Mercy Portfolio Services

“Mercy Housing, Inc., a Nebraska nonprofit corporation, is the sole member and is exempt from federal income tax as an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986.”

“The Board of Trustees of Mercy Housing, Inc., as sole member of Mercy Portfolio Services, has authority over Mercy Portfolio Services in various aspects of operations and management. The reserved rights held by the Mercy Housing Board of Trustees, which may be further delegated to the President and CEO of Mercy Housing, Inc., include approval of the following activities: revisions to articles and bylaws; mergers and acquisitions; establishment of new entities; pledging, mortgaging or disposing of all or substantially all assets; obligations of new operating and mortgage debt; and appointment or removal of governing board members and officers.”

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“Form 990 is presented to all board members prior to the submission of the Form 990. Comments and questions are requested, and if no comments are received the Form 990 is filed.”

“The Audit Committee of Mercy Housing, Inc. reviews ANNUALLY the Conflict of Interest disclosures and determines whether any action is required.”

“Periodically the executive Committee within the Mercy Housing, Inc. Board of Trustees will review executive salaries to ensure competitiveness with external markets and for internal equity in relation to general employee wages and benefits, individual and organizational performance, and the financial resources of the Organization.”

“Governing documents, conflict of interest policy and financial statements are made available to the public upon request.”

“Mercy Portfolio Services (MPS) was formed in 2009 as a response to the nation's foreclosure crisis. MPS addressed the crises through two major programs: 1) Management of Neighborhood Stabilization Program (NSP) funds provided by the federal government to states and municipalities. NSP funds were used to acquire, rehabilitate and reoccupy foreclosed homes; and 2) Participation in the Mortgage Resolution Fund (MRF), a partnership with Enterprise Community Partners, Housing Partnership Network, and National Community Stabilization Trust whose mission was also neighborhood stabilization. MRF purchased delinquent mortgages from lenders and restructured the mortgages, enabling families to save their homes from foreclosure or transition to suitable housing. As of December 31, 2015, pursuant to the applicable agreements, MPS ceased its NSP management activities, excluding only record retention obligations set forth in those agreements. MRF, and its subsidiaries, have ceased purchasing loans, and are in the process of disposing of their remaining assets comprised primarily of REO properties.”

“Responsibility for selection of an independent accountant and oversight of the annual audit is reserved by the Mercy Housing, Inc. Board of Trustees. Mercy Housing, Inc., is the sole member of Mercy Portfolio Services.”

“THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AUDITED IN ACCORDANCE with generally accepted accounting principles. The audited financial statements are reported within the Consolidated Financial Statements and Supplemental Information of Mercy Housing, Inc.”