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, 2021, management fee totaled $81,096.”

“The project 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. Once the form 990 has been prepared, reviewed by the executive director and is ready to be filed with the internal revenue service, the executive director will send a copy to each board member either electronically or via usps. The executive director confirms it 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 internal revenue service.”

“Each director, officer and key employee of the project, as well as nominees for election to director (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 internal revenue code. The return is also posted on guidestar.org and other similar types of websites. 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 floor, new york, ny 10013 or by calling the organization directly at 212-941-0920.”

“The project 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.”