Kidron Korner

“Kidron korner is managed by community management corporation, a professional property management company. Community management corporation has a project owner's & management certification for multifamily housing projects with the us department of housing and urban development. Under this certification hud has approved community management corporation to manage the kidron korner property. 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.”

“Membership in the corporation shall at all times be limited to individuals who are members in good standing of north lexington baptist church, lexington, north carolina, and who have been proposed for membership to the board of directors and approved by a majority of the directors of kidron korner.”

“All members shall be entitled to one vote upon all matters to come before a meeting of members including the election of directors. Directors shall be members of the corporation and are elected at the annual meeting of members.”

“The outside independent accountant forwards a draft of form 990 to the management company, which in turn disperses a complete copy of the 990 to the board of directors for their review. Upon board approval, the board president notifies the management company to communicate approval to the outside accountant, which issues a final return for the board president to sign and file.”

“The organization does not compensate officers or directors (see page 7, part vii). If the organization revises their position on compensation of officers and directors, an additional policy will be drafted at that time.”

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

“Average number of hours worked: all of the officers, directors, and employees listed in part vii, section a perform similar duties and have similar responsibilities for related organizations as they do for this organization. Their total hours worked per week for this organization are similar to their hours worked for related organizations both in terms of number of hours and type of work performed.”

“Overview of audit function: the management 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 comments. 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.”