Kates House Foundation

“Frank and Sherri Candelario, Ph.D, the co-founders are married to each other.”

“The organization uses an independent CPA to manage our bookkeeping. We work with an IRS enrolled agent for questions regarding expenses.”

“Part VI, Line 12b - Conflicts of Interest The organization requires all officers, directors, and key employees to provide written notification of any potential conflicts of interest. Disclosures are reviewed by the Board, and appropriate steps are taken to manage or resolve such conflicts.”

“During 2024, the Board of Directors approved a management fee to compensate the founders for services related to oversight, compliance, and administration of the organization's housing programs. No payments were made during the reporting period. The fee will be paid in a subsequent year as resources allow”

“Part VI, Line 19 - Public Disclosure of Governing Documents and Policies Kate's House Foundation makes its governing documents (articles of incorporation and bylaws), conflict of interest policy, and financial statements available to the public upon request. Copies may be obtained by contacting the organization's office in writing at the address listed on Form 990. In addition, the organization's IRS Form 990 and other key documents are publicly available through Guidestar and Charity Navigator. Selected information, including program details and financial transparency reports, are also available on the organization's website. This approach ensures compliance with IRS disclosure requirements and provides full transparency to donors, partners, and the community.”

“Part VIII, Line 1g and Part IX, Line 16 - In-Kind Contributions During 2024, the organization provided free housing for house leaders in program residences. The estimated fair rental value of this in-kind contribution was $90,000. Consistent with IRS reporting standards, this amount was recorded as both noncash contribution revenue (Part VIII, Line 1g) and occupancy expense (Part IX, Line 16). This disclosure ensures transparency regarding the organization's support for house leadership while maintaining accurate financial reporting.”

“Part X and Schedule L - Related Party Advances for Refinancing During 2024, the organization's founders, Frank and Sherri Candelario, provided personal funds totaling $89,593 to complete the refinancing of two program houses (Ivory and Yellow). These advances were necessary to replace short-term rehab loans with long-term financing and to maintain continuity of housing operations. The advances are recorded as loans payable to the founders. No forgiveness or conversion to contribution occurred during the year. The transactions were approved by the Board and documented through closing statements and internal records.”

“Part X, Line 33 - Other Changes in Net Assets or Fund Balances The balance represents minor adjustments to reconcile the foundation's net assets for 2024. Adjustments include credit card interest, year-end reconciliation differences, and timing corrections identified during closing. These adjustments are not material and do not reflect operational income or expense activity.”