South Bronx Housing Development Fund Co Inc.

“The sole member of the organization is the association of new york catholic homes, inc., acting through its board of directors.”

“Directors of the corporation shall be elected by the sole member at the annual meeting. In the event of a vacancy on the board of directors, a successor for the balance of the term of such vacancy may be elected by the member of the corporation at any meeting of the member.”

“The vote of a majority of the directors of the member in office at its annual, regular, or special meeting, shall be required for the following actions: - election of the directors of the corporation - election of the chair of the board of the corporation - any amendment to the certificate of incorporation, by-laws or mission statement of the corporation - approval for any major capital improvement with a cost in excess of $100,000 - approval of any debt incurrence secured by the property, revenues, or other assets of the corporation - approval of any unsecured debt incurrence in an amount greater than (i) three million dollars or (ii) 5% of the corporation's operating budget - approval of any transaction that requires approval in accordance with the member's by-laws - approval of the establishment of a new related entity of the corporation the vote of two-thirds of the directors of the member then in office at its annual, regular or special meeting held upon notice of the proposed action shall be required for the following actions: - approval of (i) the purchase, sale, mortgage or lease of real property which constitutes a material portion of the assets of the corporation or (ii) the sale, assignment or other disposition of all or a material portion of the assets of the corporation - approval of any merger, consolidation, purchase or joint operating agreement involving the corporation - approval of any plan of dissolution or liquidation of the corporation - removal with or without cause of any or all of the directors - removal with or without cause of any or all of the officers elected by the member, or elected by the board with the approval of the member.”

“There is no committee with authority to act on behalf of the governing body.”

“South bronx hdfc, inc. Has their return prepared by an outside accountant. Once the form 990 has been prepared, it is reviewed by the president and approved for filing. The return is distributed electronically to the board for their viewing after it has been filed.”

“Annually, each officer, director or trustee is required to disclose interests that could give rise to conflicts at a board meeting. In the event that the board considers an issue that involves the financial relationship between south bronx hdfc and a member of the board, the board member will disclose to the board the financial relationship that the particular member has, with respect to the issue. The board will then discuss and vote on whether they believe a conflict exists or not. No contracts will be awarded until the board discusses and votes on the potential conflict.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. It is posted on new york state attorney general webiste, guidestar.org and other similar types of websites. In addition, the governing documents, conflict of interest policy and financial statements are made available to the general public upon request at 1122 franklin ave, room 406, garden city, ny 11530 or by calling the organization directly at (516)-248-4817. The copies of these documents are kept at the managing agents office and once requested the agent will mail such copies by regular mail.”