Long Island Housing Partnership

“Long island housing partnership, inc. (lihp), acting through its board of directors, or executive committee, is the sole corporate member of long island housing partnership community development financial institution, inc.'s (lihpcdfi).”

“Each director shall be elected by the member at the annual meeting. Directors shall hold office until the next succeeding annual meeting until their successors have been elected and qualified. Newly elected directorships and any existing vacancies in the board of directors, including vacancies resulting from the removal of directors for cause, may be filled by the affirmative vote of the majority of the directors then in office, although less than a quorum exists or by the sole remaining director. A director elected to fill a vacancy caused by resignation, death or removal shall be elected to hold office for the unexpired term of his predecessor.”

“Any director may be removed for cause by vote of the member or by vote of the directors provided that a quorum is present at the time such action is taken. All of the directors may be removed without cause by vote of the member. The by-laws of lihpcdfi may he amended or repealed by the member.”

“The form 990 is prepared by an independent accountant and reviewed and approved by senior management and the treasurer, an independent member of the board of directors. A full copy of the form 990 is distributed to the full board prior to filing with the irs.”

“Long island housing partnership community development financial institution, inc.'s (lihpcdfi) conflict of interest policy is overseen and administered by its audit committee. Lihpcdfi asks all officers, directors and key employees to complete a questionnaire, which requires disclosure of any conflicts of interest that would impact their duties and responsibilities to lihpcdfi. This is to be completed by all incoming officers, directors, representatives of directors (at board meetings) and key employees, prior to commencement of service, and is to be updated on an annual basis. At the beginning of the year, all individuals must also disclose conflicts or potential conflicts immediately. Records of the completed questionnaires are kept by management. All conflicts of interest are reported to the board of directors, who must: 1) approve, in advance, that the reported related party transaction is fair, reasonable and in the best interest of the organization. Any member of the board with a conflict of interest does not participate in, and is not permitted to be present during, the voting or deliberations. 2) make its decision in reliance on appropriate data as to comparable arrangements to the extent they are available. 3) adequately document its decision and deliberations in the corporate records.”

“Lihpcdfi's conflict of interest policy and governing documents are made available upon request. A condensed version of the audited combined financial statements, with auditor's opinion, is published in the annual report of long island housing partnership, inc. (lihp). Annual reports, as well as full versions of the most recent year's audited combined financial statements, are available on lihp's website at www.lihp.org.”

“Lihpcdfi utilizes the services of many experts and professional volunteers who generously donate their expertise to support program and administrative needs. Volunteers include uncompensated board officers and board directors, whose chief function is to advance the organization's mission, and provide organizational oversight, support, and direction. Board officers and directors meet periodically to discuss and vote on the affairs of the organization. Many board officers and directors also volunteer additional time serving on various board committees.”

“The process has not changed from the prior year.”