Sarah'S Place Inc

“Friendship retirement corporation serves as the organization's sponsor and provides management services.”

“Friendship retirement corporation has the right to participate in the organization's governance.”

“The board of directors nominates new board members who must be approved by friendship retirement corporation (frc). Frc also apoints the ceo.”

“Any changes to the organizational by-laws of sarah's place are also subject to the approval of frc and the department of housing and urban development.”

“The 990 is prepared by an outside accounting firm and is reviewed by the ceo, cfo, and finange committee. The final draft of the 990 is sent electronically or mailed to all board members prior to being filed with the irs. Board members have a comment period in which to respond with questions or changes.”

“All board members are covered under the conflict of interest policy. The board chair and the ceo determine if there is a conflict of interest based on the conflict of interest policy questionnaires given to each board member at the start of the board year. When a conflict arises, that person is recused and may be asked to leave the room during the deliberations of the issue. It is noted in the minutes when a board member has a conflict and has abstained from voting.”

“Financial statements are made available to the public upon request.”

“All payroll reporting is managed by friendship retirement corporation, which acts as the common paymaster for the filing entity. As such, there are no w-2s or 1099s reported on this return.”

“The parent company, friendship retirement corporation (frc), has allocated a portion of the tax exempt bonds that was issued during 2016. The details of the tax exempt bonds issued to frc are contained on the schedule k that is filed with its form 990 (fein 86-0265218). As a result, there is no schedule k reporting for this tax return.”

“Change in beneficial interest 3,018.”

“This process has not changed from the prior year.”