La Residential Community Foundation

“One officer and spouse director are married. A proper segregation of accountability and duties was designed and is maintained.”

“The tax information Form 990 is e-mailed to the Finance committee for approval. The preparation process is discussed. Review is undertaken, questions posed and any changes are made before the tax return is finalized. Then, copies of the Form 990 are given to the governing board, any questions are answered and the tax return is subsequently filed.”

“Annually, any conflicts are compiled, addressed and resolved.”

“In the hiring process, human resources attains salary surveys available on the internet and inquiries are made to other Human resource contacts at similiar companies. From this process, information is documented and is evaluated for the position being considered.”

“Same as 15a.”

“Upon request.”

“The Finance Committee assumes responsibility for oversight of the audit as follows:The audit report is emailed to the Finance Committee for their review. They pose questions, comments and suggestions back to the CFO, who after discussion, the CFO makes any needed changes. The Finance Committee approves the selection of a new auditor when a change is made.”

“LARC sculpture, "The Hand and the Heart", was donated by an artist, Brad Howe, at inception of the residential project in 2001. It is located at the residential entrance to the 13 homes. It is valued at $12,000.Sculpture, "The King and his Castle", by artist, Guerrea, was donated in 2005. It is located near our pool. It is valued at $10,968.The "Holland Sculpture" donation is valued at $25,170.It is located near the residential entrance to the 13 homes.”

“Los Angeles Residential Community Foundation has an arrangement with one of its Board members, in which the Board member invests a portion of the Foundation endowment and Board restricted assets through his Brokerage firm of employment. Although the Board member receives no direct commission, he does receive an indirect commission from his overall investment accounts, which include the Organization's investments. The commision received is significantly below the threshold reporting level that is required by Form 990, Schedule L.”

“Since, at LARC Support Foundation, there are majority common boardmembers, it is a controlled organization required to be reported on in this schedule, as defined under the Internal Revenue Code, 512(b)(13).LARC Support Foundation's main function is to hold investment and future bequests for LARC Foundation. Its fair value was approximately $5,383 at year-end.”

“Amounts of $360,000 were provided by Support Organizations, LARC Auxiliary; $200,000 and Friends of LARC $160,000 These Organizations are listed in Form 990, Schedule R, Part II.”