Urban Progress Corporation

“Delegate control of management duties: the organization contracts with wedge management, inc. (wmi), an unrelated taxable corporation, to serve as its management agent and as management agent for the operational activities of its low income housing property. As a result of wmi serving as the management agent for the organization, the wmi chief executive officer (ceo) and chief financial officer (cfo) are listed in part vii list of officers and directors. The wmi ceo and cfo are compensated by wmi and not by the organization. The wmi ceo and cfo compensations are not reported in part vii under the taxable organization employee exception.”

“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: an independent cpa firm prepares a draft of the annual form 990. Wmi reviews the financial data of the form 990. Then a director of the organization reviews, approves, and signs the final form 990, which is then filed. Copies of the filed form 990 are provided to all of the directors subsequent to the filing of the form 990.”

“Conflict of interest policy: the organization has not yet established a written conflict of interest policy.”

“Determination of compensation: no compensation is paid by the organization to the directors and officers.”

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

“The organization continued as the sole member of tx las palmas gardens development, llc, which is the 99% general partner in tx las palmas gardens housing, lp operating as las palmas gardens apartments (the project). Through the project, the organization provided 100 affordable housing units to very low-income and low-income families and maintained the u. S. Department of housing and urban development (hud) section 8 housing assistance payments contract (hap) on 41 units. The organization continued to preserve the project as low-income housing under a low-income housing tax credit (lihtc) program and a tax credit exchange program (tcep). The lihtc and tcep programs were administered by the texas department of housing and community affairs (tdhca). The organization continued to maintain the project in accordance with the regulations of hud and the tdhca.”

“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 employers resource management company, a professional employment organization. The organization reported employee leasing costs in form 990, part ix, lines 7 to 10, as applicable, as if the leased employees were directly paid employees of the organization.”

“Audit committee: no audit committee is maintained. Wmi as the management agent selects the independent auditor (subject to approval by the organization board of directors), oversight of the annual audit, and review of the audit report prepared by the auditor. The organization board of directors met at a scheduled meeting after the fiscal year end. Prior to this meeting, the board received a copy of the audit to be issued. Then at this meeting, the board reviewed and approved acceptance of the audit report. The process had not changed from the prior year.”