2011-05-13T10:55:24-05:00 2010-06-30 Arthur J Giglio CPA 250 East Hartsdale Avenue Suite 34 Hartsdale NY 10530 990 2009-07-01 132792409 THE COMMUNITY PRESERVATION CORPORATION COMM 2128695300 28 EAST 28TH STREET 9TH FLOOR NEW YORK NY 100167943 RONALD SCHIFERL 2128695300 2011-05-13 1 ROGER DEVRIES 9147237743 2011-05-03 2009 2016-02-24 21:20:13Z Michael D Lappin 28 EAST 28TH STREET 9TH FLOOR NEW YORK NY 100167943 74501005 0 X WWW.COMMUNITYP.COM X 1974 NY TO COMBAT COMMUNITY DETERIORATION, PROMOTE THE GENERAL WELFARE, AND LESSEN THE BURDENS OF GOVERNMENT BY PROVIDING FINANCING FOR LOW & MODERATE INCOME HOUSING. 15 14 186 0 0 0 31010 495703 76002911 73727524 187866 44253 0 76221787 74267480 78260 750525 0 16497358 16150042 0 0 59328191 55954781 75903809 72855348 317978 1412132 1502457529 1486967980 1407474593 1388891315 94982936 98076665 TO COMBAT COMMUNITY DETERIORATION, PROMOTE THE GENERAL WELFARE, AND LESSEN THE BURDENS OF GOVERNMENT BY PROVIDING FINANCING FOR LOW & MODERATE INCOME HOUSING. 0 0 63055298 750525 73771777 THE COMMUNITY PRESERVATION CORPORATION (CPC) IS A PRIVATE NOT-FOR-PROFIT MORTGAGE LENDER SPECIALIZING IN THE FINANCING OF LOW AND MODERATE INCOME HOUSING. CPC'S MISSION IS TO WORK WITH GOVERNMENT TO PRESERVE AND DEVELOP AFFORDABLE HOUSING IN NEW YORK, NEW JERSEY, AND CONNECTICUT. IN ITS 36 YEARS OF EXISTENCE, CPC HAS FINANCED THE REHABILITATION OR CONSTRUCTION OF 139,645 AFFORDABLE HOUSING UNITS. DURING THE YEAR ENDED JUNE 30, 2010, CPC ORIGINATED $318,652,579 OF PUBLIC AND PRIVATE FUNDS REPRESENTING FINANCING ON 4,184 UNITS. 63055298 1 1 0 1 0 0 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 1 0 1 3377 0 186 1 1 1 0 0 0 0 0 0 0 0 15 14 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 0 1 1 0 NY X RON SCHIFERL 2128695300 28 EAST 28TH STREET 9TH FLOOR NEW YORK NY 100167943 Michael D Lappin 15.80 X X 244624 806184 52578 Michael Hegarty 2.00 X X 32500 0 0 Richard C DeZego 1.00 X 0 0 0 Mariel O Donath 1.00 X 15000 0 0 George L Engelke Jr 1.00 X 0 0 0 Thomas Garbutt 1.00 X 0 0 0 Todd A Gomez 1.00 X 0 0 0 Richard M Gunthel 1.00 X 35000 0 0 Alexander BV Johnson 1.00 X 0 0 0 Philip L Milstein 1.00 X 0 0 0 Robert J Mueller 1.00 X 15000 0 0 Anne F Pollack 1.00 X 0 0 0 Gregory R Reimers 1.00 X 0 0 0 Arthur H Seter 1.00 X 0 0 0 Leonard S Simon 1.00 X 0 0 0 John M McCarthy 34.20 X 350116 154583 55184 Carolyn Au 35.00 X 240067 28308 43870 Christopher Betts 35.00 X 171697 0 35940 Mary A Brennan 35.00 X 236165 28308 43775 Rose Browne 35.00 X 175138 14153 10330 Richard P Conley 35.00 X 217977 28308 38700 Bruce Dale 35.00 X 209037 28308 46077 Alice Dunn 29.30 X 219095 42589 13712 Jack Greene 35.00 X 244997 28308 32984 Dianna Look 35.00 X 207951 28308 41900 Thomas P McGrath 33.30 X 219627 56644 40850 Douglas L Olcott 35.00 X 163666 0 34860 Anita Pins 35.00 X 183341 0 26331 Robert Riggs 35.00 X 225912 0 40645 Sarah Singman 35.00 X 211121 28308 47778 Richard A Kumro 16.20 X 128069 227735 48228 Helene S Rudolph 35.00 X 181612 0 32421 Ronald Schiferl 23.60 X 287167 138265 16576 Barbara Baer 17.50 X 85353 85353 18070 Kenneth D Bell 35.00 X 88136 0 4302 Richard Bonvicino 29.30 X 110948 21567 10333 Lynn Bradley 35.00 X 136440 0 22739 Cecelia Doyle 29.30 X 127152 24717 3796 Christopher R Hooke 35.00 X 115636 0 9957 Erica Lake 29.30 X 83368 16206 31792 Susan McClure 29.30 X 201551 39178 17661 Kathleen Murphy 35.00 X 117311 0 22750 Christopher O'Keefe 29.30 X 155837 30292 25303 Andrew Padian 35.00 X 140374 0 12153 Nicholas Petragnani 35.00 X 135922 0 27983 Brenda Ratliff 30.20 X 115799 32549 22259 James Rykowski 35.00 X 136770 0 23887 Mary F Schouenborg-Paden 35.00 X 126438 0 19126 Clare Sweeney 35.00 X 95431 0 35915 Annemarie Uebbing 35.00 X 165640 0 25110 Hillary Weinstein 35.00 X 135238 0 25414 Daniel J Wheeler 35.00 X 136289 0 30696 Kathleen A Dunn 0.00 X 0 434775 42489 Susan M Pollock 0.00 X 0 315879 46309 Mary E Enright 0.00 X 0 310490 35215 William A Burke 0.00 X 0 297910 32250 Barry E Light 0.00 X 0 205949 33901 6624512 3453174 1282149 53 0 1 0 DOOR3 CORPORATION 135 WEST 29TH STREET NEW YORK NY 10001 PROGRAMMING 1231758 IBM CORPORATION PO BOX 643600 PITTSBURGH PA 15264 INFORMATION TECHNOLOGY 556074 KPMG LLP PO BOX 120001 DALLAS TX 75312 AUDITORS 391177 WILLIAM I LEVINE 11 SANDY LAND RANDOLPH NJ 07869 CONSULTING 260000 ROBERT R NICOLELLA 2150 KENWOOD PLACE BELLMORE NY 11710 CONSULTING 256480 10 495203 500 495703 MORTGAGE LOAN INTEREST 522292 54572762 54572762 SERVICING FEES 522390 8167926 8167926 MORTGAGE LOAN COMMITME 522292 4371511 4371511 GAIN ON SALE OF LOANS 522292 3841603 3841603 PENALTY & LATE CHARGES 522390 2622811 2622811 150911 150911 73727524 44253 44253 233525 233525 0 0 74267480 73771777 0 0 607809 607809 142716 142716 8438069 4959096 3478973 5662213 4186497 1475716 555363 406624 148739 622090 544042 78048 872307 593439 278868 98899 98899 454376 454376 99842 99842 1016652 601359 415293 366750 126514 240236 914896 369002 545894 1034070 674730 359340 1738382 1033658 704724 336595 200142 136453 63740 37900 25840 37022937 37022937 1364681 811452 553229 411127 411127 LOAN LOSS RESERVE INCRE 10000000 10000000 OTHER EXPENSES 553837 368726 185111 CONTRIBUTIONS 271226 145865 125361 TEMPORARY OFFICE HELP 206771 122948 83823 72855348 63055298 9800050 0 22217765 53912624 122553465 70561552 3510082 3642946 582554 1069312 9978069 3962580 5568839 6015489 26828345 29026934 1294097295 1284333900 7536983 10717525 19562201 27687698 1502457529 1486967980 7359454 6279194 242288816 219430588 812787518 778947319 336136091 377306124 8902714 6928090 1407474593 1388891315 X 94982936 98076665 94982936 98076665 1502457529 1486967980 X 0 1 1 X 0 X 165500 110550 23400 31010 58843 389303 64563795 74490146 89456986 76002911 73727524 378241362 64729295 74600696 89480386 76033921 73786367 378630665 0 2152684 3205663 3381902 3087200 4109666 15937115 2152684 3205663 3381902 3087200 4109666 15937115 362693550 985923 1513083 1082481 187866 44253 3813606 985923 1513083 1082481 187866 44253 3813606 65715218 76113779 90562867 76221787 73830620 382444271 0.94840 0.94250 0.01000 0.01180 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 1 10000 0 0 1 260000 0 0 270000 0 Part II-B, Line 1i: Explanation of Other Lobbying Activities: LOBBYING IS NOT A SUBSTANTIAL PART OF THE ACTIVITIES OF THE CORPORATION. DURING THE FISCAL YEAR ENDED JUNE 30, 2010, OFFICERS OF THE CORPORATION DID LOBBY WITH RESPECT TO FEDERAL, STATE, AND LOCAL LEGISLATION RELATING TO AFFORDABLE HOUSING ISSUES, AND THE CORPORATION RETAINED THE SERVICES OF LEGAL COUNSEL IN ALBANY TO REPRESENT ITS INTERESTS WITH RESPECT TO STATE LEGISLATION AND IN WASHINGTON, DC, WITH RESPECT TO FEDERAL LEGISLATIONS, AS WELL AS RETAINING A CONSULTANT IN NEW YORK CITY FOR MATTERS RELATED TO LOCAL LEGISLATION. DIRECT LOBBYING EXPENSES OF THIS NATURE FOR THE FISCAL YEAR ENDED JUNE 30, 2010, TOTALED LESS THAN $110,000. LOBBYING EXPENSES OF CORPORATION OFFICERS FOR THE PERIOD (INCLUDING REIMBURSEMENT OF TRAVEL EXPENSES AND A PER HOUR PRORATION OF OFFICERS' SALARIES) ARE ESTIMATED TO HAVE BEEN LESS THAN $150,000 AND EXPENSES FOR MAILINGS ARE ESTIMATED AT LESS THAN $10,000. THE CORPORATION'S TOTAL LOBBYING EXPENDITURES FOR THE FISCAL YEAR ENDED JUNE 30, 2010, ARE THEREFORE ESTIMATED TO HAVE BEEN LESS THAN $270,000. 0 1 220914 168677 52237 1763122 1373118 390004 7994033 2420785 5573248 6015489 CONSTRUCTION LOANS, NET OF RESERVE 441392956 C CONSTRUCTION LOAN PARTICIPATIONS 549630412 C PERMANENT MORTGAGE LOANS 63993625 C PERMANENT LOAN PARTICIPATIONS 229316907 C 1284333900 DUE TO PARTICIPANTS 6928090 6928090 74267480 72855348 1412132 -972908 2654505 1681597 3093729 90680400 16849780 16849780 73830620 436860 436860 74267480 86613763 14195275 14195275 72418488 436860 436860 72855348 Part IV, Line 2b: THE CORPORATION MAKES CONSTRUCTION LOANS AND PERMANENT MORTGAGE LOANS TO BORROWERS FOR LOW AND MODERATE INCOME HOUSING. IN CONJUNCTION WITH THOSE LOANS, THE CORPORATION HOLDS BORROWER FUNDS IN ESCROW FOR THE PAYMENT OF REAL ESTATE TAXES, PROPERTY INSURANCE PREMIUMS, INSPECTION FEES, AND OTHER LOAN-RELATED ITEMS. IN ADDITION, THE CORPORATION HOLDS FUNDS BELONGING TO NEW YORK CITY DEPARTMENT OF HOUSING PRESERVATION AND DEVELOPMENT AND CERTAIN OTHER GOVERNMENT AGENCIES, WHICH PARTICIPATE IN CERTAIN OF THE CORPORATION'S LOANS, FOR FUTURE LOAN ADVANCES TO BORROWERS ON BEHALF OF THOSE AGENCIES. AT JUNE 30, 2009, THE CORPORATION HELD APPROXIMATELY $148 MILLION OF BORROWER ESCROW FUNDS AND APPROXIMATELY $94 MILLION OF GOVERNMENT AGENCY FUNDS. Part X: Description of Uncertain Tax Positions Under FIN 48: Effective July 1, 2009, the Corporation uses a more-likely than not threshold for recognition and derecognition of tax positions taken or to be taken in a tax return. In accordance with the accounting guidance on the accounting for uncertainty in income taxes, the Corporation assessed its tax positions for all open tax years as of June 30, 2010, which are from July 1, 2006 through June 30, 2009. The Corporation concluded that it has no material uncertain tax positions to be recognized at this time. If there are interest and penalties on tax positions, the Corporation's policy is to classify these as general and administrative expenses. Part XI, Line 8 - Other Adjustments: EQUITY IN NON-EXEMPT SUBSIDIARIES: 2654505. Part XII, Line 2d - Other Adjustments: INCOME OF NON-EXEMPT SUBSIDIARIES INCLUDED IN CONSOLIDATED AUDIT: 16849780. Part XII, Line 4b - Other Adjustments: RECLASS OF GRANT INCOME: 436860. Part XIII, Line 2d - Other Adjustments: EXPENSES OF NON-EXEMPT SUBSIDIARIES INCLUDED IN CONSOLIDATED AUDIT: 14195275. Part XIII, Line 4b - Other Adjustments: RECLASS OF GRANT INCOME: 436860. 1 EMERGENCY HOUSING GROUP INC 38 SEWARD AVENUE MIDDLETOWN NY 10940 141596731 24000 CDFI GRANT UNDER NEW YORK STATE PROGRAM HABITAT FOR HUMANITY OF GREATER NEWBURGH INC 125 WASHINGTON STREET NEWBURGH NY 12550 141815690 67500 CDFI GRANT UNDER NEW YORK STATE PROGRAM SRI KRISHNA SHIRLEY PROPERTIES LLC 17 NEWPORT DRIVE PRINCETON JUNCTION NJ 08550 260427580 18449 CDFI GRANT UNDER NEW YORK STATE PROGRAM SYRACUSE MODEL NEIGHBORHOOD CORPORATION 1721 SOUTH SALINA STREET SYRACUSE NY 13205 160998428 61000 CDFI GRANT UNDER NEW YORK STATE PROGRAM RIVERDALE OSBORNE TOWERS HOUSING ASSOCIATES LLC 28 EAST 28TH STREET 9TH FLOOR NEW YORK NY 10016 770677730 436860 PASS-THROUGH OF A NEW YORK STATE ENERGY EFFICIENCY GRANT 3 5 CDFI GRANTS UNDER NEW YORK STATE PROGRAM 22 142716 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: The Corporation makes grants from its own funds from time to time to non-profits with which the Corporation collaborates in carrying out its tax-exempt purposes. Examples include the New York Housing Conference, the National Association of Affordable Housing Lenders, the Citizens Housing and Planning Council, among many others. The grants are relatively modest in amount, and help meet the operating budgets of the grantees. The Corporation also deploys funds awarded to it in the early 2000's under the U.S. Treasury's Community Development Financial Institutions (CDFI) program. The Corporation's awards from CDFI totaled $5,000,000 over the course of the program, and were expended in grants and loans to properties in target areas where the Corporation was also an active lender. The purposes, amounts, and properties were identified in regular reports submitted to the U.S. Treasury during the awards' required reporting period, which has now expired. When funds from the original CDFI grants were disbursed as loans on individual properties, and those loans were subsequently repaid, the Corporation has re-deployed the funds for community development purposes. X X X X X 1 1 1 0 0 0 0 0 0 Michael D Lappin 207116 253142 0 0 37508 553042 14333 17518 9327 11400 268284 835102 0 0 John M McCarthy 322569 7425 0 0 27547 147158 31133 717 22809 525 404058 155825 0 0 Carolyn Au 176058 0 40000 0 24009 28308 25675 0 18195 0 283937 28308 0 0 Christopher Betts 130508 0 20000 0 21189 0 19695 0 16245 0 207637 0 0 0 Mary A Brennan 212299 0 0 0 23866 28308 31200 0 12575 0 279940 28308 0 0 Rose Browne 131566 0 15000 0 28572 14153 10140 0 190 0 185468 14153 0 0 Richard P Conley 173565 0 22000 0 22412 28308 25155 0 13545 0 256677 28308 0 0 Bruce Dale 162758 0 12500 0 33779 28308 25350 0 20727 0 255114 28308 0 0 Alice Dunn 199158 38714 0 0 19937 3875 4542 883 6938 1349 230575 44821 0 0 Jack Greene 223132 0 0 0 21865 28308 31766 0 1218 0 277981 28308 0 0 Dianna Look 147626 0 35000 0 25325 28308 22490 0 19410 0 249851 28308 0 0 Thomas P McGrath 180095 9479 14250 750 25282 46415 26478 1394 12329 649 258434 58687 0 0 Douglas L Olcott 130758 0 12500 0 20408 0 19715 0 15145 0 198526 0 0 0 Anita Pins 136837 0 20000 0 26504 0 20659 0 5672 0 209672 0 0 0 Robert Riggs 157008 0 30000 0 38904 0 23400 0 17245 0 266557 0 0 0 Sarah Singman 177108 0 12500 0 21513 28308 26533 0 21245 0 258899 28308 0 0 Richard A Kumro 114773 133385 0 0 13296 94350 14731 17119 7575 8803 150375 253657 0 0 Helene S Rudolph 139337 0 21000 0 21275 0 20800 0 11621 0 214033 0 0 0 Ronald Schiferl 157664 75912 84375 40625 45128 21728 871 419 10318 4968 298356 143652 0 0 Barbara Baer 78140 78140 5000 5000 2213 2213 7925 7925 1110 1110 94388 94388 0 0 Lynn Bradley 118474 0 6250 0 11716 0 17006 0 5733 0 159179 0 0 0 Cecelia Doyle 90186 17531 16745 3255 20221 3931 848 165 2330 453 130330 25335 0 0 Susan McClure 175734 34160 5233 1017 20584 4001 1256 244 13531 2630 216338 42052 0 0 Christopher O'Keefe 115910 22531 26792 5208 13135 2553 16871 3279 4314 839 177022 34410 0 0 Andrew Padian 108982 0 25000 0 6392 0 0 0 12153 0 152527 0 0 0 Nicholas Petragnani 106933 0 22000 0 6989 0 14438 0 13545 0 163905 0 0 0 Brenda Ratliff 79697 12705 17250 2750 18852 17094 13063 2082 6136 978 134998 35609 0 0 James Rykowski 127875 0 6250 0 2645 0 6523 0 17364 0 160657 0 0 0 Annemarie Uebbing 141711 0 6250 0 17679 0 20677 0 4433 0 190750 0 0 0 Hillary Weinstein 114232 0 8000 0 13006 0 17069 0 8345 0 160652 0 0 0 Daniel J Wheeler 110398 0 18000 0 7891 0 15860 0 14836 0 166985 0 0 0 Kathleen A Dunn 0 249878 0 0 0 184897 0 31850 0 10639 0 477264 0 0 Susan M Pollock 0 200432 0 38000 0 77447 0 29705 0 16604 0 362188 0 0 Mary E Enright 0 189216 0 35000 0 86274 0 27937 0 7278 0 345705 0 0 William A Burke 0 223700 0 40000 0 34210 0 31850 0 400 0 330160 0 0 Barry E Light 0 171365 0 10000 0 24584 0 25740 0 8161 0 239850 0 0 Part I, Line 4a SCHEDULE J, LINE 4A - SEVERENCE PAYMENTS: FROM THE FROM RELATED ORGANIZATION ORGANIZATION KENNETH D BELL 32,307 - SCHEDULE J, LINE 4B - SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN PAYMENTS: FROM THE FROM RELATED ORGANIZATION ORGANIZATION CAROLYN AU 9,000 - CHRISTOPHER P BETTS 4,000 - ROSE BROWNE 2,000 - WILLIAM A BURKE - 8,000 RICHARD P CONLEY 4,000 - BRUCE DALE 2,000 - KATHLEEN A DUNN - 6,000 MARY E ENRIGHT - 6,000 RICHARD A KUMRO 2,775 3,225 MICHAEL D LAPPIN 18,000 22,000 DIANNA LOOK 8,000 - JOHN M MCCARTHY 18,573 427 THOMAS P MCGRATH 2,850 150 DOUGLAS L OLCOTT 3,000 - ANITA PINS 4,000 - SUSAN M POLLOCK - 7,000 ROBERT L RIGGS 7,000 - BRAD A ROBERTSON - 5,000 HELENE S RUDOLPH 5,000 - SARAH SINGMAN 3,000 - SCHEDULE J, LINE 4C - EQUITY-BASED COMPENSATION PAYMENTS: FROM THE FROM RELATED ORGANIZATION ORGANIZATION CAROLYN AU - 28,308 MARY A BRENNAN - 28,308 ROSE BROWNE - 14,153 RICHARD P CONLEY - 28,308 BRUCE DALE - 28,308 KATHLEEN A DUNN - 154,977 MARY E ENRIGHT - 56,355 JACK GREENE - 28,308 RICHARD A KUMRO - 78,898 MICHAEL D LAPPIN - 507,199 DIANNA LOOK - 28,308 JOHN M MCCARTHY - 146,524 THOMAS P MCGRATH - 45,084 SUSAN M POLLOCK - 45,084 BRENDA RATLIFF - 14,089 SARAH SINGMAN - 28,308 VARIOUS DIRECTORS DIRECTORS ABOUT HALF OF THE CORPORATION'S DIRECTORS AT ANY GIVEN TIME ARE INCUMBENT SENIOR OFFICIALS OF FINANCIAL INSTITUTIONS THAT ARE MEMBERS OF, PROVIDE CREDIT TO, AND/OR HAVE TRANSACTIONS WITH THE CORPORATION IN THE ORDINARY COURSE OF BUSINESS, SUCH AS PURCHASING LOAN PARTICIPATIONS. IN ADDITION, IN 2008 A LOAN FUND MANAGED BY ONE OF THE DIRECTORS OF THE CORPORATION AND OF ITS SUBSIDIARY, CPC RESOURCES INC., LOANED FUNDS TO THE SUBSIDIARY. 0 JOHN M MCCARTHY EXECUTIVE V.P. & CHIEF OPERATING OFFICER MR. MCCARTHY SERVES AS CHAIRMAN OF THE HOUSING PARTNERSHIP DEVELOPMENT CORPORATION (HPDC), A NON-PROFIT ENTITY WHOSE PURPOSES INCLUDE DEPLOYING STATE HOUSING SUBSIDIARIES TO APPROVED PROJECTS. A FEW PROJECTS RELATED TO THE ORGANIZATION AND TO CPC RESOURCES INC. (CPCR), THE ORGANIZATIONS WHOLLY-OWNED NON-EXEMPT SUBSIDIARY, HAVE RECEIVED THESE SUBSIDIARIES. MR. MCCARTHY IS SUBJECT TO WRITTEN CONFLICT OF INTEREST POLICIES OF BOTH THE ORGANIZATION AND HPDC AND HAS NOT TAKEN PART IN HPDC DECISIONS TO DEPLOY, NOR IN DECISIONS OF THE ORGANIZATION OR CPCR TO SEEK, THESE SUBSIDIARIES. 0 Form 990, Part VI, Section A, line 6 THE CORPORATION HAS FOUR CLASSES OF MEMBERS: CLASS A CONSISTS OF FOUNDING COMMERCIAL BANKS AND IS A CLOSED CLASS; CLASS B CONSISTS SOLELY OF THE NEW YORK STATE BANKERS ASSOCIATION; CLASS C CONSISTS OF LIFE INSURANCE COMPANIES; CLASS D CONSISTS OF FINANCIAL INSTITUTIONS AND OTHERS THAT DO NOT FIT WITHIN THE OTHER THREE CLASSES. Form 990, Part VI, Section A, line 7a EACH MEMBERSHIP CLASS HAS THE RIGHT TO VOTE FOR TWO OF THE CORPORATION'S DIRECTORS (THE REMAINDER OF THE BOARD BEING ELECTED AT-LARGE BY THE BOARD ITSELF), AND UNDER NEW YORK LAW THE MEMBERS ALSO HAVE CERTAIN RIGHTS TO VOTE ON MAJOR ISSUES SUCH AS MERGERS AND DISSOLUTION. Form 990, Part VI, Section A, line 7b UNDER NEW YORK LAW, THE MEMBERS HAVE CERTAIN RIGHTS TO VOTE ON MAJOR ISSUES SUCH AS MERGERS AND DISSOLUTION. Form 990, Part VI, Section B, line 11 PRIOR TO FILING, A DRAFT COPY OF FORM 990 WAS REVIEWED FOR COMPLETENESS AND ACCURACY BY MEMBERS OF THE CORPORATION'S MANAGMENT AND WAS ALSO SUPPLIED TO THE COMPENSATION COMMITTEE OF THE CORPORATION'S BOARD OF DIRECTORS FOR COMMENT. THE FINAL REVIEWED VERSION OF FORM 990 WAS THEN PROVIDED TO EACH MEMBER OF THE BOARD OF DIRECTORS PRIOR TO THE FORM'S ELECTRONIC FILING. Form 990, Part VI, Section B, line 12c RESPONSES ARE REVIEWED BY THE ORGANIZATION'S INDEPENDENT AUDITORS AS PART OF THE ANNUAL FINANICAL AUDIT. Form 990, Part VI, Section B, line 15 EACH YEAR, THE CORPORATION PARTICIPATES IN MARKET SURVEYS RELEVANT TO THE COMMERCIAL REAL ESTATE FINANCIAL SERVICES INDUSTRY. THE CORPORATION BENCHMARKS ITS TOTAL COMPENSATION AGAINST COMPARABLE JOBS FOUND IN RELEVANT SURVEYS (MCLAGAN AND WATSON WYATT). THE PEER INSTITUIONS USED AS BENCHMARKS ARE THOSE FOUND IN THE MCGLAGAN MARKET SURVEY (INCLUDING OVER 100 PARTICIPANTS, INCLUDING BANKS, INSURANCE COMPANIES, ETC.). THE CORPORATION'S COMPENSATION COMMITTEE, COMPRISED OF MEMBERS OF THE BOARD OF DIRECTORS, REVIEW AND APPROVE ANNUALLY THE RECOMMENDED COMPENSATION (SALARY, ANNUAL BONUS, LONG-TERM INCENTIVE PLAN, AND EXECUTIVE RETIREMENT PLAN) FOR THE CORPORATION'S SENIOR MANAGEMENT TEAM AND TOP 25 EMPLOYEES. THE COMPENSATION COMMITTEE REVIEWS AND APPROVES THE OVERALL AMOUNTS OF SALARIES AND BONUS AWARDS BEFORE RECOMMENDATIONS ARE MADE BASED ON MARKET DATA, BUSINESS CONDITIONS AND THE OVERALL COMPETITIVE MARKETPLACE. THE CORPORATION'S BOARD OF DIRECTORS THEN REVIEWS AND APPROVES ALL COMPENSATION RECOMMENDATIONS. Form 990, Part VI, Section C, line 19 THE CORPORATION'S CHARTER IS A PUBLIC DOCUMENT AVAILABLE FROM THE NEW YORK SECRETARY OF STATE. A SUMMARY OF THE CORPORATION'S AUDITED FINANCIAL STATEMENTS IS INCLUDED EACH YEAR IN THE CORPORATION'S ANNUAL REPORT, WHICH IS AVAILABLE ON THE CORPORATION'S WEBSITE, AND THE FULL AUDITED FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. THE CORPORAITON'S BY-LAWS, CONFLICT OF INTEREST POLICY AND SIMILAR DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC BUT ARE AVAILABLE TO THE CORPORATION'S MEMBERS UPON REQUEST. FORM 990, PART XI, LINE 2: THE CORPORATION HAS HAD NO CHANGE FROM THE PRIOR YEAR IN THE PROCESS FOR SELECTION OF AUDITOR OR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS. Supplement to Schedule R, Part V, Transactions with Related Organizations. CPC Nominee 1, Inc. (CPCN) is a Delaware corporation owned 100% by the organization. It was formed for the purpose of temporarily holding title to real estate acquired by the organization through loan foreclosures. At June 30, 2010, it owned only assets which consist of real estate in New York State. Once these assets are disposed of CPCN will be formally dissolved. CPC REO LLC 28 EAST 28TH STREET 9TH FLOOR NEW YORK NY 10016 272320596 TITLEHOLDER NY CPC RESOURCES INC 28 EAST 28TH STREET NEW YORK NY 10016 133692436 INVESTMENT, CONSULTING, REAL ESTATE DEVELOPMENT NY N/A C 10647351 82407495 1.00000 CPC NOMINEE 1 INC 28 EAST 28TH STREET NEW YORK NY 10016 133947975 REAL ESTATE NOMINEE NY N/A C 11651 3038357 1.00000 1 0 0 0 0 1 1 0 1 0 0 0 1 1 0 1 1 0 CPC RESOURCES INC A 233525 CPC RESOURCES INC F 4200000 CPC RESOURCES INC G 4500000 CPC RESOURCES INC I 233525 CPC RESOURCES INC M 1172832 CPC RESOURCES INC N 3117507 CPC RESOURCES INC P 4290339 CPC NOMINEE 1 INC (SEE FOOTNOTE ON SCHEDULE O) Q