Western Community Housing Inc

“Management is required to distribute a draft of the form 990 to the entire governing body at least 10 days prior to its filing. During this period the governing body has an opportunity to review the form 990 and add comments or ask questions prior to filing. In addition, a conference call is scheduled between the management and board members to address any questions and inputs on the draft tax return before it gets finalized.”

“The conflict of interest policy is circulated annually to wch's board of directors and key employees. Wch asks that all directors and key employees certify in writing by signing an annual statement and confirm the following: - receives a copy of wch's conflict of interest policy (the "policy"). - reads and understands the policy - agrees to comply with the policy - understands that wch is a charitable organization and that in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes.”

“The Corporation's current Conflict of Interest and Compensation Policy was adopted by the Board of Directors in 2006. Pursuant to this policy:a. No Interested Person shall vote on any matter relating to his or her compensation, irrespective of whether said compensation is received directly or indirectly, from the Corporation.b. The Corporation shall endeavor to ensure that all compensation arrangements affecting Interested Persons are objectively reasonable, based on the relevant market for persons of comparable skills, training, education and experience and performing similar duties for comparable organizations under similar conditions and circumstances. The Corporation shall consider and give due weight to studies published by third parties regarding rates of compensation whenever and, to the extent that, such studies are reliable and available.In addition to the above, the Board of Directors of the Corporation annually nominates a Compensation Committee whose members are comprised of three independent Directors. The Compensation Committee is guided by their Board approved Charter as well as a Compensation Philosophy Statement.Both the Corporations Board of Directors and the Compensation Committee have relied on third party information obtained from (1) The Economic Research institutes (ERI) Executive Compensation Assessor software, (2) GuideStar, and (3) The Bureau of Labor Statistics. ERIs Executive Compensation Assessor is used by the Corporation to benchmark executive compensation by reviewing data for executive salaries, bonuses, non-equity incentives, pension, and other compensation, and generates benchmarks to peer companies based on analysis of industry trends. GuideStar is used by the Corporation to draw compensation information from comparable non-profit organizations and benchmark against its executives. The information published by the Bureau of Labor Statistics is used by the Corporation to determine annual changing compensation costs in the Corporations metropolitan area. This third-party information is first reviewed and deliberated by the Compensation Committee for the President, other Officers, and staff members with compensation in excess of $100,000 per year. Following these deliberations, the Compensation Committee presents an Annual Compensation and Benefit Plan to the Board of Directors that is reviewed in conjunction with the annual budget for the Corporation.”

“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 in amounts from k-1 = $344988”

“THE AUDITED FINANCIAL STATEMENTS ARE ISSUED ON A CONSOLIDATED BASIS. THE 2024 AUDITED FINANCIALS REFLECT THE ORGANIZATION'S INVESTMENT IN VARIOUS PARTNERSHIP INTERESTS ON THE EQUITY METHOD. DUE TO SIGNIFICANT BOOK/TAX DIFFERENCES CAUSED BY THE EQUITY METHOD, THE TAX RETURNS HAVE BEEN PREPARED TO REFLECT THE INVESTMENTS IN PARTNERSHIPS PER THE K-1s. THE INCOME AND EXPENSE ITEMS ON THE K-1S ARE ON TAX BASIS, HOWEVER, THE CAPITAL ACCOUNT IS ON GAAP BASIS WHICH RESULTS IN THE FOLLOWING ADJUSTMENT TO THE FUND BALANCE:FUND BALANCE AT 1/1/24 $40,559,514 .2024 INCOME PER TAX 7,923,292 . TAX/GAAP DIFFERENCES IN PARTNERSHIP INVESTMENTS 344,988 . FUND BALANCE AT 12/31/24 $48,827,794 . THESE BOOK/TAX DIFFERENCES ALSO CAUSE WCH'S TAX BASIS BALANCE SHEET AS REPORTED ON PART X TO DIFFER FROM THE AUDITED FINANCIALS AS FOLLOWS:WCH TOTAL ASSETS PER CONSOLIDATED AUDIT 41,890,265. LESS: BOOK BASIS INVESTMENT IN PARTNERSHIPS -9,218,337.ADD: TAX BASIS INVESTMENT IN PARTNERSHIPS 75,988,844.ADD: TAX BASIS INVESTMENT IN CORPORATIONS 443,448.ADD: CUMULATIVE REVERSAL OF BAD DEBT RESERVE ADJUSTMENTS 26,355,655.ADD: CUMULATIVE UNREALIZED LOSS 113,643. TOTAL ASSETS PER RETURN-FORM 990 PART X LINE 16 135,573,528.”