| Return Reference | Explanation |
|---|---|
| Form 990, Part VI, Section A, Line 6 | Any person can purchase a share in the corporation for the amount of $10.00. The purpose of being a stockholder was to start the not for profit to build affordable housing for seniors and disabled persons. This is a program provided by the federal Rural Development program. Since then, it has become a board to ensure the continuity of the corporation in its mission of providing affordable housing for the elderly and disabled. The share is not transferrable. It cannot be sold and dies with the stockholder. The facility is now 46 years old, and we maintain and improve as able, so the facility does not go to ruin. |
| Form 990, Part VI, Section A, Line 7a | Any person can purchase a share in the corporation for the amount of $10.00 per person. Each shareholder is allowed one vote at the annual shareholders meeting. Directors are nominated and voted on by the shareholders. These 9 (nine) nominees receiving the most votes are then elected to the board of directors. The board of directors then vote amongst themself for the position s of officers. The share is nontransferable and nonreturnable. When the stockholder dies, the vote dies with them. It does not transfer upon death. There are no dividends paid out to the shareholders, and no share of the income/profits is disbursed to the shareholders. The stockholders' total function is to hold an interest (not financial) in the continuity of the service as the corporation provides affordable housing to the elderly and disabled. |
| Form 990, Part VI, Section B, Line 11b | Each member of the board of directors is given a copy of the complete 990 and all schedules, etc. They have 10 (ten) days before the return is filed. Any questions, objections are addressed prior to filing the return. |
| Form 990, Part VI, Section B, Line 12c | The facility is located in a town of 712 persons. Only persons locally are able to be board members. Therefore, everyone knows if there is a conflict of interest and the board members are more than willing to let anyone, especially other board members know of such conflicts. The same applies to all shareholders and any person in the community. |
| Form 990, Part VI, Section B, Line 15 | The only person receiving any compensation is the treasurer, who is also the site manager. The treasurer is not compensated. The Sited Manager is compensated to manage 20 apartments, the grounds, schedule work, complete all necessary paperwork and complete leases. Compensation amount arrived by contacting all nearby towns with similar facilities and asking their salaries. All within 30 miles receives $600 - $900 per month to manage 16 apartments, plus allowance for annual leases, new leases and phone usage, etc. We pay our Site Manager $650 per month for 20 apartments with no compensation for Leases. |
| Form 990, Part VI, Section C, Line 19 | All papers, records, income tax returns, documentation are available upon request, Social Security number will be blacked out. |
| Software ID: | 25022730 |
| Software Version: | v1.00 |