Padre Apartments Community

“Effective january 1, 2010 the project is managed by mercy housing management group ("mhm"), an affiliate of mhi, according to the management agreement. For the years ended december 31, 2024 and 2023, the management fee is equal to 4.56% of the monthly effective gross rents for the project per month in addition to a better building fee of $4 per unit per month. For the years ended december 31, 2024, $40,344 of management fees have been charged to operations.”

“Mercy housing, inc., a nebraska nonprofit corporation, is the sole member and is exempt from federal income tax as an organization described in sec 501(c)(3) of the internal revenue code of 1986.”

“The board of trustees of mercy housing, inc., as sole member of padre apartments community, has authority over padre apartments community in various aspects of operations and management. The reserved rights held by the mercy housing board of trustees, which may be further delegated to the president and ceo of mercy housing, inc., include approval of the following activities: revisions to articles and bylaws; mergers and acquisitions; establishment of new entities; pledging, mortgaging or disposing of all or substantially all assets; obligations of new operating and mortgage debt; and, appointment or removal of governing board members and officers.”

“SAME AS LINE 7A”

“Each member is given the opportunity to review the return before it is filed.”

“The audit committee of mercy housing, inc. Reviews annually the conflict of interest disclosures and determines whether any action is required.”

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

“Sister amy bayley, rsm, serves as an officer of padre apartments community and performs services for mercy housing inc. Mercy housing, inc. And the sisters of mercy of the americas west midwest have entered into a contract whereby amy bayley has been assigned to mercy housing, inc. To perform services and provide leadership for mercy housing, inc. And its subsidiaries. Sister bayley is a member of a religious community and has taken a vow of poverty and therefore does not receive any personal income. Sister bayley is not an employee of mercy housing, inc. Or padre apartments community. Mercy housing, inc. Makes payments directly to the sisters of mercy of the americas west midwest for monthly stipend payments and benefits relating to the services performed by sister bayley. The sisters of mercy of the americas west midwest are responsible for providing the living expenses of sister bayley. For 2024 mercy housing, inc. Paid $118,445 for the annual stipend fee and benefits equivalent.”

“Management services: program service expenses 160,724. Management and general expenses 0. Fundraising expenses 0. Total expenses 160,724.”

“DISTRIBUTION -20,500.”