENT STAFF LOCATED OUTSIDE THE HOME OFFICE WITH JOB TITLES OF ADMINISTRATOR, HOUSING MANAGER, AND DEPARTMENT HEAD. OTHER KEY EMPLOYEES MAY BE INCLUDED IN THE PLAN AS APPROVED BY THE CHIEF EXECUTIVE OFFICER. PLAN GOALS: VARIABLE PAY PLAN PAYMENTS ARE EARNED BASED ON ACHIEVING AN ACTUAL EBITDA (EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION & AMORTIZATION) FOR THE YEAR THAT FALLS WITHIN A RANGE OF 93% - 115% OF BUDGETED OPERATING EBITDA. HOME OFFICE PARTICIPANTS WILL HAVE ONLY ONE GOAL AROUND ECUMEN'S BUDGETED OPERATING EBITDA. LOCATION PARTICIPANTS WILL HAVE TWO GOALS, WITH 80% BASED ON LOCAL BUDGETED OPERATING EBITDA ACHIEVEMENT AND 20% ON CONSOLIDATED ACHIEVEMENT. BOTH THE LOCATION AND THE CONSOLIDATED THRESHOLDS MUST BE MET IN ORDER FOR A LOCATION TO RECEIVE A PAYOUT UNDER THIS PLAN. REGIONAL DIRECTORS HAVE THE SAME TWO GOALS WITH THE LOCAL GOAL BASED ON CAMPUS OPERATIONS. ECUMEN RESERVES THE RIGHT TO CHANGE THE EBITDA TO REFLECT CHANGES IN THE CURRENT BUSINESS PORTFOLIO. CHANGES ARE COMMUNICATED TO PARTICIPANTS. PART I, LINE 6 SEE THE NARRATIVE IN SCHEDULE J, PART III, RELATED TO PART I, LINE 5. THE BONUSES ARE BASED ON EBITDA (EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION), WHICH IS CLOSELY RELATED TO BOTH REVENUES AND NET EARNINGS. BONUSES EARNED IN 2011, PAYABLE IN 2012: KATHRYN ROBERTS - CEO & PRESIDENT: $45,479 DENNIS JOHNSON - CFO & SENIOR VICE PRESIDENT: $21,031 STEPHEN ORDAHL - SENIOR VP OF BUSINESS DEVELOPMENT AND PHALANTHROPY: $19,759 SCOTT RIDDLE - VP OF FINANCE: $10,636 LARRY JORGENSON - CIO & VP OF I.T.: $10,134 ERIC SCHUBERT - VP OF COMMUNICATIONS: $10,069 ROBIN BALCK - VP OF HUMAN RESOURCES: $10,069 JOHN KORZENDORFER - DIRECTOR OF CAMPUS OPERATIONS: $9,259 CITY OF EAGAN MINNESOTA 410847612 269411AC8 2008-09-18 3585000 NEW CONSTRUCTION 0 0 0 CITY OF CHISAGO CITY MINNESOTA 416005046 170121AP2 2007-09-15 6185000 NEW CONSTRUCTION 0 0 0 CITY OF WORTHINGTON MINNESOTA 416005656 98185TAD9 2007-05-14 7060000 REFINANCING 0 0 0 CITY OF PARK RAPIDS CDL HOMES LLC 416005449 700728AK4 2006-10-24 5575000 NEW CONSTRUCTION 0 0 0 675000 3585000 260200 277078 159622 2888100 2009 0 0 1 1 205000 6185000 420642 337992 226366 5200000 2008 0 0 1 1 380000 7060000 475788 6311250 235629 37333 2007 1 0 1 1 486250 5575000 376010 210062 4988928 2007 0 0 1 1 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 CITY OF PARK RAPIDS MANKATO LUTHERAN HOME INC 416005294 700727AP5 2006-09-13 3465000 NEW CONSTRUCTION 0 0 0 CITY OF LAKE CRYSTAL MINNESOTA 416005456 509530AQ4 2006-08-16 9755000 REFINANCING 0 0 0 CITY OF PINE CITY MINNESOTA 616005444 722507AK6 2006-05-17 17950000 NEW CONSTRUCTION 0 0 0 CITY OF PINE CITY MINNESOTA 410882559 722518AA5 2006-04-24 8100000 PURCHASE OF FACILITES 0 0 0 305000 3465000 237583 147774 3079643 2007 0 0 1 1 620000 9755000 600000 8838846 316154 2006 0 0 1 1 540000 17950000 1300840 503787 1164496 14980878 2007 0 0 1 1 500000 8100000 302750 7797250 2006 0 0 1 1 1 0 0 0 0.01000 0.01000 1 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 1 US BANK 10.000000000000 1 0 0 1 1 0 0 0 0 CITY OF OWATONNA MINNESOTA 416007644 690595AD5 2006-03-16 7100000 NEW CONSTRUCTION 0 0 0 APPLE VALLEY ECONOMIC DEVELOPMENT AUTHORITY 416006975 03788AAB5 2005-06-20 22030000 PURCHASE OF FACILITES 0 0 0 CITY OF FALCON HEIGHTS MINNESOTA 416005098 306057AF7 2005-06-30 5285000 PURCHASE OF FACILITES 0 0 0 DULUTH MINNESOTA REDEVELOPMENT NOTES 416006975 2005-12-22 17880000 NEW CONSTRUCTION 0 0 0 80000 7100000 504355 663836 404294 5527515 2007 0 0 1 1 2150000 22030000 1600776 752168 1177056 18500000 2005 0 0 1 1 100000 5285000 385863 135234 151532 4612372 2006 0 0 1 1 1282477 17880000 442500 425100 595000 16417400 2006 0 0 1 1 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1 1 0 0 1 WELLS FARGO 10.000000000000 1 0 0 1 0 0 1 US BANK 10.000000000000 1 0 0 1 0 0 0 0 0 1 0 0 0 0 0 CITY OF DETROIT LAKES CDL HOMES LLC 416005098 251008AA6 2004-08-04 9850000 REFINANCING 0 0 0 CITY OF DETROIT LAKES MANKATO LUTHERAN HOMES INC 416005098 251008AQ1 2004-09-16 7525000 REFINANCING 0 0 0 CITY OF BRAINERD MINNESOTA 416005001 2004-11-24 4355000 NEW CONSTRUCTION 0 0 0 HOUSING AND REDEVELOPMENT AUTHORITY OF DULUTH MINNESOTA 416006975 2004-07-27 21120000 NEW CONSTRUCTION 0 0 0 1086708 9850000 154171 7247936 261004 2186889 2004 1 1 1 1 1575000 7525000 7374500 150000 2004 1 0 1 1 440755 4355000 70050 152774 87100 72507 3972569 2005 0 0 1 1 2142984 21120000 586181 822740 400000 19311079 2005 1 0 1 1 1 0 0 0 1 1 0 0 0 0.01000 0.01000 1 1 0 0 0 1 1 0 0 0 1 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 CITY OF OWATONNA MINNESOTA 616005444 690562AA1 2003-06-30 4120000 REFINANCING 0 0 0 CITY OF WORTHINGTON MINNESOTA 416005656 98185QA50 2009-05-21 6730000 NEW CONSTRUCTION 0 0 0 CITY OF TWO HARBORSMN 416005579 2005-02-15 4250000 REFINANCING 0 0 0 CITY OF APPLE VALLEY MN 410882559 03789WAE0 2010-03-29 5545000 NEW CONSTRUCTION 0 0 0 980000 4120000 3841720 278280 2003 1 0 1 1 85000 6730000 528655 679069 345475 258903 4917898 2010 0 0 1 1 653189 4250000 4250000 2005 1 0 1 1 70000 5545000 430681 223400 4890919 2011 0 0 1 1 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 CITY OF MAPLEWOOD MN 416008920 565566AE6 2010-07-01 5875000 NEW CONSTRUCTION 0 0 0 CITY OF LAKE CRYSTAL MN 416005294 509530BG5 2010-08-10 6865000 NEW CONSTRUCTION 0 0 0 80000 5875000 433858 2298710 260945 2881487 2010 0 0 1 1 6865000 508849 419720 334050 550000 5052381 2010 0 0 1 1 1 0 0 0 1 1 0 0 0 1 1 0 0 0 0 0 1 0 0 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE CORPORATION CONSIST OF THOSE INDIVIDUALS WHO ARE CONCURRENTLY MEMBERS OF THE MEMBERS ASSEMBLY, AN ELECTORAL BODY WHICH IS ELECTED, DIRECTLY AND INDIRECTLY, BY THE SIX MINNESOTA SYNODS OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CORPORATION ELECT ALL TRUSTEES AFTER CONSIDERATION OF A SLATE OF NOMINEES APPROVED BY THE NOMINATING COMMITTEE. THE NOMINATING COMMITTEE CONSISTS OF FIVE MEMBERS OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION A, LINE 7B THE FOLLOWING ACTIONS OF THE BOARD OF TRUSTEES REQUIRE APPROVAL FROM THE MEMBERS: 1. AMENDMENTS TO THE ARTICLES OF INCORPORATION 2. AMENDMENTS TO THE BYLAWS 3. APPOINTMENT OF INDIVIDUALS TO THE BOARD OF TRUSTEES FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 WAS REVIEWED BY THE CFO, THEN PRESENTED TO THE BOARD OF DIRECTORS FOR REVIEW, THEN FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ECUMEN'S CONFLICT OF INTEREST POLICY APPLIES TO ALL TRUSTEES, OFFICERS, MANAGERS AND EMPLOYEES WHO CAN INFLUENCE THE ACTIONS OF ECUMEN, INCLUDING THOSE WHO MAKE PURCHASING DECISIONS OR WHO HAVE PROPRIETARY INFORMATION CONCERNING ECUMEN. THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED TO APPLICABLE PARTIES ANNUALLY AND A SIGNED CONFLICT OF INTEREST DISCLOSURE STATEMENT IS OBTAINED. THE POLICY STATES THAT IT IS THE RESPONSIBILITY OF THE APPLICABLE PARTY TO DISCLOSE A POTENTIALLY CONFLICTING TRANSACTION BEFORE IT IS CONSUMMATED AND TO CONTINUE TO SCRUTINIZE THEIR TRANSACTIONS AND DISCLOSE POTENTIAL CONFLICTS IMMEDIATELY. THE SIGNED CONFLICT OF INTEREST DISCLOSURE STATEMENTS ARE MONITORED BY AN H.R. GENERALIST IN THE HOME OFFICE AND BY THE VICE PRESIDENT OF HUMAN RESOURCES. THE VICE PRESIDENT OF HUMAN RESOURCES NOTIFIES THE CEO FOR DISCLOSURES INVOLVING EMPLOYEES, UNLESS THE EMPLOYEE IS THE CEO IN WHICH CASE THE BOARD CHAIR IS NOTIFIED. THE BOARD CHAIR NOTIFIES THE BOARD OR THE APPLICABLE COMMITTEE OF THE BOARD. DISCLOSURES INVOLVING TRUSTEES ARE MADE TO THE BOARD CHAIR, UNLESS THE BOARD CHAIR HAS A CONFLICT IN WHICH CASE THE VICE-CHAIR IS NOTIFIED. CONTROLS ARE PUT INTO PLACE TO MINIMIZE THE RISK OF A CONFLICT. THE CONTROLS ARE SPECIFIC TO THE POTENTIAL AREA OF CONFLICT. FOR INSTANCE, IF AN EMPLOYEE PROVIDES DAILY WORK DIRECTION TO A FAMILY MEMBER, ALL SALARY-RELATED DECISIONS FOR THAT FAMILY MEMBER WOULD BE ASSIGNED TO ANOTHER (NON-RELATED) PERSON. DURING BOARD DISCUSSIONS, THE PERSON WITH THE CONFLICT OF INTEREST IS EXCLUDED FROM THE DISCUSSION AND APPROVAL FOR THE CONFLICTING TRANSACTION. OTHER SPECIFIC RESTRICTIONS MAY BE IMPOSED, DEPENDING ON THE CONFLICT. A COMPETITIVE BID OR COMPARABLE VALUATION MUST EXIST. THE BOARD, OR DULY CONSTITUTED COMMITTEE, HAS DETERMINED THAT THE TRANSACTION IS IN THE BEST INTEREST OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 15 AN INDEPENDENT OUTSIDE CONSULTANT IS USED TO MAKE RECOMMENDATIONS FOR THE COMPENSATION OF THE PRESIDENT/CEO AND VICE PRESIDENTS. THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS AND APPROVES COMPENSATION FOR THE PRESIDENT/CEO. THE PRESIDENT/CEO CAN APPROVE THE COMPENSATION FOR THE OTHER EXECUTIVE POSITIONS, BUT REVIEWS HER RECOMMENDATIONS WITH THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES PRIOR TO IMPLEMENTATION. A COMPLETE REVIEW OF THE VICE PRESIDENTS WAS COMPLETED IN 2009. THE PRESIDENT CEO REVIEW IS COMPLETED ANNUALLY AND WAS LAST COMPLETED IN 2011. FORM 990, PART VI, SECTION C, LINE 19 ECUMEN'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -193,214. CHANGE IN INVESTMENT IN PERPETUAL TRUSTS -213,577. TOTAL TO FORM 990, PART XI, LINE 5: -406,791. 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