Walker Street Chung Pak Local Development

“During the organization's tax year the organization used a management company to perform management duties. Management duties include, but are not limited to, hiring, firing and supervising personnel, planning or executing budgets or financial operations.”

“Organization does not have a commitee with authority to act on behalf of the governing body.”

“Accountant e-mails completed form 990 to board members for their review and approval prior to filing with the irs.”

“Trustees, directors, officers and other interested persons of organization and its subsidiaries and affiliates have a duty of loyalty toward organization which requires that they exercise their powers in the interest of the corporation and not in their own interest or the interest of another entity or person. By assuming office, the trustee, director or officer acknowledges that with regard to any corporate activity, the best interests of the corporation must prevail over the individual's interests. In connection with actual or possible conflict of interest, any trustee director, principal officer or member of a committee with governing board-delegated powers, who has a direct or indirect financial interest must disclose the existence of the financial interest and be given the opportunuty to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. If the governing board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the governing board or committee determined the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action. Each trustee, director, principal officer and member of a committee with governing board-delegated powers shall annually sign a statement, which affirms such person: (a) has received a copy of the conflict of interest policy, (b) has read and understands the policy, (c) has agreed to comply with the policy, and (d) understands the organization is charitable and in order to maintain its federal tax exemption it must engage primarily in activities, which accomplish one or more of its tax exempt purposes.”

“Organization's governing documents, conflict of interest policy and financial statements are available for public inspection in the organization's main office upon request.”

“To adjust rent expense as per audited financial statements.”

“The process has not changed from prior years.”