St Joseph Residence at Mont Marie Inc

“The organization is managed by first nj asset management llc, pursuant to a management agreement approved by hud. The management agreement provides for a management fee of 8.00% of rent collections, which automatically renews yearly. Such fees charged to operations for the current year were $16,820.”

“The organization has ceased operations on february 7, 2017 upon its transference of all assets to another 501(c)(3) organization to continue adminstering the hud project, and has notified the attorney general of its intent to dissolve.”

“As stated in the by-laws, the corporate member is comprised of the individual members of the leadership team of the congregation of the sisters of st. Joseph. All actions of the member shall require the affirmative vote of a majority of the individual members of the leadership team at a meeting of the leadership team at which a quorum is present. A quorum of the leadership team shall consist of a majority of the members of the leadership team then in office. The member reserves to itself the right to: - approve the adoption or amendment of mission, philosophy, and purpose statements of sjr, - approve the amendment, revision or restatement of the articles of incorporation or bylaws of sjr - approve the merger or consolidation of this corporation, into or with any other corporation or associate, and the dissolution or otherwise wrapping up of the affairs of sjr - corporate member shall elect president, vice president, secretary, and treasurer of the corporation; new directors elected by member”

“As stated in the by-laws, the corporate member is comprised of the individual members of the leadership team of the congregation of the sisters of st. Joseph. All actions of the member shall require the affirmative vote of a majority of the individual members of the leadership team at a meeting of the leadership team at which a quorum is present. A quorum of the leadership team shall consist of a majority of the members of the leadership team then in office. The member reserves to itself the right to: - approve the adoption or amendment of mission, philosophy, and purpose statements of sjr, - approve the amendment, revision or restatement of the articles of incorporation or bylaws of sjr - approve the merger or consolidation of this corporation, into or with any other corporation or associate, and the dissolution or otherwise wrapping up of the affairs of sjr - corporate member shall elect president, vice president, secretary and treasurer of the corporation; new directors elected by member”

“The audit committee did not document the meetings with minutes.”

“The president of the organization and the chief financial officer of a related organization reviews and approves a draft copy of form 990.”

“The organization monitors compliance with the conflict of interest policy by having all board of director members and consultants acknowledge annually through their signature that they understand the policy and will abide by it. In the current year the organization did not send out the annual conflict of interest disclosure forms, due to the pending dissolution of the entity.”

“N/A - NO COMPENSATION.”

“The organization does not make these documents available to the public.”

“The organization uses a common paymaster, a related party of the managemnt company, to process and disburse all payroll and related charges. The organization then reimburses the common paymaster for these expenses. Therefore, the organization does not file form w-3, transmittal of wage and tax statements, since all form w-2's are issued by the common paymaster.”

“Transfer of assets upon dissolution -112,002.”