Kinneret Inc

“Dick appelbaum is the father of alison polejes. Ross pearlman, a member of the board of directors is the son of another board member, rhonda pearlman. Olivia share, a member of the board of directors, is the daughter of another board member, geanne share.”

“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.”

“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.”

“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.”

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

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

“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.”

“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.”

“The organization's payroll and payroll tax expenses are paid by a related organization, kinneret ii, inc. The organization reimburses kinneret ii for such expenses.”

“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.”