Mercy Bond Properties Colorado I

“The project is managed by mercy housing management group ("mhm"), an affiliate of the corporation, pursuant to the management agreement. The current management agreement provides for a management fee of 5.46 percent of the monthly effective gross rents for the project per month for managing the operations of the property. For the years ended december 31, 2024 $30,672 has been charged to operations. Mhm also receives $4 per unit per month for the better buildings challenge ("bbc") and $3 per unit per month for special population fees as additional management fees. Such fees charged to activities for the years ended december 31, 2024 were $4,536.”

“Mercy housing mountain plains, a nonprofit corporation, is the sole member and is exempt from federal income tax as an organization described in section 501(c)(3) of the internal revenue code of 1986.”

“The board of trustees of mercy housing mountain plains, as sole member of mercy bond properties colorado i, has authority over mercy bond properties colorado i 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 bond properties colorado i, 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”

“Form 990 is submitted to all board members prior to submission, along with request for comments. A formal meeting by phone with the board chair and available officers is held to review the form 990 prior to submission. Comments and questions are addressed prior to the form 990 being filed. If no comments are received the form 990 is filed.”

“The audit committee of mercy housing inc. Reviews annually the conflict of interest disclosures and determines whether any action is required.”

“Governing documents, conflict of interest policy and financial statements are made available to the public upon request.”

“Sister amy bayley, rsm, serves as an officer of mercy bond properties colorado i 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 does not receive any personal income. Sister bayley is not an employee of mercy housing, inc. Or mercy bond properties colorado i. 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 126,490. Management and general expenses 0. Fundraising expenses 0. Total expenses 126,490. Other professional fees : program service expenses 8,300. Management and general expenses 0. Fundraising expenses 0. Total expenses 8,300.”