Odessa Methodist Housing Inc.

“Odessa methodist housing, inc. Was managed by sears methodist retirement systems, inc. Until 8/18/15. Sears methodist retirement systems, inc. Filed for bankruptcy, and hud intervened and assigned retirement housing foundation as the new sponsor. As part of the assignment of a new sponsor, foundation property management, inc. Became the new management company. Foundation property management inc. Has a project owner's and management agent's certification for multifamily housing projects with the u.s. Department of housing & urban development. Under this certification, hud has approved foundation property management, inc. To manage the odessa methodist housing, inc. Nonprofit housing corporation apartment community. The management contract encompasses the day to day operations of the project including, but not limited to, collection of rents, maintenance of facilities, supervision of staff, and ongoing support for both the owners and tenants as needed in order to establish a sanitary and affordable environment. Stuart j. Hartman and peter oscar peabody are compensated by foundation property management, inc. As follows: base compensation of $237,447 and $209,113, other compensation of $5,400 and $5,400, deferred compensation of $20,097 and $6,111, and nontaxable benefits of $26,502 and $18,722, respectively.”

“During the prior year, sears methodist retirement systems, inc. (the former sponsor) filed for bankruptcy. On august 18, 2015, hud intervened to assign a new sponsor, retirement housing foundation. Retirement housing foundation assumed the powers and responsibilities of sponsor and sole member of odessa methodist housing, inc. The organization's articles of incorporation and bylaws have been updated to reflect this information.”

“There is one corporate member, retirement housing foundation, its designee, or its successor of interest.”

“The bylaws may be amended, altered, or repealed and new bylaws adopted at any regular, special or annual meeting of the board of the corporation by two-thirds vote of those present and voting, provided a quorum is present. All approved bylaw changes shall require ratification by the rhf board.”

“The auditing firm sends a draft of the return to the management company who forwards a copy of the return to each board member for their comments prior to filing.”

“Upon joining the company and annually thereafter, all employees and board members are required to complete and sign a certification acknowledging their understanding and agreement to comply with the company's conflict of interest policy, including disclosing any activities that may appear or may be deemed violations of the policy. Board members and company officers have an additional and more comprehensive conflict of interest policy and certification requirement. Designated management personnel are responsible for tracking the distribution and return of all certifications and for accounting and reporting any disclosures to the company's compliance officer. If further review of any disclosure is merited, the compliance officer forwards the certification to the company's general counsel, ceo, and/or board for final disposition. Individuals who have made disclosures are advised of final dispositions. An employee's failure to submit timely certifications, disclosures, and/or to take the necessary required actions to avoid conflicts may be disciplined, up to and including termination. If the individual is a board member, he or she may be subject to removal from his or her position.”

“The process for determining compensation for the ceo, executive director, top management officials, and other officers or key employees included an extensive review and approval by independent persons.”

“The form 990 and all related financial and policy information are made available to the public upon written request.”

“Average number of hours worked: all of the officers, directors, and employees listed in part vii, section a perform similar duties and have similar responsibilities for related organizations as they do for this organization. Their total hours worked per week for this organization are similar to their hours worked for related organizations both in terms of number of hours and type of work performed.”

“Compensation disclosure: the compensation listed on schedule j and elsewhere in this return is for services provided to and paid by retirement housing foundation which is a related organization that sponsors and manages through subsidiaries approximately 190 tax exempt organizations and partnerships that provide affordable and market-rate housing, skilled nursing and assisted living services for senior adults, low income families and persons with disabilities throughout the united states including the district of columbia, puerto rico and the virgin islands.”

“Oversight of audit function: foundation property management, inc., the management company, receives a copy of the audit. Prior to the finalization of the audit, the top level executives at foundation property management, inc. Give their approval. When the audit is up for bid, the board discusses the relationship with the current auditors and makes a determination as to whether to maintain this relationship or change to a new auditing firm.”