Bright Community Trust Inc.

“The organization did not have any standing committees during 2020.”

“Form 990 is presented and reviewed with all board members prior to signing and filing the return.”

“Established policy is that conflict form will be read, completed and signed by officers, directors and board members to acknowledge adherence to the conflict of interest policy and to disclose any related party issues. Board meeting packets are provided to each board member prior to the scheduled meeting for review. When the meeting is called to order, each member must verbally acknowledge "no conflict" to the meeting agenda or declare the conflict(s), if known.”

“Compensation for officers and key employees is industry researched for similar organizations, in the same demographic area with comparable titles and responsibilities. Financial reports along with budgets and forecasts are reviewed. The proposed salary compensation is presented to voting members of the board to approve, deny or adjust. Bright central, llc, a wholly-owned subsidiary of bright community trust, entered into a management agreement with central florida regional housing trust (cfrht). In accordance with this agreement, cfrht hired a third party consulting service to do analysis of position and comparable salary compensation around the country. This analysis will cover portions of bright employee salaries.”

“Governing documents and financial statements are available upon request.”

“The organization formed bright southwest florida, llc, a wholly-owned limited liability company, during the year for the purpose of expanding the organization's services to counties in the southwest florida region. The new activity is part of the program described in form 990, part iii, line 4a.”

“During 2020, grantors postponed funding to the organization due to the covid-19 pandemic thereby delaying development.”

“The chief executive officer is responsible for the selection of the independent cpa firm. The chief financial officer meets with the selected independent cpa firm prior to the start of the audit to discuss the planned approach and the services that the selected firm will provide. The chief financial officer has the responsibility for the conduct of the annual financial statement and compliance audits. At the conclusion of the audit, the cpa firm meets with the executive board to discuss the results of the audit. The board will vote to approve and accept the audited financials. In addition, the board of directors along with the chief executive officer is responsible for: ensuring that adequate internal controls are in place to safeguard the assets of the organization, reviewing the monthly financial statements; and for monitoring risk management and compliance practices of the organization. This process has not changed from the prior year.”