THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED YEARS ENDED DECEMBER 31, 2018 and 2017
and acquiring properties as well as construction supervision when rehabilitating the properties. Costs allocated to asset management relate to personnel and other costs associated with asset management supervision and administration of the properties. Costs allocated to resident services relate to personnel and other related expenses for the resident services programs offered at several of the Organization’s rental housing communities. Income Taxes NHPF and its nonprofit affiliated entities have applied for and received determination letters from the Internal Revenue Service (IRS) to be treated as tax-exempt entities pursuant to Section 501(c)(3) of the Internal Revenue Code and did not have any unrelated business income for the years ended December 31, 2018 and 2017. Due to their tax-exempt status, NHPF and its nonprofit affiliated entities are not subject to income taxes. NHPF and its nonprofit affiliated entities are required to file and do file tax returns with the IRS and other taxing authorities. Accordingly, these consolidated financial statements do not reflect a provision for income taxes and NHPF and its nonprofit affiliated entities have no other tax positions which must be considered for disclosure. Tax returns filed by NHPF and its nonprofit affiliated entities are subject to examination by the Internal Revenue Service for a period of three years. While no tax returns are currently being examined by the Internal Revenue Service, tax years since 2015 remain open.
The following are single member limited liability companies and therefore, these entities are treated as disregarded entities for income tax purposes and, as such, are not subject to income taxes:
Alexander House Owner, LLC Anacostia Gardens Investor, LLC Anacostia Gardens GP, LLC Benning Heights Affordable, LLC
Nannie Helen Owner, LLC
New Covent LLC
New Covent Managing Member, LLC
New Mark Twain, LLC
NHPF/WFH, LLC
Princess Anne Investor, LLC Princess Anne Owner, LP
Princess Anne GP, LLC The Pines Owner, LLC
Takoma Place Investor, LLC Workforce Housing I, LLC
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