The Webster Apartments

“The form 990 is reviewed by the executive director. Upon approval, an electronic copy of the form 990 is submitted to each board member for review before the return is signed and filed with the internal revenue service.”

“In connection with any director, officer, member of a board committee or employee having a financial interest of actual or possible conflict of interest, an interested person must disclose the existence of the financial interest or any other potential or actual conflict of interest and disclose all material facts to the board of directors or the executive committee considering the proposed transaction or arrangement. After disclosure, he/she must leave the board of directors or executive committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board of directors or executive committee members are to decide if a conflict exists. After investigating alternatives to the proposed transaction or arrangement, the board of directors or executive committee makes its decision as to whether to enter into the transaction or arrangement. In the case that the board of directors or executive committee determines that a member has failed to disclose an actual or possible conflict of interest, it will take appropriate disciplinary and corrective action. Discussions pertaining to conflict of interests are documented in the minutes of the board of directors and executive committee. Each director, officer, member of a board committee and employee is required to sign an annual disclosure statement, which affirms that the individual has received a copy of the conflict of interest policy, they have read and understood the policy, and they agree to comply with the policy.”

“An independent consultant performed a salary survey based on data from other similarly sized non-profit organizations in the nyc area. The board convened a compensation committee consisting of voting board members to review the data and set the executive director's compensation accordingly. The findings were presented to the board at the october 22, 2014 board of directors meeting, and were documented in the minutes.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code by posting it on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request at the organization's office or by calling the organization directly at (212)967-9000.”

“Accrued pension costs 223,223.”

“The organization uses the modified accrual method of accounting.”

“The organization has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. The process has not changed from the prior period.”