Montebello Housing Development Corporation

“Montebello housing development corp. 's outside auditors and finance staff prepare and review the form 990. The form 990 is then reviewed and approved by the organization's president and treasurer. Subsequently form 990, complete with all schedules, is then provided to the full board before filing with the irs.”

“The purpose of the organization's conflict of interest policy is to protect mhdc's interests when it is contemplating entering into a transaction or arrangement that might benefit the private interests of an officer or director of mhdc or might result in a possible excess benefit transaction. This policy is intended to supplement, but not replace, any applicable state and federal laws governing conflicts of interest applicable to nonprofit and charitable organizations. 1. Duty to disclose -- in connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the board or executive committee. 2. Recusal of self -- any director may recuse himself or herself at any time from involvement in any decision or discussion in which the director believes he or she has or may have a conflict of interest, without going through the process for determining whether a conflict of interest exists. 3. Determining whether a conflict of interest exists -- after disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the board or executive committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or executive committee members shall decide if a conflict of interest exists. 4. Procedures for addressing the conflict of interest a. An interested person may make a presentation at the board or executive committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. B. The chairperson of the board or executive committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. C. After exercising due diligence, the board or executive committee shall determine whether mhdc can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. D. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board or executive committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in mhdc's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination, it shall make its decision as to whether to enter into the transaction or arrangement. 5. Violations of the conflicts of interest policy a. If the board or executive committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. B. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the board or executive committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action. The minutes of the board and all committees with board delegated powers shall contain: a. The names of the persons who disclosed or otherwise were found to have a financial interest in connection with an actual or possible conflict of interest, the nature of the financial interest, any action taken to determine whether a conflict of interest was present, and the board's or executive committee's decision as to whether a conflict of interest in fact existed. B. The names of the persons who were present for discussions and votes relating to the transaction or arrangement, the content of the discussion, including any alternatives to the proposed transact”

“Some or all of these items maybe available upon request, however current tax law does not require the governing documents, conflict of interest policy or financials be provided to the public.”

“Audit: program service expenses 17,504. Management and general expenses 2,996. Fundraising expenses 0. Total expenses 20,500. Professional fees: program service expenses 4,748. Management and general expenses 813. Fundraising expenses 0. Total expenses 5,561.”

“Contribution: program service expenses 2,225. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,225. Meals & catering: program service expenses 2,171. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,171. Dues and subscription: program service expenses 1,504. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,504. Bank fees: program service expenses 277. Management and general expenses 287. Fundraising expenses 0. Total expenses 564.”

“Payment of equity interest share -400,000.”

“The following parts and schedules of the form 990 are amended: form 990, part 1, lines 8, 9, 10, 11, 15, 17, 18, & 19 form 990 part 111 lines 4a expenses and revenue form 990 part viii, lines 1e, 2a, 2b, 2e, 3, 6a(i), 6b(i), 6c(i), 7a(ii), 7b(ii), 7c(ii), & 11a form 990 part ix, statement of functional expenses all lines form 990 part x balance sheet all lines form 990 part xi, reconciliation of net assets all lines schedule a part ii lines 1e, 8e, 10e, & 11 the organization received its audited financial statements after the form 990 filing deadline. This amended form 990 is being filed to correct all the financial information to be consistent with the issued audited financial statements and the organization's books and records.”