2022-09-21T06:11:10-05:00 2021-12-31 251408703 SCHNEIDER DOWNS & CO INC ONE PPG PLACE SUITE 1700 PITTSBURGH PA 15222 990 2021-01-01 471256046 BIT HOLDINGS SEVENTY-TWO INC BITH 4102375727 CO PNC BANK NA ONE E PRATT STREET BALTIMORE MD 21202 CYNTHIA HELMS VICE PRESIDENT 4102375727 2022-09-12 1 CYNTHIA HELMS 999009999 SARAH R PIOT P01358891 4122613644 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z CYNTHIA HELMS C/O PNC BANK NA ONE E PRATT STREET BALTIMORE MD 21202 7175594 0 X NONE X 2014 MD ORGANIZED FOR THE PURPOSE OF ACQUIRING REAL PROPERTY, HOLDING TITLE THERETO, COLLECTING THE INCOME FROM SUCH PROPERTY, AND REMITTING THE NET AMOUNT TO QUALIFIED SHAREHOLDERS. 7 7 0 0 0 0 0 0 0 0 0 0 2778112 3656708 2778112 3656708 0 0 0 0 0 0 0 0 0 2220957 2234971 2220957 2234971 557155 1421737 100619764 107450159 50678970 50571609 49940794 56878550 THE CORPORATION WAS ORGANIZED FOR THE EXCLUSIVE PURPOSE OF ACQUIRING REAL PROPERTY, HOLDING TITLE THERETO, COLLECTING THE INCOME FROM SUCH PROPERTY, AND REMITTING THE ENTIRE AMOUNT LESS EXPENSES TO QUALIFIED SHAREHOLDERS. 0 0 BIT HOLDINGS SEVENTY-TWO, INC. WAS ORGANIZED FOR THE EXCLUSIVE PURPOSE OF ACQUIRING REAL PROPERTY, HOLDING TITLE THERETO, COLLECTING THE INCOME FROM SUCH PROPERTY, AND REMITTING THE ENTIRE AMOUNT LESS EXPENSES TO THE AFL-CIO BUIDLING INVESTMENT TRUST. DURING 2021, BIT HOLDINGS SEVENTY-TWO OWNED RESIDENTIAL REAL PROPERTY AND DISTRIBUTED APPROXIMATELY $7.2 MILLION OF EARNINGS FROM THE RENTAL OF SUCH PROPERTY TO THE AFL-CIO BUILDING INVESTMENT TRUST. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 X 7 7 1 1 0 0 1 1 1 1 1 0 0 1 0 0 0 0 0 0 CA X CYNTHIA HELMS 4102375727 C/O PNC BANK NA ONE E PRATT STREET BALTIMORE MD 21202 X RINSE A BRINK PRES/ASST SECRETARY/ASST TREASURER 0.20 0.80 X X 0 0 0 AUSTIN CATES VP/ASSISTANT SECRETARY 0.10 0.40 X X 0 0 0 CLAYTON FLANAGAN VP/ASSISTANT SECRETARY 0.20 0.80 X X 0 0 0 CYNTHIA HELMS VP/SECRETARY/TREASURER 0.20 0.80 X X 0 0 0 KENNETH MARTY JR VP/ASSISTANT SECRETARY 0.10 0.40 X X 0 0 0 WILLIAM K MIHM VP/ASSISTANT SECRETARY 0.10 0.40 X X 0 0 0 JILL J RUSSEL VP/ASSISTANT SECRETARY 0.10 0.40 X X 0 0 0 PNC BANK NA TRUSTEE 0.10 0.40 X 0 0 0 0 0 0 0 0 0 0 ABM INDUSTRY GROUPS LLC PO BOX 52609 LOS ANGELES CA 900742609 BUILDING MANAGEMENT 621349 1 7175594 3518886 3656708 3656708 3656708 3656708 0 0 3656708 18562 12975 784800 1418264 NON-OPERATING TAXES 370 2234971 228781 284874 197852 965692 193131 199593 106000000 100000000 106000000 100619764 107450159 215102 150850 1654 39103 50000000 50000000 462214 381656 50678970 50571609 X 30993767 31080399 0 0 18947027 25798151 49940794 56878550 100619764 107450159 X 1421737 5429388 86632 X X 0 1 X 1 0 102617724 102617724 2421207 2421207 961069 961069 106000000 SECURITY DEPOSITS 264656 INTEREST PAYABLE 117000 381656 X PART X, LINE 2: BIT HOLDINGS SEVENTY-TWO, INC. IS A TITLE HOLDING CORPORATION WITHIN THE MEANING OF IRC SECTION 501(C)(2), AND A WHOLLY-OWNED SUBSIDIARY OF THE AFL-CIO BUILDING INVESTMENT TRUST (THE "TRUST"). THE INCOME TAX FOOTNOTE FROM THE TRUST'S 2021 CONSOLIDATED FINANCIAL STATEMENTS IS AS FOLLOWS: THE INTERNAL REVENUE SERVICE HAS RULED THAT THE TRUST IS A QUALIFIED TRUST AS DESCRIBED IN REVENUE RULING 81-100 AND IS EXEMPT FROM INCOME TAX UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE, WITH RESPECT TO FUNDS THAT EQUITABLY BELONG TO PARTICIPATING TRUSTS THAT ARE QUALIFIED UNDER 401(A) AND WITH RESPECT TO FUNDS THAT EQUITABLY BELONG TO ITS PARTICIPATING INDIVIDUAL RETIREMENT ACCOUNTS THAT ARE QUALIFIED UNDER 408. THE TRUST IS SUBJECT TO TAX ON ITS UNRELATED BUSINESS INCOME. DURING 2021, THE TRUST DID NOT GENERATE ANY SIGNIFICANT UNRELATED BUSINESS INCOME. ACCORDINGLY, NO PROVISION FOR FEDERAL OR STATE INCOME TAX HAS BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES REQUIRE THE TRUST TO DETERMINE WHETHER A TAX POSITION TAKEN BY THE TRUST IS MORE LIKELY THAN NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPLICABLE TAXING AUTHORITY, BASED ON THE TECHNICAL MERITS OF THE POSITION. FOR THE TRUST, THE TAX YEARS ENDED DECEMBER 31, 2018 THROUGH THE CURRENT YEAR REMAIN OPEN FOR EXAMINATION BY FEDERAL AND STATE TAX AUTHORITIES. THE TRUST HAS NO UNRECOGNIZED TAX BENEFITS OR LIABILITIES, AND CONSEQUENTLY, HAD NO RELATED ACCRUED INTEREST AND PENALTIES AT THE BEGINNING OR END OF 2021. FORM 990, PART VI, SECTION A, LINE 2 ALL OFFICERS AND DIRECTORS ARE EMPLOYED DIRECTLY OR INDIRECTLY BY THE INSTITUTIONAL TRUSTEE OF BIT HOLDINGS SEVENTY-TWO, INC.'S PARENT COMPANY. SEE DISCLOSURE FOR FORM 990, PART VI, SECTION A, LINE 3 FOR FURTHER EXPLANATION. FORM 990, PART VI, SECTION A, LINE 3 PNC BANK, NATIONAL ASSOCIATION, A NATIONAL BANKING ASSOCIATION ORGANIZED AND EXISTING UNDER THE LAWS OF THE UNITED STATES ("PNC BANK OR "TRUSTEE"), IS THE INSTITUTIONAL TRUSTEE FOR THE AFL-CIO BUILDING INVESTMENT TRUST (THE "TRUST"), WHICH IS THE PARENT FOR BIT HOLDINGS SEVENTY-TWO, INC. PURSUANT TO THE TRUST AGREEMENT, PNC BANK IS RESPONSIBLE FOR ALL ASPECTS OF THE MANAGEMENT AND ADMINISTRATION OF THE TRUST, INCLUDING THE SELECTION OF THE INVESTMENTS. PURSUANT TO AN INVESTMENT ADVISORY AGREEMENT, AS AMENDED FROM TIME TO TIME, PNC BANK CURRENTLY RETAINS PNC REALTY INVESTORS, INC., AN INVESTMENT ADVISOR REGISTERED WITH THE SEC PURSUANT TO THE INVESTMENT ADVISORS ACT OF 1940, AS AMENDED ("PRI OR "INVESTMENT ADVISOR"), TO PERFORM INVESTMENT ADVISORY, MANAGEMENT, AND ADMINISTRATIVE SERVICES. PURSUANT TO THE INVESTMENT ADVISORY AGREEMENT AND OTHER POLICIES AND PROCEDURES FOR THE TRUST, EMPLOYEES OF PRI AND/OR PNC BANK SERVE AS THE OFFICERS AND DIRECTORS OF THE SINGLE PURPOSE ENTITIES OF THE TRUST, INCLUDING BIT HOLDINGS SEVENTY-TWO, INC., WHICH OWN, DIRECTLY OR INDIRECTLY, THE REAL ESTATE INVESTMENTS. GENERALLY, NEITHER THE TRUST NOR THE SINGLE PURPOSE ENTITIES, INCLUDING BIT HOLDINGS SEVENTY-TWO, INC., HAS EMPLOYEES OF THEIR OWN. RATHER, THE TRUST AND BIT-HOLDINGS SEVENTY-TWO, INC. ARE ADMINISTRATED AND MANAGED THROUGH PNC BANK AND PRI EMPLOYEES, INTERNAL COMMITTEES AND MANAGEMENT. PNC BANK EARNS A TRUSTEE'S FEE, WHICH IS PAID OUT OF THE ASSETS OF THE TRUST. CERTAIN EXPENSES OF PNC BANK AND PRI, IN CONNECTION WITH THEIR SERVICES TO THE TRUST, ARE REIMBURSED FROM THE ASSETS OF THE TRUST. EMPLOYEES OF PNC BANK AND PRI ARE COMPENSATED DIRECTLY BY THEIR EMPLOYERS; NO COMPENSATION IS PROVIDED BY THE TRUST OR BIT HOLDINGS SEVENTY-TWO, INC. FORM 990, PART VI, SECTION A, LINE 6 BIT HOLDINGS SEVENTY-TWO, INC. IS A TITLE HOLDING CORPORATION WITHIN THE MEANING OF IRC SECTION 501(C)(2). IT IS ORGANIZED AND OPERATED EXCLUSIVELY TO HOLD TITLE TO PROPERTY, COLLECT INCOME FROM SUCH PROPERTY, AND DISTRIBUTE SUCH INCOME, LESS APPLICABLE EXPENSES, TO ITS DIRECT OR INDIRECT SOLE OWNER, THE AFL-CIO BUILDING INVESTMENT TRUST (THE "TRUST"). THE TRUST IS A BANK COLLECTIVE TRUST FUND IN WHICH QUALIFIED PENSION AND RETIREMENT PLANS INVEST. PURSUANT TO AN IRS DETERMINATION LETTER, THE TRUST QUALIFIES AS A GROUP TRUST WITHIN THE MEANING OF REVENUE RULING 81-100 AND THEREFORE, IS GENERALLY EXEMPT FROM FEDERAL INCOME TAXATION UNDER CODE SECTION 501(A). THE TRUST INVESTS, PRIMARILY THROUGH EQUITY INVESTMENT AND MORTGAGE FINANCING, IN COMMERCIAL REAL ESTATE DEVELOPMENTS AND ACQUISITIONS THROUGHOUT THE UNITED STATES. THE TRUST GENERALLY INVESTS EQUITY IN REAL ESTATE INDIRECTLY THROUGH ONE OR MORE SINGLE PURPOSE ENTITIES, SUCH AS BIT HOLDINGS SEVENTY-TWO, INC. FORM 990, PART VI, SECTION A, LINE 7A REFER TO THE DISCLOSURE BELOW FOR FORM 990, PART VI, LINE 7B. FORM 990, PART VI, SECTION A, LINE 7B PNC BANK, IN ITS CAPACITY AS TRUSTEE OF THE AFL-CIO BUILDING INVESTMENT TRUST, HAS THE POWER TO ELECT AND REMOVE THE DIRECTORS OF THE ORGANIZATION, APPROVE MERGERS AND APPROVE THE DISSOLUTION OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM, BASED ON INFORMATION PROVIDED BY THE ORGANIZATION. PRIOR TO FILING, THE FORM 990 IS REVIEWED IN DETAIL BY THE SECRETARY AND A COPY IS PROVIDED TO THE ENTIRE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 12: PNC BANK AND PRI HAVE WRITTEN AND ORAL INTERNAL POLICIES AND PROCEDURES REGARDING THE ADMINISTRATION AND MANAGEMENT OF THE TRUST, WHICH WOULD ALSO EXTEND TO THEIR PERFORMANCE OF SERVICES TO THE SINGLE PURPOSE ENTITIES, INCLUDING BIT HOLDINGS SEVENTY-TWO, INC. THE WRITTEN POLICIES OF PNC AND/OR PRI INCLUDE, BUT ARE NOT LIMITED TO, POLICIES AND PROCEDURES DESIGNED TO PREVENT, MONITOR, AND DISCLOSE AND APPLICABLE CONFLICTS OF INTEREST, RECORD RETENTION AND DESTRUCTION POLICIES, AND WHISTLEBLOWING POLICIES AND PROCEDURES. THE RECORD RETENTION POLICIES GENERALLY REQUIRE RECORD RETENTION FOR A MINIMUM OF FIVE OR MORE YEARS. ALL POLICIES AND PROCEDURES, INCLUDING THOSE MENTIONED ABOVE, ARE MONITORED BY THE APPLICABLE COMPLIANCE DEPARTMENTS AND OFFICERS ON PERIODIC BASIS, AND INTERNAL AUDIT DEPARTMENTS OF PNC AND PRI ROUTINELY TEST THESE POLICIES AND PROCEDURES. ALL EMPLOYEES OF PNC BANK AND PRI, INCLUDING THOSE EMPLOYEES WHO SERVE AS THE OFFICERS AND DIRECTORS OF BIT HOLDINGS SEVENTY-TWO, INC., ARE SUBJECT TO THESE POLICIES AND PROCEDURES, AND ARE CHARGED WITH DISCLOSING IMMEDIATELY OR ROUTINELY, AS APPLICABLE, CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC. THERE IS NO CONFLICT OF INTEREST POLICY OF FINANCIAL STATEMENTS APPLICABLE TO ONLY THE ORGANIZATION AND THE BROADER POLICIES AND FINANCIAL STATEMENTS ARE NOT AVAILABLE TO THE PUBLIC. SEE FURTHER EXPLANATION REGARDING CONFLICT OF INTEREST POLICY IN THE DISCLOSURE FOR FORM 990, PART VI, SECTION B, LINE 12. FORM 990, PART XI, LINE 9: CONTRIBUTIONS/DISTRIBUTIONS TO PARENT 86,632. FORM 990, PART XI, QUESTION 2C, FINANCIAL STATEMENTS AND REPORTING: MANAGEMENT IS RESPONSIBLE FOR THE SELECTION OF THE INDEPENDENT ACCOUNTANTS. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 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