Skid Row Housing Trust

“The chairman of the audit committee of the board will review a draft of the Form 990. The committee chairman shall discuss unclear issues with the Director of Finance and Accounting and/or the company's tax consultant. Upon the audit committee chairman's approval of the Form 990, the finalized form will be filed with the appropriate agency.”

“Conflict of interest policy is documented in the Employee Manual and Corporate Bylaws. At hiring, human resource management distributes the conflict of interest policy to all employees which requires that the employees disclose any activities that may be in conflict with the Trust and sign the policy agreement. New board members receive copies of the Corporate Bylaws including conflict of interest clauses upon joining the board.”

“The board of directors have the power to select and remove all officers of the corporation; prescribe powers and duties for them that are consistent with law, with the articles of incorporation, and with the bylaws; fix their compensation; and require from them security for faithful service.”

“The organization makes copies of its governing documents, conflict of interest policy, and financial statements and provides them to the public when requested.”

“Gaap/tax differences - see sch o = $1525465”

“The tax return has been prepared to include the trust's activities plus their investment in partnerships per their 2013 k-1s so that the partnership activity correctly reflects the organization's percentage interest in the partnerships. The schedule k-1 items of income and expense are on tax basis, however, the k-1 capital accounts are on gaap basis. There is an adjustment to correct fund balance due to tax and gaap differences from the organization's partnership investments as follows:fund balance at 1/1/13 $(9,791,798).2013 income per tax (249,513). Tax/gaap differences 1,525,465 .fund balance at 12/31/13 $(8,515,846).”