2014-02-10T16:50:39-06:00 2013-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 1000 CHARLOTTE NC 28204 990 2012-07-01 454458511 OFFICE OF MORTGAGE SETTLEMENT OVERSIGHT OFFI 9198254748 301 FAYETTEVILLE STREET NO 1801 RALEIGH NC 27601 JOSEPH A SMITH JR 9198254748 2014-02-05 1 JANICE A RATICA P00358837 7043771678 2012 2015-11-30 17:44:51Z JOSEPH A SMITH JR 301 FAYETTEVILLE STREET NO 1801 RALEIGH NC 27601 23537277 0 X HTTPS://WWW.MORTGAGEOVERSIGHT.COM/ X 2012 NC SEE SCHEDULE O. 5 4 4 0 0 0 0 0 21750000 23532675 0 4602 0 0 21750000 23537277 0 0 0 0 184805 851568 0 0 0 2524560 40798597 2709365 41650165 19040635 -18112888 19862452 11210003 821817 10282256 19040635 927747 X SEE DESCRIPTION NOTED ON SCHEDULE O. 0 0 39384026 23532675 SEE DESCRIPTION NOTED ON SCHEDULE O. 39384026 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 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 1 18 0 1 4 1 0 0 0 0 0 0 X 5 4 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X JOHN SABISTON 9198254734 301 FAYETTEVILLE ST SUITE 1801 RALEIGH NC 27601 JOHN ALLISON 4.00 X 17000 0 0 JAMES E HOLSHOUSER DECEASED 2.50 X 17250 0 0 BONNIE HANCOCK 2.50 X 17250 0 0 DONALD A PAPE 4.00 X 17250 0 0 KEITH PIGUES 2.50 X 17250 0 0 JOSEPH A SMITH JR 40.00 X X 295673 0 0 JOHN P SABISTON 40.00 X 128769 0 0 CHRISTINE HOOD 40.00 X 0 0 0 510442 0 0 2 0 1 0 BDO USA LLP 100 HIGH STREET BOSTON MA 02110 ACCOUNTING FIRMS - MONITORING COMPLIANCE 4552533 POYNER SPRUILL LLP 301 FAYETTEVILLE STREET RALEIGH NC 27601 LEGAL - MONITORING COMPLIANCE 1745260 GUPTON MARS INTERNATIONAL 75 SOUTH BROADWAY WHITE PLAINS NY 10601 MONITORING SYSTEM 857310 CAPSTRAT 1201 EDWARDS MILL ROAD SUITE 400 RALEIGH NC 27607 COMMUNICATIONS 681098 SMITH MOORE LEATHERWOOD LLP 434 FAYETTEVILLE ST HANNOVER SQUA RALEIGH NC 27601 LEGAL - MONITORING COMPLIANCE 638313 7 SETTLEMENT INCOME 922110 23532675 23532675 23532675 4602 4602 23537277 23532675 0 4602 X 510442 510442 305094 305094 36032 36032 51513 51513 153574 153574 56401 56401 38857716 38857716 204659 204659 187146 187146 140502 140502 77676 77676 1069410 1069410 41650165 39384026 2266139 0 12088085 8101432 3600000 4174367 3108571 19862452 11210003 821817 6926550 3355706 821817 10282256 X 19040635 927747 19040635 927747 19862452 11210003 -18112888 0 X X 0 1 X 1 0 0 X 23537277 0 23537277 0 23537277 41650165 0 41650165 0 41650165 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: OFFICE OF MORTGAGE SETTLEMENT OVERSIGHT (OMSO) RECEIVED NOTIFICATION FROM THE IRS ON DECEMBER 12, 2013 CONFIRMING THE 501(C)(4) TAX EXEMPT STATUS WITH AN EFFECTIVE DATE OF FEBRUARY 06, 2012 , AND ACCORDINGLY, IS NOT SUBJECT TO FEDERAL INCOME TAX. MANAGEMENT HAS EVALUATED THE EFFECT OF THE GUIDANCE PROVIDED BY U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT BELIEVES THAT OMSO CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AT JUNE 30, 2013. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT EFFECT ON THE FINANCIAL STATEMENTS AND DETERMINED THAT OMSO HAD NO UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2013. OMSO'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS (FORM 990) FOR 2013 AND 2012 ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE (IRS), GENERALLY FOR THREE YEARS AFTER THEY ARE FILED. X X X 0 0 0 0 0 0 0 0 1 1 JOSEPH A SMITH JR 295673 0 0 0 0 0 0 0 0 0 295673 0 0 0 PART I, LINE 8 THE SELECTION OF THE MONITOR WAS MADE BY AGREEMENT OF ALL OF THE PARTIES TO THE FIVE CONSENT JUDGEMENTS THAT COMPRISE THE SETTLEMENT. THE OMSO BOARD OF DIRECTORS DOES NOT HAVE THE RIGHT TO TERMINATE OR REPLACE THE MONITOR. THE COMPENSATION OF THE MONITOR IS APPROVED THROUGH THE ADOPTION PROCESS OF THE OMSO BUDGET, WHERE THE MONITOR EXPRESSLY SUBMITS TO THE SERVICERS THAT ARE SUBJECT TO THE SETTLEMENT AND TO A MONITORING COMMITTEE REPRESENTING THE GOVERNMENT PARTIES AN ANNUAL BUDGET THAT EXPRESSLY DISCLOSES THE MONITOR'S COMPENSATION, WHICH BUDGET IS IMPLEMENTED ABSENT AN OBJECTION. THUS, THE MONITOR'S COMPENSATION IS SUBJECT TO THE INITIAL CONTRACT EXCEPTION UNDER TREASURY REGULATION SECTION 53.4958-4(A)(3). NEVERTHELESS, THE COMPENSATION OF THE MONITOR IS REVIEWED BY THE OMSO BOARD OF DIRECTORS IN A PROCESS THAT FOLLOWS THE REBUTTABLE PRESUMPTION PROCEDURE DESCRIBED IN TREASURY REGULATION SECTION 53.4958-6(C). FORM 990, PART I, LINE 1 AND PART III, LINES 1 AND 4A: JOSEPH A. SMITH, JR. FORMED THE OFFICE OF MORTGAGE SETTLEMENT OVERSIGHT ("OMSO"), A NOT-FOR-PROFIT CORPORATION, TO HELP HIM CARRY OUT THE DUTIES HE WAS GIVEN UNDER THE NATIONAL MORTGAGE SETTLEMENT (THE "SETTLEMENT"). PURSUANT TO THE SETTLEMENT, JOSEPH A. SMITH, JR. WAS APPOINTED TO THE POSITION OF NATIONAL SETTLEMENT MONITOR (THE "MONITOR"), WITH THE PRIMARY TASKS OF DETERMINING WHETHER THE PARTIES TO THE SETTLEMENT ARE IN COMPLIANCE WITH THE MORTGAGE SERVICING STANDARDS AND CONSUMER RELIEF REQUIREMENTS AS SET FORTH IN THE CONSENT JUDGMENTS WHICH COMPRISE THE SETTLEMENT. OMSO ASSISTS THE MONITOR WITH FUNCTIONS RELATED TO THE BUSINESS OF BEING THE MONITOR, INCLUDING ACCEPTANCE AND PAYMENT OF MONEY, CONTRACTING WITH CONSULTANTS AND PROFESSIONAL FIRMS, THE HIRING OF EMPLOYEES AND THE MAINTENANCE OF BOOKS AND RECORDS. THE PARTIES TO THE SETTLEMENT MUST FILE REGULAR REPORTS WITH THE MONITOR TO DETAIL THEIR COMPLIANCE. BASED ON THESE REPORTS AS WELL AS HIS INDEPENDENT OVERSIGHT, THE MONITOR WILL MAKE HIS OWN REPORTS ON A SEMI ANNUAL BASIS TO THE FEDERAL DISTRICT COURT HAVING JURISDICTION OF THE SETTLEMENT AND THE PARTIES TO THE SETTLEMENT AS WELL AS TO THE GENERAL PUBLIC. FOR FURTHER INFORMATION, SEE THE OMSO ANNUAL REPORT AT HTTPS://WWW.MORTGAGEOVERSIGHT.COM/ABOUT-THE-OFFICE-OF-MORTGAGE- SETTLEMENT-OVERSIGHT/ FORM 990, PART VI, SECTION A, LINE 4 THE OMSO BYLAWS WERE AMENDED BY THE BOARD OF DIRECTORS. A COPY OF THE AMENDMENTS WILL BE SENT SEPARATELY. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 WILL BE REVIEWED BY THE AUDIT COMMITTEE AND THEN THE ENTIRE BOARD OF DIRECTORS PRIOR TO ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR AND OFFICER IS REQUIRED ON AT LEAST AN ANNUAL BASIS TO DISCLOSE ANY KNOWN CONFLICTS. THE OMSO MANAGEMENT REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES THE POLICY. IN THE EVENT OF A POTENTIAL CONFLICT, THE DIRECTOR OR OFFICER WILL RECUSE HIMSELF/HERSELF FROM DELIBERATION AND VOTING ON THE ISSUE. FORM 990, PART VI, SECTION B, LINE 15 AS PART OF THE CORPORATE GOVERNANCE FOR THE OFFICE OF MORTGAGE SETTLEMENT OVERSIGHT ("OMSO"), THE BOARD OF DIRECTORS OF OMSO CONSULTS WITH ITS GENERAL COUNSEL, BROOKS, PIERCE, MCLENDON, HUMPHREY & LEONARD, L.L.P. AND PEARL, MEYER AND ASSOCIATES, AN INDEPENDENT EXECUTIVE COMPENSATION FIRM, TO ADVISE THEM ON THE REASONABLENESS OF PROPOSED COMPENSATION FOR ALL OFFICERS AND MEMBERS OF THE BOARD OF DIRECTORS. IN ADDITION, THE MONITOR'S COMPENSATION IS APPROVED AS PART OF A BUDGET APPROVED BY A COMMITTEE CREATED UNDER THE SETTLEMENT. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICIES, FINANCIAL STATEMENTS AND ANNUAL REPORTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. OTHER FEES FORM 990, PART IX, LINE 11G ACCOUNTING FIRMS - MONITORING COMPLIANCE: PROGRAM SERVICE EXPENSES 31,325,878. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 31,325,878. LEGAL - MONITORING COMPLIANCE: PROGRAM SERVICE EXPENSES 2,746,356. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,746,356. MONITORING SYSTEM: PROGRAM SERVICE EXPENSES 4,185,460. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,185,460. COMMUNICATIONS: PROGRAM SERVICE EXPENSES 600,022. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 600,022. OTHER EXPENSES: FORM 990, PART IX, LINE 11G THIS SCHEDULE OF EXPENSES IDENTIFIES THE DIRECT COSTS FOR THE MONITOR TO CARRY OUT HIS DUTIES UNDER THE SETTLEMENT, AND ARE NOT SPECIFIC TO THE OPERATION OF THE OMSO CORPORATE OFFICE. PART XII, LINE 2C: THE AUDIT COMMITTEE OF THE OMSO BOARD OF DIRECTORS. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.