St Anne'S Gardens Housing Development Fund Company Inc

“The organization has a sole corporate member, which is also a tax exempt entity.”

“The sole corporate member has the ability to elect the board of trustees.”

“The sole corporate member has reserved powers to: amend the charter and by-laws, approve a sale, lease, mortgage, or pledge any real property, remove or elect members of the board of trustees and appoint officers of the corporation.”

“The organization distributes a draft copy of the irs form 990 to its board members to review; who then are provided an opportunity to make comments or inquiries. Appropriate responses are given to their satisfaction. The board approves the filing of the form at a meeting held prior to its due date.”

“Annual updates are requested in writing from the board members.”

“Governing documents and conflict of interest policy are made available upon request on an as needed basis as determined by the board of trustees. This organization does not provide formal financial statements.”

“The board of trustees perform governance and other services throughout the year for the housing entities listed in schedule r, part ii, for no compensation. The hours listed on page 7, part vii, section a, column b, are estimates of the average weekly combined hours worked on all of these entities.”

“The organization has a non-interest bearing note receivable due from st. Anne's gardens limited partnership in the amount of $200,000. The loan was provided to develop a low income housing project.”

“The organizaton has a non-interest bearing note payable to the town of islip community development agency in the amount of $200,000. This amount was borrowed to provide funds for the demolition costs relating to the development of a low income housing project.”

“Excess depreciation, book vs tax -13.”