Mercy Housing Midwest

“Mercy housing mountain plains, a nebraska nonprofit corporation, is the sole member and is exempt from federal income tax as an organization described in section 501(c)(3) of the internal revenue code of 1986.”

“The board of trustees of mercy housing mountain plains, as sole member of mercy housing midwest, has authority over mercy housing midwest in various aspects of operations and management which are set forth in the reserved rights of the bylaws of the subsidiary corporation. The reserved rights held by the mercy housing mountain plains board of trustees, many of which have been further delegated to the president and ceo of mercy housing, inc., include approval of the following activities: revisions to articles and bylaws; mergers and acquisitions; establishment of new entities; pledging, mortgaging or disposing of all or substantially all assets; obligations of new operating and mortgage debt; and appointment or removal of governing board members and officers.”

“SAME AS LINE 7A.”

“Form 990 is presented to all board members and comments and questions are addressed prior to the form 990 being filed.”

“The audit committee of mercy housing, inc. Reviews annually the conflict of interest disclosures and determines whether any action is required.”

“Periodically the executive committee within the mercy housing, inc. Board of trustees will review executive salaries to ensure competitiveness with external markets and for internal equity in relation to general employee wages and benefits, individual and organizational performance, and the financial resources of the organization.”

“Governing documents, conflict of interest policy and financial statements are made available to the public upon request.”

“The mortgage acquired is held by city council buff in the original amount of $147,500. The note bears a 1.0% interest rate the note matures on december 31, 2021. The principal and accrued interest payable is due at maturity. The purpose of this loan is to provide low income housing. The beginning balance due at january 1, 2017 was $173,159 the ending balance as of december 31, 2017 is $175,272.”

“The organization's financial statements are audited in accordance with generally accepted accounting principles. The audited financial statements are reported within the consolidated financial statements and supplemental information of mercy housing, inc.”

“Responsibility for selection of an independent accountant and oversight of the annual audit is reserved by the mercy housing, inc. Board of trustees.”