Springvale Terrace Inc

“The organization is managed by residential one, llc pursuant to a management agreement approved by the u.s. Department of housing and urban development. The fee is based on $6 per unit per month plus the sum of 7.75% of gross monthly income based on previous month's gross receipts. For the year ended september 30, 2024, management fees were $ 86,600. No individuals listed on form 990, part vii received compensation from the management company.”

“The organization's sole member is seabury resources for aging.”

“The organization's sole member has the authority to elect members of the board of directors.”

“The organization's bylaws may be altered, amended or repealed and new bylaws may be adopted only by action of seabury resources for aging.”

“The board acted as a whole on all matters and no committee was appointed during the fiscal year.”

“The board of directors is provided with a copy of the form 990 after filing with the internal revenue service.”

“The conflict of interest policy applies to board members, staff members, and volunteers of seabury resources for aging and its subsidiaries ("seabury"). Every officer and staff member is expected to avoid situations or activities that could interfere with his or her unencumbered exercise of judgment in the best interests of seabury. It is the responsibility of each board member, staff, contractor or volunteer to disclose anything that may have the potential for conflict of interest. Disclosure of an actual or potential conflict of interest should be made to the chief executive officer of seabury resources for aging, who shall report the information to the board of directors. If a potential conflict is disclosed, the individual(s) shall refrain from participation in the identified activity until the disclosure is reviewed and the matter is resolved. All disclosures shall be documented on a disclosure of potential conflicts of interest form, and copies of the documentation will remain in seabury's employment records and board files. This seabury policy statement and related disclosure form will be distributed to board members and staff members of seabury on an annual basis. Board and staff members are requested to return a signed disclosure form to the chief executive officer and keep a second copy for their records.”

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

“As of april 2024, all units were vacant and the entity stopped leasing units to tenants. Financial applications for the new project have been filed and are in process. Montgombery county approved the site plan for the new project in spring of 2024 and the entity and the new development entity entered into an option agreement for the sale of the property after the close of fiscal year 2024. A redevelopment letter of support has been recevied from hud for the sale of the property and transfer of debt and release of restrictive covenants.”