Sycamore Terrace

“Description of delegated duties to management company: the organization is managed by humangood affordable housing f/k/a beacon communities, inc, a professional property management company. Humangood affordable housing has a project owner's and management agent's certification for multifamiy housing projects with the us department of housing and urban development. Under this certification, hud has approved humangood affordable housing to manage this organization. The management contract encompasses the day to day operations of the project including, but not limited to, collection of rents, maintenance of facilities, supervision of staff, and ongoing support for both the owners and tenants as needed in order to establish a safe, sanitary and affordable environment.”

“Explanation of classes of members or shareholder: humangood affordable housing, a california nonprofit public benefit corporation, is the sole member of this organization.”

“How members or shareholders elect governing body: humangood affordable housing, the organization's sole member, elects all board members.”

“Decisions of governing body approval by members or shareholders: humangood affordable housing, the organization's sole member, must first approve in writing any decision involving: (a) merger, consolidation or dissolution of the corporation; (b) amendment, repeal, or restatement of the articles of incorporation or the bylaws of the corporation; (c) aggregate lending or borrowing for any purpose in excess of $150,000. For the purpose of this sub-paragraph the term aggregate borrowing includes but is not limited to lease agreements and contracts for sale; (d) purchase, sale, lease, disposition, hypothecation, exchange, gift, pledge, encumbrance or mortgage of any real property, and of any personal property with a value in excess of $150,000; (e) transactions outside the ordinary course of business; (f) hiring or termination of the management agent for any property owned by the corporation.”

“Form 990 review process: the return will be reviewed by humangood norcal f/k/a abhow's vp of finance for affordable housing prior to review by the board and filing.”

“Board members are required to disclose all conflicts of interest immediately as they occur. The board then evalues the conflic and determines appropriate action.”

“The board utilizes an independent contractor to review compensation. The results of the independent review are then provided to a compensation committee who recommends compensation amounts to the board.”

“The organization makes its financial statements available to the public in several ways. They are available in our annual filing of form 990 which the public can access through the internet at such sites as guidestar org and foundation center (http://tfcny. Fdncenter.org/990s/990search/esearch.php) these documents are also available upon request at the organization's place of business.”