2021-05-05T14:33:56-05:00 2020-09-30 521392008 GELMAN ROSENBERG & FREEDMAN 4550 MONTGOMERY AVE SUITE 800N BETHESDA MD 208142930 990 2019-10-01 475172476 NATIONAL FUND FOR WORKFORCE SOLUTIONS NATI 2022238994 1250 CONNECTICUT AVENUE NW NO 200 WASHINGTON DC 20036 ELICIA WILSON COO 2022238994 2021-05-05 1 RICHARD J LOCASTRO CPA P00288314 3019519090 2019 2022-09-23 18:48:47Z AMANDA CAGE 1250 CONNECTICUT AVENUE NW NO 200 WASHINGTON DC 20036 9684290 0 X WWW.NATIONALFUND.ORG X 2015 DE SEE PART III, LINE 1. 9 9 19 9 0 0 2400149 9622946 205089 8827 51393 47052 0 5465 2656631 9684290 2510339 2387280 0 0 1967273 2134677 0 0 485347 1765945 1710712 6243557 6232669 -3586926 3451621 9256648 12832230 2027508 2151469 7229140 10680761 X WE COLLABORATE WITH WORKERS, EMPLOYERS, AND COMMUNITIES TO ADVANCE A SKILLED WORKFORCE, PROMOTE GOOD JOBS, AND INVEST IN EQUITABLE OUTCOMES. 0 0 1951815 1101481 SYSTEMS CHANGE: SYSTEMS CHANGE ENABLES SMALL IMPROVEMENTS IN PRACTICE TO REACH SCALE BY SUSTAINING THOSE IMPROVEMENTS OVER TIME. NATIONAL FUND PARTNER COMMUNITIES ARE REACHING SUBSTANTIAL SCALE BY ALTERING WORKFORCE DEVELOPMENT POLICIES AND BUSINESS PRACTICES TO IMPACT SUBSTANTIALLY MORE INDIVIDUALS. 1365775 635799 8827 THE JOB QUALITY PROGRAM: THE NATIONAL FUND SUPPORTS GOOD JOBS THAT GENERATE A COMPETITIVE ADVANTAGE FOR EMPLOYERS AND A CAREER PATHWAY TO A FAMILY SUSTAINING INCOME FOR INDIVIDUALS. IT IS SUPPORTING EFFORTS BY REGIONAL COLLABORATIVES TO DEVELOP A GOOD JOB STRATEGY AND TO ENABLE EMPLOYERS TO MAKE THE CHANGES IN SYSTEMS AND PRACTICES. 824680 150000 RETAIL:THE NATIONAL FUND WORKS WITH LOCAL FUNDER COLLABORATIVES TO PROMOTE AND ADVANCE THE NEEDS OF FRONT-LINE WORKERS IN THE SERVICE AND RETAIL SECTORS. 478136 100000 WORK BASED LEARNING: THE NATIONAL FUND FOR WORKFORCE SOLUTIONS IS INVESTING IN THREE KEY AREAS OF WORK-BASED LEARNING: ON-THE-JOB TRAINING, APPRENTICESHIPS, AND PRE-APPRENTICESHIPS,TO EXPAND OPPORTUNITIES FOR CAREER GROWTH AND GOOD JOBS FOR LOW-WAGE, LOW-SKILL WORKERS. 461793 375000 SUPPORTING REGIONAL COLLABORATIVES:THE NATIONAL FUND SUPPORTS OVER 30 REGIONAL COLLABORATIVES AND OVER 75 INDUSTRY PARTNERSHIPS OPERATING IN 25 STATES WITH TECHNICAL ASSISTANCE AND COACHING, PEER LEARNING OPPORTUNITIES, NEW RESEARCH, AND FINANCIAL RESOURCES. THE NATIONAL FUND AND ITS PARTNER COMMUNITIES INVEST IN AN EMPLOYER-DRIVEN MODEL OF INDUSTRY PARTNERSHIPS THAT ENABLES COMMUNITIES TO PREPARE INDIVIDUALS WITH IN-DEMAND SKILLS, ENABLES EMPLOYERS TO FIND AND DEVELOP THEIR WORKFORCE AND SUPPORT IMPROVEMENTS IN BUSINESS AND WORKFORCE SYSTEMS AND PRACTICES. 222105 20000 FINANCIAL WELLNESS:HELP COLLABORATIVES UNDERSTAND AND PROMOTE FINANCIAL WELLNESS AND ITS ROLE IN ADDRESSING THE DRIVERS OF FINANCIAL STRESS AMONG LOW- AND MIDDLE-SKILL WORKERS; PROMOTE THE CRITICAL IMPORTANCE OF FINANCIAL HEALTH STRATEGIES AS COMPONENTS OF JOB QUALITY; AND HELP EMPLOYERS DEVELOP SOLUTIONS THAT CAN REDUCE FINANCIAL STRESS AMONG EMPLOYEES AND IMPROVE THE FINANCIAL BOTTOM-LINES OF BOTH WORKERS AND COMPANIES. 158543 5000 HEALTHCARE (CAREERSTAT):THE NATIONAL FUND SUPPORTS A NETWORK OF HEALTHCARE LEADERS THAT PROMOTE INVESTMENTS IN THE SKILLS AND CAREERS OF FRONTLINE WORKERS BY RECOGNIZING EMPLOYER LEADERS, PROVIDING TECHNICAL ASSISTANCE AND DISSEMINATING EXEMPLARY PRACTICES. 1320577 500000 5462847 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 30 0 1 19 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 IL MD MA MI NJ NY PA X ELICIA WILSON 2022238994 1250 CONNECTICUT AVENUE NW NO 200 WASHINGTON DC 20036 WHITNEY SMITH CHAIRMAN 2.00 X X 0 0 0 EARL BUFORD TREASURER (EFF. 05/20) 2.00 X X 0 0 0 DENISE CHERENFANT TREAS. THEN BOARD MBR (EFF. 05/20) 1.00 X X 0 0 0 PETER STRANGE CHAIRMAN EMERITUS/BOARD MEMBER 1.00 X 0 0 0 IVYE ALLEN BOARD MEMBER 1.00 X 0 0 0 PAULA GILBERTO BOARD MEMBER 1.00 X 0 0 0 MICHAEL GRITTON BOARD MEMBER 1.00 X 0 0 0 ALEJANDRO MENDOZA BOARD MEMBER 1.00 X 0 0 0 JOANNE POKASKI BOARD MEMBER 1.00 X 0 0 0 FRED DEDRICK CEO & PRESIDENT (THRU 3/20) 40.00 X 243968 0 19799 AMANDA CAGE PRESIDENT & CEO (BEG. 3/20) 40.00 X 0 0 0 ELICIA WILSON COO & SECRETARY 40.00 X 119840 0 15744 KELLY AIKEN CHIEF PROGRAM OFFICER 40.00 X 120007 0 38549 NAVJEET SINGH SR VP & CHIEF LEARN. OFF. (END 7/19) 40.00 X 112507 0 4248 LISA CHENSVOLD COMMUNICATIONS DIRECTOR 40.00 X 109363 0 15385 ANA HAGEAGE PROGRAM DIRECTOR 40.00 X 106103 0 5472 811788 0 99197 6 0 1 0 FAIRMONT DALLAS 1717 NORTH AKARD ST DALLAS TX 75201 CONVENTION SERVICES 223000 1 9622946 9622946 CONTRACTED SERVICES 900099 8327 8327 HONORARIUM 900099 500 500 8827 47052 47052 MISCELLANEOUS 900099 5465 5465 5465 9684290 8827 0 52517 X 2387280 2387280 426951 244461 106140 76350 1303300 1007278 78180 217842 39194 30451 2271 6472 227515 167182 20331 40002 137717 97276 15292 25149 1800 1195 174 431 109966 76791 11543 21632 892355 882320 3397 6638 22529 20877 593 1059 33228 24090 3537 5601 60558 42980 6719 10859 248197 168219 26378 53600 107057 105034 274 1749 141250 137288 233 3729 900 598 87 215 2701 1892 307 502 PAYROLL SERVICE FEES 57259 40493 6428 10338 FURNITURE AND EQUIPMENT 13422 11905 510 1007 PROFESSIONAL DEV'L 8369 6962 694 713 DUES AND SUBSCRIPTIONS 5131 4062 784 285 5990 4213 603 1174 6232669 5462847 284475 485347 X 959272 3474048 3894297 3705132 2740000 4081654 24659 6215 76729 76015 21000 900 0 20100 1561691 1469066 9256648 12832230 498589 249122 287185 1528919 1615162 2027508 2151469 X 130034 204879 7099106 10475882 7229140 10680761 9256648 12832230 3451621 0 X 0 1 X 1 0 X 2025000 7695327 7048069 2400149 9622946 28791491 2025000 7695327 7048069 2400149 9622946 28791491 21221631 7569860 84 2703 21023 51393 47052 122255 5465 5465 28919211 385581 0.26180 0.25630 X NATIONAL FUND FOR WORKFORCE SOLUTIONS QUALIFIES AS A PUBLIC CHARITY UNDER THE "FACTS AND CIRCUMSTANCES" TEST OF 1.170A-9(F)(3) OF THE TREASURY REGULATIONS, BASED UPON THE FOLLOWING:ITS SUPPORT, AS REPORTED FOR 2019, IS 26.18%, THEREBY MEETING THE REQUIREMENT OF 1.170A-9(F)(3)(I). NATIONAL FUND FOR WORKFORCE SOLUTIONS IS ORGANIZED AND OPERATED SO AS TO ATTRACT NEW AND ADDITIONAL FUNDING ON A CONTINUOUS BASIS, THEREBY MEETING THE REQUIREMENT OF 1.170A-9(F)(3)(II). NATIONAL FUND FOR WORKFORCE SOLUTIONS HAS RECENTLY UNDERTAKEN SIGNIFICANT EFFORTS TO ATTRACT NEW AND ADDITIONAL PUBLIC SUPPORT. NATIONAL FUND FOR WORKFORCE SOLUTIONS' PUBLIC SUPPORT, AT 26.18%, IS WELL ABOVE THE 10% MINIMUM REQUIRED FOR THE "FACTS AND CIRCUMSTANCES" TEST, THEREBY MEETING THE REQUIREMENT OF 1.170A-9(F)(3)(III). IN MEETING THE REQUIREMENT OF 1.170A-9(F)(3)(I), NATIONAL FUND FOR WORKFORCE SOLUTIONS HAS RECEIVED SUPPORT FROM A REPRESENTATIVE NUMBER OF PERSONS, RATHER THAN RECEIVING ALL OR MOST OF ITS SUPPORT FROM THE MEMBERS OF A SINGLE FAMILY, OR FROM A SINGLE DONOR. NATIONAL FUND FOR WORKFORCE SOLUTIONS' CURRENT FUNDRAISING PLANS ARE TARGETED AT A BROAD BASE OF DONORS. IN THIS RESPECT, NATIONAL FUND FOR WORKFORCE SOLUTIONS MEETS THE REQUIREMENT OF 1.170A-9(F)(3)(III)(B). NATIONAL FUND FOR WORKFORCE SOLUTIONS REMAINS AN ORGANIZATION COMMITTED TO SERVING THE PUBLIC THROUGH ITS WORK. NATIONAL FUND FOR WORKFORCE SOLUTIONS WORKS EXCLUSIVELY WITH WORKERS, EMPLOYERS, AND COMMUNITIES TO ADVANCE A SKILLED WORKFORCE, PROMOTE GOOD JOBS, AND INVEST IN EQUITABLE OUTCOMES. IN 2019, NATIONAL FUND FOR WORKFORCE SOLUTIONS CONTINUED ITS VARIOUS PROGRAMS INCLUDING ITS SYSTEMS CHANGE, JOB QUALITY AND RETAIL PROGRAMS AND FURTHERED ITS WORK BASED LEARNING EFFORTS TO INVEST IN THREE KEY AREAS OF WORK-BASED LEARNING: ON-THE-JOB TRAINING, APPRENTICESHIPS, AND PRE-APPRENTICESHIPS. IN THIS MANNER, NATIONAL FUND FOR WORKFORCE SOLUTIONS MEETS THE REQUIREMENT OF 1.170A-9(F)(3)(III)(D). RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 21000 900 20100 20100 SECURITY DEPOSITS 62583 RIGHT OF USE ASSET 1406483 1469066 OPERATING LEASE LIABILITY 1615162 1615162 X 9684290 0 9684290 0 9684290 6232669 0 6232669 0 6232669 PART X, LINE 2: FOR THE YEAR ENDED SEPTEMBER 30, 2020, THE NATIONAL FUND HAS DOCUMENTED ITS CONSIDERATION OF FASB ASC 740-10, INCOME TAXES, THAT PROVIDES GUIDANCE FOR REPORTING UNCERTAINTY IN INCOME TAXES AND HAS DETERMINED THAT NO MATERIAL UNCERTAIN TAX POSITIONS QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. 1 ASSOC OF BALTIMORE AREA GRANTMAKERS 2 EAST READ ST 2ND FLOOR BALTIMORE MD 21201 521326863 501(C)(3) 425000 TO SUPPORT THE GOOD JOBS-JOB QUALITY, SUPPORTING SYSTEMS CHANGE, RETAIL, AND SUPPORT-REGIONAL COLLABORATIVES PROGRAMS CENTERSTATE CEO FOUNDATION 115 WEST FAYETTE ST SYRACUSE NY 13202 222305294 501(C)(3) 199618 TO SUPPORT THE SUPPORTING SYSTEMS CHANGE PROGRAM CENTRAL SIX DEVELOPMENT COUNCIL 3500 6TH AVENUE SOUTH BIRMINGHAM AL 35222 630951659 501(C)(3) 75000 TO SUPPORT THE SUPPORT-REGIONAL COLLABORATIVES PROGRAM FUND FOR OUR ECONOMIC FUTURE 4415 EUCLID AVENUE CLEVELAND OH 44103 270606927 501(C)(3) 225000 TO SUPPORT SUPPORTING SYSTEMS CHANGE AND RETAIL PROGRAMS GREATER SARASOTA CHAMBER OF COMMERCE FDN 1945 FRUITVILLE RD SARASOTA FL 34236 261563145 501(C)(3) 50000 TO SUPPORT THE WORK-BASED LEARNING PROGRAM GULF COAST COMMUNITY FOUNDATION 601 TAMIAMI TRAIL SOUTH VENICE FL 34285 591052433 501(C)(3) 75000 TO SUPPORT THE SUPPORT-REGIONAL COLLABORATIVES PROGRAM NEW YORK COMMUNITY TRUST 909 THIRD AVENUE NEW YORK NY 10022 136089923 501(C)(3) 25000 TO SUPPORT THE SUPPORTING SYSTEMS CHANGE PROGRAM NEWARK ALLIANCE INC 60 PARK PLACE NEWARK NJ 07102 223664305 501(C)(3) 15000 TO SUPPORT THE SUPPORTING SYSTEMS CHANGE PROGRAM PARTNERS 4 WORK CENTRE CITY TOWER PITTSBURGH PA 15222 251898851 501(C)(3) 25000 TO SUPPORT THE SUPPORTING SYSTEMS CHANGE PROGRAM THE BOSTON FOUNDATION 75 ARLINGTON ST 3RD FLOOR BOSTON MA 02116 042104021 501(C)(3) 112500 TO SUPPORT SUPPORT-REGIONAL COLLABORATIVES AND SUPPORTING SYSTEMS CHANGE PROGRAMS THE CHICAGO COMMUNITY FOUNDATION 225 N MICHIGAN AVE STE 2200 CHICAGO IL 60601 363432023 501(C)(3) 125000 TO SUPPORT THE GOOD JOBS-JOB QUALITY PROGRAM THE CHICAGO COMMUNITY TRUST 225 N MICHIGAN AVE CHICAGO IL 60601 362167000 501(C)(3) 37500 TO SUPPORT THE SUPPORTING SYSTEMS CHANGE PROGRAM THE HEALTH COLLABORATIVE 615 ELSINORE PL SUITE 500 CINCINNATI OH 45202 311449807 501(C)(3) 150000 TO SUPPORT THE GOOD JOBS-JOB QUALITY PROGRAM THE SAN FRANCISCO FOUNDATION ONE EMBARCADERO CENTER SAN FRANCISCO CA 94111 010679337 501(C)(3) 37500 TO SUPPORT THE SUPPORTING SYSTEMS CHANGE PROGRAM THE WEST ALABAMA CHAMBER FOUNDATION 2201 JACK WARNER PKWY BLDG C TUSCALOOSA AL 35401 630951659 501(C)(3) 25000 TO SUPPORT THE SUPPORTING SYSTEMS CHANGE PROGRAM UNITED WAY FOR SOUTHEASTERN MICHIGAN 3011 W GRAND BLVD DETROIT MI 48202 203099071 501(C)(3) 25000 TO SUPPORT THE SUPPORTING SYSTEMS CHANGE PROGRAM UNITED WAY OF CENTRAL&NE CONNECTICUT 30 LAUREL ST 1 HARTFORD CT 06106 060646653 501(C)(3) 145000 TO SUPPORT THE FINANCIAL WELLNESS AND GOOD JOBS-JOB QUALITY PROGRAMS UNITED WAY OF CENTRAL IOWA 111 9TH ST STE 260 DES MOINES IA 50314 420680425 501(C)(3) 50000 TO SUPPORT THE RETAIL PROGRAM UNITED WAY OF GREATER ATLANTA 40 COURTLAND ST NE ATLANTA GA 30303 580566194 501(C)(3) 199363 TO SUPPORT THE SUPPORTING SYSTEMS CHANGE PROGRAM UNITED WAY OF GREATER CINCINNATI 2400 READING RD CINCINNATI OH 45202 310537502 501(C)(3) 10799 TO SUPPORT THE GOOD JOBS-JOB QUALITY PROGRAM UNITED WAY OF GREATER PHILADELPHIA & S NJ 1709 BENJAMIN FRANKLIN KKWY PHILADELPHIA PA 19103 231556045 501(C)(3) 25000 TO SUPPORT THE RETAIL PROGRAM UNITED WAY OF METROPOLITAN DALLAS 1800 NORTH LAMAR DALLAS TX 75202 756005352 501(C)(3) 112500 TO SUPPORT THE SUPPORT-REGIONAL COLLABORATIVES AND SUPPORTING SYSTEMS CHANGE PROGRAMS WOKFORCE DEVELOPMENT COUNCIL OF SEATTLE 2003 WESTERN AVENUE SEATTLE WA 98121 912051978 501(C)(3) 87500 TO SUPPORT THE SUPPORTING SYSTEMS CHANGE & WORK-BASED LEARNING PROGRAMS WORKFORCE ALL OF S CENTRAL KANSAS 300 WEST DOUGLAS STE 850 WICHITA KS 67202 481246563 501(C)(3) 125000 TO SUPPORT THE GOOD JOBS-JOB QUALITY PROGRAM 24 0 PART I, LINE 2: THE ORGANIZATION ARRANGES FOR PERIODIC OR INTERIM REVIEW OF PROGRAM MILESTONES AND PERFORMANCE AND OBTAINS NARRATIVE AND FINANCIAL REPORTS FROM THE GRANTEES. X X 0 0 0 0 0 0 0 0 0 FRED DEDRICK CEO & PRESIDENT (THRU 3/20) 243968 0 0 0 0 0 7358 0 12441 0 263767 0 0 0 KELLY AIKEN CHIEF PROGRAM OFFICER 120007 0 0 0 0 0 3733 0 34816 0 158556 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY THE OUTSIDE ACCOUNTANTS AND REVIEWED BY MANAGEMENT. A DRAFT OF THE RETURN WAS THEN SENT TO THE BOARD OF DIRECTORS. AFTER THEIR APPROVAL, THE FORM 990 WAS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR, OFFICER AND MEMBER OF A COMMITTEE OF THE BOARD SHALL ANNUALLY SIGN A STATEMENT WHICH AFFIRMS THAT SUCH PERSON: (A) HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, AND (B) HAS READ AND UNDERSTANDS THE POLICY, AND HAS AGREED TO COMPLY WITH THE POLICY. ANY BOARD MEMBER OR EMPLOYEE OF THE NATIONAL FUND FOR WORKFORCE SOLUTIONS THAT HAS ANY DIRECT OR INDIRECT INTEREST IN, OR RELATIONSHIP WITH, ANY INDIVIDUAL OR ORGANIZATION WHICH PROPOSES TO ENTER INTO ANY TRANSACTION WITH THE NATIONAL FUND, SHALL GIVE NOTICE OF SUCH TO THE CHAIRMAN OF THE BOARD OF DIRECTORS, AND RECUSE HIM/HERSELF FROM DISCUSSING OR VOTING ON THE PARTICULAR TRANSACTION IN WHICH HE/SHE HAS AN INTEREST, OTHERWISE ATTEMPTING TO EXERT ANY INFLUENCE ON THE NATIONAL FUND, AND/OR AFFECT THE BOARD'S DECISION TO PARTICIPATE OR NOT PARTICIPATE IN SUCH TRANSACTION. IF A POTENTIAL CONFLICT ARISES DURING THE COURSE OF A MEETING AND IT IS NOT PRACTICAL FOR THE DIRECTOR TO GIVE NOTICE TO THE CHAIR OF THE BOARD OF DIRECTORS, THE BOARD MEMBER SHOULD DISCLOSE THE POTENTIAL CONFLICT TO THE BOARD AS SOON AS PRACTICAL THEREAFTER, AND THE BOARD SHALL THEN DECIDE WHAT ACTION IS APPROPRIATE. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD GOVERNANCE COMMITTEE SURVEYED ALL BOARD MEMBERS FOR INPUT ABOUT THE PERFORMANCE OF FRED DEDRICK, PRESIDENT & CEO OF THE ORGANIZATION. BASED ON THE INFORMATION GATHERED, THE CHAIR DOCUMENTED HIS PROGRESS, PREPARED AN EVALUATION AND COMPARED IT TO THE NATIONAL FUND'S GOALS. SALARY INCREASE WAS BASED ON PERFORMANCE AND COMPENSATION BENCHMARKING. THE DATE OF THE LAST COMPENSATION REVIEW WAS AUGUST 2019. OTHER OFFICERS AND KEY EMPLOYEES' PERFORMANCE AND SALARY ADJUSTMENTS WERE DECIDED BASED ON THE PRESIDENT & CEO'S REVIEW OF THEIR PERFORMANCE. FORM 990, PART VI, SECTION C, LINE 19 THE NATIONAL FUND MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G EVALUATION CONSULTANTS: PROGRAM SERVICE EXPENSES 172,590. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 172,590. OTHER CONSULTANTS: PROGRAM SERVICE EXPENSES 585,504. MANAGEMENT AND GENERAL EXPENSES 3,087. FUNDRAISING EXPENSES 6,140. TOTAL EXPENSES 594,731. MEDIA CONSULTANT: PROGRAM SERVICE EXPENSES 124,226. MANAGEMENT AND GENERAL EXPENSES 310. FUNDRAISING EXPENSES 498. TOTAL EXPENSES 125,034. FORM 990, PART X, LINE 24: ON APRIL 17, 2020, THE NATIONAL FUND RECEIVED LOAN PROCEEDS IN THE AMOUNT OF $287,185 UNDER THE PAYCHECK PROTECTION PROGRAM. THE PROMISSORY NOTE CALLS FOR MONTHLY PRINCIPAL AND INTEREST PAYMENTS AMORTIZED OVER THE TERM OF THE PROMISSORY NOTE WITH A DEFERRAL OF PAYMENTS FOR THE FIRST SIX MONTHS. UNDER THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES ACT), THE PROMISSORY NOTE MAY BE FORGIVEN BY THE SMALL BUSINESS ADMINISTRATION IN WHOLE OR IN PART. THE NATIONAL FUND INTENDS TO USE THE PROCEEDS FOR PURPOSES CONSISTENT WITH THE PAYCHECK PROTECTION PROGRAM AND BELIEVES THAT ITS USE OF THE LOAN PROCEEDS WILL MEET THE CONDITIONS FOR FORGIVENESS OF THE LOAN. THE NATIONAL FUND APPLIED FOR FORGIVENESS AFTER COMPLETING THE 24 WEEK PERIOD, AND FORGIVENESS WAS GRANTED SUBSEQUENT TO FISCAL YEAR-END. THE NATIONAL FUND WILL RECORD REVENUE FROM DEBT EXTINGUISHMENTS DURING THE PERIOD THAT FORGIVENESS WAS APPROVED.