Oceana Senior Housing Corporation

“The property is managed by mercy housing management group ("mhm"), an affiliate of the corporation, pursuant to a management agreement approved by hud. Effective september 1, 2024, the management agreement provides for a management fee equal to 3.65 percent of residential income collected, subject to a maximum yield of $64 per unit per month. The agreement also provides for an additional $10 per unit per month in special fees. Prior to the execution of this agreement, the management agent was entitled to a base fee equal to $64 per unit per month with approved special fees in the amount of $4 per unit per month. Such fees charged to operations for the year ended december 31, 2024 were $35,280.”

“Oceana senior housing corporation is a nonstock, nonprofit corporation with mercy housing california as the sole member.”

“The board of trustees of mercy housing, inc. Has authority over oceana senior housing corporation 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 organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Sister amy bayley, rsm, serves as an officer/director of oceana senior housing corporation and performs services for mercy housing inc. Mercy housing, inc. And the sisters of mercy of the americas west midwest have entered into a contract whereby amy bayley has been assigned to mercy housing, inc. To perform services and provide leadership for mercy housing, inc. And its subsidiaries. Sister bayley is a member of a religious community and has taken a vow of poverty and therefore does not receive any personal income. Sister bayley is not an employee of mercy housing, inc. Or oceana senior housing corporation. Mercy housing, inc. Makes payments directly to the sisters of mercy of the americas west midwest for monthly stipend payments and benefits relating to the services performed by sister bayley. The sisters of mercy of the americas west midwest are responsible for providing the living expenses of sister bayley. For 2024 mercy housing, inc. Paid $118,445 for the annual stipend fee and benefits equivalent.”

“Management services: program service expenses 150,349. Management and general expenses 0. Fundraising expenses 0. Total expenses 150,349.”