OTR RESOURCES: Form 990, tax year 2022
View the entire original 990 at ProPublica ↗
- Organization
- OTR RESOURCES (EIN 38-3910893)
- Tax period
- 2022-01-01 to 2022-12-31
- Filed
- 2023-12-21
- IRS object ID
- 202313559349301811
- Schema version
- 2022v5.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2023-12-21T22:05:22-06:00 | ReturnTs |
| Tax Period End | 2022-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 751044330 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | LANE GORMAN TRUBITT LLC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2626 HOWELL ST SUITE 700 | AddressLine1Txt |
| City | DALLAS | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 75204 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2022-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 383910893 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | ON THE ROAD LENDING | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | ONTH | BusinessNameControlTxt |
| Phone | 2142262542 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1500 NORTH LOOP 12 | AddressLine1Txt |
| City | IRVING | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 75061 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | MICHELLE CORSON | PersonNm |
| Person Title | CEO | PersonTitleTxt |
| Phone | 2142262542 | PhoneNum |
| Signature | 2023-12-21 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | MICHELLE | PersonFirstNm |
| Person Last | CORSON | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | KEVIN WARNEKE | PreparerPersonNm |
| PTIN | P01294950 | PTIN |
| Phone | 2148717500 | PhoneNum |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 0 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2022 | TaxYr |
| Build TS | 2023-04-26 12:10:37Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | MICHELLE CORSON | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1500 NORTH LOOP 12 | AddressLine1Txt |
| City | IRVING | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 75061 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $2,765,922 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | WWW.ONTHEROADLENDING.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 2013 | FormationYr |
| Legal Domicile State | TX | LegalDomicileStateCd |
| Activity Or Mission | TO LIFT PEOPLE FROM POVERTY THROUGH TRANSPORTATION INNOVATION. | ActivityOrMissionDesc |
| Voting Members Governing Body | 8 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 8 | VotingMembersIndependentCnt |
| Total Employee | 12 | TotalEmployeeCnt |
| Total Volunteers | 8 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $4,779,694 | PYContributionsGrantsAmt |
| CY Contributions Grants | $2,205,649 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $687,362 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $560,267 | CYProgramServiceRevenueAmt |
| PY Investment Income | $270 | PYInvestmentIncomeAmt |
| CY Investment Income | $0 | CYInvestmentIncomeAmt |
| PY Other Revenue | $40 | PYOtherRevenueAmt |
| CY Other Revenue | $6 | CYOtherRevenueAmt |
| PY Total Revenue | $5,467,366 | PYTotalRevenueAmt |
| CY Total Revenue | $2,765,922 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $5,697,100 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $6,800 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $1,019,907 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $1,436,131 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $173,481 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $1,442,019 | PYOtherExpensesAmt |
| CY Other Expenses | $1,999,155 | CYOtherExpensesAmt |
| PY Total Expenses | $8,159,026 | PYTotalExpensesAmt |
| CY Total Expenses | $3,442,086 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | -$2,691,660 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | -$676,164 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $16,314,652 | TotalAssetsBOYAmt |
| Total Assets EOY | $16,935,632 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $16,350,102 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $17,647,246 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | -$35,450 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | -$711,614 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | ON THE ROAD LENDING SEEKS TO LIFT PEOPLE FROM POVERTY THROUGH TRANSPORTATION INNOVATION, PROVIDING FINANCIAL WORKFORCE EDUCATION. CONTINUED ON SCHEDULE O.THE MOBILITY PROGRAM HELPS TO MAKE BETTER CONSUMERS BY PROVIDING FINANCIAL COACHING, COURSEWORK, AND VEHICLE SELECTION ASSISTANCE, PREPARING LOW- TO MODERATE-INCOME PEOPLE TO PURCHASE RELIABLE TRANSPORTATION THAT WILL ENABLE THEM TO REACH BETTER-PAYING JOBS. THE GARAGE PROGRAM PROVIDES OPPORTUNITIES FOR UNDER-REPRESENTED POPULATIONS TO RECEIVE ON-THE-JOB TRAINING THROUGH REGISTERED APPRENTICESHIP PROGRAMS IN HIGH-WAGE, HIGH-GROWTH OCCUPATIONS WITHIN THE AUTOMOTIVE COLLISION REPAIR INDUSTRY. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Expense | $1,941,924 | ExpenseAmt |
| Grant | $6,800 | GrantAmt |
| Desc | FREEDOM OF MOBILITY PROGRAM ENABLES CLIENTS TO PURCHASE A LATE MODEL VEHICLE UNDER WARRANTY. ON THE ROAD LENDING WORKED WITH ABOUT 1,500 PEOPLE IN THE MOBILITY PROGRAM, GETTING 203 INTO VEHICLES DURING 2022. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | $866,580 | ExpenseAmt |
| Revenue | $560,273 | RevenueAmt |
| Desc | ON THE ROAD LENDING'S TRANSPORTATION WORKFORCE TRAINING PROGRAM PROVIDES APPRENTICESHIPS IN FIVE PROGRAMS REGISTERED WITH THE DEPARTMENT OF LABOR. THERE WERE A TOTAL OF 14 APPRENTICES IN 2022, WITH TWO GRADUATING. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Expenses | $2,808,504 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | Yes (1) | DescribedInSection501c3Ind |
| Schedule B Required | Yes (1) | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Lobbying Activities | 0 | LobbyingActivitiesInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | Yes (1) | ReportOtherAssetsInd |
| Report Other Liabilities | 0 | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | 0 | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | 0 | PYExcessBenefitTransInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | 0 | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 9 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 12 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 8 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 8 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | 0 | MembersOrStockholdersInd |
| Election Of Board Members | 0 | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | Yes (1) | InvestmentInJointVentureInd |
| Written Policy Or Procedure | Yes (1) | WrittenPolicyOrProcedureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MICHELLE CORSON | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 2142262542 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1500 NORTH LOOP 12 | AddressLine1Txt |
| City | IRVING | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 75061 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| No Listed Persons Compensated | Yes (X) | NoListedPersonsCompensatedInd |
Form990 Part VII Section A Form990PartVIISectionAGrp (13 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| JAY ALTIZER | ||||||||
| PAST CHAIR | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| DAVID CHARD | ||||||||
| CHAIRMAN | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| JOSH MAYFIELD | ||||||||
| SECRETARY | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| MARIA COELLO | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| MICHELLE CORSON | ||||||||
| CEO & DIRECTOR | 15.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| JOHN GIEGERICH | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| YOLETTE GARCIA | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| YOLANDA TURNER | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| JAY HEIN | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| NICK STANUTZ | ||||||||
| CFO | 15.00 | Yes (X) | $0 | $0 | $0 | |||
| WILLIAM LONG JR | ||||||||
| PRESIDENT | 40.00 | $189,501 | $0 | $12,282 | Yes (X) | |||
| LONNIE SMITH | ||||||||
| PRESIDENT | 40.00 | $170,747 | $0 | $29,930 | Yes (X) | |||
| DEBORAH HANSON | ||||||||
| MARKETING DIRECTOR | 40.00 | $147,628 | $0 | $0 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $507,876 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $42,212 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 3 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
| Cntrct Rcvd Greater Than100 K | 0 | CntrctRcvdGreaterThan100KCnt |
| Government Grants | $300,000 | GovernmentGrantsAmt |
| All Other Contributions | $1,905,649 | AllOtherContributionsAmt |
| Noncash Contributions | $3,000 | NoncashContributionsAmt |
| Total Contributions | $2,205,649 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | GARAGE PROGRAM | Desc |
| Business | 532420 | BusinessCd |
| Total Revenue Column | $560,267 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $560,267 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $560,267 | TotalProgramServiceRevenueAmt |
Royalties Revenue RoyaltiesRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $6 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $6 | RelatedOrExemptFuncIncomeAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $2,765,922 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $560,273 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $6,800 | TotalAmt |
| Program Services | $6,800 | ProgramServicesAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,196,505 | TotalAmt |
| Program Services | $1,010,200 | ProgramServicesAmt |
| Management And General | $49,356 | ManagementAndGeneralAmt |
| Fundraising | $136,949 | FundraisingAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $161,893 | TotalAmt |
| Program Services | $145,914 | ProgramServicesAmt |
| Management And General | $1,967 | ManagementAndGeneralAmt |
| Fundraising | $14,012 | FundraisingAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $77,733 | TotalAmt |
| Program Services | $64,213 | ProgramServicesAmt |
| Management And General | $3,705 | ManagementAndGeneralAmt |
| Fundraising | $9,815 | FundraisingAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $119,742 | TotalAmt |
| Management And General | $119,742 | ManagementAndGeneralAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $27,211 | TotalAmt |
| Management And General | $27,211 | ManagementAndGeneralAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $34,668 | TotalAmt |
| Management And General | $34,668 | ManagementAndGeneralAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $185,099 | TotalAmt |
| Program Services | $61,688 | ProgramServicesAmt |
| Management And General | $123,411 | ManagementAndGeneralAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $51,667 | TotalAmt |
| Program Services | $51,667 | ProgramServicesAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $36,554 | TotalAmt |
| Program Services | $8,740 | ProgramServicesAmt |
| Management And General | $27,814 | ManagementAndGeneralAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $74,301 | TotalAmt |
| Program Services | $74,301 | ProgramServicesAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $182,715 | TotalAmt |
| Program Services | $170,502 | ProgramServicesAmt |
| Management And General | $12,213 | ManagementAndGeneralAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $65,441 | TotalAmt |
| Program Services | $65,441 | ProgramServicesAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $702,557 | TotalAmt |
| Program Services | $657,819 | ProgramServicesAmt |
| Management And General | $44,738 | ManagementAndGeneralAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $480,990 | TotalAmt |
| Program Services | $478,034 | ProgramServicesAmt |
| Management And General | $1,708 | ManagementAndGeneralAmt |
| Fundraising | $1,248 | FundraisingAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,198 | TotalAmt |
| Management And General | $3,198 | ManagementAndGeneralAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt | Management And GeneralManagementAndGeneralAmt | FundraisingFundraisingAmt |
|---|---|---|---|---|
| GARAGE REPAIRS | $16,271 | $10,440 | $5,831 | |
| GRANT SUPPORT | $11,191 | $11,191 | ||
| RECRUITING | $4,539 | $4,539 | ||
| VEHICLE EXPENSE | $2,745 | $2,745 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $266 | TotalAmt |
| Fundraising | $266 | FundraisingAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,442,086 | TotalAmt |
| Program Services | $2,808,504 | ProgramServicesAmt |
| Management And General | $460,101 | ManagementAndGeneralAmt |
| Fundraising | $173,481 | FundraisingAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part X | Yes (X) | InfoInScheduleOPartXInd |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,658,355 | BOYAmt |
| EOY | $557,435 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,782,734 | BOYAmt |
| EOY | $30,502 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,235,796 | BOYAmt |
| EOY | $3,776,608 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,429 | BOYAmt |
| EOY | $8,285 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $11,758,013 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $651,812 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $9,173,737 | BOYAmt |
| EOY | $11,106,201 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,456,601 | BOYAmt |
| EOY | $1,456,601 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $16,314,652 | BOYAmt |
| EOY | $16,935,632 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $681,636 | BOYAmt |
| EOY | $889,780 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,033 | BOYAmt |
| EOY | $2,033 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $15,166,433 | BOYAmt |
| EOY | $15,255,433 | EOYAmt |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $500,000 | BOYAmt |
| EOY | $1,500,000 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $16,350,102 | BOYAmt |
| EOY | $17,647,246 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | -$1,712,684 | BOYAmt |
| EOY | -$742,116 | EOYAmt |
Donor Restriction Net Assets DonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,677,234 | BOYAmt |
| EOY | $30,502 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | -$35,450 | BOYAmt |
| EOY | -$711,614 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $16,314,652 | BOYAmt |
| EOY | $16,935,632 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | -$676,164 | ReconcilationRevenueExpnssAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Organization170 | Yes (X) | PublicOrganization170Ind |
Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $1,699,502 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $4,104,290 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $927,611 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $4,779,694 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $2,205,649 | CurrentTaxYearAmt |
| Total | $13,716,746 | TotalAmt |
Total Calendar Year170 TotalCalendarYear170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $1,699,502 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $4,104,290 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $927,611 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $4,779,694 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $2,205,649 | CurrentTaxYearAmt |
| Total | $13,716,746 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Substantial Contributors Tot | $5,135,996 | SubstantialContributorsTotAmt |
| Public Support Total170 | $8,580,750 | PublicSupportTotal170Amt |
Gross Investment Income170 GrossInvestmentIncome170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus2 Years | $8,565 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $270 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $6 | CurrentTaxYearAmt |
| Total | $8,841 | TotalAmt |
Unrelated Business Net Incm170 UnrelatedBusinessNetIncm170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $30,418 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus1 Year | $40 | CurrentTaxYearMinus1YearAmt |
| Total | $30,458 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Support | $13,756,045 | TotalSupportAmt |
| Gross Receipts Rltd Activities | $2,899,564 | GrossReceiptsRltdActivitiesAmt |
| Public Support CY170 | 0.62380 | PublicSupportCY170Pct |
| Public Support PY170 | 0.49020 | PublicSupportPY170Pct |
| Thirty Thr Pct Suprt Tests CY170 | Yes (X) | ThirtyThrPctSuprtTestsCY170Ind |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $175,404 | OtherCostOrOtherBasisAmt |
| Book Value | $175,404 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $9,757,127 | OtherCostOrOtherBasisAmt |
| Depreciation | $328,143 | DepreciationAmt |
| Book Value | $9,428,984 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $251,255 | OtherCostOrOtherBasisAmt |
| Depreciation | $12,934 | DepreciationAmt |
| Book Value | $238,321 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,569,227 | OtherCostOrOtherBasisAmt |
| Depreciation | $309,443 | DepreciationAmt |
| Book Value | $1,259,784 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $5,000 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,292 | DepreciationAmt |
| Book Value | $3,708 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $11,106,201 | TotalBookValueLandBuildingsAmt |
Other Assets Org OtherAssetsOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | INVESTMENT IN OTRF | Desc |
| Book Value | $1,456,601 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Other Assets | $1,456,601 | TotalBookValueOtherAssetsAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $2,765,922 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Not Reported | $0 | RevenueNotReportedAmt |
| Revenue Subtotal | $2,765,922 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $2,765,922 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $3,442,086 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $3,442,086 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $3,442,086 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART X, LINE 2: | FormAndLineReferenceDesc |
| Explanation | THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE UNITED STATES INTERNAL REVENUE CODE ACCORDING TO THE UNITED STATES INTERNAL REVENUE SERVICE ("IRS") DETERMINATION LETTER DATED NOVEMBER 6, 2014, EXCEPT TO THE EXTENT IT HAS UNRELATED BUSINESS INCOME. FOR THE YEAR ENDED DECEMBER 31, 2022, UNRELATED BUSINESS INCOME DID NOT RESULT IN ANY MATERIAL NET TAXABLE INCOME, THEREFORE NO PROVISION FOR INCOME TAX HAS BEEN PROVIDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. GAAP REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE ORGANIZATION'S FINANCIAL STATEMENTS TO DETERMINE WHETHER THE TAX POSITIONS ARE MORE LIKELY THAN NOT OF BEING SUSTAINED BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET THE MORE LIKELY THAN NOT THRESHOLD WOULD BE RECORDED AS A TAX BENEFIT OR EXPENSE IN THE CURRENT YEAR. A RECONCILIATION IS NOT PROVIDED HEREIN, AS THE BEGINNING AND ENDING AMOUNTS OF UNRECOGNIZED BENEFITS ARE ZERO, WITH NO INTERIM ADDITIONS, REDUCTIONS, OR SETTLEMENTS. THE ORGANIZATION IS RELYING ON ITS TAX-EXEMPT STATUS AND ITS ADHERENCE TO ALL APPLICABLE LAWS AND REGULATIONS TO PRESERVE THAT STATUS. HOWEVER, THE CONCLUSIONS REGARDING THE UNCERTAINTY IN INCOME TAXES WILL BE SUBJECT TO REVIEW AND MAY BE ADJUSTED AT A LATER DATE BASED ON FACTORS INCLUDING, BUT NOT LIMITED TO, ONGOING ANALYSIS OF TAX LAWS, REGULATIONS, AND INTERPRETATIONS THEREOF. THE ORGANIZATION RECOGNIZES INTEREST AND PENALTIES, IF ANY, RELATED TO UNCERTAIN TAX POSITIONS AS INCOME TAX EXPENSE. THE ORGANIZATION'S INFORMATIONAL RETURNS FILED WITH THE IRS ARE GENERALLY SUBJECT TO EXAMINATION FOR THREE YEARS AFTER THE LATER OF THE DUE DATE OR DATE OF FILING. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
| Comp Based On Revenue Of Flng Org | 0 | CompBasedOnRevenueOfFlngOrgInd |
| Comp Bsd On Rev Related Orgs | 0 | CompBsdOnRevRelatedOrgsInd |
| Comp Bsd Net Earns Flng Org | 0 | CompBsdNetEarnsFlngOrgInd |
| Comp Bsd Net Earns Rltd Orgs | 0 | CompBsdNetEarnsRltdOrgsInd |
| Any Non Fixed Payments | 0 | AnyNonFixedPaymentsInd |
| Initial Contract Exception | 0 | InitialContractExceptionInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (2 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| WILLIAM LONG JR | ||||||||||||||
| PRESIDENT | $167,501 | $0 | $22,000 | $0 | $0 | $0 | $0 | $0 | $12,282 | $0 | $201,783 | $0 | $0 | $0 |
| LONNIE SMITH | ||||||||||||||
| PRESIDENT | $152,747 | $0 | $18,000 | $0 | $0 | $0 | $0 | $0 | $29,930 | $0 | $200,677 | $0 | $0 | $0 |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (6 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION B, LINE 11B | FORM 990 IS EMAILED TO THE BOARD TREASURER BEFORE THE RETURN IS FILED. |
| FORM 990, PART VI, SECTION B, LINE 12C | EACH MEMBER OF THE BOARD OF DIRECTORS IS REQUIRED ANNUALLY TO SIGN A CONFLICT OF INTEREST STATEMENT. MANAGEMENT INSURES THAT STAFF AND THE BOARD MEMBERS ARE EXEMPTED AS CONTRACTORS AND/OR VENDORS OF ON THE ROAD LENDING. THE BOARD MEMBER SHALL DISCLOSE THE CONFLICT AND THE BOARD AS A BODY SHALL OPINE ON A COURSE OF ACTION. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE ORGANIZATION'S COMPENSATION COMMITTEE REVIEWS COMPENSATION WITH THE ASSISTANCE OF AN INDEPENDENT CONSULTANT AND THIRD-PARTY COMPENSATION STUDIES. THE FINAL APPROVAL OF MANAGEMENT COMPENSATION IS DETERMINED BY THE BOARD OF DIRECTORS AND DOCUMENTED IN THE MEETING MINUTES. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE ORGANIZATION'S GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. |
| FORM 990, PART X | THE ORGANIZATION EXECUTED LOAN AGREEMENTS ON NOVEMBER 23, 2021, THAT PROVIDES FOR BORROWINGS OF $5,696,600 AND $2,303,400 FROM GSNMF SUB-CDE 34 LLC. THE LOANS WERE TO REFINANCE CERTAIN PROPERTY AND PROVIDE FUNDING TO IMPROVEMENTS TO THE PROPERTY AND ARE INTENDED TO BE TREATED AS "QUALIFIED LOW-INCOME COMMUNITY INVESTMENT" FOR PURPOSES OF GENERATING NEW MARKET TAX CREDITS UNDER SECTION 45D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. THE LOANS ARE SECURED BY A PROPERTY DEED OF TRUST, SECURITY AGREEMENT AND GUARANTEED BY CHAMPION IMPACT CAPITAL, AN AFFILIATE OF THE ORGANIZATION. EACH LOAN ACCRUES INTEREST AT 1%, PAYABLE QUARTERLY BEGINNING ON DECEMBER 2021 UNTIL NOVEMBER 2028. QUARTERLY PRINCIPAL PAYMENTS BEGIN MARCH 2029. AFTER THE FIRST DAY FOLLOWING THE END OF THE TAX CREDIT INVESTMENT PERIOD OR THE OCCURRENCE OF A NMTC RECAPTURE EVENT AND FOR 180 DAYS THEREAFTER, U.S. BANCORP COMMUNITY DEVELOPMENT CORPORATION (USBCDC) CAN EXERCISE ITS "PUT OPTION" TO SELL ITS INTEREST IN TWAIN INVESTMENT FUND 601, LLC (INVESTMENT FUND) TO THE ORGANIZATION FOR $1,000 PLUS TRANSFER TAXES AND OTHER CLOSING COSTS, ANY AMOUNTS DUE AND OWING FROM OTRL OR ANY OF THE ORGANIZATION'S AFFILIATES, ANY UNPAID MANAGEMENT FEES AND EXPENSES OF THE INVESTMENT FUND OTHER THAN COMPANY EXPENSES. IN THE EVENT THAT USBCDC HAS NOT EXERCISED THE PUT OPTION, CHAMPION IMPACT CAPITAL SHALL HAVE THE RIGHT AND OPTION TO PURCHASE ALL, BUT NOT LESS THAN ALL, OF USBCDC'S INTEREST FOR 180 CALENDAR DAYS FOLLOWING THE EXPIRATION OF THE PUT OPTION. AFTER EXERCISING ITS OPTION TO PURCHASE THE INTEREST IN THE FUND, THE ORGANIZATION CAN CANCEL THE NEW MARKETS TAX CREDIT PROGRAM NOTES PAYABLE. |
| FORM 990, PART XII, LINE 2C: | THE BOARD OF DIRECTORS ASSUMES THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM PRIOR YEARS. |
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