Fac Center Local Development Corporation

“Bookkeeping, accounting, management reporting, coordiante efforts with the outside auditor, maintain the common elements of the property, manage tenant issues and other projects on an as needed basis.”

“The sole member of the organization is fifth avenue committee inc.”

“The directors of the organization are elected by the sole member during the annual meeting.”

“Major decisions are discussed and voted upon by board members. At times, the board members seek the opinions of the management company, lawyers, outside auditor and others in the decision making process.”

“The outside auditor prepares a draft set of tax returns to be reviewed by the director of finance & it. Corrections and edits are discussed and made, if necessary. The outside auditor prepares a final set of tax returns for signature.”

“The organization has adopted the conflict of interest policy as used by the sponsor/manager of the organization which is also a 501(c)(3). The director of finance & it of the management company is responsible for financial relationships between the organization and other entities. If a potential conflict of interest issue arises, the director of finance & it for fac addresses this matter with the director of property management for resolution. At times, the management company consults with the outside auditor about potential conflicts.”

“Upon request, the organization provides copies of its governing documents, policies and audited financial statements.”

“Gain on the sale of air rights during the year ended june 30, 2023, the corporation sold air rights, recognizing a gain of 2,538,986. The corporation incurred an asset management fee of 250,000 related to the sale of the air rights, which it paid to a related party, fifth avenue committee, inc. For the year ended june 30, 2023. The corporation intends to use the proceeds from this sale to pay for building improvements over the next several years.”

“Book / tax depreciation difference 11,585”