Bay Inter-Faith Housing

“Line 3 explanation - lsc service corporation is the management company. They manage the daily operations. The board approves an annual budget, receives monthly financials and quarterly reviews from the management company.”

“Line 6 explanation - sponsoring members are four local churches: bay united methodist, bay presbyterian, st. Barnabas-anglican, and bethesda-on-the-bay lutheran. Trustees are from the members.”

“Line 7a explanation - the members meet annually and elect officers and trustees. See 7b.”

“Line 7b explanation - at the annual meeting of the members, they vote to ratify and approve proceedings and actions of the trustees and officers since the last annual members meeting.”

“Line 11a explanation - management and the board review form 990 and approve or makes corrections before filing.”

“Annually get signed conflict of interest forms back from trustees. If they have a conflict the board would review.”

“Compensation and the budget are prepared by the managing agent and housing manager. The trustees review and approve prior to year end. Monthly actual and comparison to budget financials are sent to trustees.”

“The company does not disclose governing documents, policies and financial statements to the public.”

“The company does not disclose governing documents, policies and financial statements to the public.”

“Line 11a, 11b and 11c - interest income on seller notes receivables see schedule o explanation for form 990, part x line 7. Interest income ($57,448) - the project entered into an interest bearing seller note receivable agreement with a taxable entity when the building was sold.”

“Lihtc consulting: program service expenses 0. Management and general expenses 12,061. Fundraising expenses 0. Total expenses 12,061.”

“Notes and loans receivable consist of the following: item #1 seller notes receivables - during 2017 the board of directors of bay interfaith housing, inc. Entered into various contracts and agreements to allow for the sale of the knickerbocker apartment building. The sale occurred on december 21, 2018 as a non-cash/seller financed deal and allows bay interfaith housing, inc. To purchase the apartment building back after a statutory period, from the purchaser, knickerbocker senior apartments, llc. The sale allows the project to continue as a multifamily senior apartment building and raise capital for extensive renovations. Because of the sale and the renovation funding requirements bay interfaith housing, inc. Incorporated two new ohio taxable entities. The entity continues to own a small percentage of the taxable entities and holds a note receivable for the seller financing provided. Item #2 funding notes receivables - on december 21, 2018 bay interfaith housing, inc. Entered into a surplus cash note (the note) with knickerbocker senior apartments, llc for $1,700,000. The note calls for 3.31% interest to accrue and payments made only from 75% of knickerbocker senior apartments, llc's available surplus cash. All unpaid principal and interest is due on the note's december 31, 2060 maturity date.”

“As part of the sale and renovations of the knickerbocker apartment building the project contributed $301,000 to ksa, llc for a general partner interest. The contributed capital is recorded on the project's balance sheet as investment in knickerbocker senior apartments, llc.”