Porter Avenue Housing Development Fund Corporation

“George t. Mcdonald is the president of the doe fund, inc. Harriet karr mcdonald is the executive vice president of the doe fund, inc. John mcdonald is the evp of real estate of the doe fund, inc. George t. Mcdonald and harriet karr mcdonald have a family relationship. John mcdonald has a family relationship with george t. Mcdonald and harriet karr mcdonald, respectively.”

“The membership of the corporation consists of the doe fund, inc., and such other persons as shall be elected to membership by the existing membership of the corporation.”

“The membership of the corporation consists of the doe fund, inc., and such other persons as shall be elected to membership by the existing membership of the corporation.”

“The chief financial officer, evp of real estate operations and chief executive officer review the various irs form 990s for the organization. They are then passed onto chairman of audit committee for review and ratified by the chairman of the board at the board meeting. A copy of the form 990 is provided to the full board before filing with the irs. The real estate committee sees the draft prior to submission as well.”

“All board members, officers and other senior executives must complete and sign a conflict of interest disclosure statement annually. This statement contains a series of questions designed to elicit the disclosure of any financial or other interests that may create a conflict of interest, as defined in the conflict of interest policy. The disclosure statement also includes a commitment by the signer to observe the conflict of interest policy. Once completed, the disclosure statement is given to the board secretary, who provides the audit committee chair with copies of any such statements that include the disclosure of potential conflicts of interest. As instructed in the conflict of interest policy, board members, officers and other senior executives must disclose in writing any new potential conflicts that may arise during the year. The conflict of interest policy prescribes how the audit committee should address potential conflicts.”

“When determining raises, the organization engages a firm which utilizes comparability data and specializes in executive compensation matters to review the compensation of the president and executive vice president. The board reviews the report provided by the firm and sets the compensation for these officers in an executive session of a meeting of the board of directors which excludes all employees of the doe fund, inc..”

“The company makes its governing documents, conflict of interest policy, and financial statements available upon request.”

“Financial statements are audited by an independent accountant: this organization shares a common board of directors with the doe fund, inc. And other related organizations. As such, the financial information of this organization is included in the combined financial statements of the doe fund, inc. And affiliates which are audited annually by an independent accountant. An audit committee assumes responsibility and oversight of the audit of the combined financial statements and selection of an independent accountant. The doe fund, inc. And affiliates received federal awards and was required to undergo an audit in accordance with the single audit act and the uniform guidance. The financial statements of the doe fund, inc. And affiliates were audited in accordance with these requirements. There has been no change in this process from the prior year.”