The Thresholds

“The board retains the services of an independent cpa firm to prepare the organization's form 990. Management reviews the completed form 990 and provides a full copy to all members of the finance committee. The finance committee reviews the copy and meets with the independent cpa firm. After form 990 is accepted by the finance committee a copy is provided to all voting members of the governing body prior to filing. The governing body is provided a reasonable amount of time to review the return and ask any questions directly to organization management or the contact at the independent cpa firm prior to filing.”

“Officers, directors, trustees, and key employees are annually required to complete a conflict of interest disclosure statement as a precursor to their service to the organization. Potential conflicts are logged with and monitored by the secretary of the board.”

“The ceo has an employment contract that is evaluated annually by the board's executive committee. The board meets in executive session to determine the ceo's annual compensation package that may include a discretionary bonus. The board uses comparable data in its assessment of executive compensation. The board president documents the results of this assessment and the committee's decision and routes this information to human resources for processing. The cfo's compensation has been benchmarked by an independent consulting firm. Remaining key employees are determined with human resources review and market comparisons.”

“Governing documents and financial statements are available through applicable governmental agencies; the conflict of interest policy is available upon written request to the organization.”

“During the tax year, the thresholds was requested by carlton apartments supportive housing, llc to assist in the financing of and to provide social services for a 70-unit multi-family residential facility located in chicago, illinois, known as the carlton apartments ("project"). As part of the agreement, thresholds received a donated property appraised at $3,900,000, as reported on form 990, schedule m, line 16. Thresholds subsequently conveyed the project to mhl carlton apartments mm llc, generating a $3,900,000 loss on disposal of fixed assets, as reported on form 990, part viii, line 7, column ii. The preceding transactions qualified the project for donation tax credits in connection with the illinois affordable housing tax credit program. Per illinois housing development authority requirements, thresholds and carlton apartments supporting housing llc (the llc), entered into a regulatory agreement in connection with the donation tax credits, whereby thresholds and the llc are obligated to ensure the long-term affordability of the project, as required under the act.”