Community Preservation and Development Corporation

“Certain directors have business relationships with other directors independent of their work with cpdc.”

“The entire board is given the opportunity to review the 990 and provide any comments and concerns. After all comments and concerns have been addressed, the form 990 is filed.”

“Enterprise community investment, inc. ("eci"), the entity that controls the board of cpdc, provides administrative services including an annual conflict of interest disclosure exercise each year. The exercise requires each employee and director to read the business ethics policy and complete the conflict of interest disclosure form identifying any possible conflicts known. New employees are also required to complete this conflict of interest disclosure form upon hiring. The chief audit executive reviews and approves the disclosure document content, and follows up on any concerns with employees. For new hires, a log is maintained of any documented conflicts for future reference. General counsel reviews all disclosure forms from the board of directors and follows up if there are any issues, in accordance with the procedure set forth in the policy.”

“Eci performs frequent market analysis to assess its compensation structure for its officers as well as its subsidiary organizations. This analysis is available to the board's executive committee in setting the ceo's compensation. The executive committee reviews this information and sets the ceo's compensation. The ceo makes recommendations for other officers compensation for the executive committee to review and ratify.”

“Governing documents will be posted to the cpdc website and are available upon request.”

“Finance and audit committee reviews a report from the cfo on the annual certifications of directors, officers and key employees.”

“Cpdc's exempt purpose is to create and preserve financially sound, socially responsible, decent, safe and affordable rental housing for low and moderate income individuals and families.”

“Cpdc coordinates resident services to complement the revitalization spurred by the physical renovation of its properties, and to create an interactive and innovative model for the development of financially sound and socially responsible affordable housing communities. Our community building model relies on internal and external partnerships, is flexible to remain relevant, and demonstrates value through results based accountability and performance measurement. The model impacts all business units of cpdc, resident services, asset and property management, and real estate development. This model focuses on five areas of sustainable community development: economic development, resident engagement, health and wellness, education, and "green" property and community issues, with housing and community stability at its core. Cpdc collaborates with residents of each of its communities, private sector institutions, other non-profit organizations, and local and federal government agencies to create strategic alliances. The resulting programs and services provide residents and those in the immediately surrounding communities with the resources and tools they need to make improvements in the quality of their lives.”

“Consulting fee: program service expenses 3,076. Management and general expenses 202. Fundraising expenses 61. Total expenses 3,339. Operational services: program service expenses 3,990,541. Management and general expenses 292,101. Fundraising expenses 153,921. Total expenses 4,436,563.”

“Beginning net assets have been restated to match the consolidated audited financial statements. In prior year filings we have shown net assets on a stand alone basis and not included entites that cpdc either directly or indirectly controlled. Ending net assets have also been shown on this basis.”

“Change in accounting principle -258,733. Equity in losses of subs -5,551,645.”