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        <ExplanationTxt>The Foundation is a charitable trust which received a loan from the Small Business Administration (the SBA). The sum of $350,300 remains outstanding. Due to the impact of Covid and the severe downturn in the economy in Phoenicia, New York, the Foundation has not been able to survive financially. The planned Festival could not be held in 2023 or 2024 due to a lack of funding. The Trustees of the Foundation plan to dedicate the remaining funds, totaling $155,900, reduced by any additional expenses incurred to process its termination and any additional operating costs, to the SBA to satisfy as much of the outstanding loan balance as possible. This payment will be made after the review by the Charities Bureau of the Attorney Generals Office of the State of New York is completed.</ExplanationTxt>
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        <FormAndLineReferenceDesc>Form 990, Part VI, Section C, Line 19</FormAndLineReferenceDesc>
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