Extra Place Housing Development Fund Corporation

“Extra place housing development fund corporation (the reporting organization) has a contract with phipps houses services, inc. ("phsi") to provide property management services to the reporting organization, which includes billing and collecting rent, paying the entity's bills and maintaining the property. Phsi is wholly owned by phipps houses (tax-exempt under irc section 501(c)(4) ein: 11-1187480). None of the current or former officers, directors, trustees, or key employees listed in part vii, section a, were compensated by phsi (i.e., the provider of management services) for services provided to the filing organization and related organizations during the calendar year ending with or within the organization's tax year.”

“The sole member of the organization is phipps houses, a related 501(c)(4) organization.”

“As the sole member of the organization, phipps houses has the right to elect the members of the organization's board of directors.”

“Under new york state law, certain governance decisions require membership approval.”

“Members of the organization's governing body review the form 990 for accuracy of content and discuss as necessary.”

“Officers and directors must complete and certify annually a list of conflicts of interest.”

“The organization does not compensate any officers or key employees.”

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

“The compensation of the president, vice presidents, secretary and treasurer reflects their contributions to not only fulton jefferson housing development fund corporation but to all of its affiliated entities. On a consolidated basis, the phipps houses group has annual revenue in excess of over $100 million and assets currently of almost $2 billion.”

“Transfer of net assets -428,198. Post retirement benefits (recovery) 75,375. Postretirement benefit adjustment 15,883.”

“As of the date of filing the audit has not yet been completed. Form 990 has been prepared based on the best information available. Should information substantially change upon completion of the audit, appropriate action will be taken.”