Intercommunity Housing Ferndale

“Intercommunity housing ferndale is a nonstock, nonprofit corporation with mercy housing northwest as the sole member.”

“The board of trustees of mercy housing, inc. Has authority over intercommunity housing ferndale 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 periodically the conflict of interest disclosures and determines whether any action is required.”

“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 executive 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.”

“Contracts: program service expenses 38,628. Management and general expenses 0. Fundraising expenses 0. Total expenses 38,628.”

“The mortgage acquired on december 15,2013 is held by one pacific coast bank, fsb in the original amount of $ 900,000. The note bears a 5% interest rate. The note matures on december 15,2003. Principle and interest are payable monthly. The note is collateralized by the deed of the trust on the property. The beginning of year balance due was $ 842,310 and the end of year balance is $ 821,230.”

“Responsibility for selection of an independent accountant and oversight of the annual audit is reserved by the mercy housing, inc. Board of trustees.”