The Webster Apartments

“The organization amended is bylaws to reflect the following changes: article i, directors: the board of directors shall not be involved in the day-to-day operations of the corporation. Specific duties of the corporation's directors to be undertaken on its behalf are as follows: - nomination, election and evaluation of performance of the directors and officers of the corporation. - selection, supervision and determination of compensation of the corporations executive director - adoption of the corporations' budget, strategic and operating plans. - approval of operating policies and divestitures of the corporation - adoption and supervision of the corporations' investment policy for the pension plan and endowment. Article ii, officers and executive director: lines 7 through 9 expand upon the responsibilities and duties of the corporations treasurer, secretary and executive director. Line 7: the treasurer shall also serve as the chair of the finance committee, attend executive committee meetings, present the annual budget and direct the presentation of the annual audit to the board of directors. The treasurer shall also have signatory authority over the corporation's bank and investment accounts. Line 8: the secretary shall oversee preparation of resolutions brought before the board of directors for approval, proceedings, and other correspondences, and shall review all minutes of meetings of the board of directors. Line 9: the executive director shall serve as chief executive officer of the corporation, in a non-voting, ex-officio capacity. The executive director is responsible for the day-to-day operations of the corporation, shall attend executive committee and regular board meetings, and assist the board in developing a long-term strategic plan for the corporation. Article iii, committees: the organization dissolved the pension administration committee and formed the following: - governance committee: responsible for nominating board candidates and the advisory panel, ensuring and establishing appropriate governance structures and policies. - development committee: responsible for assisting the board of directors in identifying resource needs and prospective resources for the organization. Responsibilities of the finance committee have been expanded upon and include the following: - identify and provide recommendation to the board of directors for selection of the independent cpa. - review the organization's annual information returns and provide recommendation for approval, signature and submission. - all responsibilities of the former pension administrative committee. Article v: conflict of interest policy has been incorporated into the organizations bylaws. See part vi, section b., line 12 article vi: the whistle blower policy has been incorporated into the organizations bylaws. The policy shall be reviewed periodically by the board of directors to ensure compliance.”

“The webster contracts with a cpa as a consultant to the finance department. The consultant reviews the initial draft of the form 990. The finalized draft is subsequently reviewed with executive director and the finance committee. Once the finance committee approves the report, it is distributed via email to the full board of directors for review and comment prior to being filed electronically.”

“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 september 29, 2015 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. The form 990 is posted 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 -622,790. Insurance adjustment -50,329.”

“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.”