Comite De Bien Estar Inc

“Anyone can become a member by paying an initial $1,080 deposit, a $20 membership fee, and $5 per month thereafter. Members continue to make payments as they can afford to, $150 a month is expected until development of the land is complete. When the member has accumulated approximately $2,500 they are eligible to choose a lot. Then financing is arranged. Comite acts as a fiduciary agent and facilitates the transfer of the deed of trust. The member makes monthly payments to the title company. There is a reserve account that covers any delinquent members so they maintain excellent credit. Over a period of 18 months a member develops equity which provides them with a vehicle for leverage on a mortgage. They can take 5 - 1o years to pay off their lot or decide to build a house. This is when comite provides the majority of the housing and services to alleviate financial duress and other impediments to affordable housing. Members can also obtain a rewards card from comite s-mart which prov1des them with discount prices on selected items at comite s-mart and for comite services.”

“The finance director and the executive director review the return first then it is reviewed by the audit committee and board of director and submitted for approval at the next meeting.”

“When a conflict of interest arises a memo of disclosure and rationale must be provided by the employee or board member. The memo is addressed to the executive committee. Who will review it and make a recommendation to the board of directors. The memo must contain a description of the circumstances, the kind of assistance, source of the assistance, and availability of the product or service elsewhere, and the rationale for providing the assistance, product or service, or hiring the relative. If the potential conflict involves federal funds, then the funding agency is contacted to request permission and a conflict of interest form is disclosed.”

“15a the executive directors contract is reviewed and approved by the board of directors using the "rebuttable compensation checklist" which is submitted to the human resources department. 15b other officers and key employees salary is determined by the human resource departments survey of comparable data, the employees length of service, employee evaluation, and education. They are approved by the executive director.”

“A written request for copies must be made to the administration office of comite de bien estar. The irs form 990 is also available to the public on gu1destar.”

“Discontinuance of operations -623,087.”

“The organization assumes responsibility for oversight of the audit of its financial statements and selection of independent accountant. The process has not changed.”

“Comite, comite s mart, llc and a comite board member are parties to an agreement whereby comite sold certain movable assets including shelves, inventory and the operations of the convenience mart and gas station to the board member for $55,000. The purchase price of $55,000 was fully financed through a note payable to comite s mart, llc,to be repaid through monthly payments through april 1, 2025, at an annual interest rate of 5%. At the time of sale, the related party payable in the amount of $623,087 due from s mart, llc, to comite de bien estar, inc., was forgiven. The forgiveness of the note was recorded as a special item as part of the recording of the discontinued operations in the consolidating statement of revenues and expenses. The special item is eliminated upon consolidation.”