Allies & Ross Management and Development Corporation

“At year end, four members of the governing body were employed by the housing authority of the city of pittsburgh, and four members of the governing body also served together as board members of clean slate e3, inc.”

“Allies and ross management functions are performed by hacp.”

“There are no sub-committees of the governing body”

“There is no formalized process for the review of the 990; however, the 990 is reviewed by the cfo of the hacp (who is also a board member of allies and ross) prior to being filed.”

“The governing documents and financial statements of the entity are available to the public upon request.”

“Allies and ross is completely under the control of the housing authority of the city of pittsburgh (hacp), and is monitored through hacp's policies and procedures, and therefore individual policy and procedures and reviews for this entity were not deemed necessary.”

“Allies and ross issues both short and long-term loans receivable as part of mixed financing transactions with hacp and private developers in order to facilitate the construction of public housing. Short-term notes receivable are issued to assist in pre-development activities, and are normally re-paid in full within a period of five years. Long-term notes are recorded initially at full value, and will be amortized evenly over their term, usually a period of 40 to 50 years. Interest accrues on these notes but is not due until maturity. A soft loan interest accrual is recorded, but is reversed immediately, as collectability of the soft loan interest accrual is unlikely. However, as of year end three long-term loan receivables are receiving principle and interest payments and therefore are not being amortized.”

“Allies and ross does not have a separate audit, but its records are included in the annual audit of hacp, as it is considered a component unit of hacp.”