2012-09-17T10:02:21-05:00 2011-12-31 560574444 CHERRY BEKAERT & HOLLAND LLP 1180 W PEACHTREE STREET SUITE 1400 ATLANTA GA 303093482 990 2011-01-01 582491036 EARLY LEARNING PROPERTY MGT INC EARL 4046344049 57 EXECUTIVE PARK DRIVE NO 315 ATLANTA GA 30329 DONALD K VOSHALL 4046344049 2012-09-11 1 CHRISTINE W PIERCE P00436339 4042090954 2011 2016-02-24 21:20:13Z DONALD K VOSHALL 57 EXECUTIVE PARK DRIVE ATLANTA GA 30329 2070516 0 X WWW.ELPM.ORG X 1999 GA TO PROVIDE AFFORDABLE CLASSROOMS FOR EARLY LEARNING PROGRAMS HELPING DISADVANTAGED YOUTH IN GEORGIA THROUGH THE PURCHASE OR LEASE AND RENOVATION OR CONSTRUCTION OF CLASSROOM FACILITIES. THE FACILITIES MAY BE LEASED AT A BELOW-MARKET RATE TO EARLY LEARNING PROGRAMS, SUCH AS HEADSTART, THAT ARE 501(C)(3) ORGANIZATIONS. FACILITIES MAY ALSO BE PROVIDED TO EARLY LEARNING PROGRAMS THROUGH SALES, DIRECT FINANCING LEASES, OR DEVELOPMENT/CONSTRUCTION AGREEMENTS. 7 6 1 8 0 0 0 1000000 998392 1043604 9034 7342 18623 19570 1026049 2070516 0 0 0 0 99454 99105 0 0 0 1122430 1254411 1221884 1353516 -195835 717000 22982737 22547414 3322338 2240946 19660399 20306468 TO BUILD EARLY LEARNING CENTERS, PRIMARILY IN DISADVANTAGED NEIGHBORHOODS, THAT PROVIDE HIGH QUALITY EDUCATION AND NURTURING PROGRAMS FOR CHILDREN IN NEED FROM BIRTH THROUGH FIVE YEARS OF AGE. 0 0 THE ORGANIZATION PERFORMS TWO RELATED FUNCTIONS. THE FIRST IS TO PURCHASE OR BUILD FACILITIES FOR EARLY LEARING PROGRAMS RUN BY 501(C)(3) ORGANIZATIONS, SUCH AS HEADSTART. AS OF DECEMBER 31, 2011, THE ORGANIZATION HAS COMPLETED NINE CONSTRUCTION/RENOVATION PROJECTS, ALL OF WHICH ARE BEING LEASED AS EXPLAINED IN 4(B) BELOW. 1137314 1063174 UPON COMPLETION OF THE CONSTRUCTION/RENOVATION DESCRIBED IN 4(A) ABOVE, THE PROPERTIES ARE LEASED AT A BELOW-MARKET RENT TO 501(C)(3) ORGANIZATIONS WHICH PROVIDE EARLY LEARNING PROGRAMS. SUCH RENT COVERS THE COSTS OF LEASING AND MAINTAINING THE FACILITIES AS WELL AS FUTURE CAPITAL IMPROVEMENTS. AS OF DECEMBER 31, 2011, THE ORGANIZATION HAS LEASED THE NINE COMPLETED PROJECTS. 1137314 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 5 0 1 1 0 0 0 0 0 0 0 0 X 7 6 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 0 0 GA X KARA PORTNELL 4046344049 57 EXECUTIVE PARK DRIVE STE 315 ATLANTA GA 30329 DONALD K VOSHALL 0.00 X X 0 0 0 WILLIAM GARRETT 0.00 X X 0 0 0 LYNN PATTILLO 0.00 X X 0 0 0 JOHN CAMARDELLA 0.00 X 0 0 0 CHARLES CORNELIUS 0.00 X 0 0 0 KARA PORTNELL 40.00 X X 92520 0 0 DONATA MAJOR 0.00 X 0 0 0 VICTOR RODRIGUEZ 0.00 X 0 0 0 92520 0 0 0 0 0 0 JE DUNN CONSTRUCTION 800 MT VERNON HIGHWAY STE 200 ATLANTA GA 30328 238346 MALLORY AND EVANS 646 KENTUCKY STREET ATLANTA GA 30079 112332 GAY CONSTRUCTION PO BOX 2376 SMYRNA GA 30081 105760 3 1000000 1000000 MINNIE HOWELL 531120 179490 179490 EASTER SEAL GUICE 531120 170133 170133 SYLVAN HILLS 531120 152421 152421 ATLANTA INN 531120 108012 108012 BROOKVALLEY 531120 98851 98851 334697 334697 1043604 7342 7342 TENANT REIMBURSEMENT 531120 13964 13964 CONSTRUCTION MANAGEMEN 531120 5606 5606 19570 2070516 1063174 0 7342 92520 92520 6585 6585 54634 54634 25405 25405 1369 1369 876 876 11690 11690 682170 679587 2583 73032 65247 7785 REPAIRS & MAINTENANCE 275100 275100 RENTAL EXPENSE 63631 63631 BAD DEBT EXPENSE 53749 53749 MISCELLANEOUS 7087 7087 5668 5668 1353516 1137314 216202 0 3096420 2577633 4033263 4033679 6050 6203 19472332 6951537 12111811 12520795 3735193 3409104 22982737 22547414 10544 22996 807086 708626 2504708 1509324 3322338 2240946 X 17013052 17799365 507347 367103 2140000 2140000 19660399 20306468 22982737 22547414 X 717000 -70931 X 0 1 1 X 0 X 206000 500 1000000 1206500 1032780 1069567 1014367 998392 1043604 5158710 1238780 1070067 1014367 998392 2043604 6365210 100000 100000 794285 862174 823719 814078 756456 4050712 894285 862174 823719 814078 756456 4150712 2214498 148693 101067 8754 9034 7342 274890 148693 101067 8754 9034 7342 274890 1387473 1171134 1023121 1007426 2050946 6640100 0.33350 0.13470 0.04140 0.05680 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 636537 105754 17250 759541 570916 65526 95 636537 485179 84739 998 570916 392486 81829 10864 485179 0.73060 0.26940 0 0 1580000 1580000 16460650 6130182 10330468 1431682 821355 610327 12520795 MINIMUM LEASE PAYMENT RECEIVABLE 3396462 RENTS RECEIVABLE 12642 3409104 DEPOSIT 9324 NOTE PAYABLE 1500000 1509324 2070516 1353516 717000 -70931 -70931 646069 2151150 80634 80634 2070516 0 2070516 1505081 151565 151565 1353516 0 1353516 PART XI, LINE 8 - OTHER ADJUSTMENTS: DEPRECIATION EXPENSE -151,565. DONATED RENTAL AND LEGAL EXENSE 80,634. TOTAL TO SCHEDULE D, PART XI, LINE 8: -70,931. PART XIII, LINE 2D - OTHER ADJUSTMENTS: DIFFERENCES IN ACCOUNTING FOR EXPENSES PER GAAP (AUDITED FINANCIAL STATEMENTS) AND TAX RETURN INCLUDE: DEPRECIATION EXPENSE 151,565 PART X, LINE 2 FIN 48 FOOTNOTE: MANAGEMENT BELIEVES THAT THE ORGANIZATION CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AT DECEMBER 31, 2011. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT AFFECT ON THE FINANCIAL STATEMENTS AND DETERMINED THE ORGANIZATION HAD NO UNCERTAIN INCOME TAX POSITIONS AT DECEMBER 31, 2011. LYNN PATTILLO-DIROFF ELPM ENTITY MORE THAN 35% OWNED BY A FAMILY MEMBER OF LYNN PATTILLO 5057 PATTILLO CONSTRUCTION CORPORATION ("PCC") PREVIOUSLY PROVIDED MAINTENANCE/CONSTRUCTION SERVICES TO ELPM IN 2009. MOST OF THESE SERVICES WERE TAKEN OVER IN 2010 AND WERE PROVIDED DIRECTLY BY ELPM. HOWEVER, PATTILLO CONSTRUCTION CORPORATION CONTINUED TO PROVIDE A RELATIVELY SMALL AMOUNT OF THESE SERVICES DURING THIS TIME PERIOD AND WILL CONTINUE TO PROVIDE A SIMILAR LEVEL OF SERVICES GOING FORWARD AS THIS IS MORE COST EFFECTIVE. 0 FORM 990, PART VI, SECTION B, LINE 11 THE EXECUTIVE DIRECTOR FORWARDED COPIES OF FORM 990 TO EACH OF THE BOARD MEMBERS TO REVIEW. THE BOARD DISCUSSED THE FORM 990 AT A BOARD MEETING AND ADDRESSED ANY COMMENTS AND/OR CHANGES TO THE FORM 990. THE BOARD APPROVED THE FORM 990 PRIOR TO ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C ANY POTENTIAL CONFLICTS OF INTEREST ARE PRESENTED AT BOARD MEETINGS. THE PARTY INVOLVED IN THE POTENTIAL CONFLICT MAKES A PRESENTATION TO THE BOARD OF ALL RELEVANT FACTS AND THEN THE BOARD MEETS TO DISCUSS THE CONFLICT WITHOUT THE PARTY VOTING. THE REMAINING BOARD OR COMMITTEE MEMBERS DECIDE IF A CONFLICT EXISTS AND IF IT IS A PROHIBITED CONFLICT OF INTEREST. IF IT IS A PROHIBITED CONFLICT OF INTEREST, THE BOARD WILL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD CHAIR AND THE EXECUTIVE COMMITTEE CONDUCT AN ANNUAL COMPENSATION REVIEW FOR THE EXECUTIVE DIRECTOR POSITION. ANY COMPENSATION ADJUSTMENTS ARE PROVIDED IN WRITING TO THE ACCOUNTING MANAGER, THE EXECUTIVE DIRECTOR, AND THE PAYROLL COMPANY. CONTROLS RELATED TO SEGREGATION OF DUTIES EXIST BETWEEN THE BOARD CHAIR, ACCOUNTING MANAGER, AND EXECUTIVE DIRECTOR. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: DONATED SERVICES AND USE OF FACILITIES: -70,931. COMPLIANCE WITH THE WRITTEN CONFLICT OF INTEREST POLICY: PAGE 6, PART VI, SECTION B, LINE 12C - EACH DIRECTOR, PRINCIPAL OFFICER, AND MEMBER OF A COMMITTEE WITH BOARD-DELEGATED POWERS SHALL ANNUALLY SIGN A STATEMENT, WHICH AFFIRMS THAT SUCH PERSON HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, HAS READ AND UNDERSTANDS THE POLICY, AND HAS AGREED TO COMPLY WITH THE POLICY. FURTHERMORE, PERIODIC REVIEWS ARE CONDUCTED TO DETERMINE WHETHER COMPENSATION ARRANGEMENTS AND BENEFITS ARE REASONABLE AND ARE THE RESULTS OF ARM'S-LENGTH BARGAINING AND TO DETERMINE WHETHER THE POLICY HAS BEEN FOLLOWED OR IS IN NEED OF REVISION.