Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is at| Return Reference | Explanation |
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| FORM 990, PART VI, SECTION A, LINE 3 | THE PROPERTY IS MANAGED BY EUGENE BURGER MANAGEMENT CORPORATION. HUD HAS APPROVED A MANAGEMENT FEE IN THE AMOUNT OF 8.60% OF RENTAL INCOME COLLECTIONS CAPPED AT $62 PER UNIT PER MONTH AND 8.60% OF THE OTHER INCOME COLLECTED, EFFECTIVE NOVEMBER 1, 2006. FOR THE PERIOD ENDED APRIL 30, 2014 MANAGEMENT FEES TOTALED $69,936. THE MANAGEMENT COMPANY WAS RESPONSIBLE FOR THE DAY TO DAY OPERATIONS OF THE LOW INCOME HOUSING PROJECT, INCLUDING TENANT INCOME CERTIFICATION, RENT COLLECTION, HIRING AND SUPERVISION OF EMPLOYEES (ALL PROJECT STAFF WERE EMPLOYEES OF THE MANAGEMENT COMPANY), FACILITY MAINTENANCE, ETC. PERSONNEL COSTS - THE ORGANIZATION PAYS THE SALARIES, PAYROLL TAXES AND HEALTH AND OTHER BENEFITS CONTRIBUTIONS OF ALL ON-SITE PERSONNEL THAT ARE EMPLOYEES OF EBMC. FOR THE PERIOD ENDED APRIL 30, 2014, PERSONNEL COSTS TOTALED $218,033. PAYROLL PROCESSING FEES - THE ORGANIZATION ALSO PAYS EBMC FOR PAYROLL PROCESSING SERVICES AT A RATE OF 3.5% OF TOTAL PAYROLL PER MONTH. THE ORGANIZATION INCURRED $7,160 OF PAYROLL PROCESSING FEE EXPENSE FOR THE PERIOD ENDED APRIL 30, 2014. BOOKKEEPING - THE ORGANIZATION PAYS EBMC FOR BOOKKEEPING FEES. FOR PERIOD ENDED APRIL 30, 2014 BOOKKEEPING FEES TOTALED $8,460. |
| FORM 990, PART VI, SECTION A, LINE 6 | MEMBERS SHALL CONSIST OF THE INCORPORATORS AND SUCH SUBSCRIBERS AS HAVE BEEN APPROVED FOR MEMBERSHIP BY THE BOARD OF DIRECTORS AND WHO HAVE PAID FOR THEIR MEMBERSHIP AND RECEIVED MEMBERSHIP CERTIFICATES. THE STATUS OF THE INCORPORATORS AS MEMBERS TERMINATED AT THE FIRST ANNUAL MEETING OF MEMBERS UNLESS THEY EXECUTED SUBSCRIPTION AGREEMENTS AND, WHERE REQUIRED BY THE ADMINISTRATION, OCCUPANCY AGREEMENTS. THE AUTHORIZED MEMBERSHIP OF THE CORPORATION SHALL CONSIST OF 94 REGULAR MEMBERSHIPS. |
| FORM 990, PART VI, SECTION A, LINE 7A | MEMBERS OF THE BOARD OF DIRECTORS ARE NORMALLY ELECTED BY A MAJORITY VOTE OF THE GENERAL MEMBERSHIP. VACANCIES IN THE BOARD OF DIRECTORS CAUSED BY ANY REASON OTHER THAN THE REMOVAL OF A DIRECTOR BY A VOTE OF THE MEMBERSHIP SHALL BE FILLED BY VOTE OF THE MAJORITY OF THE REMAINING DIRECTORS UNTIL A SUCCESSOR IS ELECTED BY THE MEMBERS AT THE NEXT ANNUAL MEETING TO SERVE OUT THE UNEXPIRED PORTION OF THE TERM. |
| FORM 990, PART VI, SECTION A, LINE 7B | AT ANY REGULAR OR SPECIAL MEETING DULY CALLED, ANY DIRECTOR MAY BE REMOVED WITH OR WITHOUT CAUSE BY THE AFFIRMATIVE VOTE OF THE MAJORITY OF THE ENTIRE REGULAR MEMBERSHIP OF RECORD AND A SUCCESSOR MAY THEN AND THERE BE ELECTED TO FILL THE VACANCY THUS CREATED. |
| FORM 990, PART VI, SECTION A, LINE 8B | THERE ARE NO SUBCOMMITTEES OF THE BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION B, LINE 11 | THE FORM 990 IS REVIEWED BY THE MANAGEMENT AGENT AND THEN PRESENTED TO THE BOARD OF DIRECTORS. THE FORM IS SIGNED BY A BOARD MEMBER. |
| FORM 990, PART VI, SECTION C, LINE 19 | GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC INSPECTION AT THE MANAGEMENT AGENT'S OFFICE. |
| FORM 990, PART XI, LINE 9: | INCREASE IN MEMBERSHIP CERTIFICATES 1,158. |
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