Morc Real Estate Acquisition Co

“The accountant reviews the first draft of the 990, and provides comments and changes to the preparer. The preparer creates a final draft for the accountant. The accountant reviews the final draft with the organization's finance committee for comments and changes, which are incorporated into the final copy of the 990. Prior to filing, a final copy of the 990 is sent to board members. Then, the organization files the 990 with the internal revenue service.”

“All employees, officers and directors are required to disclose conflicts of interest annually in an affidavit. During the year, the employee is required to make timely disclosure if a conflict arises prior to annual disclosure. If a voting member has a conflict of interest, they are not allowed to vote on the matter.”

“The organization leases employees from a related entity, morc inc. Morc's board of directors engaged the independent compensation consulting firm of rahmberg, stover and associates in 2011 to provide a comprehensive salary survey for all employment classifications, including the chief executive officer. In 2012, the morc holding board engaged the services of organizational consulting group to complete a comprehensive market survey for executive staff. The two-person sub-committee of the board continued to be the primary contact related to making recommendations to the full board regarding compensation. The board of directors, excluding the chief executive officer, who is also a board member, negotiated and approved a compensation arrangement for the chief executive officer using the comprehensive salary survey and market survey. The deliberation and decision for approval of the chief executive officer's compensation are documented in an employment agreement. The board of directors also approved the chief executive officer to use the comprehensive salary survey and market survey in adjusting compensation arrangements for other officers and key employees. The deliberation and decision for approval of the chief executive officer to adjust compensation arrangements for other officers and key employees are documented in board minutes. Furthermore, compensation arrangements for officers and key employees are documented in respective employee personnel files and employment agreements.”

“The organization provides copies of its governing documents, conflict of interest policy and financial statements upon request.”

“Government relations consulting: program service expenses 48,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 48,000. Annual report: program service expenses 25. Management and general expenses 0. Fundraising expenses 0. Total expenses 25.”

“Equity earnings of subsidiaries 4,083,323. Loss on impairment of asset held for sale -2,036,943.”

“The review process has not changed from the prior year.”