Avenue Community Development Corporation

“The taxpayer delegated the management of apartment projects owned by their single member limited liability companies to certain management companies.”

“Board of directors and officers are given hard copies or a pdf copy of the form 990 for review before it is filed.”

“Directors, officers and key employees are required to sign a form annually indicating understanding and acceptance of the organization's code of conduct and conflict of interest policies. These statements are kept on file at the organization's office.”

“Compensation of the executive director is determined by the board of directors. Board members take into consideration the responsibilities and risks associated with the position as well as past performance. Local compensation trends within the non-profit industry are reviewed as part of this process.”

“For other officers and key employees the exective director determines compensation using the same types of tools described above.”

“The organization makes its governing documents, conflict of interest policy and financial statements available via a pdf file to the public upon request.”

“Form 990, part ix (special projects) in 2018 the greater houston community foundation (ghcf) made a donation of 2,535,000 to the taxpayer. The purpose of the donation was to make repairs to the homes damaged by hurricane harvey. Individuals whose homes were damaged made a request to ghcf. Ghcf determined if the home was eligible for repairs. The taxpayer was notified about the qualifying property. The taxpayer obtained and supervised the necessary repair services from qualified third parties. The taxpayer monitored the repairs process and evaluated the results. The taxpayer paid the third party that performed the services. The taxpayer used numerous vendors for the repairs performed to the homes. The total amount paid for hurricane harvey relief was approximately 2,700,000.”

“In prior years, the rental operations of apartment units were limited and therefore the organization showed rental income, less expenses in part viii line 6.in the current year, the organization acquired a large number of rental units and manages these units in conjunction with its affordable housing program service as described in part iii line 4a. Rental income is now reported in part viii, line 2b. Expenses are reported in part ix.”

“Debt issuance costs are reported as other assets in line 15 of the form 990. In the financial statements these costs are reported as a reduction of long term debt.”

“Tax deprciation over book 79,959 income tax expense -21,381 effect to beg net assets for liquidated entity 51,915 partnership tax income over book -11,351 total 99,142”