South Florida Housing Opportunity Center

“Form 990 was prepared internally by the organization's Treasurer and reviewed by the Board President. Upon completion, the return was circulated to the full Board of Directors for review prior to submission. The organization did not use an external preparer.”

“Annual Disclosures: All officers, directors, and key employees are required to complete and sign a conflict of interest disclosure form annually. Board Oversight: The board of directors reviews all disclosures and evaluates potential conflicts. When a conflict is identified, the affected individual is recused from discussions and voting related to the matter. Meeting Minutes: Any decisions involving potential conflicts are documented in the meeting minutes, along with the procedures followed to address them. Ongoing Monitoring: The organization's executive leadership monitors transactions throughout the year to ensure compliance, and any issues are promptly reported to the board for review and resolution. These steps help ensure that all organizational decisions are made in the best interest of the nonprofit and in alignment with IRS guidelines.”

“During the tax year, the organization made its governing documents, conflict of interest policy, and financial statements available to the public upon request. Individuals may request access to these documents by contacting the organization via email or written correspondence. Additionally, Form 990 is available for public inspection as required by law.”

“The increase in total assets reported for the 2024 tax year is primarily due to the appreciation in the value of land held by the organization. As of the end of 2023, the land was reported at an estimated fair market value of $500,050. However, due to favorable market conditions and updated comparable property assessments in 2024, the organization obtained a revised valuation reflecting a fair market value of $960,000. This appreciation represents an unrealized gain in the asset's value. The organization did not sell or otherwise dispose of the land; the increase solely reflects an updated and more accurate representation of its current market worth. This adjustment was made to ensure transparent and accurate financial reporting in accordance with generally accepted accounting principles (GAAP).”