Skid Row Housing Trust

“The audit committee of the board will review a draft of the Form 990. Upon the audit committee'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. ALL EXECUTIVE SALARIES WERE COMPARED TO THOSE OF EXECUTIVES IN SIMILAR ORGANIZATIONS.”

“No documents, other than those documents required for federal tax purposes, which are listed in Question 18, are available to the public on request.”

“Gaap/tax differences in amounts from k-1s = $1669637”

“AT THE TIME OF FILING THE TAX RETURN, THE TAXPAYER ENTERED RECEIVERSHIP, THEREFORE, NO AUDITS WERE DONE FOR 2021 OR 2022. THE ANSWER OF FORM 990 PART IV QUESTION 12B, FORM 990 PART XII QUESTION 2B and 2C, AND FORM RRF-1 PART B QUESTION 8 REFLECT THIS SITUATION.”

“The tax return has been prepared to include the trust's activities plus their investment in partnerships per their 2022 k-1s so that the partnership activity correctly reflects the organization's percentage interest in the partnerships. The k-1s use tax basis for income/(loss) and expense items, but the audited financial statements are issued on consolidated basis and the capital account is on gaap basis. As such, it causes an adjustment to fund balance as follows:fund balance at 1/1/22 $ 2,904,621.2022 income per tax -8,195,298.gaap/tax differences in amounts from k-1s 1,669,637.fund balance at 12/31/22 $ -3,621,040.”