2018-02-15T12:18:03-06:00 2017-06-30 113518842 MARKS PANETH LLP 685 THIRD AVENUE NEW YORK NY 10017 990 2016-07-01 133711803 PRIMARY CARE DEVELOPMENT CORPORATION PRIM 2124373910 45 BROADWAY NO 530 NEW YORK NY 10006 LOUISE COHEN CEO 2124373910 2018-02-15 1 ROBERT R LYONS P00227472 2125038800 69.74.165.34 2018-02-15 13:08:22 ES P 1423E06F9E6F9EFDA19AB3AABD1FE32D0EF26F97 1423E06F9E6F9EFDA19AB3AABD1FE32D0EF26F97 2016 2021-01-29 14:40:06Z LOUISE COHEN 45 BROADWAY NO 530 NEW YORK NY 10006 15367581 0 X WWW.PCDC.ORG X 1993 NY FOUNDED IN 1993, PRIMARY CARE DEVELOPMENT CORPORATION ("PCDC") BELIEVES THAT PRIMARY CARE IS TRANSFORMATIONAL AND A CORNERSTONE OF HEALTHY, THRIVING COMMUNITIES. PCDC CATALYZES EXCELLENCE IN PRIMARY CARE THROUGH STRATEGIC COMMUNITY INVESTMENT, CAPACITY BUILDING, AND POLICY INITIATIVES TO ACHIEVE HEALTH EQUITY. 24 24 59 24 0 0 2819834 4580693 6202044 8492597 252513 10011 10838 9002 9285229 13092303 70000 30000 0 0 5184221 6179922 0 40700 656902 3743014 3951359 8997235 10201981 287994 2890322 62689180 67310916 27040647 28919352 35648533 38391564 X QUALITY PRIMARY CARE IS TRANSFORMATIONAL AND A CORNERSTONE OF HEALTHY, THRIVING COMMUNITIES. THE PRIMARY CARE DEVELOPMENT CORPORATION (PCDC) CATALYZES EXCELLENCE IN PRIMARY CARE THROUGH STRATEGIC COMMUNITY INVESTMENT, CAPACITY BUILDING, AND POLICY INITIATIVES TO ACHIEVE HEALTH EQUITY. BY PROVIDING AFFORDABLE CAPITAL FOR HEALTH FACILITY RENOVATION AND EXPANSION, CHANGING HOW CARE IS DELIVERED, AND ADVOCATING FOR GREATER PUBLIC INVESTMENT AND FAVORABLE POLICIES, PCDC STRIVES TO ENSURE THAT EVERY FAMILY AND COMMUNITY HAS THE ESSENTIAL QUALITY PRIMARY CARE IT REQUIRES. 0 0 3742438 30000 5204496 CAPITAL INVESTMENT: SUPPORTING PRIMARY CARE EXPANSION. PCDC PROVIDES THE CAPITAL AND EXPERTISE TO BUILD, RENOVATE, AND EXPAND COMMUNITY-BASED HEALTH FACILITIES SO THAT CARE IS OFFERED IN SETTINGS THAT PROMOTE DIGNITY AND EFFICIENCY. CERTIFIED AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) BY THE UNITED STATES TREASURY, PCDC IS A KEY SOURCE OF CAPITAL FOR THE PRIMARY CARE SECTOR AND TO DATE HAS FINANCED OVER 130 PRIMARY CARE PROJECTS VALUED AT MORE THAN $875 MILLION. THIS INVESTMENT HAS CREATED THE CAPACITY TO PROVIDE NEARLY 3.265 MILLION MEDICAL VISITS ANNUALLY TO MEET THE PRIMARY CARE NEEDS OF MORE THAN 995,000 PATIENTS THROUGHOUT THE UNITED STATES. PCDC'S INVESTMENT HAS TRANSFORMED 1.625 MILLION SQUARE FEET OF SPACE INTO FULLY FUNCTIONING PRIMARY CARE PRACTICES AND CREATED OR PRESERVED OVER 8,550 JOBS IN LOW-INCOME COMMUNITIES. PCDC HAS EXPERIENCED NO LOAN LOSSES IN ITS PORTFOLIO TO DATE, AND HAS RECEIVED AN AAA+2 PERFORMANCE RATING FROM THE CDFI ASSESSMENT AND RATING SYSTEM (CARS). HIGHLIGHTS OF RECENT CAPITAL INVESTMENT ACCOMPLISHMENTS INCLUDE: BRIGHTPOINT HEALTH. PCDC PROVIDED $2.5 MILLION IN FINANCING TO ENABLE BRIGHTPOINT HEALTH TO OPEN A 16,000-SQUARE-FOOT FQHC IN THE BRONX, MAKING BRIGHTPOINT AMONG THE FIRST IN THE COMMUNITY TO OFFER INTEGRATED PRIMARY CARE, BEHAVIORAL HEALTH, AND HEALTH HOME SERVICES FOR ADULTS AND CHILDREN.FAMILY HEALTH CENTERS OF SAN DIEGO. PCDC PROVIDED $1.0 MILLION IN DEBT FINANCING AND $8.5 MILLION IN NMTC ALLOCATION TO SUPPORT FAMILY HEALTH CENTERS OF SAN DIEGO'S CONSTRUCTION OF A NEW, COMPREHENSIVE CARE CENTER IN THE CITY OF EL CAJON. THE NEWLY CONSTRUCTED FACILITY WILL USE 30 EXAM ROOMS TO PROVIDE INTEGRATED SERVICES, INCLUDING FAMILY MEDICINE AND PEDIATRICS, OB-GYN, HIV AND STD CARE, DENTAL SERVICES, BEHAVIORAL HEALTH, AND OPTOMETRY.LAKESHORE COMMUNITY HEALTH CARE. PCDC COMPLETED A THIRD ROUND OF FUNDING TO LAKESHORE COMMUNITY HEALTH CARE, CONSISTING OF $4.1 MILLION IN DEBT FINANCING AND A $6.5 MILLION NMTC ALLOCATION TO FINANCE THE CONSOLIDATE LAKESHORE'S EXISTING CLINICS INTO A MUCH LARGER BUILDING. THE PROJECT WILL ENABLE LAKESHORE TO SUBSTANTIALLY EXPAND THE CARE AVAILABLE TO THE AREA'S MEDICALLY UNDERSERVED RESIDENTS, AND EMPLOY OVER 100 STAFF BY 2020.LOWELL COMMUNITY HEALTH CENTER. PCDC PROVIDED $4.3 MILLION IN DEBT FINANCING AND A $13 MILLION NMTC ALLOCATION TO HELP LOWELL COMMUNITY HEALTH CENTER BEGIN A $27 MILLION EXPANSION THAT WILL RENOVATE 65,000 SQUARE FEET OF SPACE NEARLY DOUBLING THE HEALTH CENTER'S CAPACITY TO PROVIDE URGENTLY-NEEDED PRIMARY HEALTH CARE TO LOWELL'S UNDERSERVED RESIDENTS.SHASTA COMMUNITY HEALTH CENTER. PCDC PROVIDED $4.0 MILLION IN FINANCING AND AN $8 MILLION NMTC ALLOCATION TO BUILD A 16,600-SQUARE-FOOT ANDERSON FAMILY HEALTH AND DENTAL CENTER. WHEN COMPLETED IN FALL 2018, IT WILL MORE THAN DOUBLE THE SIZE OF THE CENTER'S EXISTING LOCATION IN ANDERSON, NORTH OF SACRAMENTO. 3198234 3288101 PERFORMANCE IMPROVEMENT: STRENGTHENING SERVICE DELIVERY. PCDC'S PERFORMANCE IMPROVEMENT PRACTICE HAS PROVIDED CONSULTING, TRAINING, AND COACHING SERVICES TO MORE THAN 1,000 PRIMARY CARE ORGANIZATIONS ACROSS THE COUNTRY - HELPING THESE PRACTICES ADOPT A MODEL OF CARE THAT MAXIMIZES PATIENT ACCESS, MEANINGFUL USE OF HEALTH IT, CARE COORDINATION, PATIENT EXPERIENCE, AND EMERGENCY PLANNING. OUR STAFF TEAM BRINGS EXTENSIVE EXPERTISE AND A BROAD AND POWERFUL KNOWLEDGE BASE TO THE PROVISION OF CAPACITY-BUILDING ASSISTANCE; MOST HOLD GRADUATE DEGREES AND AVERAGE BETWEEN 10 TO 15 YEARS OF EXPERIENCE WORKING DIRECTLY WITH HIGH-RISK, SAFETY NET POPULATIONS. THIS "REAL WORLD EXPERIENCE" ENABLES PCDC TO BETTER UNDERSTAND THE NEEDS OF OUR CLIENTS AND GUIDES THE CREATION AND IMPLEMENTATION OF EFFECTIVE COACHING AND QUALITY IMPROVEMENT TOOLS.HIGHLIGHTS OF RECENT PERFORMANCE IMPROVEMENT ACCOMPLISHMENTS INCLUDE: SUPPORTING TEAM-BASED CHRONIC CARE MANAGEMENT. PCDC RELEASED A REPORT THAT PROVIDES RECOMMENDATIONS TO SUPPORT BETTER HEALTH CARE FOR HIGH-RISK, HIGH-NEED INDIVIDUALS. THE REPORT, TITLED "DELIVERING TEAM-BASED CHRONIC CARE MANAGEMENT: OVERCOMING THE BARRIERS," IS INTENDED FOR USE BY ALL HEALTH CARE PROVIDERS AND STAFF INVOLVED IN CHRONIC CARE MANAGEMENT, AND INCLUDES SAMPLE TOOLS AND WORKFLOWS CREATED DURING THE PROJECT AS WELL AS CASE STUDIES COMPILED BY THE CENTER FOR HEALTH CARE STRATEGIES.EXPANDING PATIENT-CENTERED MEDICAL HOMES. THERE IS MOUNTING EVIDENCE THAT PATIENT-CENTERED MEDICAL HOMES (PCMHS) HELP TO IMPROVE PATIENT HEALTH AND REDUCE OVERALL COSTS. TO DATE, PCDC HAS HELPED 450 PRACTICES BECOME CERTIFIED PCMHS. INTEGRATING HIV PREVENTION INTO PREVENTIVE CARE. PCDC CONTINUES TO PARTNER WITH THE U.S. CENTERS FOR DISEASE CONTROL AND PREVENTION TO PROVIDE TECHNICAL ASSISTANCE AND CREATE RESOURCES TO HELP PRIMARY CARE PROVIDERS ACROSS THE NATION INTEGRATE SCIENTIFICALLY-PROVEN AND COST-EFFECTIVE HIV PREVENTION INTO ONGOING MEDICAL HOME ACTIVITIES. 909965 0 POLICY AND ADVOCACY: LEADING PRIMARY CARE INITIATIVES. PRIMARY CARE IS NOT ONLY THE CENTERPIECE OF MEANINGFUL HEALTH CARE REFORM, BUT ALSO CONTRIBUTES GREATLY TO ECONOMIC DEVELOPMENT, BETTER HEALTH, AND ACROSS-THE-BOARD HEALTH CARE SAVINGS. PCDC'S POLICY AND ADVOCACY AGENDA INCLUDES WORKING WITH POLICYMAKERS AND STAKEHOLDERS TO PROMOTE THE PATIENT-CENTERED MEDICAL HOME MODEL; EXPAND ACCESS TO CAPITAL FOR PRIMARY CARE EXPANSION; STRENGTHEN THE ROLE OF PRIMARY CARE IN HEALTH SYSTEM AND HEALTH PAYMENT REFORM; AND STRENGTHEN THE ROLE OF PRIMARY CARE IN SUSTAINING "HEALTHY COMMUNITIES."PCDC CEO LOUISE COHEN APPOINTED TO THE COMMUNITY SERVICES BOARD (CSB): ON NOVEMBER 22, 2016, NEW YORK CITY MAYOR BILL DE BLASIO'S OFFICE ANNOUNCED THAT PCDC CEO LOUISE COHEN WAS ONE OF 15 APPOINTEES TO THE COMMUNITY SERVICES BOARD (CSB). THE CSB IS RESPONSIBLE FOR ADVISING THE DEPARTMENT OF HEALTH AND MENTAL HYGIENE ON THE CITY'S MENTAL HEALTH AND SUBSTANCE USE TREATMENT SERVICES. COHEN BRINGS TO THE BOARD MORE THAN 25 YEARS OF EXPERIENCE IN PRIMARY CARE, PUBLIC HEALTH, PROGRAM OPERATIONS, AND COMMUNITY HEALTH NEEDS ASSESSMENT.CREATING A PRIMARY CARE ROAD MAP FOR DSRIP (SEPTEMBER 2016): IN AN OP-ED, CEO LOUISE COHEN WROTE ABOUT NEW YORK STATE'S MEDICAID DELIVERY SYSTEM REFORM INCENTIVE PAYMENT PROGRAM (DSRIP), WHICH AIMS TO REDUCE AVOIDABLE HEALTH CARE COSTS BY CREATING NEW INTEGRATED PROVIDER SYSTEMS (MOSTLY HEADED BY HOSPITALS) TO COLLABORATE ON SYSTEM TRANSFORMATION, CLINICAL QUALITY, AND POPULATION HEALTH IMPROVEMENT. "BUT WITH DSRIP'S ENORMOUS CHALLENGE," SHE WROTE, "IT'S POSSIBLE TO LOSE FOCUS ON WHAT "TRANSFORMATION" MEANS AT ITS CORE: A ROBUST, ACCESSIBLE, PERSON-CENTERED, HIGH-QUALITY, AND COST-EFFECTIVE STATE-WIDE PRIMARY CARE SYSTEM." 109434 PCDC'S PRIMARY CARE INNOVATION CIRCLE IS A SALON SERIES THAT BRINGS TOGETHER TOP LEADERS FROM ACROSS THE HEALTH CARE AND COMMUNITY DEVELOPMENT INDUSTRIES. THE SERIES ENGAGES PROVIDERS, POLICYMAKERS, AND INVESTORS IN DISCUSSIONS AROUND KEY ISSUES, CHALLENGES, AND OPPORTUNITIES THAT ARE SHAPING THE FUTURE OF THE HEALTH CARE SYSTEM. HIGHLIGHTS OF RECENT INNOVATION CIRCLES INCLUDE: PRIMARY CARE UNDER THE NEW ADMINISTRATION (APRIL 2017). THIS EVENT, IN RESPONSE TO UNCERTAINTY CREATED BY A NEW PRESIDENT, AND MODERATED BY CEO LOUISE COHEN, FEATURED A PANEL OF HEALTH POLICY EXPERTS LED BY DEBORAH BACHRACH, JD, OF MANATT HEALTH. DISCUSSION FOCUSED ON THE POLITICAL AND OPERATIONAL REALITIES OF NEW REFORMS, AS WELL AS VIEWS ON HOW PRIMARY CARE COULD ACHIEVE BETTER OUTCOMES AND HEALTHIER PATIENTS. 109434 7960071 1 1 0 1 0 0 0 0 0 0 1 1 0 1 1 1 1 0 0 0 0 0 0 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 41 0 59 1 0 0 0 0 0 1 1 0 0 0 0 X 24 24 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 NY X MICHAEL ROSEN 2124373946 45 BROADWAY SUITE 530 NEW YORK NY 10006 DANIEL T MCGOWAN CHAIRMAN 1.50 X X 0 0 0 DONALD L ASHKENASE SECRETARY 1.50 X X 0 0 0 MAURA CLARK VICE-CHAIR 1.50 X X 0 0 0 RUTH SALZMAN TREASURER 1.50 X X 0 0 0 JAMES F CRYSTAL BOARD MEMBER 1.00 X 0 0 0 DANIEL DEY BOARD MEMBER (FORMER) 1.00 X 0 0 0 WARRIA A ESMOND BOARD MEMBER 1.00 X 0 0 0 DAVID A GOULD BOARD MEMBER 1.00 X 0 0 0 L NATHAN HARE BOARD MEMBER 1.00 X 0 0 0 GARY JACOBS BOARD MEMBER 1.00 X 0 0 0 MARK JEZIORSKI BOARD MEMBER (FORMER) 1.00 X 0 0 0 CAROL RAPHAEL BOARD MEMBER 1.00 X 0 0 0 DAVID MANKO BOARD MEMBER 1.00 X 0 0 0 CAROLYN TAIN BOARD MEMBER 1.00 X 0 0 0 YVETTE TEOFAN BOARD MEMBER 1.00 X 0 0 0 HON COREY JOHNSON BOARD MEMBER 1.00 X 0 0 0 DANIEL NISSENBAUM BOARD MEMBER 1.00 X 0 0 0 MARY BASETT BOARD MEMBER 1.00 X 0 0 0 RAMANATHAN RAJU BOARD MEMBER (FORMER) 1.00 X 0 0 0 DUDLEY BENOIT BOARD MEMBER 1.00 X 0 0 0 DAVID CHOKSHI BOARD MEMBER 1.00 X 0 0 0 EMILY FLYNN BOARD MEMBER 1.00 X 0 0 0 SUZETTE GORDON BOARD MEMBER 1.00 X 0 0 0 CHRISTOPHER KOLLER BOARD MEMBER 1.00 X 0 0 0 DIANA MASON BOARD MEMBER 1.00 X 0 0 0 JORGE R PETIT BOARD MEMBER 1.00 X 0 0 0 JOHN RUGGE BOARD MEMBER 1.00 X 0 0 0 LOUISE COHEN CHIEF EXECUTIVE OFFICER 40.00 X 315693 0 4551 MICHAEL ROSEN CFO/COO 40.00 X 231168 0 17057 WILLIAM O'BRIEN CHIEF LENDING OFFICER 40.00 X 178385 0 29258 LAURA LEALE CHIEF DEVELOPMENT OFFICER 40.00 X 173767 0 30574 DANIEL LOWENSTEIN DIR. OF PUBLIC AFFAIRS (FORMER) 40.00 X 160732 0 6209 ANNE DYJAK MANAGING DIR., CAPITAL INV 40.00 X 210902 0 8899 NANCY LAGER DIR. OF CAPITAL INV 40.00 X 151672 0 15176 REEMA FAKIH DIR. OF CAPITAL INV 40.00 X 135217 0 15231 JAE LEUNG DIR. OF FINANCE 40.00 X 143877 0 22467 GITA RAO CCO 40.00 X 167443 0 24014 KARLA SILVERMAN DIR. CLINICAL AND TRAINING INITIATIVES 40.00 X 142291 0 7845 2011147 0 181281 15 0 1 0 MCCARTER & ENGLISH LLP 825 EIGHT AVE 31ST FLR NEW YORK NY 10019 LEGAL 102565 1 802050 3618563 160080 4580693 PROGRAM FEES 900099 6067215 6067215 INTEREST ON LOANS 900099 2425382 2425382 8492597 290678 290678 1789000 9773 2059400 20040 -270400 -10267 -280667 -280667 204840 802050 195838 9002 9002 13092303 8492597 0 19013 30000 30000 1408260 643323 560441 204496 3908261 3206904 504761 196596 61632 47687 12046 1899 419559 323213 73529 22817 382210 289209 64429 28572 461917 452832 9085 18359 18359 40700 40700 933156 805971 84925 42260 291513 211370 45265 34878 177374 133553 35617 8204 553859 411817 98843 43199 92639 82478 6903 3258 207044 182385 21259 3400 801714 801714 77408 57300 13999 6109 26569 26569 PROVISION FOR LOAN LOSS 198114 198114 PROGRAM SUPPLIES 41325 27750 4675 8900 OTHER EXPENSES 36317 5362 20110 10845 DUES & SUBSCRIPTIONS 18451 15130 2552 769 15600 15600 10201981 7960071 1585008 656902 3703995 4494484 518656 1852922 459651 849224 38268345 45461025 317478 474180 624189 226266 434112 397923 6148159 2988078 6948503 5054044 634084 470188 5256197 5268848 62689180 67310916 795777 1138306 6936051 6069366 13013640 16188640 6295179 5523040 27040647 28919352 X 18497281 19625312 17151252 18766252 35648533 38391564 62689180 67310916 2890322 -147291 0 X X 0 1 X 1 1 1 X 3306205 3474348 4273223 2819834 4580693 18454303 3306205 3474348 4273223 2819834 4580693 18454303 18454303 524313 505010 403587 298592 290678 2022180 244 672 398 9002 10316 20486799 30053368 0.90080 0.87730 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 32426 0 0 32426 0 PART II-B, LINE 1: INCLUDED ARE DIRECT EXPENSES RELATED TO LOBBYING ACTIVITIES SUCH AS SALARIES AND RELATED TRAVEL AND SUPPLIES. 367362 99494 267868 204436 95611 108825 52391 31161 21230 397923 US GOVERNMENT SECURITIES 2852128 F CORPORATE OBLIGATIONS 2101770 F CERTIFICATES OF DEPOSIT 100146 F 5054044 RESTRICTED LEASE PAYMENTS (NET) 588105 RESTRICTED RESERVES 4680743 5268848 RESERVES AND DEPOSITS PAYABLE 4680814 DEFERRED RENT 254121 DUE TO NEW YORK CITY BOND PROGRAM 588105 5523040 X 12966525 -147291 21513 -125778 13092303 0 13092303 10223494 21513 21513 10201981 0 10201981 PART X, LINE 2: PCDC HAS NO UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2017 AND 2016 IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION ("ASC") TOPIC 740, WHICH PROVIDES STANDARDS FOR ESTABLISHING AND CLASSIFYING ANY TAX PROVISIONS FOR UNCERTAIN TAX POSITIONS. X 1 PROJECT PLUS INC 254 W 29TH STREET NEW YORK NY 10001 PROFESSIONAL FUNDRAISER FOR GALA 0 869550 40700 828850 869550 40700 828850 NY GALA 869550 707550 162000 132058 22550 FOUNDERS RECEPTION 137340 94500 42840 40930 300 1006890 802050 204840 172988 22850 195838 9002 SCHEDULE G, PART I, LINE 2B, COLUMN (V) BASE FEE OF $40,000 PLUS 10% OF NEW REVENUES GENERATED. 1 LOWELL COMMUNITY HEALTH CENTER 161 JACKSON STREET LOWELL MA 01852 042881348 501 (C)(3) 30000 0 CAPACITY BUILDING PART I, LINE 2: MONITORING THE USE OF GRANTS FUNDS:A PCDC CAPITAL INVESTMENT DIRECTOR CONFIRMED THE INTENDED BUDGET AND USES WITH THE GRANTEE DURING THE UNDERWRITING PROCESS, AND THE GRANTEE EXECUTED AN AWARD LETTER CONFIRMING THE AGREED UPON TERMS AND CONDITIONS OF THE GRANT. GRANT FUNDS WERE DIBUSRSED IN CONNECTION WITH THE CLOSING ON THE ASSOCIATED PROJECT LOAN FOR THE PURPOSES IDENTIFIED IN THE AWARD LETTER. X X X X X 1 0 0 0 0 0 0 0 0 LOUISE COHEN CHIEF EXECUTIVE OFFICER 285693 0 30000 0 0 0 0 0 4551 0 320244 0 0 0 MICHAEL ROSEN CFO/COO 220045 0 11123 0 0 0 7169 0 9888 0 248225 0 0 0 WILLIAM O'BRIEN CHIEF LENDING OFFICER 170883 0 7502 0 0 0 5390 0 23868 0 207643 0 0 0 LAURA LEALE CHIEF DEVELOPMENT OFFICER 166321 0 7446 0 0 0 5345 0 25229 0 204341 0 0 0 DANIEL LOWENSTEIN DIR. OF PUBLIC AFFAIRS (FORMER) 124345 0 0 0 36387 0 3459 0 2750 0 166941 0 0 0 ANNE DYJAK MANAGING DIR., CAPITAL INV 202209 0 8693 0 0 0 1873 0 7026 0 219801 0 0 0 NANCY LAGER DIR. OF CAPITAL INV 145035 0 6637 0 0 0 4678 0 10498 0 166848 0 0 0 REEMA FAKIH DIR. OF CAPITAL INV 129671 0 5546 0 0 0 4261 0 10970 0 150448 0 0 0 JAE LEUNG DIR. OF FINANCE 140877 0 3000 0 0 0 4440 0 18027 0 166344 0 0 0 GITA RAO CCO 160507 0 6936 0 0 0 0 0 24014 0 191457 0 0 0 KARLA SILVERMAN DIR. CLINICAL AND TRAINING INITIATIV 136636 0 5655 0 0 0 4374 0 3471 0 150136 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 DANIEL DEY, JOHN RUGGE AND WARRIA ESMOND SERVE TOGETHER ON ANOTHER BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS PREPARED BY PCDC AND REVIEWED BY PCDC'S INDEPENDENT ACCOUNTING FIRM. THE 990 IS THEN REVIEWED BY THE FINANCE COMMITTEE. UPON APPROVAL OF THE FINANCE COMMITTEE, THE 990 IS PRESENTED TO THE BOARD OF DIRECTORS. THE RETURN IS CIRCULATED TO THE BOARD OF DIRECTORS IN ADVANCE OF THE MEETING. AFTER APPROVAL THE RETURN IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR BOARD MEMBERS REVIEW PCDC'S WRITTEN POLICY AND ATTEST THAT THEY HAVE READ AND WILL ABIDE BY THE POLICY BY SIGNING AN ANNUAL AFFIRMATION OF POLICY ON INTERESTED DIRECTORS. THE POLICY IS REVIEWED BY THE BOARD AND UPDATED PERIODICALLY OR AS REQUIRED BY LAW. THE REVISED POLICY IS ADOPTED BY THE BOARD. WHEN A DIRECTOR OF PCDC HAS AN INTEREST IN A PCDC MATTER THAT DIRECTOR DISCLOSES THEIR INTEREST TO THE BOARD PRIOR TO ANY DISCUSSION OR VOTE REGARDING THE MATTER; AND THE INTERESTED DIRECTOR ABSENTS HIM OR HERSELF FROM THE DISCUSSION AND VOTE CONCERNING THE MATTER. CONFLICTS ARE REPORTED IN THE BOARD MINUTES. A LIST OF BOARD ACTIONS IS COMPILED ANNUALLY FOR BOARD MEMBERS TO REVIEW AND REAFFIRM THEIR DISCLOSURE (S) DURING THE YEAR. SIMILARLY ALL EMPLOYEES OF PCDC ANNUALLY REVIEW PCDC'S CONFIDENTIALITY AND CONFLICT OF INTEREST POLICIES AND SIGN A STATEMENT ACKNOWLEDGING THEY HAVE RECEIVED, READ AND WILL ABIDE BY THE POLICIES. ANY CONFLICT OF INTERESTS ARE REQUIRED TO BE IMMEDIATELY DISCLOSED TO THE CHIEF EXECUTIVE OFFICER. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE CHIEF EXECUTIVE OFFICER (CEO), CHIEF FINANCIAL OFFICER (CFO) AND SENIOR MANAGEMENT ARE REVIEWED BY THE GOVERNANCE COMMITTEE (GC). RECOMMENDATION OF CEO'S AND CFO'S COMPENSATION IS MADE BY THE GC TO THE BOARD FOR DISCUSSION AND APPROVAL. THE GC PROPOSES COMPENSATION AND DETERMINES THE REASONABLENESS OF RECOMMENDED COMPENSATION IN A PROCESS THAT INCLUDES PERFORMANCE APPRAISALS AND THE REVIEW OF A REPORT PREPARED BY A HUMAN RESOURCE CONSULTANT. THE REPORT IS A COMPENSATION SURVEY BASED ON MARKET ANALYSIS AND COMPARISON OF 990S FROM OTHER ORGANIZATIONS WITH SIMILAR MISSIONS, PROGRAMS, BALANCE SHEETS, AND BUDGETS. THE BOARD MAKES THE FINAL DECISION IN AN EXECUTIVE SESSION WITH NO STAFF PRESENT. KEY EMPLOYEE COMPENSATION IS REVIEWED BY THE CEO AND CFO ANNUALLY AND IS BASED PRIMARILY ON PERFORMANCE APPRAISALS AND COMPARABLE SALARY SURVEY PREPARED BY A HUMAN RESOURCE CONSULTANT. DECISIONS ARE PRESENTED TO THE GC FOR THEIR REVIEW. FORM 990, PART VI, SECTION C, LINE 19 PCDC'S AUDITED FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. ITS TAX RETURNS INCLUDING FINANCIAL STATEMENTS ARE AVAILABLE TO PUBLIC ONLINE THROUGH GUIDESTAR AND NYS CHARITIES BUREAU'S WEBSITE. PCDC ALSO PUBLISHES NOTICES OF AVAILABILITY OF ITS TAX RETURNS WITH NEW YORK LAW JOURNAL. FORM 990, PART XII, LINE 2C: HAS NOT BEEN CHANGED FROM THE PRIOR YEAR. SCHEDULE R - PART III DURING FISCAL YEARS 2007, 2014, 2015, AND 2016 PCDC WAS AWARDED NEW MARKETS TAX CREDIT ("NMTC") ALLOCATION OF $40 MILLION, $43 MILLION,$55 MILLION, AND $50 MILLION RESPECTIVELY TO FINANCE THE CONSTRUCTION OF HEALTH CENTERS IN LOW INCOME COMMUNITIES. THE PROGRAM, ADMINISTERED BY THE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND ("CDFI FUND"), A BRANCH OF THE U.S. DEPARTMENT OF THE TREASURY, REQUIRES THAT NONPROFIT AWARD RECIPIENTS CREATE FOR-PROFIT ENTITY OR ENTITIES THROUGH WHICH THE TAX CREDIT ALLOCATION FLOWS. AS SUCH, PCDC CREATED 23 SUCH ENTITIES: PCDC EMPIRE STATE HEALTH OPPORTUNITIES FUND LLC I-IV, LLC AND PCDC HEALTH OPPORTUNITIES FUND LLC V-XXIII, ALL OF WHICH ARE MULTI-MEMBER LIMITED LIABILITY COMPANIES. AS OF JUNE 30, 2017, PCDC HEALTH OPPORTUNITIES FUND LLC XVII THROUGH XXIII REMAIN INACTIVE. PURSUANT TO THE AMENDED OPERATING AGREEMENTS UNDER LLC I THROUGH XVI, PCDC RETAINS A 0.01% OWNERSHIP INTEREST WHEN AN INVESTOR MEMBER IS IDENTIFIED IN EACH ENTITY. AT THAT TIME, THE INVESTOR MEMBER BECAME THE 99.99% OWNER MAKING THE NECESSARY QUALIFIED EQUITY INVESTMENT (QEI) IN THE LLC WHILE PCDC REMAINS THE MANAGING MEMBER. IN THE INDEMNIFICATION AGREEMENTS WITH EACH INVESTOR, PCDC AGREES TO INDEMNIFY INVESTORS IF THERE IS A LOSS OF NEW MARKET TAX CREDITS RELATED TO THEIR QEI TRIGGERED BY CERTAIN RECAPTURE EVENTS AS DEFINED UNDER THE INTERNAL REVENUE CODE. THE INDEMNIFICATION AMOUNTS VARY WITH EACH AGREEMENT. ABSENT GROSS OR WILLFUL MISCONDUCT, PCDC'S LIABILITY IS SUBJECT TO THE AFOREMENTIONED INDEMNIFICATION LIMIT IN EACH AGREEMENT WITH AN ESTIMATED AMOUNT TOTALING $10.3 MILLION. PCDC HAS SYSTEMATIC MONITORING PROCEDURES IN PLACE TO AVOID RECAPTURE EVENTS THROUGH TRACKING AND TESTING OF TRANSACTION PAYMENTS, REVIEW OF QUARTERLY FINANCIAL STATEMENTS, CONFIRMATION OF COMPLIANCE CERTIFICATES AND REGULAR MEETINGS OF THE PCDC NMTC ADVISORY BOARD. UNDER THE TERMS OF THE AMENDED OPERATING AGREEMENTS, PCDC MADE A PROPORTIONAL EQUITY CONTRIBUTION BASED ON EACH QEI AND PCDC'S .01% MEMBERSHIP INTEREST IN EACH LLC. AS OF JUNE 30, 2017 AND 2016, THE NET PRESENT VALUE OF PCDC'S EQUITY CONTRIBUTIONS WAS REPORTED AS INVESTMENTS IN LLCS AT APPROXIMATELY $470,000 AND $634,000 RESPECTIVELY, USING DISCOUNT RATES RANGING FROM 1.38% TO 2.61%. IN DECEMBER, 2013 PCDC ENTERED INTO AN AGREEMENT WITH TWO OTHER CDFI'S TO FORM HEALTHCO PARTICIPANT, LLC ("HEALTHCO") AS A FINANCING VEHICLE TO PROVIDE INDIRECT FACILITY FINANCING FOR FEDERALLY QUALIFIED HEALTHCARE CENTERS. PCDC IS ONE OF THREE EQUAL MEMBERS AT 33.33%. UNDER THE LIMITED LIABILITY COMPANY AGREEMENT, ANY INCOME OR EXPENSE OF HEALTHCO IS SHARED EQUALLY BY THE THREE MEMBERS. AT JUNE 30, 2017, PCDC'S INVESTMENT IN HEALTHCO OF $500 WAS REPORTED IN THE ACCOMPANYING FINANCIAL STATEMENTS AS INVESTMENTS IN LLCS. PCDC EMPIRE STATE HEALTH I C/O PCDC 45 BROADWAY NEW YORK NY 10006 262054468 NEW MARKET FUNDS NY RELATED 519941 0 1 0.00010 PCDC EMPIRE STATE HEALTH II C/O PCDC 45 BROADWAY NEW YORK NY 10006 262054556 NEW MARKET FUNDS NY RELATED 32 975 0 1 0.00010 PCDC EMPIRE STATE HEALTH III C/O PCDC 45 BROADWAY NEW YORK NY 10006 262054665 NEW MARKET FUNDS NY RELATED 9 1999 0 1 0.00010 PCDC EMPIRE STATE HEALTH IV C/O PCDC 45 BROADWAY NEW YORK NY 10006 262054736 NEW MARKET FUNDS NY RELATED 7 1000 0 1 0.00010 PCDC HEALTH OPP FUND V C/O PCDC 45 BROADWAY NEW YORK NY 10006 471122026 NEW MARKET TAX CREDIT NY RELATED 5 950 0 1 0.00010 PCDC HEALTH OPP FUND VI C/O PCDC 45 BROADWAY NEW YORK NY 10006 471147896 NEW MARKET TAX CREDIT NY RELATED 5 750 0 1 0.00010 PCDC HEALTH OPP FUND VII C/O PCDC 45 BROADWAY NEW YORK NY 10006 471150721 NEW MARKET TAX CREDIT NY RELATED 8 700 0 1 0.00010 PCDC HEALTH OPP FUND VIII C/O PCDC 45 BROADWAY NEW YORK NY 10006 471160866 NEW MARKET TAX CREDIT NY RELATED 4 400 0 1 0.00010 PCDC HEALTH OPP FUND IX C/O PCDC 45 BROADWAY NEW YORK NY 10006 471174154 NEW MARKET TAX CREDIT NY RELATED 3 500 0 1 0.00010 PCDC HEALTH OPP FUND X C/O PCDC 45 BROADWAY NEW YORK NY 10006 471186012 NEW MARKET TAX CREDIT NY RELATED 7 1200 0 1 0.00010 PCDC HEALTH OPP FUND XI C/O PCDC 45 BROADWAY NEW YORK NY 10006 471197703 NEW MARKET TAX CREDIT NY RELATED 12 1250 0 1 0.00010 PCDC HEALTH OPP FUND XII C/O PCDC 45 BROADWAY NEW YORK NY 10006 471150721 NEW MARKET TAX CREDIT NY RELATED 21 900 0 1 0.00010 PCDC HEALTH OPP FUND XIII C/O PCDC 45 BROADWAY NEW YORK NY 10006 474416943 NEW MARKET TAX CREDIT NY RELATED 9 1300 0 1 0.00010 PCDC HEALTH OPP FUND XIV C/O PCDC 45 BROADWAY NEW YORK NY 10006 474439649 NEW MARKET TAX CREDIT NY RELATED 4 850 0 1 0.00010 PCDC HEALTH OPP FUND XV C/O PCDC 45 BROADWAY NEW YORK NY 10006 474452002 NEW MARKET TAX CREDIT NY RELATED 650 0 1 0.00010 PCDC HEALTH OPP FUND XVI C/O PCDC 45 BROADWAY NEW YORK NY 10006 474464362 NEW MARKET TAX CREDIT NY RELATED 800 0 1 0.00010 PCDC HEALTH OPP FUND XVII C/O PCDC 45 BROADWAY NEW YORK NY 10006 474476378 NEW MARKET TAX CREDIT NY RELATED 0 1 1.00000 HEALTHCO PARTICIPANT LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 464147984 FINANCING DE RELATED 500 0 1 0.33330 PCDC HEALTH OPP FUND XVIII C/O PCDC 45 BROADWAY NEW YORK NY 10006 814830979 NEW MARKET TAX CREDIT NY RELATED 0 1 1.00000 PCDC HEALTH OPP FUND XIX C/O PCDC 45 BROADWAY NEW YORK NY 10006 814845795 NEW MARKET TAX CREDIT NY RELATED 0 1 1.00000 PCDC HEALTH OPP FUND XX C/O PCDC 45 BROADWAY NEW YORK NY 10006 814859546 NEW MARKET TAX CREDIT NY RELATED 0 1 1.00000 PCDC HEALTH OPP FUND XXI C/O PCDC 45 BROADWAY NEW YORK NY 10006 814878558 NEW MARKET TAX CREDIT NY RELATED 0 1 1.00000 PCDC HEALTH OPP FUND XXII C/O PCDC 45 BROADWAY NEW YORK NY 10006 814914582 NEW MARKET TAX CREDIT NY RELATED 0 1 1.00000 PCDC HEALTH OPP FUND XXIII C/O PCDC 45 BROADWAY NEW YORK NY 10006 814932296 NEW MARKET TAX CREDIT NY RELATED 0 1 1.00000 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 PCDC EMPIRE STATE HEALTH OPP FUND I L 75007 COST PCDC EMPIRE STATE HEALTH OPP FUND III L 99948 COST PCDC EMPIRE STATE HEALTH OPP FUND IX L 54167 COST PCDC EMPIRE STATE HEALTH OPP FUND X L 60000 COST PCDC EMPIRE STATE HEALTH OPP FUND XI L 62500 COST PCDC EMPIRE STATE HEALTH OPP FUND XIII L 444167 COST PCDC EMPIRE STATE HEALTH OPP FUND XIV L 288646 COST PCDC EMPIRE STATE HEALTH OPP FUND XV L 205021 COST PCDC EMPIRE STATE HEALTH OPP FUND XVI L 241111 COST