Hadc Ridgeway

“HADC Ridgeway retains the services of Housing Alternatives Development Company (HADC) as the manager of the project with responsibilities for managing, operating, maintaining, servicing and leasing of the project. HADC also has the responsibility for providing congregate care and assisted living services to the residents of the project. The CEO/President serves as the CEO/President of both HADC and this organization. HADC is this entity's sole member, and thus the parent entity, as noted in the disclosures to Part VI, Lines 6 and 7. The amount of time the CEO/President provides to each organization, and the compensation he is paid overall by HADC for his services to both, is presented at this Form's Part VII-A, Line 1a, entry (1) columns (B), (E) and (F).”

“Housing Alternatives Development Company, a Minnesota nonprofit corporation, is the parent entity and sole member of the Corporation. The member shall be entitled to vote and shall have such other rights as are provided in these Articles or the Bylaws of the Corporation, in addition to all of the other rights provided to members with voting rights by the Minnesota Nonprofit Corporation Act.”

“At the annual meeting the Board of Directors shall be elected by the member.”

“The bylaws may be amended or repealed only by the affirmative action of the member.”

“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.”

“HADC Ridgeway's Board has established by a policy and attendant procedures that define financial conflicts, as well as arenas where a perceived conflict of interest is present. Board members, and the organization's CEO/President and specified other "key employees" as defined by the organization (i.e., not the same as employed by the Form 990), are required to make disclosure to the Board whensoever they become aware that a present or potential conflict of interest exists. The Board then determines if the matter fits the policy's definitions, and if so, the Board then further evaluates if the applicant organization or vendor's services have been (in the case of an already transacted matter) or can be (relating to a proposed transaction) availed of at appropriate reasonable and fair terms. In such deliberations and evaluations, any Board Member who has any business or family relationship (or other attendant interest by which a perception conflict is defined) with the party who is the subject of the conflict neither participates in the Board's determinations, aside from providing information about the applicant organization or vendor and the subject transaction upon the Board's request. In matters involving a conflict scenario involving an employee other than a key employee, the Board and the CEO/President shall determine if the matter need be elevated to the Board. All of the Board's determinations as to how a conflicted transaction or event has been handled in line with Board policy and procedures, including a record of Board members who were not participating due to the invocation of the COI Policy, are promptly recorded in the Minutes.”

“The filing organization does not set the compensation for its Board or CEO/President (same as set by Housing Alternative Development Company (HADC), the filer's parent entity).”

“The Organization made its governing documents, conflict of interest policy, and financial statements to the public 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 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”

“Both assisted living facilities (Ridgeway on 23rd and Ridgeway on German) were sold on 9/30/2023. The only remaining assets of the company are bank accounts and vacant lots in New Ulm, MN.”

“Purchased Services: Program service expenses 290,736. Management and general expenses 0. Fundraising expenses 0. Total expenses 290,736. Professional Fees: Program service expenses 0. Management and general expenses 16,402. Fundraising expenses 0. Total expenses 16,402.”

“Net Transfer from Related Organization 940. Rounding -2.”