Neighborhood Lending Services Inc

“Neighborhood lending services, inc. Is organized as a not-for-profit corporation in which neighborhood housing services of chicago, inc., a related tax-exempt organization, is the sole corporate member.”

“As the organization's sole corporate member, neighborhood housing services of chicago, inc. Holds all voting rights with respect to neighborhood lending services, inc. These rights include the right to elect directors of the corporation and amend the articles of the incorporation.”

“See narrative for form 990, part vi, line 7a”

“The organization's finance department and paid tax preparers are responsible for the preparation of the form 990 and all required schedules. The form 990 is reviewed by management and an electronic copy is provided to all board members prior to filing with the irs.”

“The organization requires all personnel and board members to sign a conflict of interest affidavit on an annual basis. The president of the board of directors will determine the appropriate course of action for all potential or actual conflicts of interest that may exist involving a board member. In the instance that a potential conflict of interest arises with a board member on an issue requiring a vote, the board member is required to disclose the conflict, and abstain from voting, and may be required by the president of the board to leave the room during the vote. The president will determine the appropriate course of action for all potential conflicts of interest involving the organization's employees.”

“Compensation for all officers is subject to a comparability review by the human resource director and documented on a timely basis. Salary ranges on all position classifications are reviewed bi-annually by the human resources director. The salary of the top management official is reviewed and approved by independent board of directors on an annual basis during the organization's annual budgeting process. The compensation for the organization's other officers is reviewed and approved by the president. The president signs a hiring approval form for new hires to approve a new position's salary. A payroll change form is also completed for new positions to ensure the employee is established in the payroll processing system on a timely basis. Merit increases for other officers and key employees are approved by the executive director by signing a payroll change form. The deliberations and decision making regarding the determination of compensation are documented on a timely basis by the human resources department. Tom sakos, anthony simpkins, and donna clarke devote the following hours per week to the related tax-exempt organizations listed below: 20 hours to neighborhood housing services of chicago, inc. (nhs) 10 hours to neighborhood lending services, inc. (nls) 5 hours to nhs redevelopment corporation (nhsrc) robin coffey (chief credit officer) devotes the following hours per week to the related tax-exempt organizations listed below: 5 hours to neighborhood housing services of chicago, inc. (nhs) 30 hours to neighborhood lending services, inc. (nls)”

“Financial statements, governing documents, and conflict of interest policies are not required disclosures pursuant to internal revenue code (irc) section 6104. With the exception of the financial statements, which are provided to funders, government agencies, and prospective donors, these documents are not available to the public at this time.”

“Accounts receivable forgiveness adjustment -2,862,122.”