Twin Cities Community Development Corporation

“Nvc delegates control over management duties customarily performed by or under the direct supervision of officers to a management company. The management company handles the operating activity relating to the rental projects.”

“Eligible members (both residents and non-residents) are entitled to one vote on each matter brought to vote to general membership.”

“Nvc has members who live or work in north central massachusetts who elect the board and have certain powers with respect to changing the bylaws and articles.”

“After completion of form 990, the form is submitted to the board of directors for review prior to submission of form 990.”

“Nvc regularly and consistently monitors and enforces compliance with the conflict of interest policy by having the board members sign this policy annually.”

“Salaries are reviewed by the board of directors to ensure they are comparable to other organizations and reasonable for job performed. The salaries are approved by the board of directors.”

“Nvc's form 990 is available at www.guidestar.org and upon request. Nvc's form 1023 is available upon request.”

“During 2016, nvc was part of joint venture arrangements with 142 water street limited partnership and 470 main street, llc, two related party partnerships, in connection with their low income housing tax credit and new markets tax credit (nmtc) financing structure, respectively. Nvc's policy over evaluating its participation in joint venture arrangements involves an assessment performed by nvc's management and board of directors to ensure the terms of any potential joint venture relationship is permitted under applicable federal tax law and nvc's exempt status is being safeguarded. In addition, formal operating and other applicable agreements are formally executed by all parties involved and clearly outline nvc's role in all joint venture relationships.”

“During 2016, nvc transferred the real property located at 4 leighton street, fitchburg, ma and the related program services to newvue affordable housing corporation, a related non-profit organization.”

“Transfer of permenantly restricted net assets from newvue affordable housing corporation (nahc), a related non-profit organization $187,414 transfer of net assets to newvue communities, inc. To nahc, relating to the transfer of real property located at 4 leighton street, fitchburg, ma (166,408) total other changes in net assets $21,006”

“The finance committee assumes responsibility for the oversight of the audit and selection of an independent accountant. This process has not changed in 2016.”