Breaking Ground III Housing Development Fund Corporation

“CHANGES TO ORGANIZATION'S BYLAWS Breaking Ground III amended its bylaws in calendar year 2017 to clarify certain aspects of its Board governance and operation and to codify certain Board roles and responsibilities that had always been informally observed. These changes to the bylaws were as follows: - To authorize only the Board of Directors of Breaking Ground Housing Development Fund Corporation to nominate, approve, remove or replace (with or without cause) the Breaking Ground III Board of Directors; - To clarify roles and responsibilities of the organizations officers; - To authorize only the Board of Directors of Breaking Ground Housing Development Fund Corporation to approve the mortgage, purchase or sale of any real property on behalf of Breaking Ground III; - To require indemnification of officers and directors (to the fullest extent permitted by law). FORM 990, PART VI, SECTION B, LINE 11 Organization's process used to review form 990 THE FORM 990 WAS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM IN CONJUNCTION WITH THE ORGANIZATION'S FINANCE DEPARTMENT. THE FORM HAS BEEN REVIEWED FOR COMPLETENESS AND ACCURACY REGARDING MISSION, PROGRAM ACTIVITIES, FINANCIALS AND GOVERNANCE BY MEMBERS OF THE CORPORATIONS MANAGEMENT. IT HAS ALSO BEEN DISCUSSED AND REVIEWED WITH THE BGI AUDIT CHAIR. THE FINAL VERSIONS WERE MADE AVAILABLE TO EACH MEMBER OF THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. DISCUSSION OF FORM 990 REQUIREMENTS, CONTENTS AND BOARD RESPONSIBILITIES OCCUR AT AN ANNUAL BOARD MEETING.”

“Enforcement of Conflict of interest policy The policy and annual disclosure forms are distributed to all board members, officers and management staff. Each individual is required to sign and review the disclosure form and provide information about any relationships they may have with Breaking Ground III Housing Development Fund Corporation's other employees, and/or vendors that conduct business with Breaking Ground III Housing Development Fund Corporation. Breaking Ground III Housing Development Fund Corporation operates under the policy of its parent organization, Breaking Ground Housing Development Fund Corporation. All submissions are reviewed by Human Resources to determine if a conflict exists; when a conflict arises, the individuals affected are prohibited from participating in the decision-making process related to any transaction occurring with the conflicted organization. Form 990, Part VI, Section B, lines 13 & 14 Breaking Ground III Housing Development Fund Corporation operates under the whistleblower and document retention policy of its parent organization, Breaking Ground Housing Development Fund Corporation.”

“Breaking Ground III Housing Development Fund Corporation makes its Form 990 available to the public by retaining a copy at its place of business. The Form 990 is likewise published on the internet at www.guidestar.org. The organization's financial statements, governing documents and conflict of interest policy are not ordinarily made available to the public, but, if requested, will be provided at management's discretion. Form 990, Part IX Breaking Ground III Housing Development Fund Corporation does not have its own employees or its own payroll. All employees providing services to Breaking Ground III Housing Development Fund Corporation receive their W-2s from a related organization, Common Ground Management Corporation. Expenditures reported on Part IX, Lines 7, 8, 9 and 10 represent the portion of salary and benefits expenditures allocated to Breaking Ground III Housing Development Fund Corporation based on services rendered to the organization.”