Lihi Cascade Senior Housing Development

“Low income housing institute is the sole member of the filing organization.”

“Low income housing institute, the sole member of the filing organization, may initiate and implement any proposal to appoint the board of directors.”

“If any proposal with respect to the matters described in the filing organization's bylaws article ii-2.2 powers of the member, is not initiated by the member, it shall not become effective unless approved by the member.”

“The accounting firm sends a draft of the return to low income housing institute, the sole member. Low income housing institute makes a copy of the return available to each board member for their comments.”

“The form 990 and all related financial and policy information are made available to the public upon written request.”

“Hours worked for related organizations: all of the officers, directors, and employees listed in part vii, section a perform similar duties and have similar responsibilities for related organizations as they do for this organization. Their total hours worked per week for this organization are similar to their hours worked for related organizations both in terms of number of hours and type of work performed.”

“Interest income - note receivable: the income recognized is interest earned in connection with financing provided to an operating partnership in which the organization has a general partner interest. The operating partnership, cascade senior housing lp, constructed, maintains and operates a 50 unit apartment complex for very low income elderly tenants. Since the loan to the operating partnership was made to fulfill the organization's program service and mission, the resulting interest is program service revenue related to the exempt function.”