The Delores Project

“The board of directors and the finance committee record contemporaneous meeting minutes.”

“The executive director, business and finance director and treasurer, at a minimum, review the form 990 in detail. It is made available to the entire board for viewing prior to filing.”

“The Delores Project, as a nonprofit, tax-exempt organization, depends on charitable contributions and grants for its continued existence. Because the operations of The Delores Project may be viewed as a public trust by the IRS and state tax officials, members of the Board of Directors and The Delores Project employees, including those who can influence the actions of The Delores Project, have the responsibility of administering the affairs of The Delores Project honestly and prudently, and of exercising their best care, skill and judgment for the sole benefit of The Delores Project. Therefore, as referenced in the by-laws, Board members of The Delores Project: 1. Shall not use their positions at or knowledge of The Delores Project for their personal benefit. 2. Shall refrain from influencing Board action on a matter in which the Board member or employee, or anyone with whom either has any personal relationship outside the context of the matter ("Related Party"), is financially or organizationally involved. 3. Shall make known as soon as possible to the Board of Directors the conflict of interest and, if a board member, shall not be part of the discussion and cast no vote on the matter. Transactions with Related Parties may be undertaken only if all of the following are observed: a) a material transaction is fully disclosed in the organization's audited financial statements; b) the related party is excluded from discussion and vote on the transaction; c) a competitive bid or comparable valuation exists; and d) the organization's Board has demonstrated that the transaction is in the best interest of the organization.”

“The board of directors has established compensation ranges for each permanent position based on analysis of comparable data for metropolitan denver. The board of directors establishes the executive director's annual compensation in executive session, notes for which are taken and maintained by the secretary.”

“Information is provided to the public upon request and also at communityfirst.org, a website sponsored by community first foundation.”

“No change from prior year.”

“In 2015, The Delores Project entered into a partnership with Rocky Mountain Communities, in order to redevelop both properties together in order to help address Denver's low-income and affordable housing crisis. In May 2016 the project, Arroyo Village, was awarded state and federal Low Income Housing Tax Credits which will fund the construction, which will be supported by other public and private funding sources. The financial statements for the fiscal year ended June 30, 2017, noticeably reflect the demolition of both physical buildings on the shelter's property the shelter facility and the small storage building. This was completed in June 2017 to begin construction on the planned Arroyo Village redevelopment project with partner, Rocky Mountain Communities. Arroyo Village will create 95 one to three bedroom affordable housing units for individuals and families, and 35 one bedroom units for former chronically homeless individuals who also have a disability. These 35 residents will be supported by services and resources provided by The Delores Project to maintain their housing. In addition, a new shelter facility will be created allowing for improved and expanded programs for shelter guests in an environment consistent with the evidence-based best practices of trauma-informed care. The project is anticipated to completed and fully occupied in early 2019. The building used for program and administrative purposes, was financed with $700,000 through a grant from the City and County of Denver Office of Economic Development. The Organization executed a promissory note and deed of trust for the grant with terms and conditions satisfactory to the City. The note requires repayment of the $700,000 grant principal if the property ceases to be used for shelter and housing and to provide services for homeless persons prior to May 24, 2037. No balance sheet liability was recorded as it is the intent of the Board of Directors to continue to operate the building as specified in the grant. The grant proceeds were included in temporarily restricted net assets. During 2017, as part of the building demolition, the contingent obligation imposed by the promissory note was removed and the $700,000 has been written off as part of the building deposition.”