2013-07-12T10:06:44-05:00 2012-08-31 131655065 LUTZ AND CARR CPAS LLP 300 EAST 42ND STREET NEW YORK NY 10017 990 2011-09-01 131844852 NEW YORK SHAKESPEARE FESTIVAL NEWY 2125398500 425 LAFAYETTE STREET NEW YORK NY 10003 RACHEL PIVNICK 2125398500 2013-07-11 1 MICHAEL WALLACE P00881958 2126972299 2011 2016-02-24 21:20:13Z THE PUBLIC THEATER JOE'S PUB PATRICK WILLINGHAM 425 LAFAYETTE STREET NEW YORK NY 10003 27833528 0 X WWW.PUBLICTHEATER.ORG X 1954 NY THROUGH THE PUBLIC THEATER, SHAKESPEARE IN THE PARK AND JOE'S PUB, NYSF IS DEDICATED TO DEVELOPING AN AMERICAN THEATER THAT IS ACCESSIBLE AND RELEVANT TO ALL PEOPLE. 38 36 768 12 2756 1529 17433746 20043794 5429074 5614063 563378 164370 328201 374665 23754399 26196892 0 0 0 0 12154065 12845128 170700 111151 2640511 9739575 9748712 22064340 22704991 1690059 3491901 43487233 47122477 10412818 9877030 33074415 37245447 X AS THE NATION'S FOREMOST PRODUCER OF SHAKESPEARE AND NEW WORK, THE PUBLIC THEATER IS DEDICATED TO ACHIEVING ARTISTIC EXCELLENCE WHILE DEVELOPING AN AMERICAN THEATER THAT IS ACCESSIBLE AND RELEVANT TO ALL PEOPLE THROUGH PRODUCTIONS OF CHALLENGING NEW PLAYS, MUSICALS AND INNOVATIVE STAGINGS OF THE CLASSICS. 0 0 6710052 3398780 DOWNTOWN SEASONTHE PUBLIC THEATER'S 2011-2012 SEASON FEATURED WORLD PREMIERE PERFORMANCES OF RICHARD NELSON'S CRITICALLY ACCLAIMED SWEET AND SAD AND MIKE DAISEY'S THE AGONY AND ECTASY OF STEVE JOBS. IN TANDEM WITH THESE WORKS, SHAKESPEARE WAS REPRESENTED BY THREE PRODUCTIONS: KING LEAR FEATURING SAM WATERSTON, LOVE'S LABOR LOST AND TITUS ANDRONICUS. THE PUBLIC ALSO DEVELOPED AND PRODUCED TWO NEW MUSICALS AS PART OF ITS NEW MUSICAL THEATER INITIATIVE: STEW AND HEIDI RODEWALD'S TOTAL BENT AND FEBRUARY HOUSE BY EMERGING TALENTS GABRIEL KAHANE AND SETH BOCKLEY, THE INITIATIVE'S FIRST COMMISSION. OTHER PRODUCTIONS INCLUDED GOB SQUAD'S KITCHEN, FIRST PRODUCED IN 2011'S UNDER THE RADAR FESTIVAL. 5449540 SHAKESPEARE IN THE PARK: 2012 MARKED THE 50TH ANNIVERSARY OF SHAKESPEARE IN THE PARK AT THE DELACORTE THEATER. TWO PLAYS WERE PRESENTED: AS YOU LIKE IT BY WILLIAM SHAKESPEARE DIRECTED BY DANIEL SULLIVAN AND INTO THE WOODS BY STEPHEN SONDHEIM AND JAMES LAPINE DIRECTED BY TIMOTHY SHEADER AND LIAM STEEL. THERE WERE 58 PERFORMANCES OVER TEN WEEKS WITH ATTENDANCE OF MORE THAN 120,000.NYSF ALSO PRESENTED SPECIAL EVENING OF A READING OF ROMEO AND JULIET DIRECTED BY DANIEL SULLIVAN AND FEATURING MERYL STREEP AND KEVIN KLINE, HONORING AL PACINO FOR HIS BODY OF WORK WITH THE INSTITUTION. 4347043 451135 NEW WORKS DEVELOPMENT & ANCILLARY PROGRAMS: THE PUBLIC WRITERS INITIATIVE SUPPORTS PLAYWRIGHTS AT EVERY STAGE OF THEIR CAREERS. EMERGING WRITERS GROUP OFFERED ITS FOURTH CLASS OF WRITERS AN EXPANDED TWO YEAR PROGRAM WHICH INCLUDES A SPOTLIGHT SERIES, BI-WEEKLY MEETINGS AND RETREATS TO STRENGTHEN PROFESSIONAL RELATIONSHIPS WITH THEATER COMPANIES, PEER DIRECTORS AND POTENTIAL COLLABORATORS. IN 2011-2012, MID-CAREER WRITERS PROGRAM GAVE 14 COMMISSIONS AND 146 READINGS/WORKSHOPS AND THROUGH THE PUBLIC'S NEW WORK NOW! FESTIVAL SHOWCASED ELEVEN PLAYS. SUZAN LORI-PARKS CONTINUED FOR HER FOURTH YEAR AS THE MASTER WRITER CHAIR, A FRAMEWORK TO SUPPORT MASTER PLAYWRIGHTS IN NONPROFIT THEATER. TO AUGMENT SHAKESPEARE IN THE PARK, NYSF PROVIDES SEVERAL INITIATIVES TO REACH COMMUNITIES WITH NO OR LITTLE ACCESS TO THE ARTS. A MIDSUMMER DAY'S CAMP, IS A TWO-WEEK CONSERVATORY PROGRAM FOR 36 YOUNG ACTORS, MANY RECEIVING TUITION SCHOLARSHIPS. MOBILE SHAKESPEARE UNIT PRODUCED RICHARD III DIRECTED BY AMANDA DEHNERT. THE PLAY WAS SEEN BY OVER 1,000 PEOPLE FROM 18 COMMUNITY PARTNERS ACROSS NEW YORK CITY INCLUDING BAYVIEW AND RIKERS ISLAND CORRECTIONAL FACILITIES, THE FORTUNE SOCIETY, JAMAICA SERVICE PROGRAM FOR OLDER ADULTS AND CEPHAS CENTER FOR THE ARTS IN THE BRONX. 2339935 1732689 JOE'S PUBNYSF'S NIGHTCLUB FEATURES ECLECTIC, ALL-INCLUSIVE PROGRAMMING FROM SPOKEN-WORD ARTISTS TO WORLD MUSIC TO ASPIRING MUSICAL THEATER COMPOSERS. IN 2011-2012, OVER 300 ARTISTS WERE PRESENTED. 2339935 1732689 18846570 1 1 0 0 0 0 0 0 0 1 1 1 0 1 1 1 0 1 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 510 0 1 768 1 1 1 0 0 0 0 1 1 0 0 0 0 X 38 36 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 NY CT NJ PA X MICHAEL RABINOWITZ CONTROLLER 2125398509 425 LAFAYETTE STREET NEW YORK NY 10003 X WARREN SPECTOR 5.00 X X 0 0 0 DANIEL SINGER 2.00 X X 0 0 0 GAIL PAPP 1.00 X X 0 0 0 PAUL J EUSTIS 40.00 X X 262551 46333 42207 PATRICK WILLINGHAM 40.00 X X 28154 0 0 RENEE BEAUMONT 1.00 X 0 0 0 ANDREA E BERNSTEIN 1.00 X 0 0 0 ZACH BUCHWALD 1.00 X 0 0 0 COLIN CALLENDER 1.00 X 0 0 0 MARY SCHMIDT CAMPBELL 1.00 X 0 0 0 WILLIAM CANDELARIA 1.00 X 0 0 0 CHARLES S COHEN 1.00 X 0 0 0 GORDON J DAVIS ESQ 2.00 X 0 0 0 ERIC ELLENBOGEN 1.00 X 0 0 0 NORA EPHRON 1.00 X 0 0 0 GEORGE L FARIAS 1.00 X 0 0 0 STEPHEN FEINBERG 1.00 X 0 0 0 HILARY C FESHBACH 1.00 X 0 0 0 PAT FILI-KRUSHEL 2.00 X 0 0 0 KEVIN KLINE 1.00 X 0 0 0 ARIELLE TEPPER MADOVER 2.00 X 0 0 0 HENRY MCGEE 1.00 X 0 0 0 ROBERT W PITTMAN 1.00 X 0 0 0 JED ROOT 1.00 X 0 0 0 WENDI ROSE 1.00 X 0 0 0 LIZANNE ROSENSTEIN 2.00 X 0 0 0 MARK ROSENTHAL 1.00 X 0 0 0 RALPH SCHLOSSTEIN 1.00 X 0 0 0 LIEV SCHREIBER 1.00 X 0 0 0 ALEXANDRA SHIVA 1.00 X 0 0 0 ANDREW SHIVA 1.00 X 0 0 0 TOM SLAUGHTER 1.00 X 0 0 0 JIM STEINBERG 1.00 X 0 0 0 STEVEN C TAUB 1.00 X 0 0 0 GRACE LYU VOLKHAUSEN 1.00 X 0 0 0 ROBIN WAGNER 1.00 X 0 0 0 SAM WATERSTON 1.00 X 0 0 0 FRANCES WILKINSON 1.00 X 0 0 0 ANDREA SCALA NELLIS 40.00 X 103543 3570 19799 JOEY PARNES SEE SCHEDULE O 40.00 X 255858 541289 0 RUTH STERNBERG 40.00 X 154760 0 24835 SANDRA E DAVIS 40.00 X 183319 0 17471 MANDY HACKETT 40.00 X 123575 1670 25203 SUZAN LORI PARKS 40.00 X 121252 0 19724 HELDI GRIFFITHS 40.00 X 92301 10256 23268 1325313 603118 172507 6 0 1 0 HUDSON YARDS CATERING LLC 640 WEST 28TH STREET NEW YORK NY 10001 CATERERS 173186 ROCKWELL GROUP LLC 5 UNION SQUARE WEST NEW YORK NY 10003 ARCHITECTS 170183 DAVID R KING (DBA DRK CONSTRUCTION) 1534 SELWYN AVE APT 1G BRONX NY 10457 CONSTRUCTION CONTRACTOR 116285 OPUS 3 ARTISTS LLC 470 PARK AVE SOUTH FL 9 NORTH TOW NEW YORK NY 10016 ARTIST MANAGEMENT 107000 4 2104173 778849 17160772 98925 20043794 BOX OFFICE INCOME 711110 5050197 5050197 CO-PRODUCTION FEES 900099 225000 225000 WORKSHOPS/EVENTS 900099 152220 152220 ROYALTY & SUB. RIGHTS 900099 136346 136346 TUITION INCOME 611710 50300 50300 5614063 202860 2756 200104 221569 0 221569 221569 221569 1373510 1412000 -38490 -38490 -38490 224636 2104173 224636 0 48209 0 48209 48209 MISCELLANEOUS INCOME 900099 104887 104887 104887 26196892 5582604 2756 567738 1085492 553057 78000 454435 9184294 7812357 600749 771188 599759 490928 37257 71574 858928 700390 54593 103945 1116655 915978 66383 134294 105664 36429 69235 80808 80808 111151 111151 2730217 2561246 20130 148841 645725 454834 190891 1012694 780006 58793 173895 65991 65991 462532 397596 10779 54157 572897 493258 10288 69351 49217 35282 11180 2755 428371 327951 20466 79954 98600 80646 6671 11283 DIRECT PRODUCTION COSTS 2763170 2745460 17710 MISCELLANEOUS 732826 395161 92578 245087 22704991 18846570 1217910 2640511 525598 1959897 903668 475441 7997721 7336191 819271 767166 600875 505836 5249531 3197139 2083859 2052392 7673555 6987584 9654391 10024524 13228295 17013446 43487233 47122477 5691929 3764845 391450 366300 3691401 5295811 638038 450074 10412818 9877030 X 2207307 3136663 15445463 18687139 15421645 15421645 33074415 37245447 43487233 47122477 X 3491901 679131 X 0 1 1 X 0 X 14428142 15868203 13509910 17433746 20043794 81283795 14428142 15868203 13509910 17433746 20043794 81283795 6360668 74923127 820787 881076 775547 1034530 785319 4297259 2444 2756 5200 237685 149341 298700 147123 153096 985945 86572199 29614231 0.86540 0.87690 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 17302565 836157 -905696 17233026 17173342 1291633 -1162410 17302565 16296557 1809950 -933165 17173342 18426572 -1154556 -975459 16296557 0.00000 0.89000 0.11000 0 0 3106502 1601086 1505416 992209 806669 185540 1150820 789384 361436 2052392 CANYON VALUE REALIZATION FUND (CAYMAN) LTD. 2352514 F TACONIC OPPORTUNITY OFFSHORE FUND 2137000 F THIRTEEN PARTNERS OFFSHORE, LTD. 1216073 F HCP REAL ASSETS FUND II, L.P. 137322 F HCP VARDE FUND IX INVESTORS, L.P. 2052020 F WATERSHED CAPITAL INSTITUTIONAL PARTNERS, L.P. 1767632 F HCP PRIVATE EQUITY FUN III (CAYMAN), L.P. 361963 F 10024524 CONSTRUCTION COST REIMBURSEMENT DUE FROM THE CITY OF NEW YORK 5588152 BONDS, DEPOSITS AND OTHER ASSETS 173148 CONSTRUCTION IN PROGRESS 11252146 17013446 ACCRUED PENSION LIABILITY 450074 450074 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: INCOME FROM NYSF'S ENDOWMENT IS ALLOCATED, BASED ON DONOR-RESTRICTIONS, TO SUPPORT THE INSTITUTION'S ARTISTIC AND OPERATIONAL ACTIVITIES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: MANAGEMENT HAS EVALUATED ALL INCOME TAX POSITIONS AND CONCLUDED THAT NO DISCLOSURES RELATING TO UNCERTAIN TAX POSITIONS WERE REQUIRED IN THE FINANCIAL STATEMENTS. X X X X X X X 1 SD&A 5757 W CENTURY BLVD STE 300 LOS ANGELES CA 90045 TELEFUNDRAISING 0 406030 111151 294879 406030 111151 294879 NY CT NJ PA ANNUAL GALA EVENT 2216009 2003463 212546 151683 60863 PUBLIC SINGS 112800 100719 12081 12081 2328809 2104182 224627 163764 60863 224627 0 X X X X X 0 0 0 0 0 0 0 0 0 PAUL J EUSTIS 262551 46333 0 0 0 0 10798 1905 25078 4426 298427 52664 0 0 JOEY PARNES SEE SCHEDULE O 255858 541289 0 0 0 0 0 0 0 0 255858 541289 0 0 RUTH STERNBERG 154760 0 0 0 0 0 7610 0 17225 0 179595 0 0 0 SANDRA E DAVIS 183319 0 0 0 0 0 3250 0 14221 0 200790 0 0 0 MANDY HACKETT 123575 1670 0 0 0 0 2958 40 21909 296 148442 2006 0 0 X 13 98925 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION A, LINE 1 THE ORGANIZATION HAS AN EXECUTIVE COMMITTEE CONSISTING OF THE CHAIRMAN OF THE BOARD, THOSE TRUSTEES WHO ARE OFFICERS OF THE CORPORATION, THOSE TRUSTEES WHO ARE CHAIRMEN OF THE AUDIT, FINANCE, AND NOMINATING COMMITTEES OF THE BOARD, AND SUCH ADDITIONAL TRUSTEES AS MAY BE ELECTED BY THE BOARD. THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ALL THE POWERS OF THE BOARD PERMITTED BY LAW WHEN THE BOARD IS NOT IN SESSION, EXCEPT FOR CERTAIN SPECIFIC MATTERS PURSUANT TO THE ORGANZIATION'S BY-LAWS. FORM 990, PART VI, SECTION A, LINE 2 TRUSTEES ALEXANDRA SHIVA AND ANDREW SHIVA ARE SIBLINGS. FORM 990, PART VI, SECTION B, LINE 11 PRIOR TO SUBMISSION, THE AUDIT COMMITTEE TOGETHER WITH MEMBERS OF THE EXECUTIVE AND FINANCE COMMITTEES REVIEW THE FORM 990 WITH THE INDEPENDENT AUDITORS, EXECUTIVE DIRECTOR, AND CHIEF FINANCIAL OFFICER. FORM 990, PART VI, SECTION B, LINE 12C THE AUDIT COMMITTEE OR THE CHAIR WILL EVALUATE THE DISCLOSURES TO DETERMINE WHETHER THEY INVOLVE ACTUAL CONFLICTS. THE INTERESTED BOARD MEMBER SHALL RECUSE HIMSELF OR HERSELF FROM DISCUSSION AND VOTING RELATING TO THE MATTER. HOWEVER, AS A MEMBER OF THE BOARD OR COMMITTEE, THE INTERESTED BOARD MEMBER MAY BE COUNTED IN DETERMINING THE ESTABLISHMENT OF THE QUORUM AT SUCH A MEETING. AT THIS TIME, ONLY THE TRUSTEES ARE REQUIRED TO DISCLOSE. A POLICY IS BEING DRAFTED TO REQUIRE THE SAME OF OFFICERS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION B, LINE 15 FOR THE POSITIONS OF ARTISTIC AND EXECUTIVE DIRECTORS, THE EXECUTIVE COMMITTEE HAS RECEIVED INFORMATION FROM AN INDEPENDENT CONSULTANT WHICH INCLUDES COMPARATIVE DATA FROM OTHER THEATERS. THIS INFORMATION IS COMPILED BASED ON THE REVIEW OF OTHER ORGANIZATIONS' 990S AND FROM SURVEYING OTHER EXECUTIVES. USING THIS DATA, THE COMMITTEE DETERMINES THE COMPENSATION. THIS WAS MOST RECENTLY DONE FOR THE ARTISTIC DIRECTOR WHEN HIS CONTRACT WAS RENEWED IN JUNE 2012, AND WHEN THE NEW EXECUTIVE DIRECTOR WAS HIRED IN NOVEMBER 2011. FOR THE KEY POSITIONS OF PRODUCTION EXECUTIVE, SENIOR DIRECTOR OF DEVELOPMENT, SENIOR DIRECTOR OF FINANCE AND ADMINISTRATION, AND SENIOR DIRECTOR OF MARKETING THE HUMAN RESOURCES DIRECTOR GARNERS INFORMATION USING COMPARATIVE DATA FROM OTHER THEATERS. THE INFORMATION IS COMPILED BASED ON THE REVIEW OF OTHER ORGANIZATIONS' 990S AND FROM SURVEYING OTHER EXECUTIVES. USING THIS DATA, THE EXECUTIVE DIRECTOR AND HUMAN RESOURCES DIRECTOR DETERMINE THE COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC BY DIRECT INQUIRY TO THE CONTROLLER. COMPENSATION FROM RELATED ORGANIZATIONS FORM 990, PART VII, SECTION A JOEY PARNES SERVED AS THE INTERIM EXECUTIVE DIRECTOR FOR THE NEW YORK SHAKESPEARE FESTIVAL FROM FEBRUARY 2011 THROUGH NOVEMBER 2011. MR. PARNES ALSO RECEIVED COMPENSATION THROUGH HIS MANAGEMENT COMPANY FROM LIMITED PARTNERSHIPS AND LIMITED LIABILITY COMPANIES (A TOTAL OF FIVE ENTITIES - SEE SCHEDULE R, PART III) FORMED TO CONDUCT THEATRICAL PRODUCTION ACTIVITIES. IN EACH OF THESE, PUBLIC THEATER PRODUCTIONS, INC., NEW YORK SHAKESPEARE FESTIVAL'S WHOLLY-OWNED SUBSIDIARY ENTITY, IS A GENERAL PARTNER/MANAGING MEMBER. COMPENSATION FROM THESE FIVE ENTITIES IN THE AGGREGATE AMOUNTED TO $541,289 FOR CALENDAR 2011, CONSISTING OF PAYMENT FOR PRODUCTION MANAGEMENT SERVICES. IN ADDITION, MR. PARNES RECEIVED PAYMENTS FOR REIMBURSEMENT OF EXPENSES. MR. PARNES' SERVICES TO THESE THEATRICAL PRODUCTION ENTITIES BEGAN PRIOR TO, AND IS UNRELATED TO, HIS SERVICES AS INTERIM EXECUTIVE DIRECTOR OF THE NEW YORK SHAKESPEARE FESTIVAL. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 678,425. PENSION-RELATED CHANGES OTHER THAN PERIODIC PENSION COST 706. TOTAL TO FORM 990, PART XI, LINE 5: 679,131. JOINT VENTURE FORM 990, PART VI, LINE 16A THE ORGANIZATION'S WHOLLY-OWNED SUBSIDIARY, PUBLIC THEATER PRODUCTIONS, INC., PARTICIPATED IN CO-PRODUCTIONS AS A MANAGING MEMBER OF FIVE ENTITIES TAXABLE AS PARTNERSHIPS (SEE SCHEDULE R, PART III) FORMED TO UNDERTAKE COMMERICAL THEATRICAL PRODUCTIONS OF SHOWS ORIGINALLY PRODUCED BY THE NEW YORK SHAKESPEARE FESTIVAL. TRANSACTIONS WITH RELATED ORGANIZATIONS FORM 990, SCHEDULE R, PART V, LINE 2 CERTAIN EMPLOYEES OF THE ORGANIZATION ARE ALSO SEPARATELY EMPLOYED BY ITS WHOLLY-OWNED SUBSIDIARY PUBLIC THEATER PRODUCTIONS, INC. FOR ADMINISTRATIVE EFFICIENCY, THE ORGANIZATION PROCESSES THE PAYROLL OF PUBLIC THEATER PRODUCTIONS, INC. AND RECEIVES REIMBURSEMENT OF THESE EXPENSES. FOR THE YEAR ENDED AUGUST 31, 2012, SUCH REIMBURSEMENT TOTALED $18,148. AQUARIUS BROADWAY LLC 234 WEST 44TH STREET 800 NEW YORK NY 10036 264049932 THEATRICAL PRODUCTION NY PUBLIC THEATER PRODUCTIONS UNRELATED 26163 47121 0 1 0.15860 POPULISM YEA YEA LLC 234 WEST 44TH STREET 800 NEW YORK NY 10036 134078712 THEATRICAL PRODUCTION NY PUBLIC THEATER PRODUCTIONS UNRELATED 14508 12529 0 1 0.12850 WHERE DO I GO TOUR LP 234 WEST 44TH STREET 800 NEW YORK NY 10036 272135601 THEATRICAL PRODUCTION NY PUBLIC THEATER PRODUCTIONS UNRELATED -44102 0 1 ON THE RIALTO LLC 234 WEST 44TH STREET 800 NEW YORK NY 10036 364674259 THEATRICAL PRODUCTION NY PUBLIC THEATER PRODUCTIONS UNRELATED -85936 26488 0 1 MANCHESTER ENGLAND LP 234 WEST 44TH STREET 800 NEW YORK NY 10036 271414122 THEATRICAL PRODUCTION NY PUBLIC THEATER PRODUCTIONS UNRELATED 0 1 0.06160 PUBLIC THEATER PRODUCTIONS 425 LAFAYETTE STREET NEW YORK NY 10003 263803813 COMMERCIAL THEATER CO-PRODUCTIONS NY N/A C 344612 100 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 PUBLIC THEATER PRODUCTIONS INC - SEE SCHEDULE O P 18148 AMOUNT OF CASH TRANSFERRED PUBLIC THEATER PRODUCTIONS INC - SEE SCHEDULE O A 2756 AMOUNT OF CASH TRANSFERRED PUBLIC THEATER PRODUCTIONS INC - SEE SCHEDULE O R 115302 AMOUNT OF REPAYMENT OF INTER LOAN