Everlasting Pine Housing Development Fund Company Inc.

“The project is managed by t.u.c. Management company, inc. They are entitled to a management fee of 3.98% or $58.00 per unit per month. In addition, a miscellaneous fee of 3.98% and 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, 2020, management fee totaled $62,815.”

“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, the executive director will send a copy to each of the board members electronically or via usps. The executive director will follow up with each member to confirm its receipt. Any comments are the grouped, summarized, and provided to the outside accountants. Each issue is documented and addressed until the return is finalized and approved for filling.”

“The organization has a written conflict of interest policy. All material facts related to conflicts of interest (including the nature of your interest and information about any proposed transaction or other arrangement) are required to be disclosed in good faith and in writing to the audit committee/board. Disclosures should be made in advance, before any action is taken on the matter. Conflict identification and analysis can be difficult and, therefore, you are at all times expected to err on the side of caution and disclose all instances where a conflict of interest or the appearance of a conflict exists, even if you do not believe that there is an actual conflict. Each current director, officer and key employee of the organization, as well as nominees for election as director (prior to his or her initial election), must submit to the secretary of the organization at least once per year (and updated as appropriate) a questionnaire substantially in the form of the appendix to the policy. The secretary of the organization shall provide copies of all completed statements to the chair of the audit committee/board. The audit committee/board will review all conflicts of interest and determine whether to approve or ratify any such matters. The audit committee/board may only approve the underlying matter if it determines that such matter, under the terms and within the circumstances and conditions presented, is fair, reasonable, and in the best interests of the organization. The interested person shall only be informed of the final decision and not of particular directors' positions or how they voted.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is also posted on guidestar.org and other similar types of websites. In addition, the form 1023, financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request at 96 baxter street, 13th floor, new york, ny 10013 or by calling the organization directly at 212-941-0920.”

“Everlasting pine housing development fund company, inc. ("everlasting pine") 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-profit corporation law of the state of new york. Everlasting pine was organizaed 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.”

“The organization has a committee that is responsible for the oversight of the audit of its financial statements and selection of an independent accountant. The process has not changed from the prior year.”

“In prior years, superintendents and other employees of the project participated in a defined benefit pension plan administered by the former property management company. Although the project has changed property management companies it is still liable for any under-funded amount. The liability related to the under-funded pension was not reflected in the prior year financial statements. Consequently, the net assets at march 31, 2019 has been restated to correct this error. The restatement has resulted in a prior period adjustment of $-180,467.”