Housing Alternatives Development Company

“No committees are currently acting on behalf of the full governing board.”

“The draft of the 990 is shared with management, the entire board, and outside exempt organization tax counsel for review and comment. The final return is provided to all board members prior to filing.”

“The 2011 COI Policy applies to the Board and defines both financial conflicts and perceived conflict of interest. Board Members with conflicts are required to make disclosure to the Board and upon concurrence that a conflict of interest exists, the Board Member involved is required to abstain from voting on the issue and is to not participate in the discussion other than to provide factual information about the applicant organization or vendor in question when asked. Any abstentions due to the invocation of the COI Policy are to be recorded in the Minutes of the meeting. This same procedure has been applied to the President/CEO and a updated policy will be adopted in the current tax year to expand the coverage to other executive staff.”

“An independent Compensation Committee was utilized to set compensation for the Board Directors who were providing executive services through 3/31/2017. The prior Board of Directors procured a comparability study for the CEO/President that supported the remuneration provided to him in fiscal years ended 3/31/2017 and 3/31/2018.”

“The Organization made its governing documents, conflict of interest policy, and financial statements available upon request.”

“-Aid low and moderate income households -Advance equal housing opportunity -Combat community deterioration and blight through programs fostering housing and economic development to encourage and strengthen integration in housing -Provide quality low and moderate income and senior housing options that offer comfortable living environments, with programs and services that encourage continued independence and active retirement with preventive and supportive health care Housing Alternatives Development Company (HADC) was formed for the purpose of owning, managing, and operating single and multifamily rental housing and elderly housing. The Organization's primary exempt purpose is to provide low and moderate income housing, senior housing, senior assisted living facilities, nursing homes, and student housing, and promote health in the senior community and the general community in underserved communities. The purpose of HADC shall include the acquisition, construction, rehabilitation, ownership, management, operation, leasing, improving, financing, refinancing, pledging and selling facilities to provide these services. Substantially all of the Corporation's revenue is derived from the rental of its housing units and various services provided to the residents.”

“Decrease in CSV of Life Insurance - Unrealized -2,979. Transfer from Related Organization 125,000.”