Seventy Five State Street

“Effective January 1, 2017. the Organization became affiliated with Avesta Housing Development Corporation (AHDC). The Business Manager position is filled by an employee of 75 State Street. Certain centralized support services, such as Finance, Human Resources, and Information Systerms are provided by AHDC.”

“The organization amended and restated its bylaws in March of 2024 and the significant changes included: - Changing the minimum number of Directors from 8 to 5. - Removing the Avesta Housing Develpoment Corporation's Board of Directors power to appoint or remove Trustees from the Seventy-Five State Street Board of Directors. - Adopting a conflict of interest policy.”

“The trustees of the Organization shall be those persons elected by vote of the Board of Directors of Avesta Housing Development Corporation (AHDC). Any trustee may be removed from the Board of Trustees by the AHDC Board for any reason. Effective March of 2024, these powers were relinquished when Seventy-Five State Street (SFSS) amended their bylaws and the Board of Directors of AHDC voted to remove all sitting trustees of SFSS, and appointed the directors of AHDC to the Board of Directors for SFSS.”

“The number of Directors may be increased from time to time by vote of the AHDC Board. Additionally, the President/Chief Executive Officer (or his or her designee) of ADHC shall select and cause the Organization to employ an Administrator who shall be the Organization's direct representative in the management of the business of the Organization. The Administrator shall report to and be supervised by the President/Chief Executive Officer (or his or her designee) of ADHC and shall act according to policy guidance supplied from time to time by the Board of Directors. Effective March of 2024, these powers were relinquished when Seventy-Five State Street (SFSS) amended their bylaws and the Board of Directors of AHDC voted to remove all sitting trustees of SFSS, and appointed the directors of AHDC to the Board of Directors for SFSS.”

“The Form 990 review process is circulation to and review by the Audit Committee of the Board of Directors. It is also reviewed by the Senior VP of Finance of AHDC prior to submission.”

“Directors and employees in position to influence or make decisions that may be affected or perceived to be affected by such possible conflict shall report any possible conflicts of interest to the Chair or the Board of Directors and to the Administrator. Any dispute where a conflict exists shall be resolved by the Board of Directors and may include prohibition from deliberations and decisions in transactions.”

“The Administrator's compensation is set by the CEO of Avesta Housing Development Corporation in consult with the Board Chair. The salary level determined is influenced by the results of the performance review and the results of a formal compensation survey of Administrators in similar organizations. The Administrator has additional responsibilities with related Organizations, which go beyond the role of Administrator of Seventy-Five State Street and are also factored into her compensation. Approximately 65% of the Administrator's total compensation is related to her role as Administrator of Seventy-Five State Street.”

“The Organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request at its business office.”

“Section 1.263(a)-3(n) Election: Seventy-Five State Street 75 State Street Portland, ME 04101 EIN 01-0211791 Seventy-Five State Street is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n).”