Civic Intelligence

Kinneret II Inc

EIN 59-1760028 • 501(c)3 • Orlando, FL

Profile

Kinneret, inc. And kinneret ii, inc. (collectively "kinneret") are not-for-profit corporations originally organized for the purpose of providing housing and services to elderly and disabled members of the greater orlando jewish community, who have low or moderate incomes, and providing programs and services designed to meet their physical, social, and spiritual needs. In connection with its missions, kinneret previously operated two adjacent apartment buildings. On september 23, 2022, kinneret sold their apartment buildings and associated real and personal property located in orlando, florida to an unrelated buyer and discontinued operating the apartment buildings. The combined sale price was approximately $57,700,000. The gain on the sale was approximately $51,900,000. As a condition of the sale agreement, the buyer is required to maintain the related properties as low-income housing for a period of ten (10) years following the date of sale.

3900 Neptune DriveOrlando, FL 32804

www.kinneretcouncil.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

5th percentile

0.00x

Higher debt load relative to assets than 5% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

5th percentile

0.00x

Higher debt load relative to revenue than 5% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

99th percentile

98%

Higher net margin than 99% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

99th percentile

599%

Faster asset growth than 99% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

99th percentile

1636%

Faster revenue growth than 99% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Assets

Down

$8,575,116

Down $22,144,795 (-72%) from 2024

Liabilities

Down

$600

Down $12,698 (-95%) from 2024

Net Assets

Down

$8,574,516

Down $22,132,097 (-72%) from 2024

Revenue

Down

$410,814

Down $27,452 (-6.3%) from 2024

Expenses

Up

$23,406,613

Up $23,265,496 (+16487%) from 2024

Net Income

Down

-$22,995,799

Down $23,292,948 (-7839%) from 2024

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0Assets 2012: $4,679,776Liabilities 2012: $2,246,550Net Assets 2012: $2,433,2262012Assets 2013: $4,680,010Liabilities 2013: $2,059,060Net Assets 2013: $2,620,9502013Assets 2014: $4,607,917Liabilities 2014: $1,911,386Net Assets 2014: $2,696,5312014Assets 2015: $4,549,924Liabilities 2015: $1,708,484Net Assets 2015: $2,841,4402015Assets 2016: $4,553,133Liabilities 2016: $1,589,716Net Assets 2016: $2,963,4172016Assets 2017: $4,391,528Liabilities 2017: $1,303,313Net Assets 2017: $3,088,2152017Assets 2018: $4,279,072Liabilities 2018: $1,060,816Net Assets 2018: $3,218,2562018Assets 2019: $4,157,231Liabilities 2019: $855,315Net Assets 2019: $3,301,9162019Assets 2020: $4,227,947Liabilities 2020: $751,794Net Assets 2020: $3,476,1532020Assets 2021: $4,152,361Liabilities 2021: $348,213Net Assets 2021: $3,804,1482021Assets 2022: $4,192,254Liabilities 2022: $105,826Net Assets 2022: $4,086,4282022Assets 2023: $29,304,335Liabilities 2023: $9,790Net Assets 2023: $29,294,5452023Assets 2024: $30,719,911Liabilities 2024: $13,298Net Assets 2024: $30,706,6132024Assets 2025: $8,575,116Liabilities 2025: $600Net Assets 2025: $8,574,5162025

Highlighted filing

2025

Assets$8,575,116
Liabilities$600
Net Assets$8,574,516

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$40M$20M$0-$20M-$40MRevenue 2012: $1,249,321Expenses 2012: $1,050,890Net Income 2012: $198,4312012Revenue 2013: $1,260,091Expenses 2013: $1,072,367Net Income 2013: $187,7242013Revenue 2014: $1,272,966Expenses 2014: $1,197,385Net Income 2014: $75,5812014Revenue 2015: $1,375,995Expenses 2015: $1,231,086Net Income 2015: $144,9092015Revenue 2016: $1,340,356Expenses 2016: $1,218,379Net Income 2016: $121,9772016Revenue 2017: $1,338,645Expenses 2017: $1,213,847Net Income 2017: $124,7982017Revenue 2018: $1,367,059Expenses 2018: $1,237,018Net Income 2018: $130,0412018Revenue 2019: $1,390,481Expenses 2019: $1,306,821Net Income 2019: $83,6602019Revenue 2020: $1,424,634Expenses 2020: $1,250,397Net Income 2020: $174,2372020Revenue 2021: $1,579,518Expenses 2021: $1,251,523Net Income 2021: $327,9952021Revenue 2022: $1,471,137Expenses 2022: $1,123,508Net Income 2022: $347,6292022Revenue 2023: $25,543,623Expenses 2023: $557,787Net Income 2023: $24,985,8362023Revenue 2024: $438,266Expenses 2024: $141,117Net Income 2024: $297,1492024Revenue 2025: $410,814Expenses 2025: $23,406,613Net Income 2025: -$22,995,7992025

Highlighted filing

2025

Revenue$410,814
Expenses$23,406,613
Net Income-$22,995,799

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$8.58$0.00$8.57$0.41$23.4$23.0
2024Detailed filing. Detailed filing data is available for this year.$30.7$0.01$30.7$0.44$0.14$0.30
2023Detailed filing. Detailed filing data is available for this year.$29.3$0.01$29.3$25.5$0.56$25.0
2022Detailed filing. Detailed filing data is available for this year.$4.19$0.11$4.09$1.47$1.12$0.35
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.15$0.35$3.80$1.58$1.25$0.33
2020Detailed filing. Detailed filing data is available for this year.$4.23$0.75$3.48$1.42$1.25$0.17
2019Detailed filing. Detailed filing data is available for this year.$4.16$0.86$3.30$1.39$1.31$0.08
2018Detailed filing. Detailed filing data is available for this year.$4.28$1.06$3.22$1.37$1.24$0.13
2017Detailed filing. Detailed filing data is available for this year.$4.39$1.30$3.09$1.34$1.21$0.12
2016Detailed filing. Detailed filing data is available for this year.$4.55$1.59$2.96$1.34$1.22$0.12
2015Detailed filing. Detailed filing data is available for this year.$4.55$1.71$2.84$1.38$1.23$0.14
2014Summary only. Only limited summary data is available for this year.$4.61$1.91$2.70$1.27$1.20$0.08
2013Summary only. Only limited summary data is available for this year.$4.68$2.06$2.62$1.26$1.07$0.19
2012Summary only. Only limited summary data is available for this year.$4.68$2.25$2.43$1.25$1.05$0.20
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
May 1, 2024 to Apr 30, 2025
Signed
Mar 13, 2026
Return Version
2024v5.1
Gross Receipts
$410,814
Mission and Program Overview

Mission

Kinneret ii, inc. Is the owner of a hud subsidized apartment complex whose mission is to provide affordable housing and related services to low income elderly through participation in the section 202/8 program.

Kinneret, inc. And kinneret ii, inc. (collectively "kinneret") are not-for-profit corporations originally organized for the purpose of providing housing and services to elderly and disabled members of the greater orlando jewish community, who have low or moderate incomes, and providing programs and services designed to meet their physical, social, and spiritual needs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$30,371,210$8,356,648▼ $22,014,562
Cash and Non-Interest-Bearing Accounts$348,701$218,468▼ $130,233
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Land, Buildings, and Equipment, Net$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$30,719,911$8,575,116▼ $22,144,795
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$13,298$600▼ $12,698
Other Liabilities$0$0→ $0
Total Liabilities$13,298$600▼ $12,698
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$30,706,613$8,574,516▼ $22,132,097
Total Net Assets Fund Balance$30,706,613$8,574,516▼ $22,132,097
Total Liabilities and Net Assets / Fund Balance$30,719,911$8,575,116▼ $22,144,795
Compensation and Service Providers

Board Members and Trustees

NameTitle
Neal BlaherPresident
Mollie SavageVice President
Bari HoffmanDirector
Carol FeuermanDirector
Dick AppelbaumDirector
Jacqui McgrailDirector
Mindy ShamsDirector
Noreen LevittDirector
Alison PolejesDirector Emeritus (non-voting)
Susan GodorovExecutive Director
Emily RajiSecretary
Geanne ShareTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$410,814
Other Revenue
$0
Change in Net Assets
$-22,995,799

Audited Revenue Reconciliation

Revenue per Audited Statements
$0
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Form 990
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$22,494,852
Other Expenses$911,761
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$22,494,852--$22,494,852
Other Expenses$757,500--$757,500
Fees for Services Other$22,955$13,103$0$36,058
Office Expenses$22,215$8,758-$30,973
Fees for Service Investment Mgmnt Fees-$28,264-$28,264
Fees for Services Legal-$22,957-$22,957
Fees for Services Management-$20,556-$20,556
Fees for Services Accounting-$12,250-$12,250
Advertising-$3,203-$3,203
Total Functional Expenses$23,297,522$109,091$0$23,406,613

Audited Expense Reconciliation

Line ItemAmount
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Expenses per Audited Statements$0
Other Expense Adjustments$0
Total Expenses per Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Sefirot Foundation IncOrlando, FL501(c)(3)Serving the Needs of the Greater Orlando Jewish Community$22,494,852
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Line 15 PROCESS TO ESTABLISH COMPENSATION

The executive committee of the board of directors, in connection with the budgetary approval by hud of the budget, obtains competitive salary information and establishes a compensation matrix applicable to all organization employees.

Form 990, Part VI, Line 2 Family/business relationships amongst interested persons

DICK APPELBAUM & ALISON POLEJES - Family relationship

Form 990, Part VI, Line 3 Delegation of management duties

The organization delegates its financial reporting and compliance functions to a management company. Through the date of the sale of properties in october of 2023, carteret management corporation ("carteret") was the managing agent for kinneret. The management agreement provides, among other things, for a management fee of approximately five percent of gross collections. In addition to the management fee, carteret receives a bookkeeping fee of $3 per apartment unit per month. After october of 2023, the organization began to delegate its financial and compliance functions to shalom management, llc ("shalom"). This management agreement provides bookkeeping services only.

Form 990, Part VI, Line 6 Classes of members or stockholders

The members of the corporation (hereinafter, each referred to as a "member") shall be the corporation's president, vice president(s), secretary, and treasurer who have been elected to serve and are serving as such for the then-current year.

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

The board, by resolution adopted by a majority of the entire board, may appoint one or more other individuals to serve as members for annual one (1) year terms, which term may be renewed on a consecutive basis. The board may decline to renew the membership of a member for any reason.

Form 990, Part VI, Line 7B Decisions requiring approval by members or stockholders

Approval of governance decisions is reserved for and subject to the approval of the organization's members.

Form 990, Part VI, Line 11B Review of form 990 by governing body

The board of directors identifies a financially sophisticated designee director to review form 990 with our tax preparer/cpa.

Form 990, Part VI, Line 12C Conflict of interest policy

The board of directors oversees the organization's conflict of interest policy. There is at least annually a requirement for each board member to disclose any conflicts to the rest of the board. A conflicted director is recused from voting on matters related to their conflict.

Form 990, Part VI, Line 19 Required documents available to the public

All policies, copies of form 990, and financial statements are made available upon request to the president of the board of directors.

Filing and Contact Details

Filer

Filer Name
Kinneret II Inc
EIN
59-1760028
Phone
4074254537
Address
3900 NEPTUNE DRIVE, ORLANDO, FL 32804
Doing Business As
Kinneret Apartments

Signing Officer

Name
Rhonda Pearlman
Title
Chairman
Phone
4074254537
Signed
2026-03-13
Discuss with paid preparer
Yes

Organization Details

Formed
1977
Legal Domicile
Fl
Voting Board Members
11
Independent Board Members
11
Employees
0
Volunteers
11

Preparer

Firm
Forvis Mazars LLP
Address
255 South Orange Avenue Suite 600, Orlando, FL 32801
Preparer
Peter Gubler
Phone
4077405400
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

Kinneret, inc. And kinneret ii, inc. Are organized as not-for-profit corporations under the laws of the state of florida and have been granted recognition of their respective tax-exempt status under section 501(c)(3) of the internal revenue code. Accordingly, income earned in furtherance of their tax-exempt purposes is exempt from federal income taxes. They are also exempt from state income tax pursuant to florida law. Further, kinneret, inc. And kinneret ii, inc. Are not private foundations for federal tax purposes and they both qualify for the charitable contribution deduction under irc section 170 as well as tax deductible bequests, devises, transfers, or gifts under section 2055, 2106, or 2522. They are each annually required to file a return of foundation exempt from income tax (form 990) with the internal revenue service. They are potentially subject to income tax on net income that is derived from activities that are unrelated to their exempt purposes, if any. Their sale of their apartment buildings is considered an exempt purpose activity and the resulting gain from the sale is not taxable. Neither kinneret, inc. Or kinneret ii, inc. Had unrelated business income during the year ended april 30, 2025. Consequently, these combined financial statements include no provision or liability for income taxes.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt1TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt3PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt4EXECUTIVE DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR EMERITUS (NON-VOTING)
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
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IRS990/MissionDesc0KINNERET, INC. AND KINNERET II, INC. (COLLECTIVELY "KINNERET") ARE NOT-FOR-PROFIT CORPORATIONS ORIGINALLY ORGANIZED FOR THE PURPOSE OF PROVIDING HOUSING AND SERVICES TO ELDERLY AND DISABLED MEMBERS OF THE GREATER ORLANDO JEWISH COMMUNITY, WHO HAVE LOW OR MODERATE INCOMES, AND PROVIDING PROGRAMS AND SERVICES DESIGNED TO MEET THEIR PHYSICAL, SOCIAL, AND SPIRITUAL NEEDS. IN CONNECTION WITH ITS MISSIONS, KINNERET PREVIOUSLY OPERATED TWO ADJACENT APARTMENT BUILDINGS. ON SEPTEMBER 23, 2022, KINNERET SOLD THEIR APARTMENT BUILDINGS AND ASSOCIATED REAL AND PERSONAL PROPERTY LOCATED IN ORLANDO, FLORIDA TO AN UNRELATED BUYER AND DISCONTINUED OPERATING THE APARTMENT BUILDINGS. THE COMBINED SALE PRICE WAS APPROXIMATELY $57,700,000. THE GAIN ON THE SALE WAS APPROXIMATELY $51,900,000. AS A CONDITION OF THE SALE AGREEMENT, THE BUYER IS REQUIRED TO MAINTAIN THE RELATED PROPERTIES AS LOW-INCOME HOUSING FOR A PERIOD OF TEN (10) YEARS FOLLOWING THE DATE OF SALE.
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IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt0RHONDA PEARLMAN
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0DESCRIPTION - MISCELLANEOUS REVENUE, COLUMN A - 145606.0, COLUMN B - 883.0, COLUMN C - , COLUMN D - 75420.0, COLUMN E - , COLUMN F - 221909.0;
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Schedule A, Part III, Line 12 Other Income
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0KINNERET, INC. AND KINNERET II, INC. ARE ORGANIZED AS NOT-FOR-PROFIT CORPORATIONS UNDER THE LAWS OF THE STATE OF FLORIDA AND HAVE BEEN GRANTED RECOGNITION OF THEIR RESPECTIVE TAX-EXEMPT STATUS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, INCOME EARNED IN FURTHERANCE OF THEIR TAX-EXEMPT PURPOSES IS EXEMPT FROM FEDERAL INCOME TAXES. THEY ARE ALSO EXEMPT FROM STATE INCOME TAX PURSUANT TO FLORIDA LAW. FURTHER, KINNERET, INC. AND KINNERET II, INC. ARE NOT PRIVATE FOUNDATIONS FOR FEDERAL TAX PURPOSES AND THEY BOTH QUALIFY FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER IRC SECTION 170 AS WELL AS TAX DEDUCTIBLE BEQUESTS, DEVISES, TRANSFERS, OR GIFTS UNDER SECTION 2055, 2106, OR 2522. THEY ARE EACH ANNUALLY REQUIRED TO FILE A RETURN OF FOUNDATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE INTERNAL REVENUE SERVICE. THEY ARE POTENTIALLY SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM ACTIVITIES THAT ARE UNRELATED TO THEIR EXEMPT PURPOSES, IF ANY. THEIR SALE OF THEIR APARTMENT BUILDINGS IS CONSIDERED AN EXEMPT PURPOSE ACTIVITY AND THE RESULTING GAIN FROM THE SALE IS NOT TAXABLE. NEITHER KINNERET, INC. OR KINNERET II, INC. HAD UNRELATED BUSINESS INCOME DURING THE YEAR ENDED APRIL 30, 2025. CONSEQUENTLY, THESE COMBINED FINANCIAL STATEMENTS INCLUDE NO PROVISION OR LIABILITY FOR INCOME TAXES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote
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IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(C)(3)
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0SERVING THE NEEDS OF THE GREATER ORLANDO JEWISH COMMUNITY
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0SEFIROT FOUNDATION INC
IRS990ScheduleI/RecipientTable/RecipientEIN0993311604
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt03900 NEPTUNE DRIVE
IRS990ScheduleI/RecipientTable/USAddress/CityNm0ORLANDO
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0FL
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION MONITORS THE USE OF GRANT FUNDS THROUGH OVERLAP OF MANAGEMENT PERSONNEL BETWEEN THE FILING ORGANIZATION AND THE RECIPIENT ORGANIZATION.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds
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IRS990ScheduleI/TotalOtherOrgCnt00
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS, IN CONNECTION WITH THE BUDGETARY APPROVAL BY HUD OF THE BUDGET, OBTAINS COMPETITIVE SALARY INFORMATION AND ESTABLISHES A COMPENSATION MATRIX APPLICABLE TO ALL ORGANIZATION EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DICK APPELBAUM & ALISON POLEJES - Family relationship
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION DELEGATES ITS FINANCIAL REPORTING AND COMPLIANCE FUNCTIONS TO A MANAGEMENT COMPANY. THROUGH THE DATE OF THE SALE OF PROPERTIES IN OCTOBER OF 2023, CARTERET MANAGEMENT CORPORATION ("CARTERET") WAS THE MANAGING AGENT FOR KINNERET. THE MANAGEMENT AGREEMENT PROVIDES, AMONG OTHER THINGS, FOR A MANAGEMENT FEE OF APPROXIMATELY FIVE PERCENT OF GROSS COLLECTIONS. IN ADDITION TO THE MANAGEMENT FEE, CARTERET RECEIVES A BOOKKEEPING FEE OF $3 PER APARTMENT UNIT PER MONTH. AFTER OCTOBER OF 2023, THE ORGANIZATION BEGAN TO DELEGATE ITS FINANCIAL AND COMPLIANCE FUNCTIONS TO SHALOM MANAGEMENT, LLC ("SHALOM"). THIS MANAGEMENT AGREEMENT PROVIDES BOOKKEEPING SERVICES ONLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE MEMBERS OF THE CORPORATION (HEREINAFTER, EACH REFERRED TO AS A "MEMBER") SHALL BE THE CORPORATION'S PRESIDENT, VICE PRESIDENT(S), SECRETARY, AND TREASURER WHO HAVE BEEN ELECTED TO SERVE AND ARE SERVING AS SUCH FOR THE THEN-CURRENT YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE BOARD, BY RESOLUTION ADOPTED BY A MAJORITY OF THE ENTIRE BOARD, MAY APPOINT ONE OR MORE OTHER INDIVIDUALS TO SERVE AS MEMBERS FOR ANNUAL ONE (1) YEAR TERMS, WHICH TERM MAY BE RENEWED ON A CONSECUTIVE BASIS. THE BOARD MAY DECLINE TO RENEW THE MEMBERSHIP OF A MEMBER FOR ANY REASON.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5APPROVAL OF GOVERNANCE DECISIONS IS RESERVED FOR AND SUBJECT TO THE APPROVAL OF THE ORGANIZATION'S MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE BOARD OF DIRECTORS IDENTIFIES A FINANCIALLY SOPHISTICATED DESIGNEE DIRECTOR TO REVIEW FORM 990 WITH OUR TAX PREPARER/CPA.

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