Elizabeth H & Cyrus V Giddings Corp

“The organization shares the same board of directors with thier affiliate, oak park residence corporation. The organization shares the salaries of various personnel and office expenses with oak park residence corporation. The property management program of oak park residence corporation administers and manages the organization and collects a monthly management fee of 6% of rents.”

“The draft form 990 will be circulated to the finance committee where it will be reviewed and any findings will be presented to the board. The board will approve the submission of the form before it is filed with the irs.”

“Enforcement of policies is accomplished by the organization's officers, trustees, kee employees and board are required to disclose or update annually any interests that could give rise to conflicts of interest.”

“The governing documents are made available to the public upon request and the board understands they are on legal notice once the documents are available to the general public.”

“The organization was created to provide elderly persons and handicapped persons with affordable housing facilities and services designed to meet their physical, social, and psychological needs. To accomplish this purpose it operates numerous unit apartments located in oak park, illinois. The project is regulated by hud through an agreement.”

“No provision for income taxes has been included in these financials since it is exempt from federal income taxes,except for tax on unrelated business income under sec 501(a) of the irc as an organization described in sec 501(c)(3). The company qualifies for the charitable contribution deduction under section 170(b) and is not a private foundation under section 509(a)(2). The organization has no unrelated business income for the year ended december 31, 2023. The organization has determined that it is not necessary to record a liability for uncertain tax positions as of december 31, 2024. The organization files tax returns in the u.s. Federal jurisdiction and one state. The federal and state tax returns of the organization for 2021 - 2023 are subject to examination by the internal revenue service (irs) and state taxing authorities, generally for three years after they are filed.”

“Depreciation expense of units that relate to the organization's mission.”

“Repairs and maintenance 43,958 0 0 consultants 0 500 0 total 43,958 500 0”