Cumberland Gardens Housing Development Fund Company Inc

“William n. Hubbard iv, president, and william n. Hubbard iii, exec. Secretary/treasurer, have a family relationship.”

“The entity purchases management services from its sponsor. These fees are chargeable at a rate of $59.50 per unit per month. The management fees incurred during each of the years ended june 30, 2024 and 2023 amounted to $84,271 and $74,970. Management fees payable at june 30, 2024 and 2023 were $38,371 and $28,512. In addition, the sponsor charges the entity for bookkeeping and accounting services. These fees amounted to $7,032 during each of the years ended june 30, 2024 and 2023. The management company manages the building. They collect rent, pay bills, oversee the maintenance of the building, and re-certify tenants annually to ensure compliance with hud requirements. Please refer to part vii and schedule j as, linda r. Hoffman and rolando a. Blanco are compensated by the related entity.”

“Cumberland 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.”

“Cumberland 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.”

“Cumberland gardens housing development fund company, 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, the form 990, form 1023, governing documents, conflict of interest policy, and financial statements are available upon written request or by calling the organization directly.”

“Security contract: program service expenses 219,420. Management and general expenses 0. Fundraising expenses 0. Total expenses 219,420. Maintenance contracts: program service expenses 93,762. Management and general expenses 0. Fundraising expenses 0. Total expenses 93,762.”

“Cumberland gardens hdfc, inc.'s board members are 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.”