Greater Harlem Housing Development Corporation

“The organization maintains an account in which tenant security deposits are held in accordance with the terms of the applicable rental agreements.”

“The organization operates under tax-exempt status in accordance with section 501(c)(3) of the internal revenue code and is exempt from federal income tax pursuant to section 501(a) of the code. The organization is also exempt under article 7-a of the executive law (article 7-a) and section 8-1.4 of the estates powers and trusts law (eptl) of the state of new york. Accordingly, no provision for federal or state income tax has been presented in the accompanying financial statements. The organization follows the provisions of fasb asc, income taxes. The standard prescribes a minimum recognition threshold and measurement methodology that a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. It also provides guidance for derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition as they relate to those tax positions. The organization does not expect a significant increase or decrease to the total amounts of unrecognized tax positions during the years ended december 31, 2019 and 2018. However, the organization is subject to regular audit by tax authorities. The organization believes that it has appropriate support for the positions taken on its tax returns. Nonetheless, the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued each year. Management believes its nonprofit status would be upheld upon examination. As required by law, the organization files informational returns with both the united states federal and state of new york jurisdictions on an annual basis- form 990 with the internal revenue service and char-500 with the new york state department of law. The organization is subject to examination at any time within certain statutorily defined periods from the latest filing date for federal and for new york.”