Restore Neighborhoods La Inc

“The form 990 is provided to the entire board for review prior to filing.”

“Annual questionnaires are given to the board and completed versions are kept on record. The executive director is responsible for ensuring all questionnaires have been completed. Prospective board members are briefed on the conflict of interest policy as part of the board recruitment process. Board members are invited to discuss potential or actual conflicts with fellow board members at board meetings. In the event of a potential conflict of interest, the board would decide the best course of action. That decision would be recorded in the minutes of the meeting.”

“The personnel committee reviews wage and benefit comparability data compiled using information from other non-profit organizations with similar-sized budgets and in similar urban locations to determine the reasonableness of the executive director's compensation. The personnel committee presents its recommendation to the board and the board then approves the compensation for the executive director, independently and without the participation of any interested person.”

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

“Home ownership rehabilitation program: single family homes restore neighborhoods la (rnla) acquires foreclosed single-family homes in bulk from the national community stabilization trust and other servicing companies, rehabilitates them and sells them to eligible homebuyers whose income does not exceed 120% of ami. The home will be rehabilitated to meet code requirements, address all major building deficiencies, and incorporate environmentally responsible green building components. Some properties may be right-sized with the addition of a new bedroom and bathroom to better accommodate the needs of larger households. As rehabilitation is nearing completion, rnla will list all homes for sale on our website under the properties section. Multi-unit properties rnla will also purchase foreclosed and abandoned 2-4 multi-unit, and 5+ unit rental properties and offer them, through a competitive process, for ownership and rehabiltation by organizations with demonstrated capacity and experience with affordable housing development and management. Rnla will group these multi-family properties into clusters with some geographic proximity in order to achieve economies of scale with the rehabilitation and long-term operation of the rental properties. Rnla will fully comply with the city of los angeles rent stabilization ordinance which protects tenants from eviction as a result of a foreclosure. It is anticipated that many rnla purchased multi-family properties will be partially or fully occupied. If temporary relocation is necessary to facilitate a timely rehabilitation of the property, rnla will work with existing tenants to minimize disruption.”

“Flow through construction income - book/tax differences -2,506. Depreciation expense - book/tax differences -4,218.”