Narragansett Housing Development Fund Corporation

“The organization's board of trustees created an audit committee consisting of members of the board of trustees of housing and services, inc. Whose functions include review of the organization's form 990 prior to its filing with the irs. In addition, the form 990 will be distributed to the organization's entire board of trustees before filing.”

“In conjunction with actions of the board of housing and services, inc., the organization adopted a formal written conflict of interest policy requiring that all trustees read and sign written acknowledgement that they have read the policy, understand the policy and have made all required disclosures under the policy on an annual basis. In conjunction with actions of the board of housing and services, inc, the organization's board of trustees created an audit committee whose functions include a review for compliance with the organization's conflict of interest policy on a minimum of an annual basis. The annual reviews were performed by the audit committee in june 2015 and may 2016, and the results of these reviews were reported to the full board of trustees at that time.”

“In conjunction with actions of the board of housing and services, inc., the organization has charged its executive committee with an annual review to ensure that senior management compensation is reasonable. The committee is provided information for comparable peer organizations and considers senior management of responsibilities and recent job performance in its determination of the reasonableness of senior management. The committee meets at least once annually and also meets on an ad hoc basis when changes to senior management compensation are considered. The full board and the compensation committee have currently defined senior management as the executive director and deputy executive director. The organization's executive director and deputy executive director are employees of housing and services, inc. Their compensation is paid solely by housing and services, inc. And none of their compensation is paid by the organization or any other related entity besides housing and services, inc. Housing and services, inc. Accounts for the pool of costs it incurs to manage its controlled related entities, including the organization, and charges each related entity, including the organization, for their allocable portion of the total pool, which includes allocations of the compensation of housing and services, inc.'s senior management.”

“The organization's form 990, audited financial statements and organization policies are obtainable from the organization upon request.”

“The organization works toward ending chronic homelessness, preventing homelessness for persons threatened with displacement and improving housing conditions for the marginalized through the operation and development of permanent supportive and affordable housing. The organization helps its clients achieve their fullest potential for housing self-sufficiency by realistically assessing their individual needs and building respectful and caring supportive communities to overcome barriers to their success.”

“The organization's 2015 audit has been completed. The financial statements, audited by independent accountants, has been issued on a consolidated basis. See attached consolidated financial statements.”