Plazas De Merced

“The process for determining compensation for the President, chairman, officers, and directors is determined by an Employee Benefits committee, which is appointed by the board of directors of Mercy Housing, Inc. To ensure competitiveness, wages are compared to other affordable housing organizations, both for- and not-for-profit, or the local market for positions applicable to a broader competitive market. Mercy Housing, Inc. will comply with all applicable federal and state labor laws and regulations. The process will be administered according to the relevant human resource operational policies and by the human resource department with direction from the senior leadership team. The CEO will make a report to the board of trustees on implementation of the wage and benefit program annually. Periodically the human resources committee within the Mercy Housing, Inc. board of trustees will review executive salaries to ensure competitiveness and reasonableness with external markets and for internal equity in relation to general employee wages and benefits, individual and organizational performance, and the financial resources of the organization.”

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

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

“The audit committee of Mercy Housing, Inc. reviews periodically the conflict of interest disclosures and determines whether any action is required.”

“The Board of Trustees of Mercy Housing, Inc. has authority over PLAZAS DE MERCED 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.”

“Plazas de Merced is a nonstock, nonprofit corporation with Mercy Housing SouthWest as the sole member.”

“SISTER LILLIAN MURPHY, RSM, SERVES AS A BOARD MEMBER OF Mercy Bond Properties Co I AND IS ALSO THE CHIEF EXECUTIVE OFFICER OF MERCY HOUSING, INC., WHICH IS THE SOLE MEMBER OF MERCY Housing Midwest. MERCY HOUSING, INC. AND THE SISTERS OF MERCY OF THE AMERICAS WEST MIDWEST HAVE ENTERED INTO A CONTRACT WHEREBY SISTER MURPHY HAS BEEN ASSIGNED TO MERCY HOUSING, INC. TO PERFORM SERVICES AND PROVIDE EXECUTIVE LEADERSHIP FOR MERCY HOUSING, INC AND ITS SUBSIDIARIES. SISTER MURPHY IS A MEMBER OF A RELIGIOUS COMMUNITY AND HAS TAKEN A VOW OF POVERTY AND THEREFORE DOES NOT RECIEVE ANY PERSONAL INCOME. SISTER MURPHY IS NOT AN EMPLOYEE OF MERCY HOUSING, INC. OR Mercy Bond Properties Co I. 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 MURPHY. THE SISTERS OF MERCY OF THE AMERICAS WEST MIDWEST ARE RESPONSIBLE FOR PROVIDING THE LIVING EXPENSES OF SISTER MURPHY. FOR 2013 MERCY HOUSING, INC. PAID $402,642 FOR THE ANNUAL STIPEND FEE AND BENEFITS EQUIVALENT.”

“Responsibility for selection of an independent accountant and oversight of the annual audit is reserved by the Mercy Housing, Inc. Board of Trustees.”