2025-08-11T08:46:31-05:00 2024-09-30 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2023-10-01 520939288 HOUSING ASSISTANCE COUNCIL HOUS 2028428600 1828 L ST NW 505 WASHINGTON DC 20036 DAVID LIPSETZ PRESIDENT & CEO 2028428600 2025-07-29 1 1 CAITLIN LIMOGES CPA P01633588 5083669100 2025-07-29 2023 2025-03-06 01:10:19Z DAVID LIPSETZ 1828 L ST NW 505 WASHINGTON DC 20036 23933604 0 X WWW.RURALHOME.ORG X 1971 DC TO IMPROVE HOUSING CONDITIONS FOR THE POOREST OF THE POOR IN THE MOST RURAL PLACES. 13 13 52 15 0 0 10896947 12723632 2475365 2793061 710676 870110 15463 21740 14098451 16408543 1424838 2643776 0 0 4663257 6111648 0 0 602332 3989107 5662582 10077202 14418006 4021249 1990537 66177719 72962491 24219861 27810960 41957858 45151531 X THE EXEMPT PURPOSE IS TO IMPROVE HOUSING CONDITIONS FOR THE RURAL POOR, WITH EMPHASIS ON THE POOREST OF THE POOR IN THE MOST RURAL PLACES. HOUSING ASSISTANCE COUNCIL (HAC) PROVIDES BELOW-MARKET FINANCING FOR AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT, TECHNICAL ASSISTANCE AND TRAINING, RESEARCH AND INFORMATION, AND POLICY FORMULATION TO ENABLE SOLUTIONS FOR RURAL COMMUNITIES. 0 0 4916942 2009290 2793061 LENDING PROGRAM - FINANCES AFFORDABLE HOUSING PROJECTS THAT SERVE LOW-INCOME, RURAL RESIDENTS AND ADMINISTERS SEVERAL REVOLVING LOAN FUNDS TO PROMOTE AFFORDABLE HOUSING. 4923403 634486 KNOWLEDGE SHARING- PROVIDES TRAINING AND TECHNICAL ASSISTANCE ON RURAL HOUSING ISSUES TO VARIOUS COMMUNITY GROUPS THROUGHOUT THE U.S. THIS IS DONE THROUGH FORMAL TRAININGS, ONE-ON-ONE TECHNICAL ASSISTANCE AND CONNECTING LOCAL ORGANIZATIONS TO RESOURCES WHICH CAN BUILD THEIR CAPACITY AND STRENGTHEN THEIR COMMUNITY. 737529 RESEARCH AND INFORMATION - CONDUCTS RESEARCH AND STUDIES AND REPORTS ON A WIDE RANGE OF TOPICS RELATED TO RURAL HOUSING RELATED TO THE HOUSING CONDITIONS OF THE RURAL POOR TO HELP INFORM SOUND HOUSING POLICIES AND STRATEGIES. 715251 POLICY - RESPONDS AS AN INDEPENDENT AND NON-PARTISAN ORGANIZATION TO CONGRESSIONAL COMMITTEES, MEMBER OFFICES, FEDERAL AGENCIES, AND POLICY ADVOCACY COALITION WITH THE RESEARCH AND INFORMATION NEEDED TO MAKE INFORMED POLICY DESCISION. THROUGH OUR RESEARCH WORK, RURAL DATA PORTAL, AND VETERANS DATA CENTRAL ALL PROVIDE VALUABLE, EDUCATIONAL CONTEXT TO FRAME THE RURAL POLICY CONVERSATION. 715251 11293125 1 1 0 1 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 31 0 1 52 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 13 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 DC X SIMON PETER KABOGOZA DIRECTOR FINANCE & ADMINISTRATION 2028428600 1828 L STREET NW WASHINGTON DC 20036 LAURA BUXBAUM CHAIR 1.00 0.10 X X 0 0 0 THERESA SINGLETON VICE CHAIR 1.00 0.10 X X 0 0 0 TOM MANNING-BEAVIN TREASURER 1.00 0.10 X X 0 0 0 PETER CAREY SECRETARY (UNTIL 9/24) 1.00 0.10 X X 0 0 0 DAVE CASTILLO DIRECTOR 0.60 0.10 X 0 0 0 NICK MITCHELL-BENNETT DIRECTOR 0.60 0.10 X 0 0 0 BENNIE THOMPSON DIRECTOR 0.60 0.10 X 0 0 0 ANDREW B WINTER DIRECTOR 0.60 0.10 X 0 0 0 CONNIE WRIGHT DIRECTOR 0.60 0.10 X 0 0 0 ARTURO ALVARADO DIRECTOR 0.60 0.10 X 0 0 0 ELISABETH COATS DIRECTOR/AT LARGE 1.00 0.10 X 0 0 0 VANESSA JOSEY DIRECTOR 0.60 0.10 X 0 0 0 NATALIE MAXWELL DIRECTOR 0.60 0.10 X 0 0 0 MELLOR WILLIE DIRECTOR 0.60 0.10 X 0 0 0 NAOMI WOODSON SCIPIO DIRECTOR (UNTIL 9/24) 0.60 0.10 X 0 0 0 DAVID LIPSETZ PRESIDENT & CEO 40.00 X 343462 0 30660 TRAVIS LANCE GEORGE ASST. SEC./ RESEARCH & INFORMATION 40.00 X 177070 0 21689 SIMON PETER KABOGOZA ASST. TREAS./DIR. FIN. & ADMIN 40.00 X 18731 0 0 LEONEL OCTAVIO PARRA CFO (UNTIL 12/23) 40.00 X 92231 0 8134 KARIN KLUSMANN DIR. FIN. & ADMIN (UNTIL 7/23) 40.00 X 84632 0 4907 EILEEN NEELY LENDING DIRECTOR (UNTIL 9/24) 40.00 X 192506 0 28588 JONATHAN HARWITZ DIRECTOR OF PUBLIC POLICY 40.00 X 164731 0 49765 SHONTERRIA CHARLESTON DIRECTOR- TRAINING/TECHNICAL 40.00 X 161991 0 33617 KRISTIN BLUM LENDING DIRECTOR (AS OF 9/24) 40.00 X 117195 0 31066 JENNIFER MCALLISTER DEVELOPMENT MANAGER 40.00 X 141838 0 17345 1494387 0 225771 13 0 1 0 CLIFTON LARSON ALLEN LLP PO BOX 829709 PHILADELPHIA PA 19182 ACCOUNTING SERVICES 884140 EUGENE GONZALES PO BOX 315 SAN MIGUEL NM 88058 TECHNICAL ASSISTANCE AND TRAINING 124309 TO BE DONE 4415 KANSAS AVE NW WASHINGTON DC 20011 TECHNICAL ASSISTANCE AND TRAINING 112542 3 10868622 1855010 12723632 LOAN INTEREST INCOME & SERVICE FE 900099 2561402 2561402 SPONSORSHIPS AND OTHER INCOME 900099 231427 231427 INVESTMENT IN RELATED PARTY 900099 232 232 2793061 682909 682909 7712262 7525061 187201 187201 187201 OTHER INCOME 900099 21740 21740 21740 16408543 2793061 0 891850 X 2643776 2643776 870830 206127 651445 13258 3992031 3194689 475764 321578 150289 122097 15786 12406 733614 559325 119027 55262 364884 262804 76193 25887 30022 30022 81227 81227 17122 17122 2216014 1608234 496012 111768 77601 39871 35989 1741 411788 279986 108590 23212 342612 233686 87303 21623 352944 170966 176578 5400 586567 505431 81136 352304 352304 10274 7298 2203 773 67823 47813 15690 4320 LOAN LOSS PROVISION 634283 634283 EXPENSE/STIPEND REIMBUR 325571 325571 MISCELLANEOUS 84732 34912 49820 DUES & SUBSCRIPTIONS 29647 20994 5996 2657 42051 25836 13768 2447 14418006 11293125 2522549 602332 3558844 363928 326183 1932543 569238 2315450 603523 398011 177206 258533 396971 95048 230455 301923 20675348 14144081 39555896 51804708 481026 1443314 66177719 72962491 1461757 802166 353925 8925 8023 9408862 24646412 12986392 1200686 0 1153673 24219861 27810960 X 15927227 19236915 26030631 25914616 41957858 45151531 66177719 72962491 X 1990537 334095 869041 X X 0 1 X 1 1 1 X 4732787 8754723 12618280 10896947 12723632 49726369 4732787 8754723 12618280 10896947 12723632 49726369 442228 49284141 304638 58489 116163 723630 682909 1885829 43491 30484 3873 2509 21740 102097 51714295 9371875 0.95300 0.93380 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2019 AMOUNT: $ 43,491. 2020 AMOUNT: $ 30,484. 2021 AMOUNT: $ 3,873. 2022 AMOUNT: $ 2,509. 2023 AMOUNT: $ 21,740. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 17122 17122 14400884 14418006 870900 217725 0 0 548397 576360 653860 870900 2649517 3974276 12844 17122 29966 137099 144090 163465 217725 662379 993569 108801 108801 288170 95048 193122 301923 HOUSING DEVELOPMENT LOANS 51804708 C 51804708 UNFUNDED COMMITMENTS FOR CREDIT LOSSES 138343 OPERATING LEASE LIABILITIES 1015330 1153673 X PART X, LINE 2: HAC ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE CONSOLIDATED FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. HAC HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS AT SEPTEMBER 30, 2024. HAC'S INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY THE FEDERAL AND STATE JURISDICTIONS. 1 BUSINESS RESEARCH INSTITUTE 205 S WEST STREET SIKESTON MO 63801 431631050 501(C)(3) 100413 0 PROJECT DEVELOPMENT ADULTS & YOUTH UNITED DEVELOPMENT ASSOC 1325 BEVERLY ANN DRIVE SAN ELIZARIO TX 79849 742696297 501(C)(3) 52600 0 PROJECT DEVELOPMENT HOUSING DEVELOPMENT ALLIANCE 2871 NORTH MAIN STREET HAZARD KY 41702 611253346 501(C)(3) 50000 0 PROJECT DEVELOPMENT COCOPAH INDIAN HOUSING AND DEVELOPMENT 10488 W STEAMBOAT STREET SOMERTON AZ 85350 860255690 501(C)(3) 50000 0 PROJECT DEVELOPMENT ELISHA MINISTRIES 608 S TRENTON STREET RUSTON LA 71270 562347374 501(C)(3) 50000 0 PROJECT DEVELOPMENT NATIVE PARTNERSHIP FOR HOUSING INC 1664 SOUTH SECOND STREET GALLUP NM 87301 860817608 501(C)(3) 50000 0 PROJECT DEVELOPMENT NAVAJO TOWNSITE COMMUNITY DEVELOPMENT CORPORATION PO BOX 876 NAVAJO NM 87328 850384053 501(C)(3) 50000 0 PROJECT DEVELOPMENT TUNICA COUNTY COMMUNITY DEVELOPMENT COALITION PO BOX 1402 TUNICA MS 38676 640814239 501(C)(3) 50000 0 PROJECT DEVELOPMENT HABITAT FOR HUMANITY OF YORK COUNTY 825 N ANDERSON ROAD ROCK HILL SC 29730 570861107 501(C)(3) 34000 0 PROJECT DEVELOPMENT CHESAPEAKE HEALTH EDUCATION PROGRAM INC AVENUE D 10 TH STREET BUILDING 82H PERRYVILLE MD 21903 521711309 501(C)(3) 32000 0 PROJECT DEVELOPMENT REBUILDING TOGETHER SARATOGA COUNTY 132 MILTON AVE BALLSTON SPA NY 12020 200530683 501(C)(3) 30000 0 PROJECT DEVELOPMENT REBULDING TOGETHER FARGO-MOORHEAD AREA INC 700 MAIN AVE FARGO ND 58103 274415410 501(C)(3) 24000 0 PROJECT DEVELOPMENT HABITAT FOR HUMANITY FOR TULARE KINGS COUNTIESINC 848 S LOVERS LANE VISALIA CA 93279 770369291 501(C)(3) 24000 0 PROJECT DEVELOPMENT REBUILDING TOGETHER SOUTHWEST ILLINOIS 1101 GREENWOOD ST EDWARDSVILLE IL 62025 371311197 501(C)(3) 24000 0 PROJECT DEVELOPMENT WAMY COMMUNITY ACTION INC 225 BIRCH STREET BOONE NC 28607 560816296 501(C)(3) 24000 0 PROJECT DEVELOPMENT FLORIDA NON-PROFIT HOUSING INC 3909 KENILWORTH BLVD SEBRING FL 33870 591902966 501(C)(3) 20000 0 PROJECT DEVELOPMENT TRANSYLVANIA HABITAT FOR HUMANITY 692 ECUSTA ROAD BREVARD NC 28712 581581118 501(C)(3) 12000 0 PROJECT DEVELOPMENT TANGI COMMUNITY DEVELOPMENT 123 EAST OAK STREET AMITE LA 70422 820716862 501(C)(3) 8993 0 PROJECT DEVELOPMENT KANIKSU LAND TRUST INC 1215 MICHIGAN ST SUITE A SANDPOINT ID 83864 470898549 501(C)(3) 7500 0 PROJECT DEVELOPMENT JOBS RENEWABLE FUND INC 414 W MAIN STREET BOSWELL IN 47921 873013973 501(C)(3) 7500 0 PROJECT DEVELOPMENT GOOD WORKS INC PO BOX 1441 COATESVILLE PA 19320 232513834 501(C)(3) 6000 0 PROJECT DEVELOPMENT SWIFT COUNTY HOUSING AND REDEVELOPMENT AUTHORITY PO BOX 207 BENSON MN 56215 411287459 501(C)(3) 6000 0 PROJECT DEVELOPMENT GATEWAY REGIONAL ARTS CENTER 101 E MAIN STREET MT STERLING KY 40353 611224757 501(C)(3) 6000 0 PROJECT DEVELOPMENT MISSISSIPPI CENTER FOR POLICE & SHERIFFS PO BOX 1201 RAYMOND MS 39154 711004096 501(C)(3) 6000 0 PROJECT DEVELOPMENT DUBLIN PUBLIC LIBRAY 206 W BLACKJACK STREET DUBLIN TX 76446 752034925 501(C)(3) 6000 0 PROJECT DEVELOPMENT EASTERN SHOSHONE TRIBE PO BOX 538 FORT WASHAKIE WY 82514 830261946 501(C)(3) 6000 0 PROJECT DEVELOPMENT RED FEATHER DEVELOPMENT GROUP PO BOX 907 BOZEMAN MT 59771 911632134 501(C)(3) 6000 0 PROJECT DEVELOPMENT CATHOLIC CHARITIES HOUSING SERVICES - DIOCESE OF YAKIMA 5301 TIETON DRIVE SUITE G YAKIMA WA 98908 911955616 501(C)(3) 6000 0 PROJECT DEVELOPMENT CITY OF TWO HARBORS 522 1ST AVENUE TWO HARBORS MN 55616 416005579 501(C)(3) 6000 0 PROJECT DEVELOPMENT FRIENDS OF CHAKCHIUMA SWAMP PO BOX 2352 GRENADA MS 38902 831228439 501(C)(3) 6000 0 PROJECT DEVELOPMENT EUREKA CHRISTIAN HEALTH OUTREACH INC 4004 EAST VAN BUREN EUREKA SPRINGS AR 72632 043822257 501(C)(3) 5670 0 PROJECT DEVELOPMENT HOUSING DEVELOPMENT ALLIANCE 2871 NORTH MAIN STREET HAZARD KY 41702 611253346 501(C)(3) 63000 0 GRANT CONVERSION EXPENSE CREATIVE COMPASSION INC PO BOX 4021 CROSSVILLE TN 38557 621425691 35586 0 GRANT CONVERSION EXPENSE TENNESSEE COMMUNITY ASSISTANCE CORPORATION 740 EAST MAIN STREET MORRISTOWN TN 37814 621796161 501(C)(3) 67500 0 GRANT CONVERSION EXPENSE PEOPLE'S SELF-HELP HOUSING CORP 1060 KENDALL ROAD SAN LUIS OBISPO CA 93401 952750154 501(C)(3) 148500 0 GRANT CONVERSION EXPENSE CAMPBELL ROGERS & STACY 154 FLEMINGSBURG ROAD MOREHEAD KY 40351 300013345 20700 0 GRANT CONVERSION EXPENSE CHICAGO TITLE COMPANY 1750 W WALNUT AVENUE VISALIA CA 93277 360906930 540000 0 GRANT CONVERSION EXPENSE KENTUCKY MOUNTAIN LAND TITLE INC 830 SOUTH MAIN STREET LONDON KY 40741 611349218 117000 0 GRANT CONVERSION EXPENSE METRO NATIONAL TITLE 175 E 100 S PRICE UT 84501 870453253 108000 0 GRANT CONVERSION EXPENSE NEIGHBORHOOD NON-PROFIT HOUSING CORPORATION 195 GOLF COURSE RD LOGAN UT 84321 870559307 501(C)(3) 216000 0 GRANT CONVERSION EXPENSE TUNICA COUNTY COMMUNITY DEVELOPMENT COALITION PO BOX 1402 TUNICA MS 38676 640814239 501(C)(3) 153004 0 GRANT CONVERSION EXPENSE 36 5 PART I, LINE 2: HAC PROVIDES SUB-AWARD GRANTS TO RECIPIENTS THAT MEET CERTAIN PERFORMANCE AND/OR QUALIFICATIONS FOR UTILIZING THE FUND TO ENHANCE AND BOLSTER THEIR PROGRAMS. GRANTEES ARE MONITORED THROUGH REPORTING, REGULAR COMMUNICATIONS, AND SITE VISITS, IF DEEMED APPROPRIATE. X X X X 0 0 0 0 0 0 0 1 0 DAVID LIPSETZ PRESIDENT & CEO 343462 0 0 0 0 0 17173 0 13487 0 374122 0 0 0 EILEEN NEELY LENDING DIRECTOR (UNTIL 9/24) 192406 0 100 0 0 0 9620 0 18968 0 221094 0 0 0 JONATHAN HARWITZ DIRECTOR OF PUBLIC POLICY 164431 0 300 0 0 0 8222 0 41543 0 214496 0 0 0 TRAVIS LANCE GEORGE ASST. SEC./ RESEARCH & INFORMATION 176770 0 300 0 0 0 8839 0 12850 0 198759 0 0 0 SHONTERRIA CHARLESTON DIRECTOR- TRAINING/TECHNICAL 161391 0 600 0 0 0 8070 0 25547 0 195608 0 0 0 JENNIFER MCALLISTER DEVELOPMENT MANAGER 141738 0 100 0 0 0 7087 0 10258 0 159183 0 0 0 PART I, LINE 7 ALL BONUSES ARE DISCRETIONARY. EILEEN NEELY & RICHARD PICARDI SENIOR LEADERSHIP CAPITAL X 1557 1557 0 1 1 GIDEON ANDERS FORMER BOARD MEMBER CAPITAL X 1043 1043 0 1 1 MARIA LUISA MERCADO FORMER BOARD MEMBER CAPITAL X 1423 1423 0 1 1 SHONTERRIA & JERMAINE CHARLESTON SENIOR LEADERSHIP CAPITAL X 2000 2000 0 1 1 CATHERINE CROSLAND & DAVID LIPSETZ SENIOR LEADERSHIP CAPITAL X 2000 2000 0 1 1 8023 FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION AMENDED ITS BYLAWS DURING FISCAL YEAR 2024. THE AMENDMENTS WERE AS FOLLOWS: ARTICLE II BOARD OF DIRECTORS SEC 2 MAXIMUM BOARD REDUCED FROM 30 TO 24 WITH THE ABILITY TO SET LOWER LIMIT BY RESOLUTION. CHANGES THE MINIMUM NUMBER OF DIRECTORS 3 VOTING DIRECTORS. SEC 5 BREAK REQUIRED AFTER TERM LIMITS IS REDUCED FROM 3 TO 2 YEARS. SEC 7 BOARD CAN APPOINT NON-VOTING HONORARY DIRECTORS BY RESOLUTION (EG BENNIE THOMPSON). ARTICLE IL OFFICERS SEC 1 SHOWS THE PRESIDENT/CHIEF EXECUTIVE OFFICER AS ONE POSITION, TWO TITLES. OFFICER TERMS INCREASE FROM ONE YEAR TO TWO YEARS. (ELECTIONS WILL BE EVERY OTHER YEAR STARTING WITH 2025.) AN OFFICER ELECTED WITH LESS THAN 2 YEARS REMAINING IN THEIR 3 FULL TERM WILL REMAIN ON THE BOARD UNTIL THE END OF THE OFFICER TERM. SEC 4 TREASURER DESCRIPTION RE-WRITTEN TO BETTER REFLECT THE CURRENT ROLE OF TREASURER. SEC 5 SECRETARY IS APPOINTED, NOT ELECTED, AND CAN BE A STAFF MEMBER. IT IS NOT A TERM APPOINTMENT I.E. SERVES UNTIL A NEW SECRETARY IS APPOINTED. SEC 6 CLARIFIES SIGNATURE DELEGATION AUTHORITY FOR CEO. SEC 7 VACANT OFFICER POSITION VACANCY WILL BE FILLED BY ELECTION FOR THE BALANCE OF THE REMAINING TERM. ARTICLE IV MEETINGS SEC 1 ANNUAL SCHEDULE ADOPTED BY BOARD CONSTITUTES REQUIRED NOTICE UNLESS THERE ARE SCHEDULE CHANGES/ADDITIONS. SEC 2 WORDING CHANGED TO BE CLEAR THAT THE BOARD IS NOT LIMITED TO ITEMS ON THE DISTRIBUTED AGENDA. SEC 3 SLIGHTLY ALTERS THE PROVISION FOR DIRECTORS OTHER THAN CHAIR OR PRESIDENT TO CALL FOR A SPECIAL MEETING. SEC 4 QUORUM INCREASES FROM ONE-THIRD OF DIRECTORS TO A MAJORITY OF VOTING DIRECTORS. SEC 5 REQUIRES VOTE OF A MAJORITY OF VOTING DIRECTORS TO HIRE OR TERMINATE THE CEO. SEC 6 ADDS NEW SECTION FOR ACTION WITHOUT MEETING. REQUIRES WRITTEN CONSENT FROM ALL VOTING DIRECTORS. ARTICLE V EXEC COMMITTEE SEC 1 ADDS A SECOND AT-LARGE MEMBER IN PLACE OF THE SECRETARY, WHO IS NO LONGER EX OFFICIO EXECUTIVE COMMITTEE MEMBER. SEC 4 ADDS A PROVISION THAT THE EXECUTIVE COMMITTEE DOES NOT HAVE AUTHORITY TO HIRE/FIRE THE CEO. SEC 5 REQUIRES EXEC COMM ACTIONS BE REPORTED TO THE BOARD AT THE NEXT BOARD MEETING. ARTICLE VI OTHER STANDING AND SPECIAL COMMITTEES SEC 2 MINOR REVISIONS TO MATCH EXISTING LOAN COMMITTEE PRACTICE/POLICY. SEC 4 SIMPLIFIES NAME OF FINANCE AND RESOURCE DEVELOPMENT COMMITTEE TO FINANCE COMMITTEE. DELEGATES AUTHORITY TO SELECT/RETAIN AUDITOR TO FINANCE COMMITTEE. RETAINS BOARD AUTHORITY TO MEET AND CONSULT WITH THE AUDITOR AND TO REVIEW THE AUDIT (UNLESS DELEGATED). SEC 5 REINSERTS LANGUAGE AUTHORIZING THE BOARD TO CREATE OTHER COMMITTEES OF THE BOARD, CLARIFIES THAT BOARD ELECTS COMMITTEE MEMBERS. SEC 6 PROVIDES FOR ADVISORY COMMITTEES WHICH MAY OR MAY NOT INCLUDE DIRECTORS. ADVISORY COMMITTEES DO NOT NEED TO COMPLY WITH ARTICLE IV SEC 5 REGARDING ELECTIONS. ARTICLE VIL CONFLICT OF INTEREST SEC 1 INSERTS GENERAL POLICY STATEMENT TAKEN FROM ANNUAL DISCLOSURE FORM NOW IN USE. SEC 2 ADDS DOMESTIC PARTNER TO DEFINITION OF FAMILY. ARTICLE VIL GENERAL PROVISIONS SEC 6 CLARIFIES THAT AS STATED IN THE ARTICLES OF INCORPORATION, HAC IS NOT ORGANIZED AS A MEMBERSHIP CORPORATION AS DEFINED UNDER DC LAW. FORM 990, PART VI, SECTION B, LINE 11B THE FEDERAL FORM 990 TAX RETURN FOR HAC IS PREPARED BY AN INDEPENDENT AUDITING FIRM WHO ALSO CONDUCTS THE ANNUAL FINANCIAL AUDIT OF HAC. THE TAX RETURN IS REVIEWED BY HAC'S FINANCE & ADMINISTRATION DIRECTOR AND BY HAC'S CHIEF EXECUTIVE OFFICER. THE TAX RETURN IS ALSO SUBJECTED TO REVIEWS BY HAC'S BOARD OF DIRECTORS BEFORE IT IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR, PRINCIPAL OFFICER AND MEMBER OF A COMMITTEE WITH BOARD-DELEGATED POWERS SHALL ANNUALLY SIGN AN ANNUAL STATEMENT. THE CHIEF EXECUTIVE OFFICER OR HIS DESIGNEE SHALL REVIEW ALL STATEMENTS SUBMITTED. INTERESTED PERSONS (BOARD AND STAFF) THAT HAVE A DIRECT OR INDIRECT FINANCIAL INTEREST MUST DISCLOSE THE NATURE/FACTS OF THE CONFLICT. ON TRANSACTIONS THAT WILL BE CONDUCTED WITH RELATIONSHIPS THAT MIGHT INVOLVE PARTIES THAT COULD BE CONSTRUED AS CONFLICT OF INTEREST, STAFF AND MANAGEMENT WILL DISCUSS WITH LEGAL COUNSEL, AND/OR THE BOARD OF DIRECTORS SUCH POTENTIAL CONFLICTS OF INTEREST PRIOR TO ENTERING INTO ANY SUCH AGREEMENTS OR NEEDING APPROVAL FOR SUCH EVENTS. STAFF WILL PRIMARILY DETERMINE WHETHER THE ORGANIZATION CREATES A POTENTIAL CONFLICT OF INTEREST. A DISCUSSION WILL BE HELD WITH THE MANAGEMENT AND VERIFIED BY A LEGAL COUNSEL IF A NEW TRANSACTION TYPE ARISES. FOR BOARD MEMBERS, SUCH DISCLOSURES ARE PUT IN WRITING BY THE BOARD MEMBERS AND RETAINED BY MANAGEMENT. IF THE BOARD OF DIRECTORS OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE BOARD OF DIRECTORS OR COMMITTEE DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION SUCH AS DISQUALIFYING THE EMPLOYEE FOR PARTICULAR ASSIGNMENTS AND SEPARATION. FORM 990, PART VI, SECTION B, LINE 15A THERE IS AN ANNUAL EVALUATION CONDUCTED FOR ALL KEY PERSONNEL BY THE CHIEF EXECUTIVE OFFICER. FOR THE CHIEF EXECUTIVE OFFICER, AN EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS EVALUATES THIS POSITION. FOR ALL POSITIONS, THE CHIEF EXECUTIVE OFFICER AND BOARD OF DIRECTORS ARE AFFORDED A COMPENSATION SURVEY OF KEY POSITIONS TO DETERMINE THE FAIRNESS AND COMPARABLE RATES BASED ON SIZE AND BUDGET OF SIMILAR ORGANIZATIONS. FOR KEY PERSONNEL, THE CHIEF EXECUTIVE OFFICER MAKES COMPENSATION ADJUSTMENTS BASED ON COMPARABLE MARKET RATES FOR THE POSITION, PERFORMANCE MERIT OR COLA. FOR THE CHIEF EXECUTIVE OFFICER, THE EXECUTIVE COMPENSATION COMMITTEE MEETS AT LEAST ANNUALLY TO RECOMMEND COMPENSATION ADJUSTMENTS TO THE CHIEF EXECUTIVE OFFICER'S SALARY. ADJUSTMENTS TO ALL PERSONNEL COMPENSATION ARE INCORPORATED INTO THE ANNUAL OPERATING BUDGET. AS PART OF THE BUDGET PRESENTATION, MANAGEMENT REPORTS ON COMPENSATION ADJUSTMENTS TO PERSONNEL LINE ITEM COSTS TO THE BOARD FINANCE COMMITTEE, THEN TO THE ENTIRE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS IS AFFORDED OPPORTUNITY TO RAISE QUESTIONS IF NECESSARY. COMPENSATION ADJUSTMENTS TO THE CHIEF EXECUTIVE OFFICER'S COMPENSATION ARE PRESENTED BY THE EXECUTIVE COMPENSATION COMMITTEE TO THE FULL BOARD OF DIRECTORS, IN EXECUTIVE SESSION, FOR APPROVAL. MINUTES ARE TAKEN OF THE EXECUTIVE COMMITTEE MEETING AND HELD BY HAC'S GENERAL COUNSEL. FORM 990, PART VI, SECTION C, LINE 19 HAC PROVIDES ITS GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY UPON REQUEST. THE ANNUAL FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC BOTH THROUGH ANNUAL REPORTS AND ALSO UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 1,608,234. MANAGEMENT AND GENERAL EXPENSES 496,012. FUNDRAISING EXPENSES 111,768. TOTAL EXPENSES 2,216,014. FORM 990, PART XI, LINE 9: CUMULATIVE ADJUSTMENT FROM ADOPTION OF NEW CREDIT LOSS STANDARD 795,744. CREDIT LOSS RECOVERY - UNFUNDED COMMITMENTS 73,297. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. RURAL HOUSING SERVICES INC 1828 L STREET NW WASHINGTON DC 20036 521306869 TO PROMOTE THE SOCIAL WELFARE OF LOW-INCOME PERSONS IN RURAL AREAS DC 501(C)(4) HAC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0