Ibero Housing Corporation

“Ibero housing corporation (the organization) utilize their auditors to prepare a draft copy of the form 990 from information provided by the management of the organization. The board of directors has assigned authority to the board audit committee to review the draft 990, make suggestions or directives for adjustments, and recommend approval of a final form that meets their agreement. The draft is presented to management for their approval. The auditors also present the draft information returns to the audit committee of the board of directors and allow them to identify any issues, questions, or concerns they have with the form 990. The audit committee then votes on whether or not they believe the return is accurate and whether they will recommend that it be approved by the board of directors. A recommendation is made by the audit committee to the board of directors who are encouraged to review the information returns themselves or ask questions of the audit committee. The board will accept the recommendation of the board audit committee as approval and uthorization for the final 990 to be submitted and released. The ceo will then sign form 8879-eo to authorize the auditors to file the form 990 electronically on behalf of the organization.”

“The organization's conflict of interest policy has two parts to it. The first part states that employees may not receive or accept any payment, gift or other personal economic benefit of value from any person or entity that has or seeks to have a business relationship with the organization. In november/december an agency wide e-mail is sent out to reinforce this portion of the policy. The reminder states that if there is a gift given directly to the site/program/department the gift should be donated to one of the foundation's or the organization. Employees are also directed to the corporate compliance officer to answer any questions from employees. The second part of the policy states that employees may not accept employment with an organization that has a relationship with the organization where the employee may gain financially or accept employment that will interfere with their employment at the organization. Employees are made aware that they must disclose any employment outside of the organization that may create a conflict of interest. The entire policy is discussed at departmental meetings with the corporate compliance officer as well as reviewed at management training. The policy is contained in the employee handbook which all employees are able to access through the employee intranet. In addition, supervisors are asked to revisit this policy with their staff especially around the holidays.”

“People inc. Determines the compensation of the organization's president/ceo by having an independent contractor perform the following: 1) evaluate the current base salary for market competitiveness. 2) review the benefits and prerequisites provided. 3) develop recommendations for all components of the president/ceo's compensation. The board of directors then evaluates the recommendations from the third-party and votes on the recommendations provided. For senior staff and key employees, people inc. Determines their salary by using the following process: every three years the firm of the burke group, reviews the job responsibilites of the staff and does an industry comparison of duties, qualifications and the scope of the job. The completed report is used to adjust salaries on a year by year basis to meet the recommended ranges. Over the three year period, the outside salary evaluation comparison may be reviewed more frequently if there has been significant growth and/or change in responsibilities. Over a series of meetings, the ceo provides input into the pre-comparison data which includes job descriptions, organizational charts and a discussion of the position. The comparison report is then reviewed and discussed with the burke group consultant.”

“An annual report is produced yearly by the public affairs department. Copies are available to the public by request at no charge. Also, it is available online through people inc.'s website.”

“The conflict of interest policy, governing documents, and financial statements are available upon request at no charge.”

“Gain on acquisition 385,320.”

“The process has not changed since the prior year.”