Adti Housing Corp

“The form 990 is prepared by an outside accounting firm; it is then reviewed by the gency's vice president of finance as well as the board of trustees via a scheduled meeting, email, or telephon econference. The vice president of finance collects all input from the board of trustees, passes it on to the external accounting firm, and the form 990 is revised with necessary changes before filing with the irs.”

“When transactions are entered into with employees, family members, board of trustees or vendors that may have the appearance of conflict of interest, these transactions are reviewed by management to assure that the transactions are at arms-length and in compliance with the agency's written "conflict of interest policy". Any issues are brought to the attention of the board of trustees for further review and approval of these transactions.”

“At the annual meeting of the board of trustees held in june, the board of trustees evaluates the president's performance for the year, gathers and compares available external data executive compensation from other similar nonprofit organizations on the state of new jersey, and determines whether or not to adjust the president's salary. The president sets starting salaries for top management officials based on available comparative salaries offered by similar nonprofit organizations in the state. The president reviews and approves all salary adjustments for top management officials based on performance appraisal and based upon availability of funds. The human resource department alone with top management officials determines the starting wages and salaries for all non-management employees based on comparative compensation for their pertinent employees based on a performance appraisal and based upon the availability of funds.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“The purposes of the corporation shall be (a) to provide affordable, low income housing to clients of alternatives, inc., a new jersey not-for-profit corporation; (b) to acquire, rehabilitate and develop single family, multi-family, apartment units, other such units and other real estate which will help enhance the operations and services of alternatives, inc.; (c) to promote equal access to and expansion of housing opporunities in all counties of operations by alternatives, inc.for all persons including those with special needs and low and moderate income members of the general public; (d) to encourage broad-based communtiy support and particiaption in developing low-income housing; (e) to promote construction of low and moderate income housing; (f) to encourage community awareness of the need for nondiscriminatory housing for special needs groups; (g) to apply for funds for acquisition,construction, rehabilitation or renovation of affordable housing; and (h)to engage in any other activity permitted by corporations organized pursuant to title 15a, corporation, nonprofit of the new jersey statutes.”

“The housing development and financial professional staff specializes in the creation of affordable housing units for those in most need of safe and decent homes. Adti housing corp. Provided property and facilities management to over 150 agency-owned special needs and affordable housing units throughout central new jersey. In addition, adti acted as the authorized agent for housing untis leased on behalf of alternatives, inc.'s clients with special needs. Adti housing corp. Has been approved as a qualified housing developer by new jersey housing mortgage and finance agency (nj-hmfa) for the special needs housing partnership loan program (snhplp).”

“The housing development and financial professional staff specializes in the creation of affordable housing units for those most in need of safe and decent homes. During fiscal year 2021, adti housing corp. Provided property and facilities management services to over 150 agency-owned special needs and affordable housing units throughout central new jersey.in addition, adti acted as the authorized agent for over 100 housing units leased on behalf of alternatives, inc.'s clients with special needs. Adti housing corp. Has been approved as a qualified housing developer by new jersey housing mortgage and finance agency (nj-hmfa) for the special needs housing partnership loan program (snhplp).”

“Prior Period Adjustment During 2022, ADTI had a change in accounting principle in regard to the presentation of certain long-term debt amounts. ADTI determined that certain amounts previously shown as long-term debt, which were recorded at fair value, would more appropriately be recorded at their book value to better demonstrate the financial and long-term debt position of ADTI. The resulting prior period adjustment decreased net assets without restrictions and increased long-term debt by $3,008,718 at July 1, 2021.”