Los Exes De La Bowie & Friends Inc

“LOS EXES DE LA BOWIE AND FRIENDS, INC. IS A NON PROFIT CORPORATION THAT WAS SET UP IN 1976 TO ACQUIRE LOW INCOME HOUSING TO HELP THE POOR PEOPLE BY PAYING LOWER RENTS. WE REHABED A FEW UNITS IN 1978 AND LATER SOME MORE, EVENTUALLY HAVING A TOTAL OF 19 RENTAL UNITS. WE UTILIZE THE RENTAL INCOME TO UPKEEP THE APARTMENTS, PAY A PARTIME PERSON TO COLLECT RENTS AND PAY FOR OFFICE EXPENSES OF TELEPHONE AND UTILITIES. WE ARE ALSO PAYING FOR MORTGAGES ON THOSE UNITS.ALL INFORMATION IS PUBLIC AND IS AVAILABLE TO THE PUBLIC UPON REQUEST.(Page 6)THE BOARD MEETS MONTHLY AND DISCUSSES AGENDA ITEMS AND VOTES ON AGENDA ITEMS THAT REQUIRE APPROVAL.THE BOARD ACCEPTS APPLICATIONS FROM THE COMMUNITY FROM ANY RESPONSIBLE INDIVIDUAL WILLING TO SERVE. THE BOARD MUST APPROVE NEW MEMBERS.”

“Meetings are monthly, minutes are written and available to all upon request to the board.”

“During monthly board meetings financials are presented, discussed and reviewed by board members”

“All documentation is available to the public upon request from the board”

“The board makes conflict of interest be known before it votes on items on the meeting agenda, if a conflict of interest exists, the board member can not vote on that item. Currently there are very few items on the agenda that there would be conflict of interest with any of the board members.there was $9,897. Of income over expenses and that is one of the biggest increase in net equity, the other part is the lowering of loan balances.the board did have an independent accountant review the bookkeepers financial statements for 2024.no audit is necessary since the total income is less than $140,000. And expenses under revenue show a gain of revenue $9,897. The board does have a treasurer that oversees the completion of financial statements and asks for an independent review.”

“On page 12, line 5, other changes in net assets, the board decided to refinance a loan where we were paying interest only and after five and half years of paying interest only, we felt we were getting nowhere to accomplish our goals of paying down our liabilities. In december of 2024, we were successful in refinancing this loan at a lower interest rate that will allow us to pay down our principal. We spent $950. In closing costs to refinance this loan. This is needed to repeat over last year since we have finally started to lower our loan debt.there is no compensation of board members.”