The Bowen Foundation Inc

“The bowen foundation provides availability for review of a completed form 990 and schedules to all members of the governing body prior to filing the 990 return.”

“The bowen foundation was established in 1973 as a family based managed and operated non-profit, charitable 501 (c)(3) corporation providing housing for the ederly, handicapped and disabled. The bowen foundation has maintained self managed, public support via contract with the us housing & urban development's section 8 housing assistance program. The bowen foundation, inc has from its first creation had family relationships it's creation, past and current board members and managment and key employee positions. However, all family relationships are directly involved and related to the management & operation of the sole service of providing housing for the elderly, handicapped and disabled. There has never been in the past, currently or anticipated in the future of any family business relationships in keeping with 501(c)(3) guidelines.”

“President and governing body both work together to establish compensation for employees.”

“The bowen foundation managements makes available the completed tax return upon notifications and or request. The foundation complies with open to the public irs requirement.”

“The officers in 2020 were: warren davis, president; mary ann richter, secretary; vice president position was vacant. These were the only three officers in 2020. The directors in 2020 were: dennis davis, deborah arnold and mary ann richter.”

“Adjustment to balance the balance sheet ($3246.00). This amount represents the difference between the prior year investment income and the retain earnings. Cash decreased $8,961.00. Investment income increased $12,548.00. The income for 2020 is $314.00 ($314.00 + 3246 = $3587.00).”

“The amount on line 13 consists of a loan balance liability amount ($185,823.00) and stock holding value at the end of the year ($42,584.00). The loan amount was used to refinance a mortgage loan.”

“There was a change in parties responsible for filing tax returns for the bowen foundation. The new president was not involved nor did he have access to prior documents and information used for prior returns. All information in this return is based on information mr davis was able to obtain. All effords were made to file an accurate return for the year 2020.”

“Other expenses are as follows: contract services $72,335; materials and supplies for upkeep of the buildings and apartments $16,193; misc. Administrative costs $4106.00; city and county taxes paid to the local attascosa appraisal office, $4106.00; other expense-loan payments $29,859”

“This adjustment is to balance the balance sheet, $3246.00. This amount is the difference in the stock investment for 2019 and 2020, and decrease in retained earning from 2019 to 2020.”