Phoenix Hope VI Development Corp

“Related party explanation - this entity has three board members, according to the bylaws of the organization, the president of the board must always be an employee of mccormack baron salazar, inc. Plus, another board member must always be an employee of the city of phoenix. Currently, the third member of the board is unrelated to either of these entities. There is no requirement to complete schedule l or schedule r because there is less than a 35% relationship with all entities with which business transactions were completed.”

“The return is prepared by an independent public accounting firm. The president reviews the form 990 before signing the return.”

“Phoenix hope vi development corporation was formed to receive contributions and make loans to low income housing projects. Contributions are large, infrequent and are directed by the donor directly to the housing project so the cash is not processed by the organization. In addition, the organization does not have any paid employees. Due to this situation, phoenix hope vi has decided that many governance policies, including conflict of interest, whistle blower, document retention, and compensation policies are not needed at this time. In the future, if cash donations are received by the organization, paid employees are hired, etc. The board will re-evaluate the situation and institute such policies if deemed necessary.”

“Articles of incorporation and bylaws are available to the public upon written request.”

“Taxes - licenses - fees: program service expenses 0. Management and general expenses 108. Fundraising expenses 0. Total expenses 108.”