Glencroft Towers I Inc

“Friendship retirement corporation serves as the organization's sponsor and provides management services.”

“The board of directors nominates new board members who must be approved by friendship retirement corporation (frc). Frc also appoints the ceo.”

“Any changes to the organizational by-laws of glencroft towers inc are also subject to the approval of frc and the department of housing and urban development.”

“The 990 is prepared by an outside accounting firm and is reviewed by the ceo, cfo, and finance committee. The final draft of the 990 is sent electronically or mailed to all board members prior to being filed with the irs. Board members have a comment period in which to respond with questions or changes.”

“All board members are covered under the conflict of interest policy. The board chair and the ceo determine if there is a conflict of interest based on conflict of interest policy questionnaires given to each board member at the start of the board year. When a conflict arises, that person is recused and may be asked to leave the room during the deliberations of the issue. It is noted in the minutes when a board member has a conflict and has abstained from voting.”

“Financial statements made available to the public upon request”

“Other fees for service: program service expenses 622,033. Management and general expenses 0. Fundraising expenses 0. Total expenses 622,033. Consulting: program service expenses 0. Management and general expenses 3,754. Fundraising expenses 0. Total expenses 3,754.”

“The parent company, friendship retirement corporation, has allocated a portion of the tax exempt bonds that were issued to the parent company during 2016. The details of the tax exempt bonds issued to friendship retirement corporation are contained on the schedule k that is filed with the form 990 of the parent company (fein 86-0265218). There is no schedule k for this tax return.”

“This process has not changed from the prior year.”