Commonbond Communities

“The form 990 was reviewed by the cfo and controller, then presented to the audit committee for review and approval, then sent to the board of directors prior to filing.”

“Any director, officer, member of a committee or individual with board-delegated powers (interested person) who has a direct or indirect financial interest, is asked, on an annual basis, to disclose any actual or possible conflicts of interest in writing to the directors and members of committees with board-delegated powers. The board or committee members decide by majority vote if a conflict of interest exists. If it does exist, or if they have reasonable cause to believe that a director, officer or member has failed to disclose actual or possible conflicts of interest, it shall follow the procedures described in the conflict of interest policy. This may include providing the director, officer or member an opportunity to explain the alledged failure to disclose, deciding if further investigation may be warranted or taking appropriate disciplinary and corrective action with disclosure recorded in the board minutes. A board member with a conflict of interest does not participate in discussions or voting concerning the transaction in question.”

“The compensation of the ceo is reviewed and approved annually by the executive committee, using a compensation analysis and various performance reports for measurement and comparison. The compensation of the executive leadership team is also reviewed by the executive committee. The last year in which this process included review and approval by independent persons, comparability data and contemporaneous substantiations was 2019.”

“Commonbond communities' financial statements, governing documents and conflict of interest policy are available upon request.”

“Real estate taxes: program service expenses 811,957. Management and general expenses 0. Fundraising expenses 0. Total expenses 811,957. Utilities: program service expenses 591,696. Management and general expenses 0. Fundraising expenses 0. Total expenses 591,696. Bad debt (recoveries): program service expenses 265,432. Management and general expenses 0. Fundraising expenses 10,140. Total expenses 275,572. Program expenses: program service expenses 250,993. Management and general expenses 0. Fundraising expenses 0. Total expenses 250,993. Miscellaneous expense: program service expenses 128,959. Management and general expenses 4,091. Fundraising expenses 12,954. Total expenses 146,004. Loss on disposal of property: program service expenses 59,175. Management and general expenses 0. Fundraising expenses 0. Total expenses 59,175.”

“Transfer from commonbond endowment 447,040. Transfer property to cb galway-community limited partnership 835,250. Transfer property to cb lm redevelopment limited partnership 79,893.”

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