Save Residential Inc

“This tax return is prepared by the independent accounting firm that performed the financial audit of the Organizations financial statements. The tax return is reviewed by the Assistant Executive Director . Any questions or concerns are discussed with the Preparer. Once all issues are resolved, the tax return is provided to the Board of Directors for their review prior to filing with the Internal Revenue Service.”

“At the first board meeting each year, Directors complete a conflict of inter form which is reviewed by the CEO and Board President. Any identified conflicts are handled according to policy.”

“These questions are not applicable because we did not pay compensation to anyone meeting the description of these questions. However, the questions must be answered to electronically file. Accordingly, we checked no to indicate that the process does not exist because it is not necessary.”

“These documents are maintained at the Organizations corporate office see mailing address and made available to requesting parties at no charge.”

“Management services are provided by SAVE, Inc. parent organization employees.”

“The organization participates in HUDs Section 811 Supportive Housing Program. As required by GAAP, capital advances provided by HUD are recorded as a long-term liability. These non-interest-bearing advances do not require repayment so long as the organization complies with HUD use restrictions over a 40-year period. The resulting negative net asset position is not indicative of short-term liquidity but reflects the accounting treatment of the HUD capital advance under GAAP. The company expects to continue complying with HUD use restrictions going forward. In prior years, the HUD capital advance liability was presented as equity - as if the 40-year use restrictions had been met and the loan had been forgiven. Since this has not occurred, equity was reduced by the amount of the liability as of June 30, 2024.”

“The organization participates in HUDs Section 811 Supportive Housing Program. As required by GAAP, capital advances provided by HUD are recorded as a long-term liability. These non-interest-bearing advances do not require repayment so long as the organization complies with HUD use restrictions over a 40-year period. The resulting negative net asset position is not indicative of short-term liquidity but reflects the accounting treatment of the HUD capital advance under GAAP. The company expects to continue complying with HUD use restrictions going forward. In prior years, the HUD capital advance liability was presented as equity - as if the 40-year use restrictions had been met and the loan had been forgiven. Since this has not occurred, equity was reduced by the amount of the liability as of June 30, 2024.”