San Francisco Housing Development Corporation

“Second amendment to the articles of incorporation the last sentence of article ii is amended to read as follows: the specific charitable purposes for which the corporation is organized are to: (i) develop and rehabilitate affordable housing for low- and moderate income persons; (ii) provide relief for poor, distressed or underprivileged persons by providing and developing employment and job training programs in low-income or disadvantaged neighborhoods of the city of san francisco (the "city"); (iii) implement an economic development program for business owners in the city with limited entrepreneurial skills and who are unable to obtain funds from conventional sources due to their location in an economically depressed, high-density urban area inhabited mainly by low-income minority and other disadvantaged groups; (iv) operate retail and restaurant incubator programs for new or first-time business owners that could not locate or remain in the city without the corporation's assistance, and provide other development programs and assistance to provide jobs, or job training opportunities to the unemployed or underemployed in the city; and (v) promote the social welfare by combatting community blight and deterioration within the city, and lessening the burdens of government and neighborhood tensions caused by the inadequate supply of affordable housing and economic and employment opportunities in the city.”

“The ceo and finance administration edits and reviews form 990, with additional review by the consulting cpa.”

“The ceo and board monitor all actions constituting a potential conflict of interest among board and staff. The board follows the written policy and by-laws to require that a) interested board members declare their interest, b) sit out of discussion relating to their conflict, other than answering questions, and c) recuse themselves from voting on such items.”

“The process included a written self-review, a written review by the full board following a discussion. Compensation was also determined based on review of two independent studies of bay area nonprofit organizations that show compensation for ceos by geography, organization size, organization budget, field of work and other factors.”

“The public may contact our offices and/or view form 990 on our website - www.sfhdc.org”

“Contractors: program service expenses 113,334. Management and general expenses 45,536. Fundraising expenses 50,613. Total expenses 209,483. Subcontractors: program service expenses 1,117,167. Management and general expenses 475. Fundraising expenses 6. Total expenses 1,117,648.”

“The process of overseeing the audit and selecting an independent accountant has not changed from the prior year.”