Forest Hills Mha Housing Development Fund Corporation

“Forest hills mha housing development fund corporation has entered into a property management agreement with an unrelated organization, phipps houses services, inc., which provides for rental management, repairs and supervision. Property management fee expense for the year ended december 31, 2020 was $194,024. No board members or officers were compensated by the management company.”

“The membership of the corporation shall consist exclusively of persons over the age of eighteen (18) years who presently reside in residential units in one of the three residential buildings owned by the corporation located at 62-27 108th street, 108-53 62nd drive and 110-01 62nd drive, all in queens new york, excluding commercial tenants or occupants of community space, and whose names appear on the rental lease for the unit, (the "members"). Each unit of residence shall designate one representative member ("representative member") who meets the criteria listed in section 1 and section 4 of article ii of the bylaws for purposes of counting quorum at meetings and voting. In the absence of the designation of a representative member by the resident(s) of the unit, the first or only person listed on the lease shall be the representative member for that unit.”

“Each member in good standing shall be entitled to vote to elect directors by a plurality or remove a director for cause pursuant to sections 603(b) and 706 of the new york not-for-profit corporation law.”

“Each member in good standing shall be entitled to: -vote to adopt, amend or repeal by-laws pursuant to section 602(b), (c) of the new york not-for-profit corporation law. -vote to authorize an amendment to the certificate of incorporation pursuant to section 802(a)(1) of the new york not-for-profit corporation law. -approve a transaction, by two-thirds vote of the representative members, that would sell, lease, exchange or otherwise dispose of all, or substantially all, the assets of the corporation pursuant to section 510(a)(1) of the new york not-for-profit corporation law.”

“There is no committee with the authority to act on behalf of the governing body.”

“Forest hills mha housing development fund corporation has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, it is electronically sent to the board for approval. Once the board has approved the return it is filed with the internal revenue service.”

“The purpose of the conflict of interest policy is to protect this new york not-for-profit corporation and federally tax-exempt organization's interest when it is contemplating entering into a transaction or arrangement that might benefit the private interest of an officer, director or key employee of the corporation, or their relatives, or might result in a possible excess benefit transaction. The policy is intended to supplement but not replace any applicable state and federal laws governing conflict of interest applicable to nonprofit and charitable corporations. Duty to disclose: in connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the board or audit committee. Determining whether a conflict of interest exists: after disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the meeting while the determination of a conflict of interest is discussed and voted upon. The remaining independent board directors or the audit committee shall decide if a conflict of interest exists. Procedures for addressing the conflict of interest: 1. An interested person may make a presentation at the meeting, but after the presentation he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. 2. The chairperson shall, if appropriate, appoint a disinterested person to investigate alternatives to the proposed transaction or arrangement. 3. After exercising due diligence, the independent directors of the board or audit committee shall determine whether the corporation can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. 4. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the independent directors of the board or audit committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the corporation's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it shall make its decision as to whether to enter into the transaction or arrangement. Violations of the conflicts of interest policy. 1. If the independent directors of the board or audit committee has reasonable cause to believe a director has failed to disclose actual or possible conflicts of interest, it shall inform the director of the basis for such belief and afford the alleged conflicted individual an opportunity to explain the alleged failure to disclose. 2. If, after hearing the director's response and after making further investigation as warranted by the circumstances, the independent directors of the board determines the director has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action. Each director, principal officer and member of a committee with governing board delegated powers shall annually sign three (3) disclosure statements: the conflict of interest policy acknowledgement confirming that he or she has received, read, and understands the conflict of interest policy, the conflicts of interest disclosure form confirming any known or potential conflicts of interest, and the independent director affirmation form confirming his or her independent director status.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is also posted on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request or by calling the organization directly at 646-768-4104.”

“Loss on disposal of asset -93,406.”