Foundation for Eldercare

“The chairman of the board of trustees is the cousin of the step mother of one of the trustees”

“Executive Director generally sends emails and/or enters resolutions into corporate books relating to decisions requiring actions arising from meeting of Board”

“The size of the corporation is such that no such committees are ever utilized.”

“this form is delivered to our CPA for review”

“All activities which involve trustees and / officers and the corporation are described to our tax counsel for clearance and to all other board members for approval. In anticipation of the receipt of the gift of 40-acres of land zoned for townhouses which taxpayer had been advised would be made in mid-December, 2017, the Executive Director began the process of obtaining preliminary approval from the Cecil County (Maryland) Planning Committee to allow the construction of 228 townhouses on the to-be acquired "Land". Before 12/31/16 the Executive Director had: a. engaged local engineering and legal counsel needed to work through the regulatory and scientific issues to be overcome in anticipation of using the Land; b. obtained preliminary approval of the layout of roads, etc., for the future development; c. negotiated verbal agreements (which were converted to firm, written commitments early in 2017) with local water and sewer authorities to service the Land; d. negotiated a reduction of connection fees to the aforesaid utilities, which would be The Executive Director and the Board of Trustees have extensively discussed a compensation plan for the Executive Director, commensurate with the value of the work he is doing and the skill level required for such work and the availability and affordability of other persons who might be engaged to perform and complete such work. As of 12/31/16 no compensation agreements have been made between the Taxpayer and the Executive Director”

“Our website states that such documents are available to the public upon demand”

“We are amending Form 990, Part VI, Section B, Line 12c to provide information on real estate skills provided by the Executive Director which are aiding the endeavors by Foundation for Eldercare to develop additional housing for qualifying senior citizens”

“Foundation was gifted 40-acres of land which was zoned for 228 apartments in Cecil County MD. Foundation obtained agreements for sewer, water and preliminary improvements and a credit facility to fund the needed engineering to complete the process required to construct and operate the townshouses for senior citizens”

“tenant subsidies $4,140 exterminator $1,435 fees $1,754 insurance, property $6,204 lawn, snow $6,141 leasing expense $3,745 maintenance $11,115 misc exp $5,307 permits $377 sewer fees $7,596 supplies $6,067 taxes, real estate $13,797 tenant services $920 utilities $28,951”

“Net increase in value of buildings acquired less added mortgage debt assumed”