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TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is atwww.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public
Inspection
Inspection
Name of the organization
URBAN PROGRESS CORPORATION
Employer identification number
74-6066741
74-6066741
| Return Reference | Explanation |
|---|---|
| FORM 990, PART III, LINE 1: ORGANIZATION MISSION: | AS A NONPROFIT CORPORATION, PROVIDE AFFORDABLE HOUSING FOR VERY LOW-INCOME, LOW-INCOME, AND MODERATE-INCOME FAMILIES, CREATE A SENSE OF COMMUNITY AMONG THE RESIDENTS, AND MAKE ITS HOUSING AN EXAMPLE OF EXCELLENCE FOR THE LARGER COMMUNITY. THE ORGANIZATION ALSO STRIVES TO ENHANCE THE CREATION OF NEW HOUSING AND THE REHABILITATION OF EXISTING HOUSING IN NEIGHBORHOODS, WITH A SPECIAL EMPHASIS PLACED ON CREATING RENTAL HOUSING FOR LOW-INCOME AND MODERATE-INCOME NEIGHBORHOODS. |
| FORM 990, PART III, LINE 4A: EXEMPT PURPOSE ACCHIEVMENTS: | THE ORGANIZATION CONTINUED AS THE SOLE MEMBER OF TX LAS PALMAS GARDENS DEVELOPMENT, LLC, WHICH IS THE 99% GENERAL PARTNER IN TX LAS PALMAS GARDENS HOUSING, LP OPERATING AS LAS PALMAS GARDENS APARTMENTS (THE PROJECT) IN SAN ANTONIO, TEXAS. THE PROJECT PROVIDED 100 AFFORDABLE HOUSING UNITS TO VERY LOW-INCOME, LOW-INCOME, AND MODERATE-INCOME FAMILIES. THROUGH ITS OVERSIGHT OF THE PROJECT, THE ORGANIZATION CONTINUED TO PRESERVE THE PROJECT AS LOW-INCOME HOUSING BY MAINTAINING PROPERTY OPERATIONS IN COMPLIANCE WITH THE REGULATIONS OF THE U. S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD). THE ORGANIZATION MAINTAINED THE HUD PROPERTY BASED SECTION 8 HOUSING ASSISTANCE PAYMENT (HAP) RENTAL ASSISTANCE CONTRACT ON 41 UNITS. THROUGH THE PROJECT, THE ORGANIZATION HAD PREVIOUSLY RECEIVED FUNDING FOR PROPERTY ACQUISITION AND REHABILITATION FROM THE TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS (TDHCA) AS PART OF A TAX CREDIT EXCHANGE PROGRAM. THE ORGANIZATION MAINTAINED PROPERTY OPERATIONS IN COMPLIANCE WITH THE REGULATIONS OF THE TDHCA. TO ENSURE THE DEDUCTIBILITY OF TAX CREDITS TO INVESTORS AS GOVERNED BY THE INTERNAL REVENUE SERVICE, MAINTAINED COMPLIANCE WITH INTERNAL REVENUE CODE SECTION 42. THE FOLLOWING TAX EXEMPTIONS CONTINUED TO BE RECEIVED BY THE ORGANIZATION: INTERNAL REVENUE SERVICE 501(C)(4) INCOME TAX EXEMPTION. BEXAR COUNTY, TEXAS, APPRAISAL DISTRICT 100% PROPERTY TAX EXEMPTION. STATE OF TEXAS FRANCHISE TAX EXEMPTION. STATE OF TEXAS SALES TAX EXEMPTION. BEXAR COUNTY, TEXAS, APPRAISAL DISTRICT 50% PROPERTY TAX EXEMPTION FOR THE PROJECT. THE ORGANIZATION CONTINUED TO PROVIDE PROGRAMS, ACTIVITIES, AND SERVICES FOR THE YOUTH AND ADULT RESIDENTS. |
| FORM 990, PART V, LINE 2A | NUMBER OF EMPLOYEES REPORTED ON W-3: THE ORGANIZATION HAD NO EMPLOYEES DURING THE PERIOD AND DOES NOT EXPECT TO PAY WAGES IN THE FUTURE. THE ORGANIZATION WAS NOT REQUIRED TO FILE A FORM W-3, BECAUSE AS NEEDED THE ORGANIZATION WOULD LEASE ALL OPERATING PERSONNEL FROM EMPLOYERS RESOURCE MANAGEMENT COMPANY, A PROFESSIONAL EMPLOYMENT ORGANIZATION. THE ORGANIZATION REPORTED EMPLOYEE LEASING COSTS IN FORM 990, PART IX, LINES 7 TO 10, AS APPLICABLE, AS IF THE LEASED EMPLOYEES WERE DIRECTLY PAID EMPLOYEES OF THE ORGANIZATION. |
| FORM 990, PART VI, SECTION A, LINE 3 | DELEGATE CONTROL OF MANAGEMENT DUTIES: THE ORGANIZATION CONTRACTS WITH WEDGE MANAGEMENT, INC. (WMI), AN UNRELATED TAXABLE CORPORATION, TO SERVE AS ITS MANAGEMENT AGENT AND AS MANAGEMENT AGENT FOR THE OPERATIONAL ACTIVITIES OF ITS LOW INCOME HOUSING PROPERTY. AS A RESULT OF WMI SERVING AS THE MANAGEMENT AGENT FOR THE ORGANIZATION, THE WMI CHIEF EXECUTIVE OFFICER (CEO) AND CHIEF FINANCIAL OFFICER (CFO) ARE LISTED IN PART VII LIST OF OFFICERS AND DIRECTORS. THE WMI CEO AND CFO ARE NOT COMPENSATED BY THE ORGANIZATION. IF COMPENSATION WAS PAID, THE WMI CEO AND CFO COMPENSATIONS WOULD BE REPORTED IN PART VII UNDER THE TAXABLE ORGANIZATION EMPLOYEE EXCEPTION. |
| FORM 990, PART VI, SECTION A, LINE 8B | DOCUMENT COMMITTEE MEETINGS AND ACTIONS: THE ORGANIZATION BOARD OF DIRECTORS MAINTAINS NO COMMITTEES. HOWEVER, IF COMMITTEES ARE APPOINTED, THEN COMMITTEE MEETINGS AND ACTIONS TAKEN WOULD BE CONTEMPORANEOUSLY DOCUMENTED. |
| FORM 990, PART VI, SECTION B, LINE 11 | FORM 990 REVIEW: AN INDEPENDENT CPA FIRM PREPARES A DRAFT OF THE ANNUAL FORM 990. WMI REVIEWS THE FINANCIAL DATA OF THE FORM 990. THEN A DIRECTOR OF THE ORGANIZATION REVIEWS, APPROVES, AND SIGNS THE FINAL FORM 990, WHICH IS THEN FILED. COPIES OF THE FILED FORM 990 ARE PROVIDED TO ALL OF THE DIRECTORS SUBSEQUENT TO THE FILING OF THE FORM 990. |
| FORM 990, PART VI, SECTION B, LINE 12C | CONFLICT OF INTEREST POLICY: THE ORGANIZATION HAS NOT YET ESTABLISHED A WRITTEN CONFLICT OF INTEREST POLICY. |
| FORM 990, PART VI, SECTION B, LINE 15 | DETERMINATION OF COMPENSATION: NO COMPENSATION IS PAID BY THE ORGANIZATION TO THE DIRECTORS AND OFFICERS. |
| FORM 990, PART VI, SECTION C, LINE 19 | DISCLOSURE OF ORGANIZATIONAL DOCUMENTS AND POLICY TO PUBLIC: ALL DOCUMENTS ARE AVAILABLE UPON REQUEST. THE ANNUAL FORM 990 IS AVAILABLE ON THE GUIDESTAR WEBSITE. |
| FORM 990, PART XII, LINE 2C | AUDIT COMMITTEE: NO AUDIT COMMITTEE IS MAINTAINED. WMI AS THE MANAGEMENT AGENT SELECTS THE INDEPENDENT AUDITOR (SUBJECT TO APPROVAL BY THE ORGANIZATION BOARD OF DIRECTORS), OVERSIGHT OF THE ANNUAL AUDIT, AND REVIEW OF THE AUDIT REPORT PREPARED BY THE AUDITOR. THE ORGANIZATION BOARD OF DIRECTORS MET AT A SCHEDULED MEETING AFTER THE FISCAL YEAR END. PRIOR TO THIS MEETING, THE BOARD RECEIVED A COPY OF THE AUDIT TO BE ISSUED. THEN AT THIS MEETING, THE BOARD REVIEWED AND APPROVED ACCEPTANCE OF THE AUDIT REPORT. THE PROCESS HAD NOT CHANGED FROM THE PRIOR YEAR. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2014
Additional Data
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