2019-11-14T10:14:25-06:00 2018-12-31 113518842 MARKS PANETH LLP 685 THIRD AVENUE NEW YORK NY 10017 990 2018-01-01 134052259 MEDIA DEVELOPMENT INVESTMENT FUND INC MEDI 2128071304 37 WEST 20TH STREET SUITE 801 NEW YORK NY 10011 HARLAN MANDEL CEO 2128071304 2019-11-13 1 MAGDALENA M CZERNIAWSKI P00535099 2125038800 2019-11-13 69.74.165.34 2019-11-13 13:59:17 ES P 29D158936A1E3CEDF8CE6B8BABB02A1BB75FF2D8 86324AA6648A884C06306129ED8808CB1BD1A3DC 2018 2020-03-31 21:24:44Z HARLAN MANDEL 37 WEST 20TH STREET SUITE 801 NEW YORK NY 10011 7144674 0 X WWW.MDIF.ORG X 1995 NY SEE SCHEDULE O. 7 6 15 6 0 9400 7774799 5355285 1405875 1585346 59901 99138 366395 96617 9606970 7136386 1096394 1414559 0 0 3234020 3773237 0 0 122969 2501770 7545807 6832184 12733603 2774786 -5597217 38686299 34831574 14737460 16663094 23948839 18168480 X MDIF PROVIDES AFFORDABLE FINANCING AND TECHNICAL ASSISTANCE TO INDEPENDENT NEWS AND INFORMATION BUSINESSES IN CHALLENGING ENVIRONMENTS, HELPING THEM TO BECOME FINANCIALLY SUSTAINABLE. SEE SCHEDULE O FOR CONTINUATION. 0 0 11554485 1414559 1615567 MDIF PROVIDES LOAN AND EQUITY FINANCING BY WAY OF "PROGRAM RELATED INVESTMENTS" (PRIS), THAT ALLOW NON-PROFITS TO MAKE INVESTMENTS IN FIRMS WHOSE WORK WILL FURTHER THEIR CHARITABLE MISSION. MDIF MAINTAINS A SEGREGATED POOL OF FUNDS FROM WHICH IT MAKES PRIS. LOAN REPAYMENTS ARE RECYCLED THROUGH THE POOL FOR REINVESTMENT.WITH EVERY PRI, MDIF PROVIDES CUSTOMIZED TRAINING AND TECHNICAL ASSISTANCE TO ITS BENEFICIARIES, FROM THE FIRST STAGE OF DEVELOPING A BUSINESS PLAN THROUGH TO THE FINAL DISCHARGE OF THE INVESTMENTS. IN ADDITION, MDIF TRAINS MEDIA ORGANIZATIONS IN THE USE AND TRANSFER OF INTERNET-BASED TECHNOLOGY AND ITS IMPACT ON THE FUTURE DEVELOPMENT OF MEDIA BUSINESS.SEE SCHEDULE O FOR CONTINUATION. 11554485 1 1 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 1 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 X 61 0 1 15 1 1 1 1 EZ SZ PL UK RI 0 0 0 0 0 0 0 0 0 0 X 7 6 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 NY X MIKE LEE 2128071304 37 WEST 20TH STREET SUITE 801 NEW YORK NY 10011 ADRIAAN STOOP DIRECTOR (AS OF 4/18) 2.00 X 0 0 0 ALEXANDER PAPACHRISTOU TREASURER (THRU 11/18) 2.00 X X 0 0 0 ALEXEJ FULMEK DIRECTOR 2.00 X 0 0 0 BERNARD POULET CHAIRMAN 2.00 X X 0 0 0 HARLAN MANDEL CHIEF EXECUTIVE OFFICER 40.00 X X 242803 0 61256 HOUSTON SPENCER DIRECTOR (THRU 06/18) 2.00 X 0 0 0 NANI JANSEN DIRECTOR 2.00 X 0 0 0 SHEILA CORONEL VICE CHAIR 2.00 X X 0 0 0 TONY HAILE DIRECTOR (THRU 04/18) 2.00 X 0 0 0 YING-YUEN CHAN DIRECTOR 2.00 X 0 0 0 ELENA POPOVIC SECRETARY/GENERAL COUNSEL 40.00 X 90060 66504 23302 MARI BUDESA CHIEF FINANCIAL OFFICER 40.00 X 170585 0 37402 MARIE NEMCOVA CHIEF OPERATING OFFICER 40.00 X 98790 0 0 MOHAMED NANABHAY DEPUTY CEO 40.00 X 0 0 0 KEVIN BROCKLAND INVESTMENT OFFICER 40.00 X 108826 0 33943 KIHARA KIARIE CHIEF INVESTMENT OFFICER 40.00 X 166054 0 50438 RASHID MALIK PRINCIPAL INVESTMENT OFFICER 40.00 X 145104 0 44413 1022222 66504 250754 6 0 1 0 NISALUX PTY LTD UNIT B P 6TH STREET HOUGHTON ESTATE JOHANNESBURG SF CONSULTANT 220753 PATRICE SCHNEIDER BAHNHOFSTRASSE 112 RUSCHLIKON SZ CONSULTANT 143077 BILAL RANDEREE 137 PERTH ROAD WESTDENE JOHANNESBURG SF CONSULTANT 115200 PT BINTANG LARASATI MITRA SENTOSA SATRIO TOWER MEGA KUNINGAN JAKARTA SELATAN IN CONSULTANT 105000 4 5355285 5355285 PROGRAM RELATED INVEST 900099 915037 915037 MANAGEMENT FEES 900099 460779 460779 PRI CAPITAL RECOVERY 900099 209530 209530 1585346 81320 81320 152503 8288 144215 144215 144215 17818 0 17818 17818 17818 OTHER INCOME 30221 30221 FOREIGN REALIZED LOSS -77819 -77819 -47598 7136386 1615567 0 165534 1414559 1414559 622912 385083 138424 99405 2475929 2376492 92482 6955 154063 150751 7876 -4564 280893 252757 25104 3032 239440 205947 25696 7797 204000 204000 145083 139458 5625 27039 27039 750246 644568 105678 11463 8769 2694 111919 63499 47865 555 171999 130444 41555 355772 322480 33292 584236 538528 35974 9734 310116 106765 203351 79768 44781 34987 57095 39377 17718 PROVISION FOR PRI LOSSE 4713333 4713333 MISCELLANEOUS 22754 16558 6141 55 TAXES AND FEES 984 336 648 12733603 11554485 1056149 122969 5035826 6136971 122159 354427 6411866 3891312 1345089 88785 1282486 1117145 228126 165341 4315108 3855335 21228125 17053442 0 3285961 38686299 34831574 726131 852190 71434 13492438 15012059 518891 727411 14737460 16663094 X 14103245 10321441 9845594 7847039 23948839 18168480 38686299 34831574 X -5597217 -202268 19126 X X 0 1 X 1 0 X 20008481 8129313 6309054 7774799 5355285 47576932 20008481 8129313 6309054 7774799 5355285 47576932 25388542 22188390 362181 261631 226421 145908 233823 1229964 30822 9603 247711 280388 30221 598745 49405641 6429357 0.44910 0.25120 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2014 AMOUNT: $ 30,822. 2015 AMOUNT: $ 9,603. 2016 AMOUNT: $ 163,885. 2018 AMOUNT: $ 30,221. ADMINISTRATIVE FEES - 2016 AMOUNT: $ 61,751. OTHER PRI INCOME - 2016 AMOUNT: $ 22,075. 2017 AMOUNT: $ 280,388. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 373000 313818 59182 436262 407548 28714 473224 395779 77445 165341 PRINT 12670766 C TELEVISION 2065866 C RADIO 1054784 C ONLINE 9616050 C UNREMITTED EQUITY IN NET -1604260 C ALLOWANCE FOR DOUBTFUL ACCOUNTS -6749764 C 17053442 RESTRICTED CASH 2065685 SECURITY DEPOSTIS 173601 RECEIVABLE FROM AFFILIATES 283504 OTHER ASSESTS 763171 3285961 DEFERRED CAPTIAL GAIN ON PRIS 518891 SECURITY DEPOSIT PAYABLE 63096 DEFERRED RENT 145424 727411 X 6719412 -202268 19492 -207159 -389935 7109347 27039 27039 7136386 12884191 19492 158135 177627 12706564 27039 27039 12733603 PART X, LINE 2: THE FUND BELIEVES IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2018 AND 2017 IN ACCORDANCE WITH FASB ASC TOPIC 740, INCOME TAXES, WHICH PROVIDES STANDARDS FOR ESTABLISHING AND CLASSIFYING ANY TAX PROVISIONS FOR UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: RELATED ENTITIES' REVENUE 10,000. CONSOLIDATING ELIMINATION -338,250. EQUITY IN NET LOSSES OF INVESTMENTS 240,325. UNREALIZED FOREIGN LOSS -119,234. PART XII, LINE 2D - OTHER ADJUSTMENTS: RELATED ENTITIES' EXPENSES 485,985. CONSOLIDATING ELIMINATION -338,250. NON-DEDUCTIBLE TRANSPORTATION BENEFITS 10,400. 1 EUROPE 1 12 GRANTMAKING 47141 SOUTH ASIA 0 0 GRANTMAKING 279751 SUB-SAHARAN AFRICA 0 0 GRANTMAKING 315263 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTMAKING 58187 SOUTH AMERICA 0 0 GRANTMAKING 627568 EAST ASIA AND THE PACIFIC 0 2 INVESTMENTS 832803 EUROPE 1 12 INVESTMENTS 938000 SUB-SAHARAN AFRICA 0 0 INVESTMENTS 552500 SOUTH AMERICA 0 0 INVESTMENTS 315000 RUSSIA AND NEIGHBORING STATES 0 0 GRANTMAKING 82716 SOUTH ASIA 0 0 INVESTMENTS 300000 2 26 0 0 2 26 3651213 697716 4348929 EUROPE TA GRANT 290 EUROPE LOAN MODIFICATION 12076 EUROPE LOAN MODIFICATION 24996 EUROPE GENERAL SUPPORT GRANT 2250 EUROPE LOAN MODIFICATION 43394 EUROPE TA GRANT 45290 EUROPE TA GRANT 227 EUROPE TA GRANT 1334 SOUTH AMERICA TA GRANT 274230 SOUTH AMERICA LOAN MODIFICATION 204687 SOUTH AMERICA TA GRANT 9000 SOUTH AMERICA TA GRANT 3666 SOUTH AMERICA GENERAL SUPPORT GRANT 125000 SOUTH AMERICA TA GRANT 2458 SOUTH AMERICA TA GRANT 1190 SOUTH AMERICA TA GRANT 1500 SOUTH AMERICA TA GRANT 32759 SOUTH AMERICA TA GRANT 1242 SOUTH AMERICA TA GRANT 2314 SOUTH AMERICA TA GRANT 1082 SOUTH AMERICA TA GRANT 22970 SOUTH AMERICA TA GRANT 6500 SOUTH AMERICA TA GRANT 1090 SOUTH ASIA TA GRANT 1720 SOUTHEAST ASIA TA GRANT 1210 SOUTHEAST ASIA TA GRANT 9600 SOUTHEAST ASIA TA GRANT 14450 SOUTHEAST ASIA TA GRANT 45300 SOUTHEAST ASIA TA GRANT 14000 SOUTHEAST ASIA TA GRANT 5490 SOUTHEAST ASIA TA GRANT 8000 SOUTHEAST ASIA TA GRANT 144600 SOUTHEAST ASIA TA GRANT 1346 SOUTHEAST ASIA TA GRANT 4000 SOUTHEAST ASIA TA GRANT 18500 SOUTHEAST ASIA TA GRANT 11535 SUB SAHARAN AFRICA TA GRANT 39171 SUB SAHARAN AFRICA TA GRANT 40080 SUB SAHARAN AFRICA TA GRANT 38619 SUB SAHARAN AFRICA TA GRANT 27079 SUB SAHARAN AFRICA TA GRANT 26824 SUB SAHARAN AFRICA TA GRANT 29478 SUB SAHARAN AFRICA TA GRANT 1000 SUB SAHARAN AFRICA TA GRANT 15659 SUB SAHARAN AFRICA TA GRANT 27349 SUB SAHARAN AFRICA TA GRANT 25544 SUB SAHARAN AFRICA TA GRANT 5535 SUB SAHARAN AFRICA TA GRANT 380 SUB SAHARAN AFRICA TA GRANT 38543 1 0 1 0 0 0 PART I, LINE 2: APPLYING FOR MDIF FINANCING IS A DETAILED PROCESS THAT USUALLY TAKES SEVERAL MONTHS. MDIF UNDERTAKES A RIGOROUS PROCESS TO FULLY UNDERSTAND A BENEFICIARY'S BUSINESS AND THE INTENDED USE OF THE FUNDS TO BE GRANTED OR INVESTED IN THE ORGANIZATION. POTENTIAL BENEFICIARIES NEED TO UNDERSTAND THE DEMANDS THAT MDIF WILL MAKE ON THEM SHOULD THEIR APPLICATION BE SUCCESSFUL, SUCH AS INTENDED AND ACTUAL USE OF FUNDS. TO BE ELIGIBLE TO APPLY FOR MDIF FINANCING, A MEDIA OUTLET MUST HAVE BEEN OPREATING LEGALLY IN ITS HOME COUNTRY FOR AT LEAST A YEAR, ALTHOUGH THE BOARD MAY WAIVE THE ONE-YEAR REQUIREMENT WHEN THE MISSION SO REQUIRES, HAVE AN ESTABLISHED REPUTATION FOR PROMOTING DEMOCRATIC INSTITUTIONS AND PRACTICES AND EXERCISING THE PRINCIPLES OF A FREE, INDEPENDENT AND RESPONSIBLE PRESS, DEVOTE A SIGNIFICANT PART OF EDITORIAL CONTENT OR PROGRAMMING TO FACT-BASED NEWS AND DOCUMENTARIES, INDEPENDENT FROM THE INFLUENCE OF THE GOVERNMENT OR ANY OTHER INTEREST GROUP, OFFER COVERAGE OF DIFFERENT POLITICAL OPINIONS AND PROMOTE HUMAN RIGHTS, THE RIGHTS OF ETHNIC MINORITIES AND INTER-ETCHIC CO-EXISTENCE, NOT BE OWNED BY THE GOVERNMENT, A STATE AGENCY, A FOREIGN LEGAL ENTITY, OR AN OLIGARCH BUSINESS INTEREST THAT MAY INTERFERE WITH EDITORIAL INDEPENDENCE FOR ITS OWN INTERESTS, PRESENT A DETAILED PROJECT AIMED AT BROADENING AND STRENGTHENING THE OULET'S OPERATION, HAVE STRONG PROSPECTS OF BEING ABLE TO BECOME SELF SUSTAINING, ENSURE THAT FUNDS WILL BE USED AS STIPULATED, AND PROVIDE MDIF WITH UNRESTRICTED ACCESS TO ACCOUNTING RECORDS. SCHEDULE F, PART I, LINE 3, COLUMN F: MDIF HAS REPORTED TWO DIFFERENT TYPES OF TRANSACTIONS ON SCHEDULE F: 1. GRANTS MADE TO FOREIGN ORGANIZATIONS. THESE ARE DETAILED IN PART OF SCHEDULE F AND THE SUM REPORTED IN PART I TIES BACK TO FORM 990, PART IX, LINE 3. 2. LOAN AND EQUITY DISBURSEMENTS MADE TO FOREIGN ORGANIZATIONS DURING THE CURRENT YEAR. THE AMOUNTS REPORTED IN PART I, LINE 3, COLUMN (F) REPRESENT THE PROGRAM RELATED INVESTMENTS MDIF DISBURSED IN THE FORM OF LOANS, FINANCE LEASES AND EQUITY INVESTMENTS TO NEWSPAPER PUBLISHERS, TV, RADIO STATIONS, PRINTING HOUSES, NEWS AGENCIES AND ONLINE PUBLISHERS IN VAIOUS COUNTRIES. THE AMOUNTS LISTED REPRESENT THE CURRENT YEAR EXPENDITURES AND NOT THE COMULATIVE VALUE OF MDIF'S INVESTMENT. SCHEDULE F, PART II, LINE 1, COLUMN D: MDIF'S PRIMARY EXEMPT PURPOSE IS TO SUPPORT NEWS ORGANIZATIONS IN COUNTRIES WITH A HISTORY OF OPPRESSION OF FREEDOM OF EXPRESSION. OCCASIONALLY, MDIF WILL MAKE GRANTS TO ENTITIES IN THESE COUNTRIES TO PROVIDE LEADING JOURNALISTS WITH THE SUPPORT THEY NEED TO CREATE LASTING INSTITUTIONS FOR CHANGE. SCHEDULE F, PART IV: MEDIA DEVELOPMENT INVESTMENT FUND, INC. HOLDS SEVERAL PROGRAM RELATED INVESTMENTS OUTSIDE THE UNITED STATES. TO THE EXTENT THAT ITS OWNERSHIP OF THESE INVESTMENTS EXCEEDS THE THRESHOLDS FOR REQUIRING A FORM 926 OR FORM 5471, THOSE FILINGS HAVE BEEN ATTACHED TO THE ORGANIZATION'S FORM 990-T AS REQUIRED. X X 0 0 0 0 0 0 0 0 0 HARLAN MANDEL CHIEF EXECUTIVE OFFICER 240607 0 0 0 2196 0 36548 0 24708 0 304059 0 0 0 ELENA POPOVIC SECRETARY/GENERAL COUNSEL 89627 66504 0 0 433 0 13444 0 9858 0 113362 66504 0 0 MARI BUDESA CHIEF FINANCIAL OFFICER 167749 0 0 0 2836 0 25294 0 12108 0 207987 0 0 0 KIHARA KIARIE CHIEF INVESTMENT OFFICER 165714 0 0 0 340 0 16800 0 33638 0 216492 0 0 0 RASHID MALIK PRINCIPAL INVESTMENT OFFICER 144708 0 0 0 396 0 21721 0 22692 0 189517 0 0 0 FORM 990, PART I, LINE I: MEDIA DEVELOPMENT INVESTMENT FUND, INC (MDIF) INVESTS IN INDEPENDENT MEDIA AROUND THE WORLD PROVIDING THE NEWS, INFORMATION AND DEBATE THAT PEOPLE NEED TO BUILD FREE, THRIVING SOCITIES. FORM 990 PART III, LINE 1, DESCRIPTION OF MDIF'S MISSION CONTINUATION: WE INVEST IN MEDIA THAT PROVIDE THE NEWS, INFORMATION AND DEBATE THAT PEOPLE NEED TO BUILD FREE, THRIVING SOCIETIES. MDIF HAS INVESTED MORE THAN $173.4 MILLION IN 113 INDEPENDENT NEWS BUSINESSES IN 39 COUNTRIES SINCE 1996. WHY WE ARE HERE: TIMELY, ACCURATE, RELEVANT INFORMATION IS CRITICAL TO FREE SOCIETIES. IT ENABLES FULLER PARTICIPATION IN PUBLIC LIFE, HOLDS THE POWERFUL TO ACCOUNT AND PROTECTS THE RIGHTS OF THE INDIVIDUAL. HOW WE CHOOSE CLIENTS AND AREAS OF OPERATIONS: MDIF INVESTS IN INDEPENDENT MEDIA COMPANIES IN A RANGE OF COUNTRIES WHERE ACCESS TO FREE AND INDEPENDENT MEDIA IS UNDER THREAT. CLIENTS ARE SELECTED BASED ON THREE BROAD CRITERIA: MISSION IMPACT IN RELATION TO INVESTMENT; POTENTIAL FOR LONG-TERM VIABILITY; EDITORIAL INTEGRITY. HOW WE WORK: MDIF FINANCIAL INVESTMENTS INCLUDE AFFORDABLE LOANS, EQUITY INVESTMENTS, LOAN GUARANTEES AND TECHNICAL ASSISTANCE GRANTS. MDIF MOBILIZES OTHER INVESTORS TO MAXIMIZE THE IMPACT OF ITS FINANCING. MDIF SEEKS TO ESTABLISH LONG-TERM RELATIONSHIPS WITH ITS CLIENTS, WHICH MAY INVOLVE ADVICE AND ASSISTANCE IN BUSINESS PLANNING, MEDIA MANAGEMENT AND OTHER TECHNICAL SUPPORT. PROVIDING ACCESS TO CAPITAL: MDIF CLIENTS ARE STARVED OF CAPITAL BECAUSE THEY WORK IN ENVIRONMENTS WITH POORLY DEVELOPED BANKING SYSTEMS, DISTORTED MARKETS AND UNFAVORABLE INVESTMENT CLIMATES. OFTEN, THEY WORK IN TRANSITION ECONOMIES OR UNDER GOVERNMENTS THAT ARE HOSTILE TO THE IDEA OF FREE AND INDEPENDENT MEDIA. IN ALL CASES, A LACK OF FUNDS IS THE MAIN OBSTACLE TO THEIR GROWTH AND DEVELOPMENT AND SERIOUSLY HAMPERS THEIR ABILITY TO BE COMMERCIALLY VIABLE AND SELF-SUSTAINING. THE CHANGING LANDSCAPE OF MEDIA AND INVESTMENT IN THE LAST DECADE: A TECHNOLOGICAL REVOLUTION HAS TRANSFORMED THE MEDIA BUSINESS AND THE WAY PEOPLE ACCESS NEWS AND INFORMATION ACROSS THE WORLD. DIGITAL NEWS VENTURES (DNV), A SUBSIDIARY OF MDIF, INVESTS IN EXPERIMENTAL DIGITAL PRODUCTS AND BUSINESSES THAT CONTRIBUTE TO THE PROVISION OF INFORMATION IN THE PUBLIC INTEREST. FORM 990, PART III, LINE 4A CONTINUATION: IN DETERMINING WHETHER TO MAKE A PRI, THE FUND FACES BOTH COUNTRY AND LEGAL RISK. THE FUND MAKES PRIS IN COUNTRIES WHERE POLITICAL AND ECONOMIC STABILITY MAY BE OF CONCERN. THIS TYPE OF RISK IS ASSESSED BEFORE THE FUND STARTS OPERATIONS IN A CERTAIN COUNTRY. THE LEGAL RISK MAY ARISE AS A RESULT OF MAKING LOANS AND OTHER PROGRAM-RELATED INVESTMENTS IN COUNTRIES WITH DIFFERING LEGAL SYSTEMS THAN THOSE OF THE UNITED STATES OF AMERICA. THOSE SYSTEMS ARE SOMETIMES CHARACTERIZED BY UNCERTAINTY AND LACK OF INDEPENDENT LEGAL INSTITUTIONS, INCLUDING JUDICIARY. FROM 1996 TO MARCH 31, 2019, MDIF HAS PROVIDED MORE THAN $173.4 MILLION IN PRI FINANCING, INCLUDING: - $151 MILLION IN LOANS AND EQUITY INVESTMENTS; - APPROXIMATELY $21.8 MILLION IN TECHNICAL ASSISTANCE AND OTHER GRANTS; - $0.6 MILLION THROUGH DIGITAL KIOSK, THE SECURE PAYMENT SERVICE FOR INDEPENDENT MEDIA. - $41.7 MILLION IN INTEREST, DIVIDENDS AND CAPITAL GAINS; AND COLLECTED MORE THAN $71.8 MILLION IN RECOVERED PRINCIPAL INVESTED; MDIF HAS INVESTED IN 113 CLIENTS AND 354 PROJECTS ACROSS 39 COUNTRIES, WRITING OFF 10.6% OF THE TOTAL PRI FINANCED. MDIF HAS RETURNED $46.6 MILLION TO INVESTORS. IT ENDED MARCH 31, 2019 WITH A PORTFOLIO OF $60 MILLION IN OUTSTANDING LOANS AND INVESTMENTS. FORM 990, PART V, LINE 2A: THE ORGANIZATION USES A PROFESSIONAL EMPLOYMENT ORGANIZATION TO REPORT PAYROLL. THE W-2S ARE REPORTED UNDER TRINET INC., AND UNDER THEIR EIN # 48-1304650. FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION USES THE SERVICES OF A CONTRACTED DEPUTY CEO, MOHAMED NANABHAY, AND PAID $220,753 FOR THESE SERVICES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 HAS BEEN PROVIDED TO THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS FOR APPROVAL PRIOR TO FILING. ONCE APPROVED, A COPY OF THE FORM 990 WAS PROVIDED TO THE FULL BOARD. THE FORM 990 WAS PREPARED BY AN INDEPENDENT ACCOUNTANT AND REVIEWED IN DETAIL BY THE FUND'S CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER. FORM 990, PART VI, SECTION B, LINE 12C EACH OFFICER, DIRECTOR, TRUSTEE AND KEY EMPLOYEE OF MDIF IS REQUIRED TO ANNUALLY DISCLOSE ANY CONFLICTS OF INTEREST THAT ARISE BY VIRTUE OF THEIR EMPLOYMENT, BOARD SERVICE, OR POSITION WITH THE COLLEGE. MDIF MONITORS COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY THROUGH AN ANNUAL QUESTIONNAIRE/DISCLOSURE STATEMENT THAT IS DISTRIBUTED TO THESE INDIVIDUALS. POTENTIAL CONFLICTS ARE INVESTIGATED IMMEDIATELY. FORM 990, PART VI, SECTION B, LINE 15 MEDIA DEVELOPMENT INVESTMENT FUND'S BOARD OF DIRECTORS HAS AUTHORIZED THE COMPENSATION COMMITTEE TO CONDUCT A REVIEW OF THE CHIEF EXECUTIVE OFFICER'S PERFORMANCE AND DETERMINE HIS COMPENSATION PACKAGE. THE COMMITTEE IS COMPRISED OF INDEPENDENT DIRECTORS (THE CHAIR, THE VICE-CHAIR, AND THE TREASURER) WHO ESTABLISH THE CEO'S COMPENSATION COMMENSURATE WITH THE SALARIES PAID BY SIMILAR ORGANIZATIONS IN BOTH THE NOT-FOR-PROFIT AND IMPACT INVESTING SECTORS. THE COMMITTEE THEN REPORTS ITS FINDINGS TO THE FULL BOARD OF DIRECTORS AND RECOMMENDS A SALARY OF COMPENSATION PACKAGE. THE FULL BOARD REVIEWS THE COMMITTEE'S RECOMMENDATIONS AND APPROVES THE FINAL COMPENSATION PACKAGE. FORM 990, PART VI, LINE 15B: THE BOARD OF DIRECTORS HAS FULLY DELEGATED THE AUTHORITY TO REVIEW PERFORMANCE AND SET THE COMPENSATION OF MDIF'S OTHER OFFICERS TO THE CHIEF EXECUTIVE OFFICER. IN MAKING HIS DETERMINATION, THE CEO EMPLOYS THE SAME COMPARABILITY METRICS AS THE COMPENSATION COMMITTEE UTILIZES (AS OUTLINED IN THE PART VI, SECTION B, LINE 15A NARRATIVE). FORM 990, PART VI, SECTION C, LINE 19 THE TAXPAYER MAKES ITS FORM 990 AND FORM 1023 AVAILABLE TO THE PUBLIC BY RETAINING A COPY OF EACH AT THE ADDRESSES LISTED ON PAGE 1 OF THIS RETURN. ANY INDIVIDUAL REQUESTING A COPY OF THESE DOCUMENTS IS PROVIDED THAT COPY ON THE SAME BUSINESS DAY. THE ORGANIZATION'S FORM 990 IS ALSO AVAILABLE FOR PUBLIC INSPECTION ON WWW.GUIDESTAR.ORG. THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE AT THE PUBLIC REQUEST AND AT MANAGEMENT'S DISCRETION. FORM 990, PART XI, LINE 9: EQUITY IN NET EARNINGS OF INVESTEES 240,325. FOREIGN CURRENCY TRANSLATION GAIN -86,247. UNREALIZED FOREIGN LOSS ON PRI -119,234. NON-DEDUCTIBLE TRANSPORTATION BENEFITS -10,400. MDIF NET ASSETS -5,318. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. DIGITAL NEWS VENTURES LLC 37 WEST 20TH STREET STE 801 NEW YORK NY 10011 134052259 PRI NY 3506453 MEDIA DEVELOPMENT INVESTMENT FUND MDIF EQUITIES LLC 37 WEST 20TH STREET STE 801 NEW YORK NY 10011 PRI NY 24504 301625 MEDIA DEVELOPMENT INVESTMENT FUND MDIF MEDIA HOLDINGS I LLC 37 WEST 20TH STREET STE 801 NEW YORK NY 10011 831933668 PRI NY -203607 397190 MEDIA DEVELOPMENT INVESTMENT FUND MDIF MEDIA FINANCE I BV 37 WEST 20TH STREET STE 801 NEW YORK NY 10011 813495062 PRI NY 109621 2113893 MEDIA DEVELOPMENT INVESTMENT FUND MDIF MEDIA FINANCE II BV 37 WEST 20TH STREET STE 801 NEW YORK NY 10011 INACTIVE NL MEDIA DEVELOPMENT INVESTMENT FUND MDIF MEDIA HOLDINGS II LLC 37 WEST 20TH STREET STE 801 NEW YORK NY 10011 PRI NY MEDIA DEVELOPMENT INVESTMENT FUND MDIF MEDIA PARTNERS I LP 37 W 20TH STREET STE 801 NEW YORK NY 10011 814153177 PRI NY MEDIA DEVELOPMENT INVESTMENT FUND RELATED 15644 401032 0 1 0.02440 EMERGING MEDIA OPPORTUNITY FUND I LP 37 W 20TH STREET STE 801 NEW YORK NY 10011 812205691 PRI NY MEDIA DEVELOPMENT INVESTMENT FUND RELATED 500 261390 0 1 0.05000 MDLF SERVICE CORP 37 WEST 20TH STREET STE 801 NEW YORK NY 10011 800049286 AGENCY ACCOUNT DE MEDIA DEVELOPMENT INVESTMENT FUND C 204000 5348 1.00000 1 0 0 0 1 1 0 0 0 0 0 0 1 0 1 0 0 1 1 0