The Webster Apartments

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

“The organization has a conflict of interest policy applicable to all board members, officers and employees. All applicable individuals are required to sign a conflict of interest agreement annually, disclosing any possible conflict of interest and be given the opportunity to disclose all material facts to the board of directors or the executive committee. After disclosure, he/she leaves the board of directors meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board of directors decide if a conflict exists. The interested person is not eligible to vote on matters directly pertaining to the business to be transacted. Discussions pertaining to conflict of interests are documented in the minutes of the board of directors meetings.”

“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, compensation studies were commissioned for the executive director position and the results presented to the board at the september 29, 2015 and june 25, 2019 board of director's meetings. Another compensation study was performed which also included the director of marketing and facilities director and presented to the board of directors at the january 26, 2018 board meeting. An update to the compensation study is done approximately once every three years. Due to the significant effects of the covid-19 pandemic on the organization's operations, a 10% pay cut for the executive director, department directors, and several senior salaried staff members was proposed by management in june 2020. The board of directors approved these pay cuts effective july 1, 2020. They will remain in effect until such time as it is economically feasible to restore them.”

“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.”

“The organization has an executive committee, which has the authority to act on behalf of the governing body.”

“Accrued pension costs -156,964.”

“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.”