2017-11-15T15:17:13-06:00 2016-12-31 GRANT THORNTON LLP 757 THIRD AVENUE 4TH FLOOR NEW YORK NY 100172013 990 2016-01-01 134052259 Media Development Investment Fund Inc % MARI BUDESA MEDI 2128071304 37 West 20th Street Suite 801 New York NY 10011 MARI BUDESA CFO 2125990100 2017-11-15 true Scott Thompsett P00741490 2125990100 2017-11-15 38.84.128.189 26377520173195000017 2017-11-15 P 32778C9288487CCB557400271BF2B2D8D9E2E3C7 F49A67012B2BD0B747B3FC8EDB4C5F33AD03E3F0 2016 2017-02-10 21:41:12Z Harlan Mandel CEO 37 West 20th Street New York NY 10011 7649944 false X www.mdif.org X 1995 NY MEDIA DEVELOPMENT INVESTMENT FUND INVESTS IN INDEPENDENT MEDIA AROUND THE WORLD PROVIDING THE NEWS, INFORMATION AND DEBATE THAT PEOPLE NEED TO BUILD FREE, THRIVING SOCIETIES. 8 7 4 0 0 0 8129313 6309054 1172188 866758 192753 81720 101043 374056 9595297 7631588 504212 753297 0 0 2737950 3132176 0 0 0 2086355 2622753 5328517 6508226 4266780 1123362 38881057 40347085 17867317 17530571 21013740 22816514 X Media Development Investment Fund (MDIF) invests in independent media around the world providing the news, information and debate that people need to build free, thriving societies. 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 invol false false 5345899 753297 866758 MDIF PROVIDES LOAN 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 LOANS AND OTHER PRIS. LOAN REPAYMENTS ARE RECYCLED THROUGH THE POOL AND LOANED OUT REPEATEDLY. 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 LOAN. IN ADDITION, MDIF TRAINS ITS BORROWERS AND OTHER MEDIA ORGANIZATIONS IN THE USE AND TRANSFER OF INTERNET-BASED TECHNOLOGY AND ITS IMPACT ON THE FUTURE DEVELOPMENT OF MEDIA BUSINESS. IN DETERMINING WHETHER TO MAKE A LOAN OR OTHER PROGRAM-RELATED INVESTMENT, THE FUND FACES BOTH POLITICAL AND LEGAL RISK. THE FUND MAKES LOANS AND OTHER PROGRAM-RELATED INVESTMENTS IN COUNTRIES WHERE POLITICAL 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. THE FUND'S MODEL LOAN CONTRACT WAS DRAFTED BY U.S. ATTORNEYS AND THE FUND HAS ALL LOANS REVIEWED BY ATTORNEYS IN THE COUNTRY OF EACH BORROWER. 5345899 true true false false false false false false false true true false true false false true false true false true true true false false false false false false false true false false false false false false false false false false false false true true true false false false true 23 0 true 4 true false true UK EZ SZ RI false false false false false false false false X 8 7 false false false false false false false true true false false true true true true true true true true false NY X MARI BUDESA 2128071852 37 WEST 20TH STREET NEW YORK NY 10011 Bernard Poulet CHAIRMAN 2.0 0.0 X X 0 0 0 Alexander Papachristou Treasurer 2.0 0.0 X X 0 0 0 Ying-Yuen Chan Director 2.0 0.0 X 0 0 0 Sheila Coronel vice chair 2.0 0.0 X 0 0 0 Alexej fulmek DIRECTOR 2.0 0.0 X 0 0 0 Judith Brandsma Director 2.0 0.0 X 0 0 0 Houston Spencer DIRECTOR 2.0 0.0 X 0 0 0 Harlan Mandel CEO 40.0 0.0 X X 233450 0 61638 JOHN RYLE DIRECTOR (THRU 04/2016) 2.0 0.0 X 0 0 0 Mari Budesa CFO 40.0 0.0 X 167948 0 39735 Elena Popovic Secretary/General Counsel 40.0 0.0 X 154176 0 0 Mohamed Nanabhay Deputy CEO 40.0 0.0 X 189624 0 9847 Rilwan Meeran CIO of EMOF 40.0 0.0 X 174045 0 50397 Rashid Malik Principal Investment Officer 40.0 0.0 X 125360 0 25519 Patrice Schneider Chief Strategy Officer 40.0 0.0 X 140240 0 0 Jack R Settles Sr. Digital Media Advisor 40.0 0.0 X 136500 0 0 Anna Krynska Chief Investment Officer 40.0 0.0 X 112292 0 0 1433635 0 187136 10 false true true 0 6309054 6309054 PROGRAM RELATED INVESTMENTS 900099 866758 866758 866758 81720 81720 0 0 144701 18356 126345 0 126345 126345 0 0 0 0 0 0 0 0 0 0 MISCELLANEOUS INCOME 900099 149822 149822 ADMINISTRATIVE FEES 900099 61751 61751 OTHER PRI INCOME 900099 22075 22075 14063 14063 247711 7631588 866758 455776 7612 7612 0 745685 745685 0 747215 597772 149443 0 1801077 1440862 360215 142028 113622 28406 265471 212377 53094 176385 141108 35277 0 253993 193187 60806 100884 75743 25141 0 0 27937 20820 7117 161828 117715 44113 0 63113 48537 14576 146866 118793 28073 0 333363 247187 86176 721837 651062 70775 0 0 319218 237481 81737 0 209487 156960 52527 63715 43326 20389 BANK FEES 17829 13499 4330 FOREIGN WITHHOLDING TAXES 15969 12111 3858 OTHER EXPENSES 186714 150440 36274 6508226 5345899 1162327 0 1385266 3324951 94225 133102 6610146 7476303 0 0 0 0 0 0 0 0 0 0 869238 652778 1252468 959269 463474 293199 5975709 3762121 0 0 23482999 22759926 0 0 0 1944705 38881057 40347085 580290 566722 0 0 0 0 0 0 0 0 0 0 0 0 17287027 16963849 0 0 17867317 17530571 X 13695930 14104928 7317810 8711586 0 0 21013740 22816514 38881057 40347085 X 1123362 -82480 761892 X false true X true false X 721483 2641927 2008481 8129313 6309054 19810258 0 0 721483 2641927 2008481 8129313 6309054 19810258 14257059 5553199 591529 529171 362181 261631 226421 1970933 0 16929 20600 30822 9603 247711 325665 22106856 6915398 0.25120 0.15935 X SCHEDULE A, PART II, LINE 17 MEDIA DEVELOPMENT INVESTMENT FUND (MDIF) IS A MISSION-DRIVEN INVESTMENT FUND FOR INDEPENDENT NEWS OUTLETS IN COUNTRIES WITH A HISTORY OF MEDIA OPPRESSION. MDIF PROVIDES LOW-COST CAPITAL AND TECHNICAL KNOW-HOW TO HELP JOURNALISTS IN CHALLENGING ENVIRONMENTS BUILD SUSTAINABLE BUSINESSES AROUND PROFESSIONAL, RESPONSIBLE, QUALITY JOURNALISM. MDIF DEPENDS ON THE GENEROSITY OF LARGE PRIVATE FOUNDATIONS, GOVERNMENTAL ENTITIES AND THE PUBLIC AT LARGE TO CONTINUE ITS IMPORTANT WORK. CHARITABLE GIVING HAS DIMINISHED ACROSS THE NOT-FOR-PROFIT SECTOR; AS A RESULT, ORGANIZATIONS LIKE MDIF THAT DEPEND UPON PUBLIC SUPPORT TO THRIVE ARE SUFFERING GREATLY. THIS HAS IMPACTED THE ORGANIZATION'S ABILITY TO RAISE FUNDS, TO SOLICIT CONTRIBUTIONS AND TO GENERATE REVENUES TO UNDERTAKE EXEMPT PROGRAMS. MDIF ENJOYS THE GENEROUS SUPPORT FROM A PRIVATE FOUNDATION, THAT HAS ENABLED IT TO WEATHER THE DIFFICULT ECONOMIC TIMES, LEAVING IT WITH ENOUGH FUNDS TO SUPPORT THOSE PROGRAMS THAT FURTHER ITS CHARITABLE MISSION. MDIF UNDERSTANDS THE NEED TO MEET THE PUBLIC SUPPORT TEST. TO THAT END, IT IS CONTINUALLY ATTEMPTING TO GENERATE NEW SOURCES OF FUNDRAISING, BOTH THROUGH BROAD DONOR APPEALS, TARGETED SOLICITATIONS, AND WEBSITE EXHORTATIONS. INTERNAL REVENUE CODE REGULATION 1.170A-9T LISTS SEVERAL CRITERIA THAT INDICATE FACTS AND CIRCUMSTANCES SUPPORTING AN ORGANIZATION'S CONTINUED PUBLIC CHARITY STATUS DESPITE NOT MEETING THE 33 1/3 SUPPORT TEST. THOSE CRITERIA ARE AS FOLLOWS: 1. ATTRACTION OF PUBLIC SUPPORT - IN THE PAST FEW YEARS, MDIF HAS SOUGHT TO EXPAND ITS FUNDRAISING CAPABILITIES TO GENERATE GREATER PUBLIC SUPPORT. THE ORGANIZATION'S WEBSITE NOW DIRECTLY APPEALS TO NET USERS TO INVEST IN PRESS FREEDOM. SPECIFICALLY, THE WEBPAGE NOTES: THERE ARE THREE WAYS TO INVEST, DEPENDING ON THE FINANCIAL RETURNS YOU SEEK, THE AMOUNT YOU WOULD LIKE TO INVEST AND WHERE YOU ARE IN THE WORLD. THESE ACTIVITIES TARGET PROSPECTIVE DONORS WHO SUPPORT MDIF'S MISSION AND PROGRAMS. 2. PERCENTAGE OF FINANCIAL SUPPORT - THE FOUNDATION'S PUBLIC SUPPORT PERCENTAGE EXCEEDS 12%. THE HIGHER THE PERCENTAGE OF SUPPORT ABOVE THE 10 PERCENT REQUIREMENT OF PARAGRAPH (F)(3)(I) OF 1.170A-9T, THE LESSER WILL BE THE BURDEN OF ESTABLISHING THE PUBLICLY SUPPORTED NATURE OF THE ORGANIZATION THROUGH OTHER FACTORS DESCRIBED IN PARAGRAPH (F)(3), WHILE THE LOWER THE PERCENTAGE, THE GREATER WILL BE THE BURDEN. MDIF'S SUPPORT PERCENTAGE IS LOW BECAUSE IT RECEIVES A LARGE PERCENTAGE OF ITS CONTRIBUTIONS FROM A PRIVATE FOUNDATION. 3. SOURCES OF SUPPORT - MDIF HAS HISTORICALLY RECEIVED MUCH OF ITS SUPPORT FROM GOVERNMENTAL ENTITIES; DUE TO TOUGH ECONOMIC TIMES, THE AMOUNTS OF THESE DONATIONS HAS BEEN SIGNIFICANTLY REDUCED. AS THE ECONOMY REBOUNDS, THE HOPE IS THAT MDIF WILL SEE AN INCREASE IN FUNDING. 4. REPRESENTATIVE GOVERNING BODY -MDIF HAS A GOVERNING BODY THAT IS BROADLY REPRESENTED BY MEMBERS OF THE COMMUNITY. EACH OF THESE FACTORS ARE SIGNIFICANT POSITIVE EVIDENCE OF MDIF'S PUBLICLY SUPPORTED NATURE. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 5975709 2713910 138963 5038930 27531 3762121 8030958 2000 -212706 1800000 44543 5975709 13559675 -363066 5100000 65651 8030958 22409477 1303396 10050000 103198 13559675 16475072 5275652 1880225 1129357 92115 22409477 1.00000 false false 373000 276226 96774 412006 388208 23798 467462 294835 172627 293199 PRINT 20504964 C TELEVISION 5939417 C RADIO 1349408 C ONLINE 5792415 C NEWS AGENCY 584304 C UNREMITTED EQUITY IN NET -4498827 C ALLOWANCE FOR DOUBTFUL PRIS -6911755 C 22759926 0 0 X SCHEDULE D, PART V, LINE IV IN MARCH OF 2008, THE BOARD OF DIRECTORS OF MEDIA DEVELOPMENT INVESTMENT FUND ESTABLISHED THE CLIENT SUBSIDY FUND ("CSF"). THE BOARD RESTRICTED THE USE OF THE ASSETS AND EARNING THEREON TO MEET BUDGETED SHORTFALL BETWEEN THE FUND'S ANNUAL OPERATING COSTS AND ITS ANNUAL NON-CSF INCOME, WITH THE PURPOSE OF SUPPORTING THE BELOW-MARKET INTEREST RATES CHARGED BY THE FUND ON ITS PROGRAM-RELATED LOANS AND LEASES. SCHEDULE D, PART X, LINE 2 MANAGEMENT EVALUATED THE TAX POSITIONS FOR MDIF AND EACH OF THE CONSOLIDATED ENTITIES AND CONCLUDED THAT THE FUND HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT OR DISCLOSURE TO THESE CONSOLIDATED FINANCIAL STATEMENTS. East Asia and the Pacific 2 Grantmaking 18402 Europe (Including Iceland and Greenland) 1 12 Grantmaking 19753 Russia and the Newly Independent States Grantmaking 212904 South America Grantmaking 476693 South Asia Grantmaking 12820 Sub-Saharan Africa 1 Grantmaking 5113 East Asia and the Pacific Program Services Program Related Inv. 145000 Europe (Including Iceland and Greenland) Program Services Program Related Inv. 1510000 South America Program Services Program Related Inv. 785000 South Asia Program Services Program Related Inv. 1028109 Sub-Saharan Africa Program Services Program Related Inv. 402354 1 15 1 15 4616148 4616148 East Asia and the Pacific GENERAL SUPPORT 7120 South America GENERAL SUPPORT 454898 Russia and the Newly Independent States GENERAL SUPPORT 137826 Russia and the Newly Independent States GENERAL SUPPORT 71387 South Asia GENERAL SUPPORT 10422 South America GENERAL SUPPORT 11550 Europe (Including Iceland and Greenland) GENERAL SUPPORT 17313 0 7 true false true false false false SCHEDULE F, 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 LOANED TO 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 LOANED OR GRANTED. TO BE ELIGIBLE TO APPLY FOR MDIF FINANCING, A MEDIA OUTLET MUST HAVE BEEN OPERATING 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 BE 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-ETHNIC 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 POLICY FOR ITS OWN INTERESTS, PRESENT A DETAILED PROJECT AIMED AT BROADENING AND STRENGTHENING THE OUTLET'S OPERATION, HAVE STRONG PROSPECTS OF BEING ABLE TO REPAY THE LOAN AND BECOMING 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 AND RADIO STATIONS, PRINTING HOUSES, NEWS AGENCIES AND ONLINE PUBLISHERS IN VARIOUS COUNTRIES. THE AMOUNTS LISTED REPRESENT THE CURRENT YEAR EXPENDITURES AND NOT THE CUMULATIVE VALUE OF MDIF'S INVESTMENT. SCHEDULE F, PART II, LINE 1, COL D MDIF'S PRIMARY EXEMPT PURPOSE IS TO SUPPORT NEWS OUTLETS IN COUNTRIES WITH A HISTORY OF OPPRESSION OF THE FREEDOM OF EXPRESSION. OCCASIONALLY, MDIF WILL MAKE GRANTS TO ORGANIZATIONS 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 false false false false false false false false false Harlan Mandel CEO 233450 0 0 0 0 0 35018 0 26620 0 295088 0 0 0 Mari Budesa CFO 167948 0 0 0 0 0 25192 0 14543 0 207683 0 0 0 Elena Popovic Secretary/General Counsel 154176 0 0 0 0 0 0 0 0 0 154176 0 0 0 Mohamed Nanabhay Deputy CEO 189624 0 0 0 0 0 0 0 9847 0 199471 0 0 0 Rilwan Meeran CIO of EMOF 174045 0 0 0 0 0 17405 0 32992 0 224442 0 0 0 Rashid Malik Principal Investment Officer 125360 0 0 0 0 0 13526 0 11993 0 150879 0 0 0 FORM 990, PART V, LINE 2A HISTORICALLY, THE INDIVIDUALS PERFORMING SERVICES FOR MEDIA DEVELOPMENT Investment FUND, INC (MDIF) WERE LEASED EMPLOYEES FROM AN UNRELATED ORGANIZATION, OPEN SOCIETY FOUNDATIONS, INC (OSF). MDIF PAID OSF A MANGAGEMENT AND ADMINISTRATIVE FEE TO COVER EMPLOYEE COSTS, INCLUDING SALARY, BENEFITS AND OTHER ANCILLARY COSTS. THIS CHANGED IN MARCH OF 2016. MDIF NOW UTILIZES A PROFESSIONAL EMPLOYER ORGANIZATION OR "PEO" TO HANDLE ITS PAYROLL RESPONSIBILITIES. IN 2016, TEN EMPLOYEES PROVIDING SERVICES TO MDIF RECEIVED TWO W-2S: ONE FROM OSF AND ONE FROM THE PEO. These individuals are not included on PART V, LINE 2A (WHICH LISTS THE W-2S ISSUED BY MDIF). FORM 990, PART VI, LINE 11 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 A NATIONALLY RENOWNED ACCOUNTING FIRM AND REVIEWED IN DETAIL BY THE FUND'S MANAGING DIRECTOR AND ASSISTANT TREASURER. FORM 990, PART VI, 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, LINE 15A THE TOP MANAGEMENT OFFICAL'S SALARY IS DETERMINED BY THE MDIF BOARD OF DIRECTORS. MDIF UNDERTAKES A LENGTHY PROCESS TO ENSURE THAT THE COMPENSATION IT PAYS IS REASONABLE. IN RELEVANT PART, THE BOARD OF DIRECTORS UTILIZES A COMPENSATION COMMITTEE COMPRISED OF INDEPENDENT PERSONS THAT HAVE NO PERSONAL INTEREST IN THE PROPOSED COMPENSATION ARRANGEMENT. THE COMPENSATION COMMITTEE MAY USE AN INDEPENDENT COMPENSATION CONSULTANT TO ADVISE ON THE APPROPRIATE COMPENSATION LEVELS FOR THE TOP MANAGEMENT OFFICIAL. THE COMPENSATION CONSULTANT USES BENCHMARKING DATA THAT DOCUMENTS THE COMPENSATION OF PERSONS HOLDING SIMILAR POSITIONS IN SIMILAR ORGANIZATIONS. ONCE THE COMPENSATION CONSULTANT HAS MADE ITS RECOMMENDATIONS, THE MDIF COMPENSATION COMMITTEE APPROVES THE COMPENSATION. THIS FINAL DETERMINATION IS THEN DOCUMENTED IN COMMITTEE MINUTES. FORM 990, PART VI, LINE 15B MDIF UNDERTAKES THE SAME EXACT PROCEDURE FOR ITS OFFICERS AND KEY EMPLOYEES AS IT DOES FOR ITS TOP MANAGEMENT OFFICIAL. THE ONLY DIFFERENCE IN THE PROCESS IS THAT THE CEO WILL MAKE THE FINAL DETERMINATION ABOUT THE OFFICERS' SALARIES. FORM 990, PART VI, 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. PART XI, Line 9 EQUITY IN NET EARNINGS OF INVESTEES ($649,655) Foreign Currency Translation loss ($93,810) Adjustment for provision for doubtful program-related investments, net ($467,706) Gain due to currency exchange rate $28,358 Partner's Capital Contributions $1,944,705 -------------------------------------------------------- TOTAL: $761,892 Digital News Ventures LLC 37 west 20th street new york NY 10011 134052259 PRI NY 0 0 MDIF MDIF Equities LLC 37 West 20th Street New York NY 10011 134052259 PRI NY 0 0 MDIF MDIF Media Holdings I LLC 37 WEST 20TH STREET NEW YORK NY 10011 134052259 PRI NY 0 0 MDIF MDIF Media Holdings II LLC 37 WEST 20TH STREET New York NY 10011 134052259 PRI NY 0 0 MDIF MDIF Media Finance I BV 37 WEST 20TH STREET NEW YORK NY 10011 134052259 PRI NL 8049 750395 MDIF Emerging Media Opportunity Fund I LP 37 WEST 20TH STREET NEW YORK NY 10011 134052259 PRI NY MDIF PRI 0 93636 false true 0.05000 MDLF Service Corp 37 west 20th street new york NY 10011 Agency Accoun DE NA C 0 29108 1.00000 true false false false false false false false false false false false false true true false false false false SCHEDULE R, PART I MEDIA DEVELOPMENT INVESTMENT FUND HAS A WHOLLY-OWNED SUBSIDIARY, DIGITAL NEWS VENTURES, LLC (WHICH IS TREATED AS A DISREGARDED ENTITY FOR US TAX PURPOSES). THIS ORGANIZATION'S PRINCIPAL ACTIVITY IS TO MAKE SEED INVESTMENTS IN NEWS AND INFORMATION START-UPS. DIGITAL NEWS VENTURES INVESTS IN EXPERIMENTAL DIGITAL PRODUCTS AND BUSINESSES THAT CONTRIBUTE TO THE PROVISION OF INFORMATION IN THE PUBLIC INTEREST. Media Development Investment Fund has three wholly owned subsidiaries created to serve as special purpose vehicles for program related investments. These subsidiaries, MDIF Equities LLC, MDIF Media Holdings I, LLC and MDIF Media Holdings II, LLC are treated as disregarded for federal tax purposes. Finally MDIF established a foreign disregarded entity in the Netherlands called MDIF Media Finance I, B.V. that acts as a separate fund providing program-related investments.