Hilton Head Regional Habitat For

“The board of directors is provided a draft copy of the tax return, a copy of the annual financial statements, an explanation of the return, with any questions or concerns being resolved prior to the filing of the return.”

“Officers, directors and key employees review the conflict of interest policy at the annual organizational meeting, at which time appropriate disclosure takes place.”

“The organization's key employees' compensation is subject to approval by the board of directors.”

“The organization will provide the governing documents, conflict of interest policy, and financial statements to anyone that requests such information either in person or through the mail.”

“Merger with affiliate 3,047,503.”

“Habitat hilton head is committed to efficiency and transparency. We communicate with our supporters, donors and prospective donors by email, postal mail, phone and other means, both to request contributions to our cause and to educate the public about habitat hilton head's year-round programs, volunteer opportunities and other events in local communities and around the world. These efforts help advance our mission to put god's love into action by bringing people together to build homes, communities and hope. As a result, in accordance with the financial accounting standards board guidelines and internal revenue service guidance, habitat hilton head allocates a portion of our fundraising costs to program services. As a nonprofit organization that is exempt from federal taxation, we ensure our donors' money is spent as efficiently and effectively as possible. Additionally, we have certain expenses that cannot be billed separately for each functional area. Rent, utilities, information technology and other costs are grouped together. We allocate these costs in compliance with generally accepted accounting principles, or gaap, across the program (including habitat restores), management and general, and fundraising categories. Finally, some staff members have responsibilities that cross over functional areas. To calculate the time allocation, habitat hilton head divides the number of hours spent on a project outside of a staff member's designated expense category by the total hours worked during that period and allocates that percentage of costs to the appropriate expense category.”

“Mortgages receivable: if the fair market value of a home sold exceeds the first mortgage, the organization obtains a second mortgage for the amount by which fair market value exceeds the first mortgage amount. The second mortgage is to protect the value of the collateral and is not recorded in the books and records of the organization. The second mortgage is forgivable based on the specified terms of the mortgage agreement. Such terms generally call for forgiveness beginning in year ten of $1,000 of the second mortgage balance annually, or forgiveness beginning in year five of 5% of the original second mortgage amount annually. The second mortgage would be exercised and collected only if the home was sold, or the first mortgage was refinanced before the second mortgage had been fully forgiven. To date, the organization has rarely collected under a second mortgage agreement. At june 30, 2021, the organization had approximately $4,000,000 in such second mortgage balances which had not been forgiven.”