Civic Intelligence

Kinnert Inc

EIN 59-6194199 • 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

79th percentile

0.40x

Higher debt load relative to assets than 79% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

79th percentile

0.44x

Higher debt load relative to revenue than 79% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

87th percentile

44%

Higher net margin than 87% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

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

Asset Growth

91st percentile

56%

Faster asset growth than 91% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

90th percentile

74%

Faster revenue growth than 90% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Assets

Down

$9,219,388

Down $22,161,750 (-71%) from 2024

Liabilities

Down

$600

Down $12,432 (-95%) from 2024

Net Assets

Down

$9,218,788

Down $22,149,318 (-71%) from 2024

Revenue

Down

$440,123

Down $17,387 (-3.8%) from 2024

Expenses

Up

$23,470,763

Up $23,332,085 (+16825%) from 2024

Net Income

Down

-$23,030,640

Down $23,349,472 (-7323%) from 2024

Trend Graphs

Balance Sheet Trend

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

$40M$30M$20M$10M$0Assets 2012: $1,687,874Liabilities 2012: $1,438,660Net Assets 2012: $249,2142012Assets 2013: $1,574,885Liabilities 2013: $1,363,012Net Assets 2013: $211,8732013Assets 2014: $1,536,567Liabilities 2014: $1,298,048Net Assets 2014: $238,5192014Assets 2015: $1,517,022Liabilities 2015: $1,286,755Net Assets 2015: $230,2672015Assets 2016: $1,425,896Liabilities 2016: $1,222,614Net Assets 2016: $203,2822016Assets 2017: $1,361,320Liabilities 2017: $1,125,906Net Assets 2017: $235,4142017Assets 2018: $1,292,834Liabilities 2018: $1,056,530Net Assets 2018: $236,3042018Assets 2019: $1,205,432Liabilities 2019: $988,517Net Assets 2019: $216,9152019Assets 2020: $1,257,187Liabilities 2020: $913,327Net Assets 2020: $343,8602020Assets 2021: $1,451,981Liabilities 2021: $952,699Net Assets 2021: $499,2822021Assets 2022: $2,262,156Liabilities 2022: $912,087Net Assets 2022: $1,350,0692022Assets 2023: $29,916,012Liabilities 2023: $2,678Net Assets 2023: $29,913,3342023Assets 2024: $31,381,138Liabilities 2024: $13,032Net Assets 2024: $31,368,1062024Assets 2025: $9,219,388Liabilities 2025: $600Net Assets 2025: $9,218,7882025

Highlighted filing

2025

Assets$9,219,388
Liabilities$600
Net Assets$9,218,788

Operations Trend

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

$40M$20M$0-$20M-$40MRevenue 2012: $959,507Expenses 2012: $941,411Net Income 2012: $18,0962012Revenue 2013: $981,022Expenses 2013: $1,018,363Net Income 2013: -$37,3412013Revenue 2014: $1,026,352Expenses 2014: $999,706Net Income 2014: $26,6462014Revenue 2015: $1,042,894Expenses 2015: $1,019,615Net Income 2015: $23,2792015Revenue 2016: $1,044,409Expenses 2016: $1,071,394Net Income 2016: -$26,9852016Revenue 2017: $1,065,697Expenses 2017: $1,033,565Net Income 2017: $32,1322017Revenue 2018: $1,075,970Expenses 2018: $1,074,492Net Income 2018: $1,4782018Revenue 2019: $1,096,557Expenses 2019: $1,115,946Net Income 2019: -$19,3892019Revenue 2020: $1,142,638Expenses 2020: $1,015,693Net Income 2020: $126,9452020Revenue 2021: $1,195,846Expenses 2021: $1,040,424Net Income 2021: $155,4222021Revenue 2022: $2,081,152Expenses 2022: $1,159,823Net Income 2022: $921,3292022Revenue 2023: $28,818,095Expenses 2023: $466,881Net Income 2023: $28,351,2142023Revenue 2024: $457,510Expenses 2024: $138,678Net Income 2024: $318,8322024Revenue 2025: $440,123Expenses 2025: $23,470,763Net Income 2025: -$23,030,6402025

Highlighted filing

2025

Revenue$440,123
Expenses$23,470,763
Net Income-$23,030,640

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$9.22$0.00$9.22$0.44$23.5$23.0
2024Detailed filing. Detailed filing data is available for this year.$31.4$0.01$31.4$0.46$0.14$0.32
2023Detailed filing. Detailed filing data is available for this year.$29.9$0.00$29.9$28.8$0.47$28.4
2022Detailed filing. Detailed filing data is available for this year.$2.26$0.91$1.35$2.08$1.16$0.92
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.45$0.95$0.50$1.20$1.04$0.16
2020Detailed filing. Detailed filing data is available for this year.$1.26$0.91$0.34$1.14$1.02$0.13
2019Detailed filing. Detailed filing data is available for this year.$1.21$0.99$0.22$1.10$1.12$0.02
2018Detailed filing. Detailed filing data is available for this year.$1.29$1.06$0.24$1.08$1.07$0.00
2017Detailed filing. Detailed filing data is available for this year.$1.36$1.13$0.24$1.07$1.03$0.03
2016Detailed filing. Detailed filing data is available for this year.$1.43$1.22$0.20$1.04$1.07$0.03
2015Detailed filing. Detailed filing data is available for this year.$1.52$1.29$0.23$1.04$1.02$0.02
2014Summary only. Only limited summary data is available for this year.$1.54$1.30$0.24$1.03$1.00$0.03
2013Summary only. Only limited summary data is available for this year.$1.57$1.36$0.21$0.98$1.02$0.04
2012Summary only. Only limited summary data is available for this year.$1.69$1.44$0.25$0.96$0.94$0.02
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
$440,123
Mission and Program Overview

Mission

Kinneret, 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 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$30,774,085$8,792,732▼ $21,981,353
Cash and Non-Interest-Bearing Accounts$551,053$426,656▼ $124,397
Accounts Receivable$56,000--
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$31,381,138$9,219,388▼ $22,161,750
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$13,032$600▼ $12,432
Other Liabilities$0$0→ $0
Total Liabilities$13,032$600▼ $12,432
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$31,368,106$9,218,788▼ $22,149,318
Total Net Assets Fund Balance$31,368,106$9,218,788▼ $22,149,318
Total Liabilities and Net Assets / Fund Balance$31,381,138$9,219,388▼ $22,161,750
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
$440,123
Other Revenue
$0
Change in Net Assets
$-23,030,640

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$22,499,800
Other Expenses$970,963
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$22,499,800--$22,499,800
Other Expenses$813,500--$813,500
Fees for Services Other$22,955$13,103$0$36,058
Office Expenses$22,427$9,135-$31,562
Fees for Service Investment Mgmnt Fees-$30,877-$30,877
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$23,358,682$112,081$0$23,470,763

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$22,499,800
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 process, obtains competitive salary information and establishes a compensation matrix applicable to all organization employees. All policies, copies of form 990, and financial statements are made available upon request to the president of the board of directors.

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

DICK APPELBAUM AND 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

Oversight of the audit: the audit committee of the board of directors has responsibility for oversight of the audit and selection of an independent auditor. The process has not changed from the prior year.

Filing and Contact Details

Filer

Filer Name
Kinneret Inc
EIN
59-6194199
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
1967
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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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0DESCRIPTION - MISCELLANEOUS REVENUE, COLUMN A - 66875.0, COLUMN B - 25055.0, COLUMN C - , COLUMN D - 75420.0, COLUMN E - , COLUMN F - 167350.0;
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
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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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS, IN CONNECTION WITH THE BUDGETARY APPROVAL PROCESS, OBTAINS COMPETITIVE SALARY INFORMATION AND ESTABLISHES A COMPENSATION MATRIX APPLICABLE TO ALL ORGANIZATION EMPLOYEES. ALL POLICIES, COPIES OF FORM 990, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST TO THE PRESIDENT OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DICK APPELBAUM AND 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.

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