Cooperative Housing Foundation

“The form 990 was reviewed and approved by the board audit and finance committees at a joint meeting on march 18, 2021. The board chair then sent the entire board a copy of the form 990 prior to filing.”

“Global communities has conflict of interest policies for both the board and employees, both of which require completion of an annual disclosure form identifying any relationships, positions, or circumstances that could contribute to a conflict of interest arising. Depending on the nature of the violation, the offending individual can be subject to disciplinary action up to and including termination.”

“The board engages the services of an independent consulting company to compute the ceo's salary and benefits compared to the compensation paid to ceos of similar agencies of similar size working in this geographic region. The consultant issues a sanction letter advising the board of a ceiling to the total compensation package which recommendation the board always follows. Global communities uses an independent salary survey to establish the salary range for all employees including senior staff other than the ceo. On the basis of the consultant's report, global communities reviews its current compensation and role levels adjusting as appropiate and publishes the global communities compensation guide. The last review took place in february 2021.”

“The organization makes its governing documents, conflict of interest policy and the financial statements available to the public upon request.”

“The other country indicated above is west bank/gaza.”

“On april 1, 2020 global communities received loan proceeds in the amount of $1,950,000 under the paycheck protection program. On april 20, 2020 pci received loan proceeds in the amount of $1,286,300 under the paycheck protection program. The promissory notes call for monthly principal and interest payments amortized over the term of the promissory note with a deferral of payments for the first six months. Under the coronavirus aid, relief, and economic security act (cares act), the promissory note may be forgiven by the small business administration in whole or in part. Global communities and pci intend to use the proceeds for purposes consistent with the paycheck protection program and believes that its use of the loan proceeds will meet the conditions for forgiveness of the loan. Global communities and pci intend to apply for forgiveness after completing the 24-week period. If forgiveness is granted, the global communities and pci will record revenue from debt extinguishment during the period that forgiveness was approved. Principal payments as stated in the promissory note are due unless otherwise forgiven.”

“Foreign currency valuation gain 85,094. Deobligation of grant funds -4,055,164. Loss resulting from write off of investment of related entities -70,479.”