2013-01-11T13:55:30-06:00 2012-06-30 952835976 MACFARLANE FALETTI & CO LLP 115 E MICHELTORENA ST 200 SANTA BARBARA CA 93101 990 2011-07-01 432007672 HOUSING TRUST FUND OF SANTA BARBARA COUNTY INC HOUS 8056851949 PO BOX 60909 SANTA BARBARA CA 931600909 ROGER L HORTON 8056851949 2013-01-11 1 TIM A O'KEEFFE P01367593 8059664157 2011 2016-02-25 16:41:14Z ROGER L HORTON PO BOX 60909 SANTA BARBARA CA 931600909 904124 0 X WWW.SBHOUSINGTRUST.ORG X 2002 CA THE HOUSING TRUST FUND'S MISSION IS TO PROVIDE AFFORDABLE HOUSING OPPORTUNITIES TO VERY LOW-TO-MODERATE INCOME RESIDENTS OF SANTA BARBARA COUNTY. 9 8 3 25 0 0 560000 895000 18006 9108 839 16 0 0 578845 904124 0 0 0 0 139062 132294 0 0 7705 51290 44960 190352 177254 388493 726870 990486 1714623 506725 503992 483761 1210631 X THE HOUSING TRUST FUND (HTF) HELPS MAINTAIN THE SOCIO-ECONOMIC FABRIC OF SANTA BARBARA COUNTY BY SUPPORTING THE FUNDAMENTAL BUILDING BLOCKS OF SUSTAINABLE COMMUNITIES-AFFORDABLE HOUSING. HTF CREATES INNOVATIVE PARTNERSHIPS AND NEW SOURCES OF REVENUE DEDICATED TO EXPANDING HOUSING OPPORTUNITIES FOR LOW-TO-MODERATE INCOME RESIDENTS. HTF FUNDS PROJECTS THAT ENHANCE THE QUALITY OF LIFE AND PRESERVE THE AFFORDABILITY OF THE HOUSING FOR FUTURE GENERATIONS. 0 0 149915 9108 THE HOUSING TRUST FUND'S (HTF) PRIMARY ACTIVITY IS A $4.5 MILLION REVOLVING LOAN FUND FOR AFFORDABLE HOUSING THAT PROVIDES LOW-COST LOANS TO QUALIFIED SPONSORS OF AFFORDABLE HOUSING THAT SERVE LOW-TO-MODERATE INCOME HOUSEHOLDS. HTF PROVIDES DIRECT LOANS FOR SITE ACQUISITION AND PREDEVELOPMENT OF RENTAL AND HOMEOWNERSHIP PROJECTS THAT EXPAND OR PRESERVE THE COUNTY'S AFFORDABLE HOUSING STOCK. HTF ALSO PROVIDES FREE TECHNICAL ASSISTANCE TO HELP GROUPS DETERMINE IF THEY HAVE A FEASIBLE PROJECT, CONNECT THEM TO DEVELOPMENT EXPERTISE AND ASSIST THEM IN APPLYING FOR HTF LOANS. HTF SUPPORTS THE INITIATION OF AFFORDABLE HOUSING PROJECTS BY COMMUNITY GROUPS THAT MIGHT OTHERWISE NOT PROCEED, FACILITATES PROJECTS SPONSORED BY EXPERIENCED DEVELOPERS, AND HELPS REDUCE PROJECT DEVELOPMENT COST. 100% OF LOAN FUND ACTIVITY TO DATE HAS BEEN DIRECTED TO PROJECTS THAT SERVE LOWER INCOME HOUSEHOLDS IN SANTA BARBARA COUNTY EARNING A MAXIMUM OF 80% OF AREA MEDIAN INCOME. 149915 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 3 1 0 0 0 0 0 0 0 0 0 0 X 9 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X JENNIFER MCGOVERN 8056851949 7284 FORDHAM PLACE GOLETA CA 93117 KRISTEN MILLER 1.00 X 0 0 0 DAVID ANDERSON 1.00 X 0 0 0 MICHAEL BENNETT 1.00 X 0 0 0 ANNMARIE CAMERON 1.00 X X 0 0 0 ROGER L HORTON 1.00 X X 0 0 0 DEWAYNE HOLMDAHL 1.00 X 0 0 0 GRAHAM LYONS 1.00 X 0 0 0 ROBERT PEARSON 1.00 X X 0 0 0 MICHAEL TOWBES 1.00 X 0 0 0 DIDI REYNOSO 1.00 X 0 0 0 JENNIFER MCGOVERN 40.00 X 110000 0 10200 110000 0 10200 1 0 0 0 0 827500 67500 895000 PROGRAM SERVICE REVENU 522291 9108 9108 9108 16 16 904124 9108 0 16 110000 94834 8613 6553 2390 2061 187 142 11111 9667 887 557 8793 7650 703 440 647 647 22650 17971 4679 2279 1840 439 1875 1875 13799 13799 261 218 30 13 3449 3449 177254 149915 19634 7705 798466 15959 1696445 75 0 189650 0 1907 2093 5136 5010 388 126 990486 1714623 6725 3992 500000 500000 506725 503992 X 58761 38131 425000 1172500 483761 1210631 990486 1714623 726870 0 X X 0 1 1 X 0 X 109165 225535 99775 560000 895000 1889475 109165 225535 99775 560000 895000 1889475 8596 1880879 12711 22524 19912 18845 9124 83116 1972591 0.95350 0.93530 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 5136 5010 126 126 904124 177254 726870 726870 904124 0 904124 0 904124 177254 0 177254 0 177254 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: AT JUNE 30, 2012, THE ORGANIZATION IS NOT AWARE OF ANY UNCERTAIN TAX POSITIONS IN THE CURRENT YEAR OR FOR YEARS FOR WHICH THE STATUTE REMAINS OPEN. MICHAEL TOWBES - THE DUNCAN GROUP BOARD MEMBER OF THE DUNCAN GROUP AND THE ORGANIZATION 189650 THE DUNCAN GROUP LOANED 189,650 IN FUNDS TO THE ORGANIZATION, WHICH WERE REPAID DURING THE YEAR ENDED JUNE 30, 2012. 0 MICHAEL TOWBES - MONTECITO BANK T BOARD MEMBER OF MONTECITO BANK & TRUST AND THE ORGANIZATION 0 LINE OF CREDIT FACILITY WITH THE BANK. NO FUNDS DRAWN ON LINE OF CREDIT FACILITY. 0 GRAHAM LYONS - MULLEN HENZELL LL BOARD MEMBER AND ATTORNEY PROVIDING LEGAL SERVICES TO THE ORGANIZATION 647 GRAHAM LYONS PROVIDED LEGAL SERVICES TO THE ORGANIZATION FOR WHICH HIS LAW FIRM WAS PAID $647 FOR THE YEAR ENDED JUNE 30, 2012. 0 SCHEDULE L, PART V - ADDITIONAL INFORMATION BUSINESS TRANSACTIONS WITH INTERESTED PERSONS A MEMBER OF THE ORGANIZATION'S BOARD OF DIRECTORS IS A SHAREHOLDER OF A FINANCIAL INSTITUTION WHERE A PORTION OF THE ORGANIZATION'S CASH IS DEPOSITED (TOTALING $179,923 AT JUNE 30, 2012) AND THAT PROVIDES A $750,000 LINE OF CREDIT TO THE ORGANIZATION AT A BELOW MARKET INTEREST RATE. THIS BOARD MEMBER IS ALSO A BOARD MEMBER WITH AN UNRELATED ORGANIZATION THAT THE ORGANIZATION GRANTED A LOAN TO IN THE AMOUNT OF $189,650. THIS LOAN WAS PAID OFF IN NOVEMBER 2011. THIS BOARD MEMBER ABSTAINED FROM VOTING ON ANY TRANSACTIONS WITH THE ABOVE NOTED FINANCIAL INSTITUTION AND UNRELATED ORGANIZATION. FORM 990, PART VI FORM 990, PART VI - AUTHORITY DELEGATED TO EXECUTIVE COMMITTEE EXPLANATION: PER THE BYLAWS, THE BOARD MAY, BY A MAJORITY VOTE OF DIRECTORS, DESIGNATE TWO OR MORE OF ITS MEMBERS, WHO MAY ALSO BE SERVING AS OFFICERS OF THIS CORPORATION, TO CONSTITUTE AN EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE, COMPRISED OF BOARD CHAIRMAN, TREASURER, AND SECRETARY, IS AUTHORIZED TO ACT ON BEHALF OF THE BOARD, WITH CERTAIN EXCEPTIONS, SUCH AS AMENDING THE BYLAWS. THE EXECUTIVE COMMITTEE MET ONCE DURING THE YEAR ENDED JUNE 30, 2012. ALL ACTIONS OF THE EXECUTIVE COMMITTEE ARE REPORTED TO AND RATIFIED BY THE FULL BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11 MANAGEMENT PERFORMED A DETAILED REVIEW OF THE 990. AFTER MANAGEMENT'S REVIEW, THE 990 WAS CIRCULATED TO ALL BOARD MEMBERS VIA EMAIL FOR REVIEW. SUFFICIENT TIME WAS ALLOWED FOR ADDRESSING COMMENTS OR QUESTIONS. THE BOARD OF DIRECTORS APPROVED THE 990 AT ITS REGULARLY SCHEDULED BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C PART VI, SECTION B, QUESTION 12C TRANSACTIONS WITH PARTIES WITH WHOM A CONFLICTING INTEREST EXISTS MAY BE UNDERTAKEN ONLY IF ALL OF THE FOLLOWING ARE OBSERVED: 1. THE CONFLICTING INTEREST IS FULLY DISCLOSED; 2. THE PERSON WITH THE CONFLICT OF INTEREST IS EXCLUDED FROM THE DISCUSSION AND APPROVAL OF SUCH TRANSACTION; 3. A COMPETITIVE BID OR COMPARABLE VALUATION EXISTS; AND 4. THE BOARD HAS DETERMINED THAT THE TRANSACTION IS IN THE BEST INTEREST OF THE ORGANIZATION. DISCLOSURE INVOLVING VOLUNTEERS IN THE ORGANIZATION SHOULD BE MADE TO THE BOARD CHAIR, WHO SHALL BRING THE MATTER TO THE ATTENTION OF THE BOARD OF DIRECTORS. DISCLOSURE INVOLVING DIRECTORS AND COMMITTEE MEMBERS SHOULD BE MADE TO THE BOARD CHAIR, (OR IF SHE OR HE IS THE ONE WITH THE CONFLICT, THEN TO THE BOARD TREASURER) WHO SHALL BRING THESE MATTERS TO THE BOARD OF DIRECTORS THE BOARD OF DIRECTORS DETERMINES WHETHER A CONFLICT EXISTS AND IN THE CASE OF AN EXISTING CONFLICT, WHETHER THE CONTEMPLATED TRANSACTION MAY BE AUTHORIZED AS JUST, FAIR, AND REASONABLE TO THE ORGANIZATION. THE DECISION OF THE BOARD OF DIRECTORS ON THESE MATTERS WILL REST IN ITS SOLE DISCRETION, AND ITS CONCERN MUST BE THE WELFARE OF THE ORGANIZATION AND THE ADVANCEMENT OF ITS PURPOSE. THE CONFLICT OF INTEREST DISCLOSURE STATEMENT WILL BE COMPLETED ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 DETERMINING COMPENSATION FOR EXECUTIVE MANAGEMENT IS DONE BY AN INDEPENDENT REVIEW BY THE BOARD OF DIRECTORS. THE REVIEW INCLUDES USE OF COMPARABILITY DATA FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. APPROVED COMPENSATION IS BUDGETED AND CONTEMPORANEOUS DOCUMENTATION REGARDING THE DELIBERATIONS AND DECISIONS REGARDING THE COMPENSATION ARRANGEMENT ARE MEMORIALIZED IN THE MINUTES. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION HAS FORM 1023 ALONG WITH THE ORIGINALLY FILED BYLAWS FOR THE ORGANIZATION AND FORM 990 AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS ARE MADE AVAILABLE AT THE ORGANIZATION'S OFFICE DURING NORMAL BUSINESS HOURS OR BY REQUEST. REVIEW OF AUDITED FINANCIAL STATEMENTS FORM 990 PAGE 12, PART XII LINE 2C THE ORGANIZATION'S JOINT AUDIT AND FINANCE COMMITTEE ASSUMES RESPONSIBILITY AND OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF INDEPENDENT ACCOUNTANTS.