| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 3 | THE CORPORATION HAS ENTERED INTO A MANAGEMENT AGREEMENT WITH NDC REAL ASSET MANAGEMENT LLC, AN UNRELATED PARTY. THE MANAGEMENT CONTRACT ENCOMPASSES THE DAY TO DAY OPERATIONS OF THE PROJECT INCLUDING, BUT NOT LIMITED TO, COLLECTION OF RENTS, MAINTENANCE OF FACILITIES, SUPERVISION OF STAFF, AND ONGOING SUPPORT FOR BOTH THE OWNERS AND TENANTS AS NEEDED IN ORDER TO ESTABLISH A SAFE, SANITARY AND AFFORDABLE ENVIRONMENT. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE AUDITING FIRM SENDS A DRAFT OF THE RETURN TO THE MANAGEMENT COMPANY. THE MANAGEMENT COMPANY FORWARDS A COPY OF THE RETURN TO EACH BOARD MEMBER FOR THEIR COMMENTS PRIOR TO FILING. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE POLICY IS REVIEWED ANNUALLY, BOARD MEMBERS DISCLOSE POTENTIAL CONFLICTS TO THE FULL BOARD AS THEY MAY OCCUR. RELATED PARTY TRANSACTIONS ARE DISCLOSED IN AN ANNUAL FINANCIAL AUDIT PERFORMED BY A PROFESSIONAL ACCOUNTING FIRM. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FORM 990 AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE FORM 990 CAN ALSO BE ACCESSED VIA GUIDESTAR. |
| FORM 990, PART XI, LINE 2C | THE MANAGEMENT COMPANY RECEIVES A COPY OF THE AUDIT. PRIOR TO THE FINALIZATION OF THE AUDIT, A COPY OF THE AUDIT IS GIVEN TO ALL OF THE BOARD MEMBERS FOR THEIR COMMENTS. WHEN THE AUDIT IS UP FOR BID, THE BOARD DISCUSSES THE RELATIONSHIP WITH THE CURRENT AUDITORS AND MAKES A DETERMINATION AS TO WHETHER TO MAINTAIN THIS RELATIONSHIP OR CHANGE TO A NEW AUDITING FIRM. |
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