Santa Barbara Community Housing Corp

“Review steps of the tax returns include: the board of directors reviews the audited financial statements prior to the preparation of the tax returns. Next, a draft of the entire tax return is distributed to the president and executive director for a preliminary review where any adjustments and corrections are noted and addressed. Copies of the completed returns are then distributed to the entire governing body for review and approval prior to submission with the applicable taxing authorities.”

“The organization regularly reviews its written conflict of interest policy and financial transactions with certain vendors and its affiliates. At the beginning of each fiscal year, all of the board members are required to sign a conflict of interest policy and disclosure form. By signing the form, they agree that they received a copy of the organization's conflict of interest policy, read and understand the policy, and agree to comply with the policy.”

“The board of directors periodically reviews the reasonableness of the compensation of the executive director and the chief financial officer compared to other exempt organizations within the santa barbara area.”

“The organization's governing documents, conflict of interest policy and financial statements are made avaialble to the public upon request.”

“notes receivableform 990 page 10 part ix reports $475,000 bad debt expense at line 24c.the organization established a general reserve for doubtful notes receivable of, $336,000 at june 30, 2023, and, $811,000 at june 30, 2024 for notes receivable reported on form 990 page 11 part x line 7 (b).the balance sheet on form 990 page 11 part x line 7 (b) reports $1,339,998, which is notes receivable of $2,486,998 minus the general reserves for doubtful notes receivable of $336,000 and $811,000.”

“form 990 page 10 part ix reports $580,000 bad debt expense at line 24b.the organization established a general reserve for credit losses 0f accounts receivable of, $580,000 for accounts receivable reported on form 990 page 11 part x line 4 (b).the balance sheet on form 990 page 11 part x line 4 (b) reports $784,291, which is accounts receivable of $1,364,291 minus the general reserves for credit losses of receivable of $580,000.”

“line form 990, part viii, pg 9,net gain line 7dthe organization completed the sale of real property refered to as the 'courtyard' apartments located at: 725, 729 & 733 north e street, lompoc, ca 93436.the gain consisted of:sales price $2,145,000lessbasis and sales expense $ 993,432net gain $1,151,568”