Multi Ethnic Development

“A draft of the 990 is provided to all board members for review prior to filing. The board formally reviews the 990 during a board meeting and votes to approve the document. In addition, the executive director and board president provide signature approval for the document.”

“The executive director, board of directors, and key management are required to disclose conflicts or potential conflicts of interest annually. In addition, the organization's policy is that any director or officer with knowledge or an actual or potential conflict of interest on the part of that director or officer or any other director or officer of the organization is required to inform the entire board of the conflict. The board as a whole will the obtain appropriate disclosure and an understanding of all material facts. The board as a whole (with the exclusion of any interested persons) will determine whether an actual conflict exists. If the board determines that a conflict exists, the board shall investigate alternatives to the proposed transaction or arrangement. Specific actions will be determined on a case by case basis.”

“Compensation for the executive director is determined by the board of directors, which is independent from the executive director. Market comparability data from similar positions at similar non-profit organizations in the region is used to determine a reasonable salary. Deliberation and determination of compensation is documented.”

“Compensation for all other employees is determined by the board of directors, which is independent. Market comparability data from similar positions at similar non-profit organizations in the region is used to determine a reasonable salary. Deliberation and determination of compensation is documented.”

“The organization's governing documents, conflict of interest policy, and financial statements are made available to the public upon request at the organzation's offics during regular business hours.”

“The organization is one of salt lake city's oldest nonprofit organizations involved in the development, ownership, and management of affordable housing. The mission of the organization is to serve the community by developing, owning, and managing clean, safe, affordable housing for low and moderate income populations.”

“Multi-ethnic development corporation's (medc) board and staff continued to show their dedicated through their willingness to serve and work towards the conclusion of dissolution. That said, a decision had been made by medc to select a new qualified general partner that should allow finalization of the dissolution by calendar year end. In march, the board of medc met and confirmed that the organization needed to make some tough decisions due to the financial positions of the organization and the length of time invested in transferring the asset thus far. It should be noted that medc had been working with neighborhood nonprofit housing corporation (nnhc) over the last few years to transfer the assets (i.e., bear river valley apartments, mountain shadows apartments, riverview senior apartments, and stoneridge apartments; but nnhc has ran into issues that have been difficult to resolve with their board due to policy issues and federal regulation that have the perceived belief that these policies and/or regulations might affect the performance of some of the aforementioned property and cause harm to nnhc. With looming deadlines and a sense of urgency from the limited partner(s), medc needing to make a very difficult choice of remove nnhc from the general partner short list, in an effort to work to a conclusion of transferring medc's asset along with filing for dissolution quickly. With these newly imposed timelines and constraints, medc went with utah non- profit housing corporation as a general partner, as they agreed to a single package transaction for the entire portfolio. In addition, during the fy13/14 year second west apartments has been vetted by the road home; who also ran into difficulties with the 2014 utah state legislatures and funding opportunities for second west. It was reported that the road home would not be able to address the transfer of second west apartments until after the 2015 utah state legislative sessions. As above, these partners also had timing issues that no longer aligned with the limited partners timelines nor medc, so action needed to be taken to remove the road home as well. To recap, as a result of neighborhood nonprofit housing corporation's and the road homes' current challenges; it did not look like nnhc nor the road home would be in a position to take over the properties within the next six month. Therefore, medc decided to move forward with an eligible organization that had the financial standing, community support, and property management experience that would make utah non-profit housing corporation strong candidates as general partners in the aforementioned properties. After conversation with the limited partner(s), it was recommended that medc should transfer the full portfolio to utah non-profit housing corporation within the next six months. Our organization, more than ever, remains steadfast to achieving the above mentioned dates; therefore, medc set forth motions to pursue transferring the assets to utah non-profit by year end.”