Germantown Section 811 Housing Corporation

“There shall be an executive committee of the corporation which shall consist of the officers of the corporation. This committee shall, whenever in its judgment it appears necessary, act for the corporation between meetings of the board of directors.”

“The directors of this organization shall be appointed by inglis housing corporation (housing).”

“The prepared 990 is initially reviewed by internal finance personnel. Once the form 990 is approved by management, the audit committee and each member of the board of directors receive copies to review prior to being filed with the irs.”

“Any duality of interest or possible conflict of interest on the part of any director shall be disclosed to the other directors and made a matter of record not later than when the interest becomes a matter of board action. No officer or director of housing or the corporation shall have any financial interest in the project assisted under section 811 of the national affordable housing act. Any director having a duality of interest or possible conflict of interest on any matter shall not vote or use personal influence on the matter, shall leave the room during discussion and voting, and such director shall not be counted in determining the quorum for the meeting, even where permitted by law. The minutes of the meeting shall reflect that disclosure was made, the abstention from voting, that the director left the room during discussion and voting, and the quorum situation. Family and business relationships are expressly mentioned in the conflict of interest policy.”

“The parent organization, inglis foundation, retains an external firm to conduct market studies and make recommendations for compensation, taking into consideration fair market value for the industry. Executive compensation is evaluated annually and the findings are presented to the "committee on the board" for approval of compensation package. The foundation's "committee on the board" is a subcommittee of the board that is responsible for compensation review, and the decisions regarding compensation are documented in committee meeting minutes. An annual benchmark is conducted for executive compensation and for any position that is in high demand, and an external firm provides overall trends for the year. Compensation has been reviewed in 2016.”

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

“Board meetings the board for germantown section 811 housing corporation has one meeting per year which lasts about 15 minutes.”

“Security contract: program service expenses 6,459. Management and general expenses 0. Fundraising expenses 0. Total expenses 6,459. Pest control: program service expenses 1,275. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,275. Snow removal: program service expenses 1,450. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,450. Grounds/landscaping: program service expenses 8,595. Management and general expenses 0. Fundraising expenses 0. Total expenses 8,595. Repairs & maintenance: program service expenses 22,563. Management and general expenses 0. Fundraising expenses 0. Total expenses 22,563. Garbage/trash removal: program service expenses 8,394. Management and general expenses 0. Fundraising expenses 0. Total expenses 8,394.”