Narragansett Housing Development Fund Corporation

“Prior to submission, the organization's executive director/treasurer reviewed the draft return in detail with the return's preparer and circulated the reviewed draft to the remaining full board consisting of the organization's chair and corporate secretary for their review and comments.”

“The organization is controlled via a commonality of trustees and officers by housing and services, inc., a new york state not-for-profit organization exempt from income taxes under irs code 501(c)(3). Housing and services, inc. Was the organization's sponsor, developer of its low-income housing project and acts as the projects property manager. 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 has a finance committee whose functions include a review for compliance with the organization's conflict of interest policy on an annual basis 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 executive 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. 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 conflict of interest policy are available to the public 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 2019 audit has been completed. The financial statements, audited by independent accountants, has been issued on a consolidated basis. See attached consolidated financial statements. The organization did not change its oversight process or selection process during the tax year.”