Westhab Inc

“Minutes of the board meetings are written and adopted by the board at subsequent meetings. Actions of the executive committee are written and ratified by the full board at subsequent meetings. The executive committee, which consists of the officers of the corporation who also serve on the board of directors, has authority to act for the board between board meetings.”

“The form 990 is reviewed and approved by the organization's vice president of finance, chief operating officer and chief executive officer and is then distributed to board members for review prior to filing.”

“Conflict of interest policy requires annual disclosure of conflicts by board members and key employees. In addition, if and when business transactions involving interested persons come before the board, the appropriate directors recuse themselves and leave the meeting during any discussion of the business in question. Robert petrocelli, 1st vice chair, acts as broker for several of westhab's employee benefit programs and earns a standard industry commission directly from the provider. This engagement precedes mr. Petrocelli's tenure on the board and is duly disclosed and handled in accordance with westhab's conflict of interest policy.”

“Westhab engaged an outside compensation consultant in 2022 to conduct a compensation analysis for the ceo and each member of the leadership team. An outside consultant will be engaged at least every three years and is scheduled for 2025. Annually, the ceo is requested by the chair of the board to provide the compensation committee with a recommendation and justification for a compensation increase, decrease or a recommendation to remain the same. The compensation committee reviews the ceo's recommendation and the analysis from the compensation consultant, and a final outcome is shared with the full board of directors. The ceo determines the compensation of officers and key employees based on comparability information and performance reviews in conjunction with the organization's human resource vice president and input from the compensation committee of the board.”

“The organization's annual report is distributed to all funders and donors and is available through our website and upon request. Our governing documents and conflict of interest policy are distributed upon request to all funders and donors and are available upon request to members of the public.”

“Affordable Low Income Housing Development: WESTHAB ACQUIRES PROPERTY AND DEVELOPS HOUSING, USING DIFFERENT FINANCING SOURCES AVAILABLE INCLUDING STATE AND FEDERAL FUNDS, LOW INCOME HOUSING TAX CREDIT FINANCING, AND PRIVATE DEBT FINANCING. WESTHAB PURCHASES VACANT LAND OR UNOCCUPIED BUILDINGS IN WESTCHESTER AND NEW YORK CITY AND FORMULATES A RESIDENTIAL DEVELOPMENT THAT MEETS AN EXISTING NEED IN THE COMMUNITY. WESTHAB ESTABLISHES A DEVELOPMENT TEAM THAT INCLUDES ARCHITECTS, ENGINEERS, ATTORNEYS, CONSULTANTS, AND A GENERAL CONTRACTOR THAT SERVE TO DESIGN AND BUILD THE QUALITY, AFFORDABLE HOUSING DEVELOPMENT. WESTHAB RECENTLY COMPLETELY SUMMIT ON HUDSON (FORMERLY KNOWN AS HUDSON HILL), A 113-UNIT AFFORDABLE AND SUPPORTIVE RESIDENCE IN YONKERS. SUMMIT ON HUDSON INCORPORATES STATE-OF-ART GREEN TECHNOLOGIES AND WON A NEW YORK STATE / NYSERDA BUILDINGS OF EXCELLENCE AWARD FOR SUSTAINABLE DESIGN. THE BUILDING BUILDS UPON WESTHAB'S REAL ESTATE DEVELOPMENT EXPERIENCE AND WILL PROVIDE EXTENSIVE TENANT AMENITIES AS WELL AS RESOURCES TO THE LARGER COMMUNITY, INCLUDING A PUBLIC SUSTAINABILITY EXHIBIT. WESTHAB IS CURRENTLY IN CONSTRUCTION ON LA OLAZUL, A 115-UNIT AFFORDABLE AND SUPPORTIVE RESIDENCE IN THE BRONX WHICH IS DESIGNED TO THE PASSIVE HOUSE STANDARD OF SUSTAINABILITY. IN TOTAL, INCLUDING PROJECTS CURRENTLY IN CONSTRUCTION, WESTHAB HAS DEVELOPED APPROXIMATELY 1,714 HOUSING UNITS AT AN INVESTMENT IN EXCESS OF $575,000,000.”

“Other Changes in net assets due to the change in discount rate on financial instruments of $214,418.”

“76 Locust Hill GP, LLC (EIN: 85-2906405) is 100% owned by the tax-exempt entity, Westhab, Inc. As such, 76 Locust Hill GP, LLC is considered a tax-exempt controlled entity as defined in IRC Section 168(h)(6)(F)(ii)(II). 76 Locust Hill GP, LLC hereby elects, pursuant to IRC Section 168(h)(6)(F)(ii)(II), to have its tax-exempt shareholder treat as unrelated business income (under IRC 511) any dividends, interest or gain from sale of stock with respect to this controlled entity. This entitles this tax-exempt controlled entity to not be treated as a tax-exempt entity.”