Long Island Partnership Housing Development Fund Company Inc

“The membership of lihphdfc shall consist of voting and non-voting members pursuant to eligibility and qualifications prescribed by resolutions duly adopted by the board of directors of lihphdfc, or by such rules and regulations as may be prescribed by the board of directors of lihphdfc, from time to time. Such resolutions or rules and regulations adopted by the board of directors of lihphdfc may prescribe, with respect to all members, the amount and manner of imposing and collecting any initiation fees, dues or other fees, assessments, fines and penalties, the manner of suspension or termination of membership, and for reinstatement of membership, and, except as may otherwise be provided, the rights, liabilities and other incidents of membership. The right or interest of a member shall not terminate except upon the happening of any of the following events: death, resignation, expulsion, dissolution or liquidation of lihphdfc.”

“Each director shall be elected by the affirmative vote of a majority of the members at the annual meeting of members at which a quorum is present. Directors who are elected at an annual meeting of the members, and directors who are elected in the interim to fill vacancies and newly created directorships, shall hold office until the next succeeding annual meeting of the members until their successors have been elected and qualified. In the interim between annual meetings or special meetings of members called for the election of directors, newly created directorships and any existing vacancies in the board of directors, including vacancies resulting from the removal of directors for cause, may be filled by the affirmative vote of the majority of the directors then in office, although less than a quorum exists or by the sole remaining director. A director elected to fill a vacancy caused by resignation, death or removal shall be elected to hold office for the unexpired term of his predecessor.”

“Each voting member in good standing shall be entitled to one vote, in person or by proxy, on each matter submitted to a vote of the members. A voting member whose annual contribution (as per anniversary date) is delinquent for six months or more, shall not be in good standing. Any director may be removed for cause by the majority vote of the members entitled to vote, or by vote of the directors provided that a quorum is present at the time such action is taken. The by-laws of lihphdfc shall be subject to alteration or repeal, and new by-laws may be adopted by a majority vote of the board of directors and members entitled to vote in the election of directors, at any regular meeting or at any special meeting.”

“The form 990 is prepared by an independent accountant and reviewed and approved by senior management and the treasurer, an independent member of the board of directors. A full copy of the form 990 is distributed to the full board prior to filing with the irs.”

“Long island partnership housing development fund company, inc.'s (liphdfc) conflict of interest policy is overseen and administered by its audit committee. Liphdfc asks all officers, directors and key employees to complete a questionnaire, which requires disclosure of any conflicts of interest that would impact their duties and responsibilities to liphdfc. This is to be completed by all incoming officers, directors, representatives of directors (at board meetings) and key employees, prior to commencement of service, and is to be updated on an annual basis. At the beginning of the year, all individuals must also disclose conflicts or potential conflicts immediately. Records of the completed questionnaires are kept by management. All conflicts of interest are reported to the board of directors, who must: 1) approve, in advance, that the reported related party transaction is fair, reasonable and in the best interest of the organization. Any member of the board with a conflict of interest does not participate in, and is not permitted to be present during, the voting or deliberations. 2) make its decision in reliance on appropriate data as to comparable arrangements to the extent they are available. 3) adequately document its decision and deliberations in the corporate records.”

“Liphdfc's conflict of interest policy and governing documents are made available upon request. A condensed version of the audited combined financial statements, with auditor's opinion, is published in the annual report of long island housing partnership, inc. (lihp). Annual reports, as well as full versions of the most recent year's audited combined financial statements, are available on lihp's website at www.lihp.org.”

“Governing documents disclosure explanation long island housing partnership, inc.'s (lihp) conflict of interest policy and governing documents are made available upon request. A condensed version of the audited combined financial statements, with auditor's opinion, is published in the annual report of long island housing partnership, inc. (lihp). Annual reports, as well as full versions of the most recent year's audited combined financial statements, are available on lihp's website at www.lihp.org.”

“The officer evaluation process is conducted by a related organization, long island housing partnership, inc. (lihp), to establish and make annual adjustments to the compensation (base salary and bonus, if any) of all executive officers (currently, the president and ceo and executive vice president and coo) and non executive officers (currently, the chief financial officer and the general counsel/chief compliance officer). The officer compensation and related benefits reflected within part vii of form 990, represents the entire amount paid to each respective officer for work done on long island partnership housing development company, inc. (liphdfc) and work done on the following related organization: long island housing partnership, inc. (lihp), nassau-suffolk partnership housing development company, inc (nsphdfc), long island partnership community development corporation (lipcdc), community development and disaster relief corporation (cddrc), long island housing partnership community development financial institution, inc. (lihpcdfi), and long island partnership clt housing development fund company, inc. (lipclt). Officer compensation and benefits are only paid through the main affiliate organization, lihp. Liphdfc reimburses lihp for its respective portion of compensation and benefits on an annual basis, but no compensation or benefits are directly paid by liphdfc to its officers.”

“Liphdfc utilizes the services of many experts and professional volunteers who generously donate their expertise to support program and administrative needs. Volunteers include uncompensated board officers and board directors, whose chief function is to advance the organization's mission, and provide organizational oversight, support, and direction. Board officers and directors meet periodically to discuss and vote on the affairs of the organization. Many board officers and directors also volunteer additional time serving on various board committees. Liphdfc also receives donated legal services annually an attorney who serves as liphdfc's ongoing board counsel.”

“The process has not changed from the prior year.”