Vision Communities Inc.

“Vision communities consolidates five projects and one holding corporation that are managed by flaherty & collins, inc., a professional property management company. Flaherty & collins, inc. Has a project owner's and management agent's certification for multifamily housing projects with the u.s. Department of housing and urban development. Under this certification, hud has approved flaherty & collins, inc. To manage the vision communities apartment community. The management contract encompasses the day to day operations of the project including, but not limited to, collection of rents, maintenance of facilities, supervision of staff, and ongoing support for both the owners and tenants as needed in order to establish a safe, sanitary and affordable environment.”

“The auditing firm sends a draft of the return to the management company. The management company forwards a copy of the return to each board member for their comments prior to filing.”

“The form 990 and all related financial and policy information are made available to the public upon written request.”

“Information about compensation jerry collins and david flaherty are owners of the management company; however, they are not involved with the day to day operations of the management of the properties. Because of their responsibilities, we are not including any of the management fees as compensation for these officers.”

“Flaherty & collins, inc., the management company, receives a copy of the audit. Prior to the finalization of the audit, the executives give their approval. When the audit is up for bid, the board discusses the relationship with the current auditors and makes a determination as to whether to maintain this relationship or change to a new auditing firm.”

“Taxpayer: pat vision llc address: one indiana square, suite 3000 taxpayer id: 83-2746957 pat vision llc hereby makes an election under section 168(h)(6)(f)(ii) of the internal revenue code of 1986, as amended (the "code"), which provides that any gain recognized by a tax-exempt entity (as defined in section 168(h)(2) of the code) on any disposition of an interest in pat vision llc, and any dividend income (which is properly allocable to income of pat vision llc, which is not subject to federal income tax) or interest income received or accrued by a tax-exempt entity from pat vision llc, shall be treated as unrelated business taxable income for purposes of code section 511. Pat vision llc acknowledges that this election is irrevocable and binds all tax-exempt entities holding interests in pat vision llc.”