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) is listed in part vii list of officers and directors. The wmi ceo is not compensated by the organization. If compensation was paid, the wmi ceo compensation would be 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: A BOARD APPROVED INDEPENDENT CPA FIRM PREPARES THE ANNUAL FORM 990. WMI REVIEWS THE FINANCIAL DATA OF THE FORM 990. each member of the ORGANIZATION BOARD OF DIRECTORS RECEIVES A COPY OF THE final FORM 990 prior to it being filed. A BOARD officer SIGNS a form 8879-eo for the form 990, which is efiled by the cpa firm.”

“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.”

“As a nonprofit corporation, provide affordable housing for very low-income, low-income, and moderate-income families, create a sense of community among the residents, and make its housing an example of excellence for the larger community. The organization also strives to enhance the creation of new housing and the rehabilitation of existing housing in neighborhoods, with a special emphasis placed on creating rental housing for low-income and moderate-income neighborhoods.”

“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) in san antonio, texas. The project provided 100 affordable housing units to very low-income, low-income, and moderate-income families. Through its oversight of the project, the organization continued to preserve the project as low-income housing by maintaining property operations in compliance with the regulations of the u. S. Department of housing and urban development (hud). The organization maintained the hud property based section 8 housing assistance payment (hap) rental assistance contract on 41 units. Through the project, the organization had previously received funding for property acquisition and rehabilitation from the texas department of housing and community affairs (tdhca) as part of a tax credit exchange program. The organization maintained property operations in compliance with the regulations of the tdhca. To ensure the deductibility of tax credits to investors as governed by the internal revenue service, maintained compliance with internal revenue code section 42. The following tax exemptions continued to be received by the organization: internal revenue service 501(c)(3) income tax exemption. Bexar county, texas, appraisal district 100% property tax exemption. State of texas franchise tax exemption. State of texas sales tax exemption. Bexar county, texas, appraisal district 50% property tax exemption for the project. Through its oversight of the project, the organization continued to provide programs, activities, and services for the youth and adult residents.”

“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 as needed the organization would lease all operating personnel from a professional employer organization (peo). 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), OVERSEES THE ANNUAL AUDIT, AND REVIEWs THE AUDIT REPORT PREPARED BY THE AUDITOR. THE ORGANIZATION BOARD OF DIRECTORS MEETs AT A SCHEDULED 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. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.”

“Other-line 11g amount exceeds 10% of column (a), line 25 list expenses (total line 11g $30,000): the organization incurred fees totaling $30.000 due to an unrelated consultant in accordance with an agreeement to provide the board of directors administrative support and asset management services.”

“Description:other expenses total fees:30000”