Tg 306 Inc.

“Delegate control of management duties: the organization contracts with wedge management, inc., a related taxable corporation, to serve as its management agent for the operational activities of its low-income housing property.”

“Document committee meetings and actions: the organization board of directors maintains no committees. However, if committees are appointed, then committee meetings and actions taken would be contemporaneously documented.”

“FORM 990 REVIEW: THE EXECUTIVE DIRECTOR IS CHARGED WITH THE TIMELY AND ACCURATE PREPARATION AND FILING OF THE ANNUAL FORM 990. AN INDEPENDENT CPA FIRM PREPARES A DRAFT OF THE FORM 990. THE MANAGEMENT AGENT REVIEWS THE FORM 990. THE EXECUTIVE DIRECTOR REVIEWS AND SIGNS THE FINAL FORM 990, which is THEN FILED. A COPY OF THE FORM 990 that was filed IS PROVIDED TO THE BOARD OF DIRECTORS AT THE BOARD MEETING SUBSEQUENT TO THE FILING OF THE FORM 990.”

“Conflict of interest policy: at the annual meeting of the board members, all are asked to review and sign a new policy statement and advise the board if any conflicts exist.”

“DETERMINATION OF COMPENSATION: HOUSING AND COMMUNITY SERVICES, INC. (HCS), A 501(C)(3) TAX EXEMPT ORGANIZATION, MAINTAINS CONTROL OF THE ORGANIZATION BY ITS POWER TO APPOINT THE MAJORITY OF THE MEMBERS OF THE BOARD. THE EXECUTIVE DIRECTOR OF HCS ALSO SERVES AS THE COMPENSATED EXECUTIVE DIRECTOR (ED) OF THE ORGANIZATION. THE HCS BOARD OF DIRECTORS ESTABLISHES A COMPENSATION COMMITTEE ANNUALLY TO REVIEW COMPENSATION FOR THE ED. the organization compensates the ed per an executive sharing agreement approved by the organization and hcs boards of directors. WEDGE MANAGEMENT, INC. (WMI) IS A RELATED TAXABLE CORPORATION THAT PROVIDES PROPERTY MANAGEMENT AND ACCOUNTING SERVICES TO THE ORGANIZATION. THE ED OF THE ORGANIZATION IS ALSO THE CEO OF WMI. TOGETHER HCS, WMI, the organization, AND Two OTHER HCS ASSOCIATES PAID THE COMPENSATION AND BENEFITS (C&B) FOR THE ED.”

“Disclosure of organizational documents and policy to public: all documents are available upon request. The annual form 990 is available on the guidestar website.”

“Officers and directors reportable and other compensation from the organization and related organizations: officers and directors compensation and other compensation reported as applicable in columns e to f were the compensation paid to the top officials of the related management agent required to be reported as if the organizaton had directly paid the compensation, although it had not.”

“Organization mission: the organization was incorporated as a nonprofit corporation in the state of texas on july 23, 2002. The mission of the organization is to preserve affordable housing for families, to promote a strong community, and to assist residents to achieve economic independence. The primary activity of the organization is the ownership and operation of the poesta creek apartments, a 50-unit apartment complex located at 1301 south tyler street, beeville, texas 78102 for the benefit of very-low income families and individuals. The organization maintains a u.s. Department of housing and urban development (hud) property based section 8 housing assistance payment (hap) rental assistance contract for all 50 units. The hap rent assisted units are made available to families and individuals with incomes of less than 30% of area median income.”

“Exempt purpose achievements: during the reporting period, the organization sustained the hud property based section 8 hap contract and continued to make all 50 units available for low-income families and individuals. The organization maintained property operations in compliance with the regulations of hud and the texas department of housing and community affairs (tdhca) from which the organization received funding for property rehabilitation. The following tax exemptions continued to be received: internal revenue service 501(c)(3) income tax exemption. Bee county, texas appraisal district 100% property tax exemption. State of texas franchise tax exemption. State of texas sales tax exemption. The organization continued to operate an on-site computer learning center administered by the property manager that was available to residents on a daily basis. The organization continued to provide resident activities including: national affordable housing management association (nahma) drug free poster art contest national night out and holiday celebrations. After school program 1-2 days per week operated by resident volunteers. Rehabilitation project: the organization completed a project in fiscal year 2020 to rehabilitate the 50 units of the apartment complex and certain of its land improvements. In fiscal year 2020, the organization placed into service $2,701,882 of fixed assets from the project. Rehabilitation costs were funded from owner non-operating cash, loans, related party advances, grants, insurance, and contributions of professional services. The organization provided non-operating funds of $167,000 as part its committment. The texas department of housing and community affairs (tdhca) awarded the organization a $2,000,000 home program multifamily direct loan. Housing and community services, inc. Provided a loan of $371,012 as well as advancing additional funds of $628,618 as direct payments to vendors on behalf of the organization. The tdhca awarded a $50,000 operating expenses grant for community housing development organization (chdo) home contract. The city of beeville, texas through the beeville economic improvement board awarded a $50,000 grant to supplement rehabilitation costs and to meet local participation requirements. Tg 110, inc., an income tax exempt 501(c)(3) entity, provided a $150,000 grant to fund replacement of the roofs. Insurance claim proceeds of $19,072 resulting from hurricane damage was also received. Professional services providers contributed performed services of $122,630.”

“NUMBER OF EMPLOYEES REPORTED ON W-3: THE ORGANIZATION HAD NO EMPLOYEES DURING THE PERIOD AND DOES NOT EXPECT TO PAY WAGES IN THE FUTURE. THE ORGANIZATION WAS NOT REQUIRED TO FILE A FORM W-3, BECAUSE IT LEASED ALL OPERATING PERSONNEL FROM A PROFESSIONAL EMPLOYER ORGANIZATION (PEO). THE ORGANIZATION REPORTED EMPLOYEE LEASING COSTS IN FORM 990, PART IX, LINE 5 and 7 TO 10, AS APPLICABLE, AS IF THE LEASED EMPLOYEES WERE DIRECTLY PAID EMPLOYEES OF THE ORGANIZATION.”

“Housing and community services, inc. As the controlling entity maintains a standing finance committee to select the independent auditor. The management agent is charged with providing oversight of the annual audit and reviewing the audit report prepared by the auditor. The organization board of directors meets at a regularly scheduled seminnual meeting after the fiscal year end. Prior to this meeting, the board receives a copy of the audit to be issued. Then at this meeting, the board reviews and approves acceptance of the audit report. Two directors will sign the audit report. The process has not changed from the prior year.”

“TG 306, INC. DBA POESTA CREEK APARTMENTS 3419 Nacogdoches Road San Antonio, TX 78217-3377 Identification Number: 72-1530634 Tax Year Ended: DECEMBER 31, 2021 Taxpayer elects under IRC Sec. 168(k)(2)(D)(iii) not to claim the speciaL depreciation allowance for all eligible classes of property placed in service during the tax year ended DECEMBER 31, 2021.”