Broadway Housing Communities Inc.

“The form 990 was prepared by an independent accounting firm in conjunction with the organization's financial department. A copy of the draft form 990 was circulated to the full board of trustees in either paper or electronic form for discussion and comment. Each board member was provided ample opportunity to comment on the information contained in the 990 prior to its filing with the internal revenue service.”

“Each officer, director, trustee and key employee of the organization is required to annually disclose any conflicts of interest that arise by virtue of their employment, board service, or position with the organization. The organization monitors compliance with its conflict of interest policy through an annual questionnaire/disclosure statement that is distributed to these individuals. Potential conflicts are investigated immediately.”

“The organization's board reviews the compensation of its executive director and other key personnel based on analyzing current market trends and review of comparable level compensation and board level review of employee's performance.”

“Bhc makes its form 990 available to the public by retaining a copy at its place of business; it is, likewise, published on the internet at www.guidestar.org. The financial statements, governing documents and conflict of interest policy are available to the public at management's discretion.”

“The covid-19 pandemic continues to have a broad and profound impact on commerce and financial markets around the world. The extent of the impact of covid-19 on the organization's operational and financial performance will depend on certain developments, including the duration and spread of the outbreak and its impact on our investment portfolio, grantees, employees, and vendors, all of which at present, cannot be determined. Accordingly, the extent to which covid-19 may impact the organization's financial position and changes in net assets and cash flows is uncertain and the accompanying financial statements include no adjustments relating to the effects of this pandemic. To help sustain itself during the economic disruption wrought by the pandemic, the organization sought economic assistance from the government. The paycheck protection program established by the cares act provides small businesses with funds to pay up to 24 weeks of certain necessary expenditures, including payroll costs, rent, and utilities. Broadway housing received a paycheck protection program forgivable loan of $1,147,905 and reported this loan on its balance sheet. The organization applied for, and received, full forgiveness of the loan in april of 2021 as it met all of the criteria required by the small business administration to obtain forgiveness. The loan will be recorded as governmental grant revenue on the succeeding year form 990.”