| FORM 990, PART VI, SECTION A, LINE 3 |
COMMONWEALTH LAND TRUST, INC. (CLT), A NONPROFIT ORGANIZATION THAT HAS COMMON BOARD MEMBERS WITH THE CORPORATION, MANAGES THE OPERATIONS OF THE BUILDING, AND PROVIDES SERVICES IN CONNECTION WITH LEASING AND MANAGING THE PROJECT. IN ACCORDANCE WITH THE AMENDED AND RESTATED MHP MORTGAGE AGREEMENT, THE CORPORATION IS ENTITLED TO PAY ITS MANAGEMENT AGENT, A NON-CONTINGENT MANAGEMENT FEE EQUAL TO 3% OF EFFECTIVE RENTAL INCOME FROM THE PROJECT AS DEFINED IN THE AGREEMENT. ADDITIONALLY, THE CORPORATION MAY PAY ITS MANAGEMENT AGENT A CONTINGENT MANAGEMENT FEE OF UP TO AN ADDITIONAL 3% OF EFFECTIVE RENTAL INCOME, PAYABLE FROM AVAILABLE CASH FLOW, AS DEFINED IN THE AGREEMENT. FOR THE YEAR ENDED DECEMBER 31, 2013, THE MANAGEMENT FEE WAS $11,149. |
| FORM 990, PART VI, SECTION A, LINE 8B |
THERE ARE NO OTHER COMMITTEES OTHER THAN THE BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION B, LINE 11 |
THE TAX RETURN IS REVIEWED BY FINANCE CONSULTANT AND THE PRESIDENT/CEO OF COMMONWEALTH LAND TRUST. |
| FORM 990, PART VI, SECTION B, LINE 12C |
THE ORGANIZATION MONITORS THE POLICY ON A CASE BY CASE BASIS. |
| FORM 990, PART VI, SECTION C, LINE 19 |
THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. |
| FORM 990, PART IX, LINE 11G |
MANAGEMENT SERVICES: PROGRAM SERVICE EXPENSES 48,177. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 48,177. OVERSIGHT FEE: PROGRAM SERVICE EXPENSES 2,754. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,754. |
Attach to Form 990 or 990-EZ.