Kingsborough Housing Development Fund Company Inc

“The organization's process is to send out form 990, in advance of filing, to the board inviting them to make questions and comment.”

“All members of the kingsborough board of directors and staff are required to annually execute a conflict of interest and compensation guidelines acknowledgement stating that they have received, read and understand, and agree to comply with the conflict of interest and compensation guidelines. The conflict of interest and compensation guidelines require board and staff members to disclose any potential conflicts of interest immediately. The chairperson of the board will upon notification of such an event appoint a disinterested person or committee to investigate alternatives to the proposed transaction. Violations of the conflict of interest policy can result in appropriate disciplinary and corrective action. Also, all board members by executing the conflict of interest and compensation guidelines acknowledge that they share the responsibility of kingsborough to remain faithful to the organizations' charitable purpose.”

“Forms 1023 and 990 are made available upon request. Form 990 is made available on www.guidestar.org. The organization voluntarily makes available its governing documents upon reasonable request. Form 990, part vii, section a & schedule j, part ii ndc serves as the common paymaster for ndc, ndc support i, inc., ndc housing and economic development corporation (hedc) and grow america fund, inc. (gaf). As common paymaster, ndc has allocated employees' salaries and benefits between these organizations based on hours worked by employees for the respective organizations. Ndc has established both a qualified pension plan and a nonqualified deferred compensation plan for the benefit of its employees. The nonqualified deferred compensation plan is defined in section 457(f) of the internal revenue code. Ndc's qualified pension plan has various benefit limitations. The impact of these limitations consist of: 1) long-service employees receive a lower pension benefit as a percentage of pay than 'newer' employees, 2) many senior employees have restricted benefits and 3) employees who sacrificed in ndc's earlier days, when ndc did not have an established pension plan, are not fairly compensated. Ndc wanted to fairly compensate its long-service employees who sacrificed in ndc's earlier years when it did not have an established pension plan and ndc wanted to create parity between these long-service employees and younger, newer employees who have participated in the qualified plan since the first year of their employment. The solution was for ndc to establish a nonqualified pension plan, which is the organization's nonqualified deferred compensation plan (i.e. Nonqualified 457(f) plan). The benefits under the nonqualified pension plan are generally not vested until completion of substantial requirements. However, the benefits under this nonqualified deferred compensation plan become taxable to the individual upon vesting, even though the benefit may not be payable until a later year or years. The taxable amount is the respective individual's lump sum equivalent of the deferred benefit. During 2013, ndc had seven employees, who are participants within this nonqualified plan, vest as so defined by the plan document. These seven employees have worked for ndc for a considerable number of years. Mr. Daniel marsh iii is one of these seven employees. Mr. Marsh began his employment with ndc in 1986. Following is mr. Marsh's 2013 wages, 2013 deferred benefits and total compensation that have been reported as taxable compensation on his respective 2013 w-2 form: employee wages 457(f)benefit total compensation dan marsh iii 223,501 328,881 552,382”

“Maintenance & repairs 8,333 0 0 administrative support 0 6,700 0 elevator maintenance 5,184 0 0 cleaning 4,800 0 0 garbage removal 4,566 0 0 miscellaneous expense 3,725 0 0 exterminator 3,371 0 0 supplies 2,937 0 0 telephone 2,380 0 0 painting 1,750 0 0”