Meadow Lane Housing Development Fund

“Meadow lane has entered into a property management agreement with a related tax-exempt entity, united hebrew geriatric center, which provides for rental management, repairs and supervision. Property management fee expense for the year ended december 31, 2024 was $28,800. Two individuals, the president & ceo and the cfo, were compensated by the management company. Their compensation is listed on part vii.”

“Meadow lane has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, it is electronically sent to the board for approval. If any issues arise, they are forwarded to the outside accountant and the board reviews after revisions and resolutions. Once the board has approved the return it is filed with the internal revenue service.”

“Any director, any person with board-delegated powers, any officer or member of a committee with governing board delegated powers or any employee of the corporation, who has a direct or indirect "financial interest or "non-financial interest" is an "interested person". The interested person must disclose the existence of his or her financial or non-financial interest in the proposed transaction or arrangement, and must further disclose all material facts to the finance committee. Absent full disclosure, no transaction or arrangement shall be made with the person or entity in which the interested person has an interest. In the case of an employee, the employee should notify the ceo, who will consult with such others as may be appropriate before bringing the issue to the finance committee. An interested person may make a presentation at the governing board or committee meeting. After the presentation, he/she shall leave the meeting immediately and shall not be present during the discussion of, or the vote on, the propriety of the transition or arrangement involving the possible conflict of interest.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is also posted on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request.”

“The organization has a committee that is responsible for the oversight of the audit of its financial statements and selection of an independent accountant. The process has not changed from the prior year.”