Pace Iowa

“Eric n. Gurley is the president and ceo of immanuel, a supporting organization of immanuel home and community resources, the sole member of pace iowa. All compensated board members, officers and employees are employees of immanuel.”

“Management services are provided by immanuel home & community resources, the organization's sole member. Management and development fees are paid to immanuel home & community resources based on contractual agreement.”

“Pace iowa has one member, immanuel home and community resources.”

“Immanuel home and community resources, pace iowa's sole member, has the right to appoint and remove directors.”

“Immanuel home and community resources, pace iowa's sole member, must approve any amendment and initiate or adopt amendments to the articles or bylaws of pace iowa.”

“The form 990 is prepared by an accounting firm with the assistance of the controller, and is then reviewed by the cfo and the controller. Copies of the reviewed return are provided to the board members prior to filing with irs.”

“Pace iowa uses the same policy as immanuel, a related organization. The policy states that the board of directors must sign the conflict of interest policy and disclose all conflicts. The governance committee shall decide what actions need to be taken concerning any conflicts. The board member is prohibited from voting on any business related to any conflict the governance committee has identified.”

“Pace iowa does not have a ceo, executive director or top management official or any key employees the organization directly compensates. The organization reimburses immanuel, a related organization, for portions of the salaries of immanuel employees who provide needed services. Therefore, it is not necessary to have a process to determine compensation for these positions.”

“Pace iowa does not make its governing documents, conflict of interest policy, or financial statements available to the public.”

“All compensation and benefits shown for directors are paid by immanuel, the sponsor organization, for services performed for immanuel or other related entities. The compensation is not paid for services in connection with the position of director for pace iowa.”

“Individuals performing services for pace iowa are employees of immanuel, a related entity. Therefore, immanuel issues the form w-2 for these employees. Because pace iowa reimburses immanuel for the salaries and benefits of these employees, the expenses for their salaries and benefits are reflected on this return in part ix, statement of functional expenses.”

“Equity transfer from immanuel home and community resources 10,000,000. Equity transfer from immanuel 4,719,393.”

“The board of directors of pace iowa assumes responsibility for the oversight of the audit of its financial statements and selection of an independent accountant. This process did not change from prior years.”

“Prior to june 30, 2016, pace iowa had entered into a subordinated line of credit and promissory note with immanuel home and community resources (ihcr) not to exceed $10,000,000. The note had an interest rate of prime rate plus 2%. At june 30, 2016, ihcr cancelled the note and a transfer from affiliate was recognized in the statement of operations and changes in net assets. During the year ended june 30, 2016, pace iowa also received a net asset transfer from immanuel in the amount of $4,719,393.”