2021-01-11T15:35:19-06:00 2020-06-30 946214841 ARMANINO LLP 50 W SAN FERNANDO ST STE 500 SAN JOSE CA 95113 990 2019-07-01 942825213 SILICON VALLEY CREATES SILI 4089982787 310 S FIRST STREET SAN JOSE CA 95113 CONNIE MARTINEZ CEO 4089982787 2021-01-11 1 MATTHEW PETROSKI P00853132 4082006400 2021-01-11 2019 2022-09-23 18:48:47Z CONNIE MARTINEZ 310 S FIRST STREET SAN JOSE CA 95113 3707059 0 X WWW.SVCREATES.ORG X 1982 CA ACCELERATING SILICON VALLEY'S CREATIVE CULTURE. 16 16 8 20 1100 -89 1517615 2739740 350028 466304 43145 -10603 0 1100 1910788 3196541 727338 1154291 0 0 664427 739627 0 0 125811 714811 713371 2106576 2607289 -195788 589252 9782774 2553348 2078769 689353 7704005 1863995 X TO ACCELERATE SILICON VALLEY'S CREATIVE CULTURE THROUGH PROGRAMS AND INITIATIVES THAT BUILD THE CAPACTIY OF OUR ARTS AND CULTURE ECOSYSTEM, RAISE THE VALUE AND VISIBILITY OF OUR CREATIVE SECTOR AND INCREASE ACCESS TO ARTS AND CREATIVITY. 0 0 1247718 1004233 9347 SILICON VALLEY CREATES HAS A SERIES OF MISSION-ALIGNED PROGRAMS AND INITIATIVES THAT BUILD THE CAPACITY OF THE CREATIVE SECTOR, RAISE ITS VALUE AND VISIBILITY AND INCREASE ACCESS TO ARTS FOR HIGH NEED COMMUNITIES.THE ORGANIZATION BUILDS THE CREATIVE SECTOR'S CAPACITY BY: 1) PROVIDING LOCAL GRANTS, WORKSHOPS AND MANAGEMENT TOOLS; 2) NURTURING THE NEXT GENERATION OF LEADERS THROUGH GENARTS; AND 3) CONDUCTING RESEARCH STUDIES OF RELEVANCE TO CIVIC AND ARTS LEADERS; AND 4) LEADING OR INCUBATING INITIATIVES THAT ADDRESS THE SPECIAL NEEDS OF OUR ARTS ECOSYSTEM SUCH AS THE DEVELOPMENT OF BELOW MARKET SPACE SOLUTIONS FOR THE ARTS LIKE THE CREATIVE CENTER FOR THE ARTS OR PROTOTYPING AFFORDABLE SUPPORT SERVICES THROUGH ARTSWEB.AROUND 1.8 MILLION PEOPLE WERE SERVED. 249543 20000 107505 THE ORGANIZATION RAISES THE VOICE AND VISIBILITY OF THE CREATIVE SECTOR BY: 1) PUBLISHING CONTENT MAGAZINE; 2) PROMOTING ARTS AND CULTURAL EVENTS THROUGH SOCIAL MEDIA; 3) SHOWCASING LOCAL ARTISTS THROUGH THE ARTIST LAUREATE AND POET LAUREATE PROGRAMS; AND 4) CONVENING PICK UP PARTIES AND MEET UPS.AROUND 45,000 PEOPLE WERE SERVED. 582269 130058 349452 THE ORGANIZATION INCREASES ACCESS TO ARTS AND CREATIVITY BY: 1) DEVELOPING A HUB OF DIGITAL MEDIA STUDIOS FOR TEENS; 2) CONNECTING TEACHERS TO ARTS EDUCATION OFFERINGS THROUGH ARTSEDCONNECT; 3) PROVIDING ARTS ACCESS GRANTS TO ORGANIZATIONS SERVING HIGH NEED COMMUNITIES; AND 4) INFUSING ARTS AND CREATIVITY INTO THE WOMEN AND CHILDREN'S CENTER AT VALLEY MEDICAL CENTER.AROUND 95,000 PEOPLE WERE SERVED. 2079530 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 54 0 1 8 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 16 16 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X X FINANCIAL ADMINISTRATIVE SUPPORT SERVICES 4085138756 3180 NEWBERRY DRIVE SUITE 200 SAN JOSE CA 95118 JANICE FRY CHAIR 1.00 X X 0 0 0 JAMES LACAMP TREASURER 1.00 X X 0 0 0 MATT OGAWA SECRETARY 1.00 X X 0 0 0 MARSHALL JONES MEMBER-AT-LARGE 1.00 X X 0 0 0 MARK WAXMAN IMMEDIATE PAST CHAIR 1.00 X X 0 0 0 TERESA ALVARADO DIRECTOR 1.00 X 0 0 0 MARYLES CASTO DIRECTOR 1.00 X 0 0 0 ANDREW CHANDLER DIRECTOR 1.00 X 0 0 0 CARY CHIEN DIRECTOR (THRU 06/20) 1.00 X 0 0 0 SUNNY CLAGGETT DIRECTOR (THRU 07/19) 1.00 X 0 0 0 NATALIE ENGEKS DIRECTOR (THRU 06/20) 1.00 X 0 0 0 NURIA FERNANDEZ DIRECTOR 1.00 X 0 0 0 JENNIFER HULL DIRECTOR 1.00 X 0 0 0 BARRY POSNER DIRECTOR 1.00 X 0 0 0 JOSH RUSSELL DIRECTOR 1.00 X 0 0 0 BILL SKEET DIRECTOR (THRU 06/20) 1.00 X 0 0 0 SHEENA VAIDYANATHAN DIRECTOR 1.00 X 0 0 0 CONNIE MARTINEZ CEO 40.00 X 183360 0 13493 ALEXANDRA URBANOWSKI DIRECTOR OF STRATEGIC INIT 40.00 X 159626 0 10412 342986 0 23905 2 0 1 0 0 926659 1813081 2739740 LICENSE FEES 541900 438138 438138 RENTAL INCOME 531390 28166 28166 466304 21995 21995 477920 510518 -32598 -32598 -32598 ADVERTISING INCOME 900099 1100 1100 1100 3196541 466304 1100 -10603 X 1129291 1129291 25000 25000 375874 239723 49316 86835 285939 134343 133167 18429 31772 13385 14759 3628 46042 27372 12199 6471 275 275 46785 46785 13596 13596 385343 300111 83983 1249 86825 86825 19217 9030 7756 2431 20200 10924 8026 1250 58498 33363 20977 4158 2515 2515 30709 29405 1304 4437 2852 1218 367 8298 3035 4893 370 MEMBERSHIP DUES 21188 19830 1358 OTHER 15485 12526 2336 623 2607289 2079530 401948 125811 113898 601968 1509894 734437 51916 41400 12947 9885 34860 31782 7515 3078 1106616 1162580 6979988 0 9782774 2553348 169396 207356 222660 323700 8129 6017 100000 1578584 152280 2078769 689353 X 1831503 -308886 5872502 2172881 7704005 1863995 9782774 2553348 X 589252 -18499 -6410763 X X 0 1 X 1 0 X 1995626 2203928 3486711 1517615 2739740 11943620 1995626 2203928 3486711 1517615 2739740 11943620 4761402 7182218 21644 23998 25096 23481 21995 116214 1100 1100 12060934 2535239 0.59550 0.55910 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 976804 -30440 13596 932768 977950 13010 14156 976804 977950 88293 73047 15246 977950 887009 30000 60941 977950 933899 -32821 14069 887009 1.00000 0 0 34860 31782 3078 3078 DUE TO OTHER ORGANIZATIONS 152280 152280 X 3264446 -18499 100000 81501 3182945 13596 13596 3196541 2693693 100000 100000 2593693 13596 13596 2607289 PART V, LINE 4: THE ORGANIZATION USES THE ENDOWMENT PROCEEDS TO SUPPORT ITS CORE SUPPORT OF THE ARTS. PART X, LINE 2: ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA PROVIDE ACCOUNTING AND DISCLOSURE GUIDANCE ABOUT POSITIONS TAKEN BY AN ORGANIZATION IN ITS TAX RETURNS THAT MIGHT BE UNCERTAIN. MANAGEMENT HAS CONSIDERED ITS TAX POSITIONS AND BELIEVES THAT ALL OF THE POSITIONS TAKEN BY THE ORGANIZATION IN ITS FEDERAL AND STATE EXEMPT ORGANIZATION TAX RETURNS ARE MORE-LIKELY-THANNOT TO BE SUSTAINED UPON EXAMINATION. THE ORGANIZATION FILES INFORMATION RETURNS IN THE U.S. FEDERAL JURISDICTION AND STATE OF CALIFORNIA. THE ORGANIZATION'S FEDERAL RETURNS FOR THE YEARS ENDED JUNE 30, 2017 AND BEYOND REMAIN SUBJECT TO POSSIBLE EXAMINATION BY THE INTERNAL REVENUE SERVICE. THE ORGANIZATION'S CALIFORNIA RETURNS OF THE YEARS ENDED JUNE 30, 2016 AND BEYOND REMAIN SUBJECT TO POSSIBLE EXAMINATION BY THE FRANCHISE TAX BOARD. 1 ABHINAYA DANCE COMPANY OF SAN JOSE 4950 HAMILTON AVE STE 105 SAN JOSE CA 95130 770260713 501C3 5500 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION AIMUSIC SCHOOL PO BOX 642098 SAN JOSE CA 95164 464226663 501C3 8000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION ALLIANCE FOR YOUTH ACHIEVEMENT (FISCAL SPONSOR FOR CORINNE OKADA) PO BOX 56178 SAN JOSE CA 95156 770523774 501C3 10000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION CASHION CULTURAL LEGAY PO BOX 611201 SAN JOSE CA 95161 931203502 501C3 5500 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION CHAMBER MUSIC SILICON VALLEY PO BOX 56226 SAN JOSE CA 95159 770488125 501C3 10000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION CHOPSTICKS ALLEY ART 848 E WILLIAM STREET SAN JOSE CA 95112 823528747 501C3 15000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION CINEQUEST FILM FESTIVAL 410 S FIRST STREET SAN JOSE CA 95113 770250734 501C3 9500 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION CITY LIGHTS THEATRE COMPANY OF SAN JOSE 529 SOUTH SECOND STREET SAN JOSE CA 95112 770014788 501C3 9000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION COLLEGE OF ADAPTIVE ARTS 1401 PARK AVENUE SUITE 260 SAN JOSE CA 95126 270342896 501C3 7650 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION GOLDEN STATE YOUTH ORCHESTRA 4055 FABIAN WAY PALO ALTO CA 94043 946130310 501C3 7500 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION LOCAL COLOR 300 S FIRST STREET SAN JOSE CA 95113 473802720 501C3 8100 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION LOS ALTOS STAGE COMPANY PO BOX 151 LOS ALTOS CA 94023 770408348 501C3 12400 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION MACLA 510 SOUTH FIRST STREET SAN JOSE CA 95113 770251774 501C3 24000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION OPERA CULTURA 640 GIRAUDO DR SAN JOSE CA 94603 464332937 501C3 15000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION PACIFIC ART LEAGUE 668 RAMONA STREET PALO ALTO CA 94301 946096394 501C3 6750 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION PALO ALTO ART CENTER 1313 NEWELL ROAD PALO ALTO CA 94943 942382459 501C3 9000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION PALO ALTO CHAMBER ORCHESTRA 4000 MIDDLEFIELD ROAD M2 PALO ALTO CA 94043 946000389 501C3 13500 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION PALO ALTO PLAYERS 1305 MIDDLEFIELD ROAD PALO ALTO CA 94043 942295483 501C3 14400 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION PENINSULA YOUTH THEATRE 2500 OLD MIDDLEFIELD WAY MOUNTAIN VIEW CA 94043 770335126 501C3 13200 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION PLAYFUL PEOPLE 1313 NEWELL ROAD PALO ALTO CA 94303 942382459 501C3 5000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION RED LADDER THEATER COMPANY P O BOX 1359 SAN JOSE CA 95109 842394273 501C3 15000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION SAN JOSE CHAMBER ORCHESTRA 1034 BENNET WAY SAN JOSE CA 95125 702292622 501C3 15100 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION SAN JOSE CHILDRENS DISCOVERY MUSEUM 180 WOZ WAY SAN JOSE CA 95113 942870828 501C3 10000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION SAN JOSE CHORAL PROJECT 72 N 5TH STREET SUITE 17 SAN JOSE CA 95113 770439765 501C3 15000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION SAN JOSE DANCE THEATRE 1756 JUNCTION AVENUE SAN JOSE CA 95112 942233859 501C3 5000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION SAN JOSE ICA 560 S FIRST STREET SAN JOSE CA 95113 942688830 501C3 28000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION SAN JOSE MUSEUM OF ART 110 S MARKET SAN JOSE CA 95113 237062028 501C3 10000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION SAN JOSE MUSEUM OF QUILTS & TEXTILES 520 S FIRST STREET SAN JOSE CA 95113 770123939 501C3 26000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION SAN JOSE STAGE 490 SOUTH FIRST STREET SAN JOSE CA 95113 770029401 501C3 8500 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION SAN JOSE TAIKO 565 NORTH 5TH ST SAN JOSE CA 95112 942801727 501C3 9000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION SAN JOSE YOUTH SYMPHONY 595 PARK AVENUE SUITE 302 SAN JOSE CA 95110 912166427 501C3 8100 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION SANGAM ARTS 19143 HARLEIGH DRIVE SARATOGA CA 95070 463114496 501C3 10000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION SCHOOL OF ARTS & CULTURE 1700 ALUM ROCK AVENUE SAN JOSE CA 95116 800714882 501C3 25000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION SILICON VALLEY AFRICAN FILM FESTIVAL 816 NORTH 1ST STREET SUITE 204 SAN JOSE CA 95112 823191114 501C3 30500 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION SOUTH BAY MUSICAL THEATRE PO BOX 700215 SAN JOSE CA 95170 941704916 501C3 11600 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION STARTING ARTS 525 PARROTT STREET SAN JOSE CA 95112 010552155 501C3 7500 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION TEATRO NAHUAL 800 HIGH SCHOOL WAY APT 141 MOUNTAIN VIEW CA 94041 201558546 501C3 10000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION TEATRO VISION PO BOX 28367 SAN JOSE CA 95159 770266551 501C3 5500 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION THE AUDACITY PERFORMING ARTS PROJECT INC 979 BUCKNAM AVE CAMPBELL CA 95008 461444034 501C3 10000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION THE NEW BALLET 196 N THIRD STREET SAN JOSE CA 95113 811657501 501C3 7500 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION THE TABARD THEATRE COMPANY 5663 CHAMBERTIN DRIVE SAN JOSE CA 95118 770571960 501C3 14000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION TRITON MUSEUM OF ART 1505 WARBURTON AVENUE SANTA CLARA CA 95050 946122076 501C3 18000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION VIVACE YOUTH CHORUS 915 MERIDIAN AVENUE 100 SAN JOSE CA 95126 200101322 501C3 13500 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION WEST BAY OPERA 221 LAMBERT AVENUE PALO ALTO CA 94303 946105053 501C3 6000 SUPPORT THE EXEMPT PURPOSE OPERATIONS OF THE ORGANIZATION 44 0 SV LAUREATES 5 25000 PART I, LINE 2: MONITORING PROCEDURES INCLUDE INTERIM AND FINAL REPORTS ALONG WITH SITE VISITS. X X X 0 0 0 0 0 0 0 0 0 CONNIE MARTINEZ CEO 183360 0 0 0 0 0 0 0 13493 0 196853 0 0 0 ALEXANDRA URBANOWSKI DIRECTOR OF STRATEGIC INIT 159626 0 0 0 0 0 0 0 10412 0 170038 0 0 0 FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION MADE AMEDNMENTS TO ITS BY LAWS. CHANGES INCLUDED: - BRINGS BYLAWS INTO ALIGNMENT WITH CURRENT MISSION STATEMENT. - A) ELIMINATE THE REQUIREMENT FOR DIRECTORS TO BE PLACED IN THREE CLASSES; (B) CLARIFIES THAT THAT AFTER SERVING TWO THREE-YEAR TERMS, THE PERSON SHALL BE ELIGIBLE TO RETURN TO THE BOARD AFTER A ONE YEAR BREAK; AND (C) PERMITS ANY PRESIDENT DURING THE PREVIOUS THREE YEARS TO SERVE UP TO AN ADDITIONAL TWO YEARS BEYOND THE TWO THREE-YEAR TERM LIMIT. - ELIMINATE THE REQUIREMENT FOR COMMITTEES TO PREPARE MINUTES EXCEPT IN CIRCUMSTANCES WHERE A CORPORATE ACTION OR RESPONSE IS REQUIRED. - ELIMINATE THE REFERENCE TO THE CEO BEING GENERALLY SUBJECT TO A CONTRACT OF EMPLOYMENT. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY THE CEO AND THEN A COPY OF THE 990 WAS SENT VIA EMAIL TO ALL GOVERNING BOARD MEMBERS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C A CONFLICT OF INTEREST POLICY IS SIGNED BY EACH BOARD MEMBER ANNUALLY. BOARD MEMBERS ALSO HAVE THE ABILITY TO COMMUNICATE ANY CONFLICT OF INTEREST AT BOARD MEETINGS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION WAS ESTABLISHED BY THE EXECUTIVE COMMITTEE WHICH CONSISTS OF THE BOARD CHAIR, VICE CHAIR, TREASURER AND SECRETARY. THE PROCESS WAS LAST UNDERTAKEN IN 2011. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST AND ON THE ORGANIZATION'S WEBSITE. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 300,111. MANAGEMENT AND GENERAL EXPENSES 83,983. FUNDRAISING EXPENSES 1,249. TOTAL EXPENSES 385,343. FORM 990, PART XI, LINE 9: CCA IMPAIRMENT -6,410,763. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED SINCE PRIOR YEAR. FORM 990, PART XI, LINE 9 SILICON VALLEY CREATES ENTERED INTO A LONG-TERM LAND LEASE WITH THE CITY OF SAN JOSE FOR THE PURPOSE OF DEVELOPING A CREATIVE CENTER ON CITY-OWNED LAND IN JAPANTOWN. DURING THE YEAR ENDED JUNE 30, 2020, SILICON VALLEY CREATES LEFT THE PROJECT DUE TO NUMEROUS DELAYS, A 50% INCREASE IN CONSTRUCTION COSTS, A LOST OPPORTUNITY FOR NEW MARKET TAX CREDITS AND THE CHANGING OF PRIORITIES OF MAJOR DONORS. SILICON VALLEY CREATES AND OTHER EQUITY PARTNERS DEEMED THE VISION OF THE (CCA) INFEASIBLE. THE CCA PROJECT WAS THEN TAKEN OVER BY THE CURRENT DEVELOPER, WITH THE ORGANIZATION LEADING THE DEVELOPMENT OF THE FIRST FLOOR ON BEHALF OF THE OTHER EQUITY PARTNERS. THE ORGANIZATION ASSESSED WHETHER THE CARRYING AMOUNT OF THESE LONG-LIVED ASSETS AND LIABILITIES RELATED TO THE CCA MAY NOT BE RECOVERABLE AND EVALUATED THEM FOR IMPAIRMENT. AS THE PLANS FOR BUILDING THE CCA FOR USE AS A FACILITY BY THE ORGANIZATION AND THE FORMATION OF THE LLC IS NO LONGER PLANNED, THE ORGANIZATION DETERMINED THE PREVIOUSLY RECORDED ASSETS AND LIABILITIES WERE IMPAIRED AS OF JUNE 30, 2020. THE ORGANIZATION RECOGNIZED AN IMPAIRMENT OF $6,410,763 IN THE ACCOMPANYING FINANCIAL STATEMENTS.