Long Island Partnership Clt Housing

“The sole member of long island partnership clt housing development fund company, inc. (lipclt) is long island housing partnership, inc. ("lihp"), acting through the lihp board of directors.”

“The first board of directors shall consist of those persons elected by the incorporators or named as the initial board of directors in the certificate of incorporation of lipclt, and they shall hold office until the first annual meeting of the sole memver, and until their successors have been duly elected and qualify. Thereafter, at each annual meeting of the sole member, the sole member shall elect directors to hold office until the next annual meeting. Each director shall hold office until the expiration of the long term for which he or she was elected, and util his or her successor has been duly elected and qualified, or until his or her prior resignation or removal as hereinafter provided.”

“Any or all of the members of the board of directors may be removed with or without cause by vote oflihp, as sole member of lipclt. All by-laws of lipclt shall be subject to alteration or repeal, and new by-laws may be made, upon the approval of lihp, as sole membr of lipclt. The board of directors shall have the power to make, alter or repeal, from time to time, the by-laws of lipclt, subject to the approval of lihp, as the sole member of lipclt.”

“The form 990 is prepared by an independent accountant and reviewed and approved by senior management and the treasurer, an independent member of the board of directors. A full copy of the form 990 is distributed to the full board prior to filing with the irs.”

“Long island partnership clt housing development fund company, inc. (lipclt) conflict of interest policy is overseen and administered by its audit committee. Lipclt asks all officers, directors and key employees to complete a questionnaire, which requires disclosure of any conflicts of interest that would impact their duties and responsibilities to lipclt. This is to be completed by all incoming officers, directors, representatives of directors (at board meetings) and key employees, prior to commencement of service, and is to be updated on an annual basis. At the beginning of the year, all individuals must also disclose conflicts or potential conflicts immediately. Records of the completed questionnaires are kept by management. All conflicts of interest are reported to the board of directors, who must: 1) approve, in advance, that the reported related party transaction is fair, reasonable and in the best interest of the organization. Any member of the board with a conflict of interest does not participate in, and is not permitted to be present during, the voting or deliberations. 2) make its decision in reliance on appropriate data as to comparable arrangements to the extent they are available. 3) adequately document its decision and deliberations in the corporate records.”

“Lipclt's conflict of interest policy and governing documents are made available upon request. A condensed version of the audited combined financial statements, with auditor's opinion, is published in the annual report of long island housing partnership, inc. (lihp). Annual reports, as well as full versions of the most recent year's audited combined financial statements, are available on lihp's website at www.lihp.org.”

“Governing documents disclosure explanation long island housing partnership, inc.'s (lihp) conflict of interest policy and governing documents are made available upon request. A condensed version of the audited combined financial statements, with auditor's opinion, is published in the annual report of long island housing partnership, inc. (lihp). Annual reports, as well as full versions of the most recent year's audited combined financial statements, are available on lihp's website at www.lihp.org.”

“The officer evaluation process is conducted by a related organization, long island housing partnership, inc. (lihp), to establish and make annual adjustments to the compensation (base salary and bonus, if any) of all executive officers (currently, the president and ceo and executive vice president and coo) and non-executive officers (currently, the chief financial officer and the general counsel/chief compliance officer). The officer compensation and related benefits reflected within part vii of form 990 herein, represents the entire amount paid to each respective officer for work done on long island partnership clt housing development fund company, inc. (lipclt) and work done on the following related organizations: long island housing partnership, inc. (lihp), long island partnership housing development company, inc. (liphdfc), nassau-suffolk partnership housing development company, inc. (nsphdfc), long island partnership community development corporation (lipcdc), community development and disaster relief corporation (cddrc), and long island housing partnership community development financial institution, inc. (lihpcdfi). Officer compensation and benefits are only paid through the main affiliate organization, lihp. Lipclt reimburses lihp for its respective portion of compensation and benefits on an annual basis, but no compensation or benefits are paid directly by lipclt to its officers.”

“Professional fees: program service expenses 644,811. Management and general expenses 0. Fundraising expenses 0. Total expenses 644,811.”

“The process has not changed from the prior year.”

“Lipclt utilizes the services of many experts and professional volunteers who generously donate their expertise to support program and administrative needs. Volunteers include uncompensated board of officers and board directors, whose chief function is to advance the organization's mission, and provide organizational oversight, support, and direction. Board officers and directors meet periodically to discuss and vote on the affairs of the organization. Many board officers and directors also volunteer additional time serving on various board committes.”