Sherman Way Senior Citizen Housing Corp

“Sherman way senior citizen housing corporation is managed by menorah housing foundation. Menorah housing foundation is a non profit professional property management company specializing in very low income elderly housing. Menorah housing foundation has a project owner's and management agent's certification for multifamily housing projects with the us department of housing and urban development. Under this certification, hud has approved menorah housing foundation to manage the project under sherman way senior citizen housing corporation. 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.”

“The auditing firm sends a draft of the return to the management company. The management company forwards a copy of the return to each board member for their comments prior to filing.”

“Board members sign off on the policy annually and abstain from any voting where a conflict could exist.”

“The process includes all of these elements: (1) review and approval by the board of directors or compensation committee of the organization; (2) use of data as to comparable compensation; and (3) contemporaneous documentation and recordkeeping. 1. Review and approval. The compensation of the person is reviewed and approved by the board of directors or compensation committee of the organization, provided that persons with conflicts of interest with respect to the compensation arrangement at issue are not involved in this review and approval. 2. Use of data as to comparable compensation. The compensation of the person is reviewed and approved using data as to comparable compensation for similarly qualified persons in functionally comparable positions at similarly situated organizations. 3. Contemporaneous documentation and recordkeeping. There is contemporaneous documentation and recordkeeping with respect to the deliberations and decisions regarding the compensation arrangement.”

“The form 990 and all related financial and policy information are made available to the public upon written request.”

“Hours worked for related organizations: all of the officers, directors, and employees listed in part vii, section a perform similar duties and have similar responsibilities for related organizations as they do for this organization. Their total hours worked per week for this organization are similar to their hours worked for related organizations both in terms of number of hours and type of work performed.”

“Oversight of auditing functions: the management company receives a copy of the audit. Prior to the finalization of the audit, a copy of the audit is given to all of the board members for their comments. When the audit is up for bid, the board discusses the relationship with the current auditors and makes a determination as to whether to maintain this relationship or change to a new auditing firm.”