Midwest Housing Development Fund Inc.

“Midwest housing development fund entered into a management agreement for a period of three years commencing december 11, 2015 with midwest housing equity group, inc., a 501(c)(3) organization, to manage the affairs of midwest housing development fund. The agreement may be extended for an additional term of five years, or any lesser increment of time, upon the signed, written agreement of the parties.”

“Effective july 1, 2018, the corporation amended its articles of incorporation and bylaws to designate midwest housing equity group, inc. As its sole member.”

“The corporation has one member, midwest housing equity group, inc.”

“Any change in the number of authorized directors shall require the consent of the member. The election of a director shall be subject to the consent of the member. The election of any officer shall be subject to the consent of the member. With the consent of the member, any director may be removed from office with or without cause by a majority vote of the directors. Subject to the rights, if any, of the officer under any contract of employment, any officer of the corporation may be removed with or without cause by the board at any time, with the consent of the member, and shall be removed upon expiration of such officer's term.”

“The following actions are subject to approval and written consent of the member: a. Any amendment to the restated articles of incorporation; b. A merger or consolidation of the corporation with or into any other entity; c. A sale, transfer, lease, or disposition of more than fifty (50) percent of the assets of the corporation or such assets of the corporation as the member may designate; d. A liquidation or dissolution of the corporation; e. Approval of any amendment to the bylaws of the corporation after july 1, 2018; f. The election of the directors of the corporation; g. The adoption of a strategic plan or any amendments thereto by the corporation; h. The adoption of an annual budget or any amendments thereto by the corporation; i. The election of officers of the corporation.”

“A draft of the form 990 is provided to the president and is reviewed in detail. The return is not filed until the form 990 and all supplemental information attached to the return has been approved by the president. The president is the authorized signer for the form 990.”

“All loans made to organizations that could be of financial benefit to the above mentioned individuals go through an approval process by a loan committee consisting of independent board members.”

“Midwest housing development fund does not make its governing documents, conflict of interest policy, and financial statements available to the public.”

“Contribution from sole member 1,700,000.”

“When the audit is up for bid, the board discusses the relationship with the current auditors and makes a determination as to whether to maintain this relationship or change to a new auditing firm.”