Ardsley Housing Development Fund Corp

“THE ORGANIZATION WAS FORMED UNDER THE NEW YORK STATE PRIVATE HOUSING FINANCE LAW TO DEVELOP AND OPERATE A SPECIFIC NEW YORK STATE FUNDED HOMELESS HOUSING PROJECT IN ARDSLEY, NEW YORK. THE ORGANIZATION WAS SPONSORED BY SHORE/ICARE, A NOT-FOR-PROFIT ORGANIZATON ENGAGED IN PROVIDING AFFORDABLE HOUSING BY BRINGING TOGETHER GOVERNMENTAL AND PRIVATE FINANCING. SHELTERING THE HOMELESS IS THE SOLE MEMBER AND WITH ARDSLEY HOUSING DEVELOPMENT FUND CORP., JOINTLY WERE RESPONSIBLE FOR FINANCING AND COMPLETING THE PROJECT IN ACCORDANCE WITH THE TERMS OF VARIOUS GRANT AGREEMENTS and restrictive covenants ENTERED INTO BY BOTH ENTITIES, AND REQUIRES THE OPERATION OF THE CONSTRUCTED property as homeless housing for a period of 25-years by New York State and housing for very low income housing for 99 years by other funding sources.”

“As the sole member, shore/icare elects the board of directors of ardsley housing development fund corp.”

“Shore/icare, a 501(c)(3) organization, as the sole member has the power to appoint the directors of the board for ardsley and to direct the actions of the board and must approve any changes in ardsleys by-laws.”

“The organization does not utilize committees of the board.”

“THE FINANCIAL STATEMENTS AND FORM 990 DRAFTS WERE PRESENTED TO THE Finance Committee OF SHORE AND ARDSLEY HDFC BY THE AUDITOR AND TAX PREPARER. THE finance committee OF SHORE AND ARDSLEY HDFC REVIEWED THE DRAFTS AND MADE INQUIRES AND COMMENTS. THE TAX PREPARER MADE THE APPROPRIATE CHANGES AND PRESENTED THE RETURNS TO THE ORGANIZATION FOR SIGNING BY THE OFFICERS. The Finance Committee at a special board meeting reported on the financial statements and tax filings, and made copies available.”

“New board members are required to complete a conflict of interest questionnaire and also to disclose any conflicts to the president of the board. At a yearly meeting the board members are required to review their conflict of interest statements and update the questionnaire. During the year, if there is a change of circumstance or a new matter arises that affects a directors independence the director is required to review the matter with the president of the board for possible referral to the entire board for review and determination if a conflict exists and what governance action should be taken.”

“The compensation for executive director is determined based on a comparison vs.other similarly sized and/or functional organizations in the sector, forms 990 ofother organizations and compensations surveys along with the governancecommittee input and ultimate determination by the board of directors.”

“THE ORGANIZATION FILES NEW YORK STATE FORM CHAR500 WITH THE NYS ATTORNEY GENERALS CHARITIES REGISTRATION BUREAU. THE REPORT INCLUDES COPIES OF THE ORGANIZATIONS FINANCIAL STATEMENTS AND FORM 990. THE STATE ATTORNEY GENERAL MAKES THE FILINGS AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST. THE ORGANIZATIONS RECORDS ARE KEPT AT THE OFFICE OF ITS Organizations Officer. REQUESTS CAN BE MADE TO THE ORGANIZATION DURING NORMAL BUSINESS HOURS TO REVIEW ANY PUBLIC FILINGS AND CORPORATE FILING MADE WITH NEW YORK STATE.”