Francies Place Apartments Inc.

“The project has substantially all of its routine operational and managerial functions performed by its property managing agent, gateway housing first, inc. The property managing agent employs all employees who provide property management services to the project and therefore pays their salaries, benefits and payroll taxes. These expenses are charged to the project and reported in part ix of form 990, but the project has no direct employees. The managing agent also files all required 1099s.”

“The corporation is a membership organization. The members of the corporation shall be all of the members of the board of directors of gateway housing first, inc. Any member who ceases to be a director of gateway housing first, inc. Shall be deemed to have concurrently resigned from membership in the corporation.”

“The members of the corporation shall have the powers vested in them by the missouri nonprofit corporation act of the state of missouri, including, but not limited to amend the articles of incorporation and to elect the board of directors.”

“The project has no committee with authority to act on behalf of the board of directors.”

“The 990 is prepared by outside accountants and reviewed by the executive director. The executive director provides the 990 to all directors of the board for review prior to filing the return.”

“The board of directors reviews its conflict of interest policy at least annually and upon the addition of new board members. Directors affirm their agreement in writing. The board of directors self-monitors potential conflicts of interest when considering motions to act; if a possible conflict of interest is identified, the board vets the facts around the potential conflict to determine how to address the conflict per the policy (via a member abstaining from voting on the motion, etc).”

“Upon written request, the project will make its governing documents and financial statements available to the public.”

“Transfer of net assets to gateway housing first, inc. -86,791.”

“The management company receives a copy of the audit. Prior to the finalization of the audit, a copy of the audit is given to all of the board members for their comments. When the audit is up for bid, the board discusses the relationship with the current auditors and makes a determination as to whether to maintain this relationship or change to a new auditing firm.”