Form 990 for tax year 2025

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $466,032

• 1f · All other contributions, gifts and grants

  $145,620

• 3 · Investment income

  total $702,587 · excluded $702,587

• 8a · Fundraising events: gross income

  $66,200

• 8a · Fundraising events: contributions included on line 1c

  $466,032

• 8b · Fundraising events: direct expenses

  $292,945

• 8c · Net income from fundraising events

  total -$226,745 · excluded -$226,745

• 11a · Other revenue: MISCELLANEOUS INCOME

  total $13,034 · excluded $13,034

• 11b · Other revenue: NMTC DEBT EXTINGUISHMENT-(SEE SCH

  total -$4,018,480 · excluded -$4,018,480

• 11e · Other revenue, total

  -$4,005,446

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $40,134 · program services $40,134

• 11c · Fees: accounting

  total $6,360 · program services $5,087 · management and general $1,273

• 13 · Office expenses

  total $16,665 · program services $10,953 · management and general $5,712

• 14 · Information technology

  total $4,496 · program services $3,597 · management and general $899

• 19 · Conferences, conventions and meetings

  total $2,524 · program services $2,019 · management and general $505

• 20 · Interest

  total $429,633 · program services $343,706 · management and general $85,927

• 24a · Other expenses: FUNDRAISING EVENTS EXPE

  total $16,857 · program services $2,583 · management and general $14,274

• 24b · Other expenses: SMALL TOOLS, EQUIPMENT

  total $4,867 · program services $3,894 · management and general $973

• 24c · Other expenses: SUBSCRIPTIONS

  total $1,000 · program services $800 · management and general $200

• 24d · Other expenses: CREDIT CARD FEES

  total $502 · management and general $502

• 24e · All other expenses

  total $512 · program services $410 · management and general $102

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $365,161 · end of year $93,317

• 2 · Savings and temporary cash investments

  beginning of year $184,700 · end of year $153,958

• 3 · Pledges and grants receivable

  end of year $1,200

• 7 · Other notes and loans receivable

  beginning of year $21,060,300 · end of year $57,501,600

• 9 · Prepaid expenses and deferred charges

  beginning of year $6,580 · end of year $7,733

• 17 · Accounts payable and accrued expenses

  end of year $2,912

• 23 · Secured mortgages and notes payable

  beginning of year $11,757,155 · end of year $9,990,162

• 25 · Other liabilities

  beginning of year $9,230,195 · end of year $50,576,845

• 27 · Net assets without donor restrictions

  beginning of year $629,391 · end of year -$2,812,111

The filer's explanations (Part III)

PART I, LINE 3

THE BOARD OF DIRECTORS HAS A POLICY FOR REVIEWING AND APPROVING THE COMPENSATION PACKAGES OF THE CEO ON A REGULAR BASIS TO DETERMINE IT IS FAIR AND REASONABLE WITH THE GOAL OF RETAINING EMPLOYEES AT COMPENSATION LEVELS WITHIN APPROPRIATE MARKET RANGE. THE POLICY PROVIDES THAT THE REVIEW AND APPROVAL OF THE COMPENSATION ARRANGEMENT WILL BE CONDUCTED, IN ADVANCE, BY INDEPENDENT AND IMPARTIAL MEMBERS OF THE BOARD (OR A COMMITTEE OF THE BOARD). THE BOARD REVIEWS COMPARABLE COMPENSATION DATA FOR COMPARABLE SERVICES, COMPARABLE ENTERPRISES (BY BUDGET, REVENUES, NUMBER OF EMPLOYEES, PERSONS SERVED, AND MISSION), COMPARABLE CIRCUMSTANCES (GEOGRAPHIC LOCATION AND ECONOMIC CONDITIONS/COST OF LIVING), AND OTHER FACTORS SUCH AS WHETHER THE PERSON MANAGES MULTIPLE FUNCTIONS OR DEPARTMENTS, THE EMPLOYEE'S DUTIES AND PAST PERFORMANCE HISTORY, AND THE EMPLOYEE'S BACKGROUND, SKILLS, EDUCATION, AND EXPERIENCE. THE BOARD MAY ALSO REVIEW CURRENT COMPENSATION SURVEYS COMPILED BY INDEPENDENT FIRMS AND CONSIDER RECENT WRITTEN OFFERS FROM SIMILAR ORGANIZATIONS COMPETING FOR THE COVERED INDIVIDUAL'S SERVICES. THE DOCUMENTATION OF THE BOARD INCLUDES THE TERMS OF THE TRANSACTION AND THE DATE OF APPROVAL, THE MEMBERS WHO WERE PRESENT DURING THE DEBATE AND VOTE ON THE TRANSACTION, A DESCRIPTION OF THE COMPARABILITY DATA AND HOW IT WAS OBTAINED AND RELIED UPON INCLUDING THE RECOMMENDATIONS RECEIVED FROM THIRD-PARTY CONSULTANTS, AND DOCUMENTATION OF THE BASIS FOR THE DETERMINATION.