Leisure Living Apartments Inc

“Leisure living apartments, inc., both phase i and phase ii, is managed by bradley residential management corporation, a professional property management company. Bradley residential management corporation has a signed management agreement with the project which is approved by rural development as well as us department of housing for the different phases. The signed management agreement with the project, approved by rural development, is for a specified time period. The management contract encompasses the day to day operations of the project including, but not limited to, collection of rents, maintenance of facilities, supervision of staff, and ongoing support for both the owners and tenants as needed in order to establish a safe, sanitary and affordable environment.”

“The total number of shares which the corporation is to have authority to issue is 1,000. The board of directors are shareholders.”

“The directors elected at the annual meeting to succeed the directors named in the articles of incorporation shall be elected for staggered terms of three, two, and one years. As the terms of such directors expire, their successors shall be elected for terms of three years until their successors are elected and qualified. Directors should be residents of the community where the housing is located.”

“The bylaws may be repealed or amended by a majority vote of the directors present at any annual meeting of the board, or at any special meeting of the board called for such purpose, at which a quorum is present; provided, however, no such action shall change the purposes of the corporation so as to impair its rights and powers under the laws of said state, or to waive any requirement for the provisions of safety and security of the property and funds of the corporation.”

“The auditing firm sends a draft of the return to the management company. The management company presents the 990 at the board meeting for their review. Once the board has an opportunity to ask questions, the board approves the form 990 and the president gives approval to file the return.”

“Board members sign off on the policy annually and abstain from any voting where a conflict of interest could exist.”

“The organization does not compensate officers or directors (see page 7, part vii). If the organization revises their position on compensation of officers and directors, an additional policy will be drafted at that time.”

“Existing policies, returns and financial statements are maintained at the offices of the management company. These documents are made available to the public upon written request.”

“The management company receives a copy of the financial statements. Prior to the finalization of the financial statements, a copy of the financial statements is given to all of the board members for their comments. When the financial statements are up for bid, the board discusses the relationship with the current auditors and makes a determination as to whether to maintain this relationship or change to a new auditing firm.”