2016-08-15T07:09:53-05:00 2015-09-30 521392008 GELMAN ROSENBERG & FREEDMAN 4550 MONTGOMERY AVE SUITE 650N BETHESDA MD 208142930 990 2014-10-01 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 2016-08-15 1 3019519090 2014 2016-12-15 16:53:06Z JORGE R VILA DORN KLAMP2000 P STREET NW NO 708 WASHINGTON DC 20036 643296 0 X WWW.IMMDF.ORG X 2004 TX SEE PART III, LINE 1 5 5 1 5 0 0 0 0 1241445 640993 6358 2303 0 0 1247803 643296 0 3023 0 0 1057127 845723 0 0 0 1765997 1650020 2823124 2498766 -1575321 -1855470 21251224 14987638 8487962 6252534 12763262 8735104 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 1719169 3023 640993 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. 1719169 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 1 0 1 1 1 0 1 JO IZ 0 0 0 0 0 0 0 0 X 5 5 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 NASER DARWISH DIRECTOR 3.00 X 0 0 0 DENNIS FLANNERY DIRECTOR 3.00 X 0 0 0 ROBERT DRUMHELLER DIRECTOR 3.00 X 0 0 0 ELIOT KALTER DIRECTOR 3.00 X 0 0 0 JORGE R VILA GENERAL MANAGER 40.00 X 283815 0 46772 283815 0 46772 1 0 1 0 SANAD LAW GROUP 28 SATE HOSARI STREET SHMEISANI AMMAN JO 11181 LEGAL 218068 HUZAK CO CONSULTANCY FOR LAW INVESTMEN 592 ITALIAN VILLAGE ERBIL IZ LEGAL 158000 GLOBAL COMMUNITIES 8601 GEORGIA AVENUE SUITE 800 SILVER SPRING MD 20910 CONSULTING 105000 3 PROGRAM FEES 900099 637443 637443 LEASING INCOME 900099 3550 3550 640993 2303 2303 643296 640993 0 2303 3023 3023 326974 245231 81743 337811 253358 84453 18272 13704 4568 120255 90191 30064 42411 31808 10603 660883 495662 165221 98213 98213 120739 108665 12074 9789 9789 100705 100705 124116 93087 31029 59760 29880 29880 25635 25635 307292 307292 85568 42784 42784 VEHICLES & TRANSPORT. 27671 27671 MISCELLANEOUS 10320 2580 7740 FURNITURE & EQUIPMENT 8056 8056 SECURITY EXPENSES 7617 1904 5713 3656 3656 2498766 1719169 779597 0 4209326 2708839 2750204 1679411 130298 57182 12932672 10068721 113227 70373 1115497 403112 21251224 14987638 293331 264302 119059 7474209 5386869 601363 601363 8487962 6252534 X -7246499 -9086206 20009761 17821310 12763262 8735104 21251224 14987638 X -1855470 -2172688 X 0 1 X 1 1 1 X 2299751 2612936 2519073 2449387 2188451 12069598 2299751 2612936 2519073 2449387 2188451 12069598 12069598 52197 27344 15326 6358 2303 103528 12173126 7223560 0.99150 0.98930 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 643296 0 643296 0 643296 2498766 0 2498766 0 2498766 PART X, LINE 2: FOR THE YEARS ENDED SEPTEMBER 30, 2015 AND 2014, 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. THE FEDERAL FORM 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, IS SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, GENERALLY FOR THREE YEARS AFTER IT IS FILED. MIDDLE EAST AND NORTH AFRICA 2 5 PROGRAM SERVICES PROVIDE LOANS TO IRAQI BUSINESSES 4784844 2 5 0 0 2 5 4784844 0 4784844 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 251920 0 20000 0 11895 0 0 0 46772 0 330587 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 2015, A PAYMENT OF $11,895 WAS MADE DIRECTLY TO THE LANDLORD ON HIS BEHALF AND INCLUDED AS TAXABLE INCOME. PART I, LINE 7 DURING 2014, JORGE R. VILA RECEIVED A $20,000 BONUS. FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBERS NASER DARWISH AND CHRIS SALE 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. IF THERE ARE TRANSACTIONS INVOLVING A DIRECTOR, THAT DIRECTOR LEAVES THE RELEVANT PORTION OF THE BOARD MEETING AND DOES NOT PARTICIPATE IN THE DECISION. DISCLOSURE FORMS ARE REQUIRED OF BOARD MEMBERS. 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. NO IMMDF EMPLOYEE IS ALLOWED TO ENGAGE IN CONDUCT RESULTING IN A POTENTIAL CONFLICT OF INTEREST. 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, 2015. 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 -2,172,688.