Central Florida Regional Housing Trust

“Bright central florida, llc (bright central), a wholly-owned limited liability company of bright community trust, inc. (bright trust), a public charity as a community trust described in 170(b)(1)(a)(vi), provides management services to the organization. The charitable purpose of bright trust and bright central is to use land trusts to develop affordable housing projects in florida. Cfrht benefits from bright trust's prior experience in land trust management. Under the terms of the agreement, bright central has responsibility and full control and discretion in the operation, direction, management, and supervision of cfrht and the housing trust property. The organization's top management and top financial officials reported in part vii, section a serve under this agreement. Compensation paid to these individuals by the management agent for services provided to this organization is detailed below. Francis wells, manager reportable compensation: $73,962 nontaxable benefits: $23,113 renee welch, cfo reportable compensation: $45,660 nontaxable benefits: $22,830”

“The nomination of a majority of directors at all times shall have been approved by central florida foundation, inc., a related section 501(c)(3) tax-exempt organization.”

“The organization does not currently have any standing committees.”

“Form 990 is reviewed and discussed with the executive board. The full board has the opportunity to review form 990 prior to filing.”

“Each director, principal officer, and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person: a. Has received a copy of the conflicts of interest policy; b. Has read and understands the policy; c. Has agreed to comply with the policy; and d. Understands the organization is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. At the beginning of each committee and board meeting, each member must verbally acknowlege "no conflict" to the meeting agenda or declare the conflict(s), if known.”

“The personnel providing services to cfrht and the housing trust property, including the organization's top management and top financial officials, are employed by and serve under the management agreement described in part vi, line 3; thus, in accordance with the form instructions, lines 15a and 15b have been answered "no." the manager is responsible for the formulation, implementation, modification and administration of wage scales, rates of compensation, employee insurance, employee taxes, in-service training, attendance at seminars or conferences, staffing schedules, job descriptions and personnel policies with respect to the personnel of cfrht and the housing trust property in accordance with the approved operating budget. Compensation for the top management and key employees is determined by the manager using comparable data for similarly qualified persons in functionally comparable positions and is reviewed and approved by independent persons.”

“The organization's governing documents, conflict of interest policy, and financial statements are made available to the public upon request.”

“Due to covid-19, grantors postponed funding to the organization thereby delaying development.”

“Collective impact model: program service expenses 120,786. Management and general expenses 0. Fundraising expenses 0. Total expenses 120,786. Grant writing & support: program service expenses 0. Management and general expenses 0. Fundraising expenses 18,000. Total expenses 18,000. Planning consulting: program service expenses 3,332. Management and general expenses 0. Fundraising expenses 0. Total expenses 3,332.”