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 corporations (medc) board and staff continued work towards the conclusion of dissolution in its ongoing efforts of vetting a new qualified general partner anticipated to acquire its position 00.01% ownership of the bear river senior apartments, mountain shadow apartments, second west/green street partners apartments, and stoneridge apartments. Riverview senior housing continues to be wholly owned by medc and will be transferred during the dissolution process to a qualified nonprofit organization, as well. Through this process, medc has gone through many cycles over the years in its endeavors to locate a suitable general partner, as such, it was decided that utah non profit housing corporation (unphc) has the ability to reshape medcs affordable housing portfolio for the benefit of utahs communities, along with medcs financial and community partners. Unphc has exceptional affordable housing knowledge,a significant financial balance sheet, and a reputation that provides a competitive advantage over smaller and less known organizations. Therefore, it was determined that unphc should be able to complete the acquisition process in a timely manner. Throughout fy 2014/15 med persistently worked to improve the financial strength of bear river senior apartments, second west/green street partners apartments, and stoneridge apartments through refinancing and strategically lowering debt costs as provided by todays financial environment. The result of these actions will allow the new general partner to make significant capital improvements to each of the above-mentioned properties, and strengthen the operating financial capabilities of the full portfolio. The work completed by medc and utah non profit housing corporation will long serve the affordable housing needs of the utah communities where these projects are located. Capitalizing on the strength of unphc, medc remains committed to moving forward with unphc based on its financial standing, community support, and property management experience that makes unphc a strong candidate as general partner for medcs portfolio. After continued conversations with the limited partner(s), it is fully supported that medc transfer its complete portfolio to utah non profit housing corporation by calendar year end. As a result of the work completed during fy 2014/15 the properties will be well positioned, under the leadership of utah non profit housing corporation, to continue to deliver high quality affordable housing options to utahs neediest populations.”

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