Fac Homeownership Housing Development Fund Corporation

“The project is managed by fifth avenue committee inc. ("fac"), a related party, pursuant to a management agreement. The management agreement provides for property management fees of 8% of gross revenue collected. For the year ended june 30, 2024, management fees totaled $3,801.”

“The sole member of the organization is fifth avenue committee, inc.”

“The sole member of the organization, fifth avenue committee, inc. Shall appoint the board members at the annual meeting of the member. A vacancy on the board arising at any time and from any cause may be filled for the unexpired term by the member.”

“Any director may be removed with or without cause by the member. The member shall have the following powers: 1. To make, alter, amend and repeal the bylaws of certificate of incorporation of the corporation. 2. Petition for judical dissolution 3. Disposing of all or substantially all, of the assets of the corporation 4. Approve of a plan of merger 5. Authorize a plan of non judicial dissolution 6. Revoke a voluntary dissolution proceeding”

“The organization does not keep separate minutes - the organization is included in the quarterly minutes of the parent organization, fifth avenue committee, inc.”

“The organization has not established formal sub committees.”

“The outside auditor prepares a draft set of tax returns to be reviewed by the management company. Corrections and edits are discussed and made, if necessary. An officer of the organization reviews the tax returns as well. The outside auditor prepares a final set of tax returns for signature.”

“The organization has adopted the conflict of interest policy as used by the sponsor/manager of the organization which is also a 501(c)(3). The director of finance & it of the management company is responsible for financial relationships between the organization and other entities. If a potential conflict of interest issue arises, the director of finance & it for fac addresses this matter with the director of property management for resolution. At times, the management company consults with the outside auditor about potential conflicts.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org and other similar types of websites. In addition, the financial statements, articles of incorporation form 990, form 1023, and by-laws are also available upon written request or by calling the organization directly.”

“Maintenance services: program service expenses 25,681. Management and general expenses 0. Fundraising expenses 0. Total expenses 25,681.”

“The full board assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process did not change from the prior year.”