Ingleside Homes Inc.

“Prior to the filing of the form 990 ingleside homes, inc. Distributes the form 990 and all supporting schedules to the board of trustees members via email. Ingleside homes, inc. Requests all trustees to respond confirming that they have received the 990, and requires that they review the form within a specified period of time. If comments are not received within the specified period of time, approval is implied.”

“Ingleside homes, inc. Requires that all officers, directors, trustees, and key employees annually sign a representation that all interests that could give rise to conflicts have been disclosed.”

“The executive committee, a sub-committee of the board of trustees, annually evaluates the president (ceo) and the development director. The evaluation of the development director by the executive committee was identified as being necessary to avoid a conflict of interest due to a family relationship between the president (ceo) and the development director since the president (ceo) is normally responsible for evaluating other employees within the organization. The executive committee completes written evaluations for the president (ceo) and the development director with input from the hr director. The hr director also provides information on comparative salaries for these positions in similar sized organizations with emphasis on senior housing operations. In addition, the chairman of the board of trustees personally reviews a database of irs form 990s to perform compensation comparisons for these positions with other similar organizations within the region. Annual compensation for both are determined based on the results of the performance evaluation and compensation comparison studies, as well as on the internal merit increase pool for all other ingleside staff.”

“Ingleside homes' form 990 is publicaly available at guidestar.org.”

“Inglside homes will be posting a notice on the organization's website informing visitors that these documents are available upon request.”

“Change in value of split-interest agreements 54,851.”

“The organization has not changed its oversight process or selection process during the tax year with respect to the audit of its financial statements.”

“Investment in qualified affordable housing project the organization sponsored the development of a qualified affordable housing project investment incorporating capital from a variety of sources and maximizing the benefit of the use of low-income housing tax credits. The organization is the sole owner of ingleside management, llc, which is the general partner in h. Fletcher brown apartments, l.p. Through ingleside management, llc, the organization has an ownership interest of 0.01% in h. Fletcher brown apartments, l.p., with the majority of the ownership by limited partners. As the project's sponsor, the organization was responsible for raising the capital required for the project's development. Total project funding approximated $14.5 million and included capital contributions from equity investors, debt agreements from funding sources, and community foundation support. The organization's direct investment in the project was approximately $6 million and consisted of general partner capital contributions and a note receivable from the sale of the property. Construction began in 2018 and was completed in january 2020.”