The Webster Apartments

“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.”

“Annually, each member of the Board is required to document, in writing, the existence of any known Conflicts of Interest. Additionally, our Conflict of Interest Policy is included in our Employee Handbook. All employees are required to certify that they understand and will follow this policy on their first day of employment. 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.”

“The Compensation Committee, a sub-committee of the Board of Directors, recommends increases for the Executive Director. These recommendations are submitted to the Board for approval each year and documented in the meeting minutes. To assist them in their work, a Compensation Study was commissioned for the Executive Director position and the results presented to the Board at the September 29, 2015 Board of Director's meeting. A subsequent compensation study was performed which also included the Director of Marketing and Facilities Director and presented to the Board of Directors at the January 27, 2017 Board Meeting and documented in the minutes of that meeting. The Compensation Committee anticipates commissioning an update to the Compensation Study every three years or so.”

“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.”

“Security Services: Program service expenses 158,886. Management and general expenses 0. Fundraising expenses 0. Total expenses 158,886. Other Professional: Program service expenses 11,389. Management and general expenses 135,121. Fundraising expenses 0. Total expenses 146,510. Outside Labor: Program service expenses 209,141. Management and general expenses 0. Fundraising expenses 0. Total expenses 209,141. consulting on special projects: Program service expenses 0. Management and general expenses 234,181. Fundraising expenses 0. Total expenses 234,181. Landscaping/Gardening: Program service expenses 2,770. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,770.”

“ACCRUED PENSION COSTS 1,802,114. Transfer to Pension Fund -1,248,221.”

“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.”