Everlasting Pine Housing

“The project is managed by t.u.c. Management company, inc. Which is paid a management fee of 3.98% of collections or 59.50 per unit per month. In addition, an add-on fee of 1.50 per unit per month for the project owner's not-for-profit status. For the year ended march 31, 2024, management fees totaled 59,784.”

“A director can be removed from office by an order from the nyc commissioner of the department of housing preservation and development.”

“The project has its form 990 prepared by an outside accounting firm and has established the following review process to ensure the information reported is complete and accurate. Once the form 990 has been prepared and is ready to be filed with the irs, the administrating officer will send a copy to each board member either electronically or via usps. The administrating officer confirms receipt with each member. Any comments are then summarized and provided to the outside accountants. Once the comments are addressed, the return is then finalized and approved for filing with the irs.”

“Each officer and key employee of the project, as well as nominees for election (prior to his or her initial election), must submit to the secretary of the board, at least once per year (and updated as appropriate), a completed conflict of interest questionnaire. The secretary shall provide copies of all completed statements to the chair of the audit committee/board for their review. Additionally, any interested person with a potential or actual conflict of interest must disclose all material facts relating to the proposed transaction or other arrangement as they occur. The audit committee/board will review and determine whether to approve or ratify the proposed transaction or arrangement and may only approve the underlying matter if it determines that, under the terms and within the circumstances and conditions presented, it is fair, reasonable, and in the best interests of the project. The interested person shall only be informed of the final decision and not of particular directors' positions or how they voted.”

“The project makes its form 990 and form 1023 available for public inspection as required under section 6104 of the irs code. In addition, the financial statements, conflict of interest policy, articles of incorporation and by-laws are available upon written request at 96 baxter street, 13th fl., new york, ny 10013.”

“Everlasting pine housing development fund company, inc. (the "project") is a non-profit organization incorporated on april 16, 1984 under article xi of the private housing finance law and section 402 of the not-for-profit corporation law of the state of new york. The project was organized to develop and operate a housing project containing 87 units for elderly and handicapped persons of low income pursuant to section 202 of the national housing act of 1959.”