West Bushwick 203K Housing Development

“The project purchases management services from, riseboro management corp., a related entity. The management company manages the building. They collect rent, pay bills, oversee the maintenance of the building. For the year ending june 30, 2024 management fees totaled $121,021. There were no board members compensated by the management company.”

“The sole member of west bushwick 203k housing development fund company, inc. Is riseboro community partnership inc.”

“The directors of the corporation shall, at all times, be limited to the individuals who are either members of the board of directors of riseboro community partnership, inc. Or who have otherwise been appointed or elected directors of the corporation by riseboro community partnership, inc. The directors of the corporation report to the real estate committee of riseboro community partnership, inc. All of whom are independent.”

“The directors of the corporation shall, at all times, be limited to the individuals who are either members of the board of directors of riseboro community partnership, inc. Or who have otherwise been appointed or elected directors of the corporation by riseboro community partnership, inc. In addition, the bylaws may be amended by the affirmative vote of a majority of the members of the corporation at a meeting duly called for the purpose of amending the by-laws.”

“The corporation did not have any board meetings during the fiscal year. The organization does not hold individual meetings.”

“There are no committees with authority to act on behalf of the governing body.”

“West bushwick 203k hdfc has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. After the form 990 has been prepared, it is sent to management of west bushwick 203k's parent, riseboro community partnership for review. Once their review is complete and the form 990 is ready to be filed with the internal revenue service, it is electronically sent to the board of directors for any comments. Any comments are then grouped, summarized and provided to the outside accountants. Each issue is documented and addressed until the return is finalized and approved for filing.”

“Annually and upon first joining, each director and officer is provided with a copy of the conflict of interest policy. The policy requires such individual to sign an annual disclosure form of any interest that could give rise to a conflict. Directors and officers are required to sign a comprehensive disclosure form. The policy and disclosure form are distributed and collected by the hr department and submitted to the compliance officer for review. All potential conflicts are reported to the compliance officer of riseboro community partnership who reports directly to the audit committee of the board of directors of riseboro community partnership. Potential conflicts of interest involving directors are reported to the full board of directors. A director involved, directly or indirectly, in an actual or potential conflict of interest transaction may not participate in any discussion of the relevant transaction.”

“West bushwick 203k hdfc form 990 is available for public inspection on the website www.guidestar.org and other similar type websites. West bushwick 203k hdfc's governing documents, conflict of interest policy, and year-end financial statements are available upon written request at west bushwick 203k hdfc's business address during normal business hours.”