St. Pius X Housing Inc. Dolan Manor

“The project pays a management fee based on a percentage of rent and other income collected to beacon management corporation. The project also reimburses beacon management corporation front line accounting and administrative expenses. This reimbursement amounted to 4,223 for the year ended december 31, 2014.”

“The board of directors review and approve the form 990 provided by the outside independent account prior to filing.”

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

“The organization was formed as a non-profit corporation under the laws of the state of north carolina for the purpose of constructing and operating two rental housing projects (dolan manor i a 30 unit apartment community and dolan manor ii a 24 unit apartment community) under section 202 of the national housing act. Such projects are regulated by hud as to rent charges and operating methods. Occupancy is restricted by hud to very low-income households with at least one-person 62 years of age or older. A significant portion of the project's rental income is received from hud under assistance payments contracts. Financing has been provided by a hud insured loan under section 207 pursuant to section 223(f) of the national housing act and a section 202 capital advance.”

“Miscellaneous financial expenses 19,897 0 0 managers salary 18,706 0 0 payroll 12,179 0 0 hvac repair/maintenance 7,352 0 0 garbage and trash removal 6,171 0 0 miscellaneous admin 5,699 0 0 other elderly care 5,064 0 0 miscellaneous expenses 3,376 0 0 office salaries 3,366 0 0 security 3,076 0 0 other renting expenses 2,489 0 0 conventions and meetings 680 0 0 bad debts 390 0 0 snow removal 247 0 0 advertising 140 0 0”

“Book / tax depreciation difference -18,778”

“To adjust acc. Depn. To financial statements 63,842 the balance sheet had been reflecting depreciation and amortization on a tax basis. The adjustment is being made to correct the balance sheet to conform to the audited financial statements.”

“The managment company receives a copy of the audit. Prior to the finalization of the audit, a copy of the audit is given to all of the board members for their review and comment. The managment company suggests the selection of the audit firm to the board of directors. The board reviews the audit firm and makes a determination as to whether or not to engage the audit firm.”