Sangnok Housing Corp

“Sangnok housing corp. Is managed by foundation property management, inc., a professional property management company. Foundation property management, inc. Has a project owner's and management agent's certification for multifamily housing projects with the u.s. Department of housing and urban development for the operating project in which sangnok is the general partner. Under this certification, hud has approved foundation property management, inc. To manage the operating project in which sangnok is the general partner. 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 sanitary and affordable environment. . Yuri escandon, lavonne mickelson, and joanne silva are compensated by foundation property management, inc. As follows: base compensation of $261,372, $200,602, and $181,149, other compensation of $5,400, $4,200 and $2,400, deferred compensation of $10,119, $4,875, and $13,412, and nontaxable benefits of $45,486, $0, and $15,562 respectively.”

“The corporation will have two members at all times, as follows: retirement housing foundation and korean-american christian evergreen association, inc. Membership is nontransferable and nonassignable.”

“An annual meeting of the members will be held for the purpose of electing directors.”

“The by-laws may not be amended, repealed, or added to, nor any new by-laws adopted, except by the unanimous affirmative vote or unanimous written consent of the members.”

“The auditing firm sends a draft of the return to the management company. The corporate secretary and director of housing accounting review and approve the return prior to filing.”

“Upon joining the company and annually thereafter, all employees and board members are required to complete and sign a certification acknowledging their understanding and agreement to comply with the company's conflict of interest policy, including disclosing any activities that may appear or may be deemed violations of the policy. Board members and company officers have an additional and more comprehensive conflict of interest policy and certification requirement. Designated management personnel are responsible for tracking the distribution and return of all certifications and for accounting and reporting any disclosures to the company's compliance officer. If further review of any disclosure is merited, the compliance officer forwards the certification to the company's general counsel, ceo, and/or board for final disposition. Individuals who have made disclosures are advised of final dispositions. An employee's failure to submit timely certifications, disclosures, and/or to take the necessary required actions to avoid conflicts may be disciplined, up to and including termination. If the individual is a board member, he or she may be subject to removal from his or her position.”

“The process for determining compensation for the ceo, executive director, top management officials, and other officers or key employees included an extensive review and approval by independent persons.”

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

“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.”

“The compensation listed on schedule j and elsewhere in this return is for services provided to and paid by retirement housing foundation which is a related organization that sponsors and manages through subsidiaries approximately 190 tax exempt organizations and partnerships that provide affordable and market-rate housing, skilled nursing and assisted living services for senior adults, low income families and persons with disabilities throughout the united states including the district of columbia, puerto rico and the virgin islands.”

“Supervisory management fee: program service expenses 0. Management and general expenses 55. Fundraising expenses 0. Total expenses 55.”