Tchdc Limited

“The form 990 is received from the tax preparer and reviewed by the board president. Once the 990 is finalized, a copy is reviewed by the tchdc audit committee and then distributed to the tchdc board members and tchdc limited board members for their review and approval prior to the return being filed.”

“Tchdc limited board members are also board members of tchdc or staff of tchdc. Tchdc limited does not have any staff. The conflict of interest policy described below is implemented by tchdc staff on behalf of all tchdc related entities including tchdc limited. The tchdc limited conflict of interest policy mirrors the conflict of interest policy of tchdc. Annually board and staff are required to complete an updated conflict of interest disclosure form. The board and staff are given a copy of the conflict of interest policy at that time to use in identifying potential conflicts. The policy describes potential conflicts in great detail. The executive director and office manager collect these forms and the executive direcor reviews all forms so that she is aware of potential conflicts. The executive director is responsible for bringing potential conflicts to the attention of the board in addition to individual board members raising potential conflicts that they may have. If the executive director believes that a conflict exists a memorandum describing the relevant facts is prepared for the board and is included as a part of the minutes. At the meeting at which the conflict is discussed, the director with the conflict is not counted in determining the presence of a quorum for the vote on the related transaction. The director does not participate in the discussion of the transaction in which he or she is interested unless the director is aware of material undisclosed facts pertaining to the transaction. The director may respond to questions however he or she shall not attempt to exert his or her personal influence with respect to the matter, either at or outside the meeting. The director will not vote on the transaction and will be recorded as not voting.”

“Articles of incorporation, bylaws, conflict of interest policy and financial statements are available upon request.”

“There are no differences in voting rights among members of the organization.”

“Tax basis accounting method is being used.”

“The audit committee's responsibilities include, but are not limited to, oversight of the accounting and internal control processes of tchdc limited, the audits of its financial statements as part of the twin cities housing development corporation consolidated audit, preparation of the organization's tax returns and the selection of the independent accountant.”