2017-06-13T07:53:18-05:00 2016-09-30 521392008 GELMAN ROSENBERG & FREEDMAN 4550 MONTGOMERY AVE SUITE 650N BETHESDA MD 208142930 990 2015-10-01 342015566 THE IRAQ MIDDLE MARKET DEVELOPMENT FOUNDATION IRAQ 2029863300 DORN KLAMP2000 P STREET NW NO 708 WASHINGTON DC 20036 JORGE R VILA GENERAL MANAGER 2029863300 2017-06-13 1 3019519090 2015 2021-01-29 14:40:06Z JORGE R VILA DORN KLAMP2000 P STREET NW NO 708 WASHINGTON DC 20036 560500 0 X WWW.IMMDF.ORG X 2004 TX SEE PART III, LINE 1 6 6 0 6 0 0 0 0 640993 551754 2303 8746 0 0 643296 560500 3023 0 0 0 845723 652821 0 0 0 1650020 1288093 2498766 1940914 -1855470 -1380414 14987638 9606721 6252534 4817442 8735104 4789279 IMMDF MAKES DEVELOPMENT LOANS AT BELOW MARKET INTEREST RATES WITH NON-COMMERCIAL TERMS TO SMALL AND MEDIUM SIZED BUSINESSES IN AREAS OF IRAQ WITH LOW INCOME AND HIGH UNEMPLOYMENT TO CREATE JOBS, LESSEN POVERTY, AND FOSTER ECONOMIC GROWTH. 0 0 1348927 551754 CAPITAL ASSISTANCE: IMMDF MADE DEVELOPMENT LOANS AT BELOW MARKET INTEREST RATES WITH NON-COMMERCIAL TERMS TO SMALL AND MEDIUM SIZED BUSINESSES IN AREAS OF IRAQ.IMMDF MADE LOANS TO IRAQ SMALL AND MEDIUM SIZE COMPANIES THAT DO NOT HAVE ACCESS TO THE CREDIT UNDER AFFORDABLE INTEREST RATES FOR PROJECTS THAT GENERATE EMPLOYMENT AND ECONOMIC GROWTH. 1348927 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 5 0 1 0 1 0 1 JO IZ 0 0 0 0 0 0 0 0 X 6 6 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X MAZEN ABOU-SHABAN 2022234600 2000 P ST NW STE 708 WASHINGTON DC 20036 CHRIS SALE CHAIRMAN 3.00 X X 0 0 0 ROBERT DRUMHELLER DIRECTOR-SECRETARY 3.00 X X 0 0 0 NASER DARWISH DIRECTOR 3.00 X 0 0 0 DENNIS FLANNERY DIRECTOR 3.00 X 0 0 0 ELIOT KALTER DIRECTOR 3.00 X 0 0 0 MICHAEL HOLSTEN DIRECTOR 3.00 X 0 0 0 JORGE R VILA GENERAL MANAGER 40.00 X 315161 0 35298 315161 0 35298 1 0 1 0 SANAD LAW GROUP 28 SATE HOSARI STREET SHMEISANI AMMAN JO 11181 LEGAL 283899 GLOBAL COMMUNITIES 8601 GEORGIA AVENUE SUITE 800 SILVER SPRING MD 20910 CONSULTING 150000 KASLBIAN HAGERTY LLP 888 17TH ST NW WASHINGTON DC 20006 LEGAL 142246 3 PROGRAM INT./LOAN FEES 900099 551754 551754 551754 8746 8746 560500 551754 0 8746 344467 258350 86117 208180 156135 52045 4218 3164 1054 80917 60688 20229 15039 11279 3760 502931 377199 125732 61325 61325 182846 164561 18285 25625 25625 71988 71988 52419 39314 13105 52348 26174 26174 4062 4062 208147 208147 82242 41121 41121 FURNITURE & EQUIPMENT 16043 16043 VEHICLES & TRANSPORT. 13528 13528 SECURITY EXPENSES 6661 1665 4996 MISCELLANEOUS 4519 1130 3389 3409 3409 1940914 1348927 591987 0 2708839 1536041 1679411 57182 69534 10068721 7921912 70373 37122 403112 42112 14987638 9606721 264302 367149 5386869 3848930 601363 601363 6252534 4817442 X -9086206 -11299265 17821310 16088544 8735104 4789279 14987638 9606721 X -1380414 -2565411 X 0 1 X 1 1 1 X 2612936 2519073 2449387 2188451 1732766 11502613 2612936 2519073 2449387 2188451 1732766 11502613 11502613 27344 15326 6358 2303 8746 60077 11562690 4741324 0.99480 0.99150 X FORM 990, SCHEDULE A, PART II LINE 1 FOR FINANCIAL STATEMENT PURPOSES, U.S. GOVERNMENT REVENUE HAS HISTORICALLY BEEN RECOGNIZED AS TEMPORARILY RESTRICTED REVENUE IN THE YEAR OF THE GRANT. AMOUNTS ARE THEN RELEASED FROM TEMPORARILY RESTRICTED AS EXPENSES ARE INCURRED. SCHEDULE A REPORTS THESE U.S. GOVERNMENT GRANTS AS DEFERRED REVENUE, WITH INCOME RECOGNIZED AS EXPENSES ARE INCURRED. THE ACCOUNTING LITERATURE SUGGESTS THAT EITHER PRESENTATION IS ACCEPTABLE. 0 DEFERRED INTEREST PAYABLE 601363 601363 X 560500 0 560500 0 560500 1940914 0 1940914 0 1940914 PART X, LINE 2: FOR THE YEARS ENDED SEPTEMBER 30, 2016 AND 2015, IMMDF 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. MIDDLE EAST AND NORTH AFRICA 2 4 PROGRAM SERVICES PROVIDE LOANS TO IRAQI BUSINESSES 4552609 2 4 0 0 2 4 4552609 0 4552609 0 0 0 0 0 1 X 1 1 X X X 0 0 0 0 0 0 0 1 0 JORGE R VILA GENERAL MANAGER 282983 0 20000 0 12178 0 0 0 35298 0 350459 0 0 0 PART I, LINE 1A THE CONTRACT FOR JORGE VILLA, IMMDF GENERAL MANAGER, STATES THAT HE RECEIVES A HOUSING ALLOWANCE IN JORDAN. DURING 2016, A PAYMENT OF $12,178 WAS MADE DIRECTLY TO THE LANDLORD ON HIS BEHALF AND HAS BEEN INCLUDED AS COMPENSATION. PART I, LINE 7 DURING 2015, JORGE R. VILA RECEIVED A $20,000 BONUS. FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBERS NASER DARWISH AND MICHAEL HOLSTEN HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 WAS PREPARED BY THE OUTSIDE ACCOUNTANTS AND REVIEWED BY THE GENERAL MANAGER AND CHIEF FINANCIAL OFFICER OF IMMDF. THE 990 WAS DISTRIBUTED TO THE BOARD OF DIRECTORS PRIOR TO BEING FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS HAVE APPROVED A POLICY REQUIRING THEM TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST WHEN THEY ARISE. DISCLOSURE FORMS ARE REQUIRED OF BOARD MEMBERS. THE ORGANIZATION MONITORS THE CONFLICT OF INTERST POLICY ANNUALLY. IF THERE ARE TRANSACTIONS INVOLVING A DIRECTOR, THAT DIRECTOR LEAVES THE RELEVANT PORTION OF THE BOARD MEETING AND DOES NOT PARTICIPATE IN THE DECISION. NO IMMDF EMPLOYEE IS ALLOWED TO ENGAGE IN CONDUCT RESULTING IN A POTENTIAL CONFLICT OF INTEREST. EMPLOYEES MUST STRICTLY AVOID ANY CONFLICT OF INTEREST OR THE APPEARANCE OF A CONFLICT OF INTEREST. EMPLOYEES MAKE FULL DISCLOSURE OF THEIR ACTIONS OR RELATIONSHIPS WITH PERSPECTIVE VENDORS, CONTRACTORS, OR CONSULTANTS. THE ORGANIZATION MONITORS THE CONFLICT OF INTEREST POLICY ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15A THE INITIAL SALARY OF THE GENERAL MANAGER OF IMMDF WAS APPROVED BY THE GOVERNMENT AGENCY FUNDING IMMDF. RAISES ARE DECIDED UPON BY THE BOARD OF DIRECTORS AFTER A PERFORMANCE REVIEW, COMPARISON WITH SIMILAR ORGANIZATIONS, AND A DISCUSSION BY THE BOARD WITHOUT THE GENERAL MANAGER PRESENT. THE DECISION IS DOCUMENTED IN WRITTEN MINUTES OF THE BOARD. THE LAST SALARY REVIEW FOR THE GENERAL MANAGER WAS DONE JANUARY 2016. FORM 990, PART VI, SECTION C, LINE 19 IMMDF DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: INCREASE IN PROVISION FOR UNCOLLECTABLE LOANS -2,565,411.