Concorse Gardens Housing Development Fund Company Inc.

“The project purchases management services from its sponsor, new york foundation for senior citizens, inc., a related entity. These fees were chargeable up to the maximum hud allowable rate of $59.50 per unit per month. The management fees incurred during the year ended june 30, 2018 amounted to $84,966. Management fees payable at june 30, 2018 were $33,966. In addition, the sponsor charges the entity for bookkeeping and accounting services. These fees amounted $9,312 the year ended june 30, 2018. The management company manages the building. They collect rent, pay bills, oversee the maintenance of the building and re-certify tenants annually to insure compliance with hud requirements. Please refer to part vii and schedule j as, linda hoffman and martha bauer are compensated by the related entity.”

“Concourse gardens hdfc, inc. 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: when the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, its submitted electronically to a representative member of the organization's governing body for any comments prior to its submission. The governing body is provided with one week to review the prepared form 990 and provide their comments. Any comments are then grouped, summarized and provided to the management committee in charge of filing the return for their review. Each issue is documented and addressed until the return is finalized and approved for filing.”

“Concourse gardens hdfc, inc. Currently has in place a conflict of interest policy which it annually monitors and enforces. The board currently mandates that all members of management and the governing body annually sign a conflict of interest policy and disclose any potential or actual conflicts that may exist. The signed conflict of interest policy is submitted to the corporate compliance officer who reviews the signed attestations for potential or actual conflicts. If a potential or actual conflict of interest exists, the corporate compliance officer will notify a member of management or the governing body about such conflict and investigate the conflict. The results of the investigation will be summarized and documented by the corporate compliance officer and be reported to the governing body. If the corporate compliance officer establishes that an actual conflict exists, the member of management or the governing body will be notified immediately and will not be allowed to vote or be a part of any decisions about any such transactions that have to do with the conflict until such time there is no longer a conflict.”

“Concourse gardens hdfc, inc. Makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org and other similar websites. In addition, forms 990 and 1023 as well as the governing documents, conflict of interest policy and financial statements are available upon written request to 11 park place, suite 1416, new york, ny, 10007 or by calling the organization directly at (212) 962-7653.”

“Board member elizabeth f. Tozer receives no compensation in her capacity as board member and officer. She does receive compensation in her capacity as interior design consultant to nyfsc, inc., a related organization.”

“Maintenance contracts: program service expenses 72,307. Management and general expenses 0. Fundraising expenses 0. Total expenses 72,307. Security: program service expenses 144,657. Management and general expenses 0. Fundraising expenses 0. Total expenses 144,657.”

“Concourse gardens hdfc, inc. Has a committee that is responsible for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed from the previous year.”