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 2020 the greater houston community foundation (ghcf) made a donation of 2,209,297 to the taxpayer. The purpose of the donation was for the taxpayer to provide flexible emergency financial assistance(mortgage/rent, utilities, food, medical, childcare, transportation, and other expenses related to basic needs) to qualified applicants. For this project, the taxpayer conducted outreach through resident services and through community partners such as schools and churches to identify families and individuals that were the most vulnerable, very low income, and/or struggling with unmet needs. The taxpayer distributed the funds via checks or ach direct deposit transfers to clients. Total amount paid of 2,548,134 for the services consist of the following: covid-19 relief - 1,818,900 emergency rental assistance program (erma)- 695,332 community initiatives - 15,838 other - 18,064”

“The taxpayer started the operations of avenue community capital, llc to assist low and moderate income individuals in purchasing affordable homes by being an authorized lending institution in the state of texas.”

“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 depreciation over book 0 income tax expense -386,649 rounding 3 partnership tax income over book -22,013 book depreciation over tax -130,697 total -539,356”