Tg 105 Inc

“The organization contracts with wedge management, inc., a related taxable corporation, to serve as its management agent and as management agent for the operational activities of its low-income housing properties.”

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

“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 or chief financial officer 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.”

“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.”

“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 uncompensated executive director (ed) of the organization. The hcs board of directors establishes a compensation committee annually to review compensation for the ed. None of the ed compensation is paid by the organization. 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, and three other hcs associates pay the compensation and benefits (c&b) for the ed.”

“All documents are available upon request. The annual form 990 is available on the guidestar website.”

“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 organization had directly paid the compensation, although it had not.”

“The organization was incorporated as a nonprofit corporation in the state of texas on december 27, 1994. The mission of the organization is to preserve assisted housing for low-income families, develop a strong community, and promote independence and self-sufficiency for all residents. The primary activity of the organization is to provide oversight and guidance for the ownership and operation of two low-income multifamily housing projects that total 154 units. Units are available for the benefit of low-income residents and their families making less than 30% and 80% of the area median income (ami). The organization assists in maintaining one u.s. Department of housing and urban development (hud) property based section 8 housing assistance payment (hap) rental assistance contract. The low-income multifamily housing projects are: cunningham manor apartments (104 units) weslaco village apartments (50 units with 44 units as section 8) tax credit entities: the organization formed entities to acquire, develop, rehabilitate, and operate low-income multifamily properties primarily using tax credits. The organization through single member limited liability companies and limited partnerships maintained property operations in compliance with the regulations of hud and the texas department of housing and community affairs. The organization continued as the sole member of cunningham manor gp, llc, which is the general partner in cunningham manor, lp that owns and operates the cunningham manor apartments. The organization continued as the sole member of tg 105 weslaco village gp, llc, which is the general partner in tg 105 weslaco village, lp that owns and operates the weslaco village apartments.”

“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 all operating personnel were provided by housing and community services,inc with reimbursement by the organization. The organization reported reimbursement costs in form 990, part ix, line 7 to 10, as applicable, as if the operating personnel were directly paid employees of the organization.”

“Monitoring fees: program service expenses 19,832. Management and general expenses 0. Fundraising expenses 0. Total expenses 19,832.”