Lyndoch Living posted a $1.2 million loss last financial year but in a move to improve governance will appoint a nominations committee.
Board treasurer Kane Grant said Lyndoch Living remained in a sound financial position.
He said the organisation had been on track to record an underlying profit of $1.3 million.
However, the cost of implementing measures to respond to the coronavirus resulted in unexpected expenses of more than $2 million.
Mr Grant said while the cost was significant, Lyndoch Living was proud to have put the well-being of residents first by employing additional staff in residential wings and implementing other measures to ensure they were safe.
SED Advisory's Robert Lane told those in attendance at the 69th annual general meeting on Tuesday he had been appointed to help form the nominations committee.
He will act as the independent chair of the committee.
Mr Lane said he had been approached by Lyndoch Living to help the organisation ensure it has the "very best standards in governance".
He said it was common for organisations to have a nominations committee.
Mr Lane said the role of committee members was to ensure prospective members were aware of the expectations of becoming a board member and have the skills required.
He said Lyndoch Living would host information sessions for people interested in joining the board.
"It's independent of the board, but it's here to support the board," he said.
In May this year, the co-chair of community action group Keep Lyndoch Living Jim Burke expressed concerns about the organisation's transparency.
"Constitutional changes have been made that effectively exclude the community from attending AGMs, asking questions, or standing as members of the board," Mr Burke said.
Board president Sue Cassidy said she wanted to clarify the difference between a director and a member of Lyndoch Living.
She said members would be referred to as shareholders in other settings, but this was not appropriate under the organisation's structure.
Ms Cassidy said highlights for the financial year included the opening of an onsite medical hub, the Great South Coast Respiratory and Vaccination Clinic, the commencement of the refurbishment of May Noonan and expansion of Cafe Connect to include outdoor dining.
She paid tribute to staff for their resilience during the coronavirus pandemic.
"In addition, the team consistently strived to develop innovative ways to care, support and connect with our residents and community clients.
"Lyndoch is proud to be a significant citizen for the local community and is committed to giving back to the community through sourcing, connecting and engaging with local businesses," Ms Cassidy said at the meeting.
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