Return Reference | Explanation |
---|---|
FORM 990, PART VI, SECTION A, LINE 3 | THE ORGANIZATION HAS ENTERED INTO A MANAGEMENT AGREEMENT WITH A MANAGEMENT AGENT FOR DAY-TO-DAY MANAGEMENT OF THE APARTMENT COMMUNITY AS IS CUSTOMARY FOR OWNERS/OPERATORS OF HUD-ASSISTED RENTAL COMMUNITIES. 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 RETURN IS PREPARED BY A CPA FIRM AND SENT TO THE MANAGEMENT AGENT FOR INITIAL REVIEW AND APPROVAL. THE MANAGEMENT AGENT THEN SENDS THE RETURN TO THE BOARD OF DIRECTORS FOR FINAL REVIEW, APPROVAL AND SIGNATURE. |
FORM 990, PART VI, SECTION C, LINE 19 | DOCUMENTS ARE MAINTAINED BY THE BOARD OF DIRECTORS AND COPIES ARE PROVIDED UPON REQUEST. |
FORM 990, PART XII, 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. |
Software ID: | |
Software Version: |