Stable Home Fund

“Board members wemimo abbey and samir goel have a business relationship.”

“The organization has two members: wemimo abbey and samir goel.”

“The members have the exclusive right to appoint, add, replace, remove, suspend, or discipline members.”

“The organization currently has no committees to act on behalf of the governing body.”

“The form 990 is prepared by an independent tax accountant in conjunction with the organization's management. A draft form 990 is then reviewed by executive director; adjustments are made, as necessary. A complete copy of the form 990 is then made available to all members of the governing body prior to filing with the internal revenue service.”

“Each officer, director, and key employee shall annually sign a statement which affirms that each person: (i) has received a copy of the policy on conflicts of interest; (ii) has read and understands the policy; (iii) agrees to comply with the policy; and (iv) understands the corporation is subject to certain federal and state laws governing transactions between the corporation and certain individuals and entities and that the corporation must engage exclusively in activities that accomplish a charitable purpose. Additionally, officers, directors, and key employees have an ongoing duty to disclose potential conflicts by providing written notice within two days in which such person becomes aware of potential conflicts of interest. Prior to the corporation entering the transaction for which a written notice has been delivered, the chairperson of the board shall call a special meeting of the board of directors. At such meeting, the chairperson of the board shall provide each director with a copy of the written notice. The conflicted individual may make a presentation at such special meeting, but after such presentation, the conflicted person shall leave the meeting during the discussion of, and the vote on, the transaction. The corporation shall exercise due diligence in determining whether to proceed with the transaction. In making such determination, the board of directors shall determine whether the corporation can obtain a more advantageous transaction or arrangement with reasonable efforts from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably attainable under circumstances that would not give rise to a conflict of interest, the board of directors shall determine, by a majority vote (not including the vote of any director who may be a related person), whether the transaction is in the corporation's best interest and for its own benefit and whether the transaction is fair and reasonable to the corporation. The board of directors shall make its decision as to whether to enter into the transaction.”

“To determine compensation for the executive director, independent members of the board of directors conducted an online review of executive director compensation packages for similarly sized non-profits in similarly situated geographic regions. The deliberations and decisions regarding the compensation arrangement were contemporaneously documented within the board meeting minutes at which this was discussed. This process was last completed in 2023.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available the public upon request.”

“Microloan origination fees: program service expenses 968,705. Management and general expenses 0. Fundraising expenses 0. Total expenses 968,705. Microloan servicing fees: program service expenses 521,605. Management and general expenses 0. Fundraising expenses 0. Total expenses 521,605. Microloan transaction fees: program service expenses 14,953. Management and general expenses 0. Fundraising expenses 0. Total expenses 14,953.”