Woodysun Housing Development Fund Corp

“The company purchases property management services from an unrelated management services corporation, phipps houses services, inc. These fees are chargeable at a rate of 3.7473% of monthly gross tenant rent collections and 4.5% of laundry income collections. Property management fees totaling $62,847 in 2024. No officers or directors in part vii were compensated by the management company.”

“The members of the corporation are woodside on the move, inc., a new york not-for-profit corporation ("woodside") and sunnyside community services, inc., a new york not-for-profit corporation ("sunnyside").”

“The organization's board consists of six directors (the "hdfc board") who are elected by the members. The members elect three directors designated by woodside (the "woodside hdfc directors") and three directors designated by sunnyside (the "sunnyside hdfc directors").”

“The following decisions of the organization are reserved to the organization's members: - the resignation of any officers or directors, except at the resignation date. - sale or other transfer of the project or any material part thereof. - liquidating either the partnership and/or the corporation or causing the partnership and/or corporation to file for bankruptcy. - the refinancing of the project. - the transfer of any interest except in accordance with the terms hereof. - the amendment of the by-laws or certificate of incorporation of the corporation.”

“The organization does not have a committee that acts on behalf of the governing body.”

“The organization has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, it is electronically sent to the board for approval. Once the board has approved the return it is filed with the internal revenue service.”

“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, and by-laws are also available upon written request or by calling the organization directly.”

“Purchased services: program service expenses 58,184. Management and general expenses 0. Fundraising expenses 0. Total expenses 58,184. Consultants: program service expenses 0. Management and general expenses 6,854. Fundraising expenses 0. Total expenses 6,854. Payroll fees: program service expenses 0. Management and general expenses 2,448. Fundraising expenses 0. Total expenses 2,448. Security services: program service expenses 228,523. Management and general expenses 0. Fundraising expenses 0. Total expenses 228,523.”

“The full board assumes responsibility for the oversight of the organization's financial statements and the selection of an independent accountant. The process has not changed from the prior year.”