Koreatown Youth and Community Center Inc.

“Form 990, Part VI, Section B, line 11: A draft of Form 990 was provided to the organization's Board of Directors prior to filing. In compliance with the California Nonprofit Integrity Act of 2004 (SB 1262), the Audit Committee conferred with the independent auditors to satisfy members of the financial affairs of the organization. The Audit Committee determined to accept the audit and submitted its opinion to accept the audited financials to a full vote of the Board of Directors. The Board of Directors accepted the audit. The audited financial statements were the basis for completing the Form 990. Prior to filing, the Form 990 was distributed to the full Board along with an executive summary provided by the Chief Operating Officer. A period for questions and clarifications about the Form 990 was provided to the board and any items of concern were addressed prior to filing.”

“Form 990, Part VI, Section B, line 12c: The organization's conflict of interest policy covers all board members and staff members. Board members are introduced to the policy during their initial orientation and are expected to disclose potential conflicts with the Executive Director and/or a member of the Executive Committee. On an annual basis, the Board of Directors reviews the policy (during the June meeting or, if cancelled, the first Board of Directors meeting thereafter). The Executive Committee has the authority to review any claims of conflict of interest. If conflicts of interest exist, members are prohibited from participating in the governing body's deliberations and decisions in any matter in which they may have such conflict of interest. Staff is introduced to the policy during their new hire orientation. The management team is responsible for reporting any potential conflicts of interest to the Executive Director. If the Executive Director finds merit in the report, a report is forwarded to the Executive Committee of the Board of Directors.”

“In january 2006, the executive committee recommended an adjustment to the executive director's compensation to the current level, and in 2011 it recommended an adjustment to the chief operating officer's compensation to the current level. There was a review by members of the executive committee and approval from the full board. Modifications to compensation, including benefits, of the executive director and chief operating/financial officer are reviewed and approved by the board of directors, if such modifications are not substantially shared by all employees. Comparable data, compensation surveys, and other means are used to determine that the compensation is just and reasonable.”

“Financial statements for the most current year are available on the kycc website and in person, upon request. Conflict of interest policy is available upon request. The governing documents are not generally made available but consideration would be made to a written request.”

“0.5% equity interest in Reno Apartments LP. 483,333.”

“There is no change from the prior year on kycc's oversight on financial statements. Audit committee appoints the independent auditors each year, and the independent auditors report the audited financial statements to the audit committee, which in turn reports to the full board when it accepts the audited financial statements.”

“On January 1, 2014, KYCC transferred Reno Apartments building and related acquisition note payable, to Reno Apartments, L.P in exchange for 0.5% equity interest in Reno Apartments L.P. The total amount of assets related to Reno project was $1,052,780 and the total amount of liabilities related to Reno project was $1,536,114. Accordingly, net assets were increased to reflect the liability relieved in excess of the asset transferred. KYCC recognized rental income of $128,377 from Reno project for 6 months prior to transfer.”