FORM 990, PART VI, SECTION A, LINE 3 |
THE CORPORATION IS MANAGED BY MERCY HOUSING MANAGEMENT GROUP ("MHM") AN AFFILIATE OF THE SPONSOR, PER THE MANAGEMENT AGREEMENT. THE MANAGEMENT FEE IS EQUAL TO 6.26 PERCENT OF GROSS COLLECTIONS, NOT TO EXCEED A CAPPED AMOUNT OF $40 PER UNIT PER MONTH. ADDITIONALLY, THE CORPORATION PAYS MHM $4 PER UNIT PER MONTH FOR A HUD ALLOWED BETTER BUILDINGS/SUSTAINABILITY CHALLENGE AND $8 PER UNIT PER MONTH FOR HUD ALLOWED SPECIAL FEES. FOR THE YEAR ENDED DECEMBER 31, 2023, $52,416 OF MANAGEMENT FEES HAVE BEEN CHARGED TO OPERATIONS. |
FORM 990, PART VI, SECTION A, LINE 6 |
PHOENIX MINISTRIES 3, INC. IS A NONSTOCK, NONPROFIT CORPORATION WITH MERCY HOUSING WHEATON, NFP AS THE SOLE MEMBER |
FORM 990, PART VI, SECTION A, LINE 7A |
THE BOARD OF TRUSTEES OF MERCY HOUSING, INC. HAS AUTHORITY OVER PHOENIX MINISTRIES 3, INC. IN VARIOUS ASPECTS OF OPERATIONS AND MANAGEMENT. THE RESERVED RIGHTS HELD BY THE MERCY HOUSING BOARD OF TRUSTEES, WHICH MAY BE FURTHER DELEGATED TO THE PRESIDENT AND CEO OF MERCY HOUSING, INC., INCLUDE APPROVAL OF THE FOLLOWING ACTIVITIES: REVISIONS TO ARTICLES AND BYLAWS; MERGERS AND ACQUISITIONS; ESTABLISHMENT OF NEW ENTITIES; PLEDGING, MORTGAGING OR DISPOSING OF ALL OR SUBSTANTIALLY ALL ASSETS; OBLIGATIONS OF NEW OPERATING AND MORTGAGE DEBT; AND, APPOINTMENT OR REMOVAL OF GOVERNING BOARD MEMBERS AND OFFICERS. |
FORM 990, PART VI, SECTION A, LINE 7B |
SAME AS LINE 7A |
FORM 990, PART VI, SECTION B, LINE 11B |
EACH MEMBER IS GIVEN THE OPPORTUNITY TO REVIEW THE RETURN BEFORE IT IS FILED. |
FORM 990, PART VI, SECTION B, LINE 12C |
THE AUDIT COMMITTEE OF MERCY HOUSING, INC. REVIEWS PERIODICALLY THE CONFLICT OF INTEREST DISCLOSURES AND DETERMINES WHETHER ANY ACTION IS REQUIRED. |
FORM 990, PART VI, SECTION C, LINE 19 |
THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. |
FORM 990, PART IX, LINE 11G |
MANAGEMENT SERVICES : PROGRAM SERVICE EXPENSES 186,240. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 186,240. |
FORM 990, PART XI, LINE 9: |
SURPLUS CASH DISTRIBUTIONS -8,399. |