River Terrace Estates Inc

“The organization does not have any committees of the board of directors.”

“Prior to filing the return with the irs, a draft of the completed form 990 is reviewed by the organization's ceo. Subsequent to this review, the completed and final form 990 is presented to the full board for review and is subsequently filed with the irs.”

“The organization adopted a conflict of interest policy that requires each director and officer to sign a written statement and disclose any conflict of interest. A component of the policy requires that any director or officer with a conflict is prohibited from voting on any matter in which there is a conflict. The ceo of the organization monitors and enforces compliance with the conflict of interest policy on a regular basis and the board of directors monitors the ceo.”

“Various public and private entities may require the filing of such documents as part of a regulatory or contractual commitment, and as a result of such obligations, certain materials may, in fact, be available to the public. Financial information as well as detailed information about the organization is made available to residents of the independent living section by way of a continuing disclosure document. Outside such disclosures, the organization's governing documents, conflict of interest policy, and financial statements are not routinely made available by the organization to the public. Notably, financial statements, govering documents, and conflict of interest policies are not required to be disclosed to the public pursuant to irc section 6104.”

“Due to financial and operating issues the organization entered into bankruptcy protection in 2014. As part of the bankruptcy proceedings the assets and operations of the organization were sold to an unrelated for profit company and the liabilites were forgiven. The sale and transfer of operations occured on february 1, 2015. After the sale was complete there were no further operations of the organization.”

“Other fees: program service expenses 13,145. Management and general expenses 300. Fundraising expenses 0. Total expenses 13,445. Other salaries: program service expenses 186,743. Management and general expenses 47,631. Fundraising expenses 0. Total expenses 234,374. Other benefits: program service expenses 2,322. Management and general expenses 19,138. Fundraising expenses 0. Total expenses 21,460.”

“Transfer from foundation 50,000. Change in net assets due to bankruptcy proceedings 10,942,101.”