2024-02-09T11:14:30-06:00 2023-06-30 221478099 COHNREZNICK LLP 14 SYLVAN WAY PARSIPPANY NJ 070543801 990 2022-07-01 133711803 PRIMARY CARE DEVELOPMENT CORPORATION PRIM 2124373940 45 BROADWAY SUITE 530 NEW YORK NY 10006 LOUISE COHEN CEO 2124373940 2024-02-08 1 LOUISE COHEN 999009999 1 LORI ROTHE YOKOBOSKY CPA P01273422 9732283500 2024-02-06 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z LOUISE COHEN 45 BROADWAY SUITE 530 NEW YORK NY 10006 17142386 0 X WWW.PCDC.ORG X 1993 NY SINCE 1993, PRIMARY CARE DEVELOPMENT CORPORATION (PCDC) SUPPORTS HEALTHY, (SEE SCH O) THRIVING COMMUNITIES ACROSS THE COUNTRY THROUGH PRIMARY CARE INVESTMENT, EXPERTISE, AND ADVOCACY. WE IMPROVE AND EXPAND ACCESS TO PRIMARY CARE, DELIVERING EVIDENCE-BASED SOLUTIONS AND INCREASING ACCESS TO CARE FOR PEOPLE WHO NEED IT MOST. 21 21 69 23 0 0 6487397 4376571 10426466 8799111 273568 980986 -19505 1926 17167926 14158594 0 0 0 0 8309221 9362988 0 0 122876 4444100 5839537 12753321 15202525 4414605 -1043931 131968263 142976892 73259375 82542525 58708888 60434367 X HIGH-QUALITY PRIMARY CARE SAVES LIVES, IS THE FOUNDATION OF STRONG COMMUNITIES, AND ISESSENTIAL TO ACHIEVING HEALTH EQUITY. PRIMARY CARE DEVELOPMENT CORPORATION (PCDC) SUPPORTS HEALTHY, THRIVING COMMUNITIES ACROSS THE COUNTRY THROUGH CAPITAL FINANCING, EXPERTISE, AND ADVOCACY. PCDC PARTNERS WITH PROVIDERS AND PRACTICES PARTICULARLY THOSE IN LOW-INCOME COMMUNITIES AND COMMUNITIES OF COLOR AND INVESTORS TO IDENTIFY HEALTH CARE NEEDS, INCREASE PRIMARY CARE CAPACITY, AND CRAFT EFFECTIVE, EVIDENCE-BASED SOLUTIONS. TIMELY, AFFORDABLE, AND CONTINUOUS ACCESS TO PRIMARY CARE SAVES LIVES, IMPROVES INDIVIDUAL AND COMMUNITY HEALTH, AND REDUCES COSTS. BY SUPPORTING PRIMARY CARE PRACTICES AND PROVIDERS AND DRIVING SYSTEMS CHANGE THROUGH ADVOCACY AND ANALYSIS, OUR COMPREHENSIVE APPROACH HELPS MAKE EQUITABLE, HIGH-QUALITY PRIMARY CARE A REALITY FOR COMMUNITIES ACROSS THE COUNTRY. 0 0 5745788 7160456 PCDC PROVIDES CAPITAL FINANCING AND EXPERTISE TO INCREASE PRIMARY CARE CAPACITY AND ADVANCE HEALTH EQUITY. PCDC IS A KEY SOURCE OF CAPITAL FOR THE PRIMARY CARE SECTOR AND, TO DATE, HAS FINANCED OVER 250 PRIMARY CARE PROJECTS VALUED AT MORE THAN $1.7 BILLION. THIS INVESTMENT HAS CREATED THE CAPACITY TO PROVIDE 4.8 MILLION MEDICAL VISITS ANNUALLY TO MEET THE PRIMARY CARE NEEDS OF MORE THAN 1.4 MILLION PATIENTS THROUGHOUT THE UNITED STATES. PCDC'S INVESTMENTS HAVE TRANSFORMED 2.8 MILLION SQUARE FEET OF SPACE INTO FULLY FUNCTIONING PRIMARY CARE PRACTICES AND CREATED OR PRESERVED OVER 20,000 JOBS IN LOW-INCOME COMMUNITIES. PCDC HAS EXPERIENCED NO LOAN LOSSES IN ITS PORTFOLIO TO DATE AND HAS RECEIVED AN AERIS RATING OF AA+ IN FINANCIAL STRENGTH AND PERFORMANCE AND A FOUR-STAR RATING (THE HIGHEST POSSIBLE RATING) IN IMPACT MANAGEMENT. HIGHLIGHTS OF RECENT CAPITAL INVESTMENT ACCOMPLISHMENTS INCLUDE: - SANTA CRUZ COMMUNITY HEALTH CENTER: SANTA CRUZ COMMUNITY HEALTH CENTER, A FEDERALLY QUALIFIED HEALTH CENTER AND A HRSA-DESIGNATED HEALTHCARE FOR THE HOMELESS PROVIDER, RECEIVED $10 MILLION IN NEW MARKETS TAX CREDITS AND A $2 MILLION LOAN FROM PCDC TO CONSTRUCT A NEW 20,000 SQUARE FOOT, TWO-STORY HEALTH CENTER. THIS NEW FACILITY WILL PROVIDE MEDICAL, BEHAVIORAL HEALTH AND SPECIALTY CARE, FOCUSING ON PEDIATRICS AND THOSE EXPERIENCING HOMELESSNESS.- MOUNT VERNON NEIGHBORHOOD HEALTH CENTER: MOUNT VERNON NEIGHBORHOOD HEALTH CENTER, AN ARTICLE-28 DIAGNOSTIC AND TREATMENT CENTER AND FEDERALLY QUALIFIED HEALTH CENTER (FQHC), RECEIVED A $4 MILLION LOAN FROM PCDC TO FUND THE RENOVATION OF THE HEALTH CENTER'S MOUNT VERNON FACILITY. THIS PROJECT SERVES A GREAT NEED AS THE CITY IS A HEALTH RESOURCES SERVICES ADMINISTRATION-DESIGNATED MEDICALLY UNDERSERVED AREA AND EXPERIENCES SIGNIFICANT HEALTH DISPARITIES COMPARED TO THE COUNTY AS A WHOLE.- PREMIER COMMUNITY HEALTHCARE GROUP: PREMIER COMMUNITY HEALTHCARE GROUP, A FEDERALLY QUALIFIED HEALTH CENTER THAT SERVES PASCO AND HERNANDO COUNTIES IN FLORIDA, RECEIVED $16.5 MILLION IN NEW MARKETS TAX CREDITS AND $1.9 MILLION IN LOANS TO REPLACE TWO OUTDATED LOCATIONS WITH NEW FACILITIES THAT WILL FEATURE BEHAVIORAL AND DENTAL SERVICES, AS WELL AS ENHANCED WOMEN'S HEALTH AND ON-SITE LAB FACILITIES. THIS EXPANSION WILL ENABLE PREMIER TO NEARLY DOUBLE ITS PRIMARY CARE CAPACITY FROM 8,869 TO 12,682 PATIENTS. 4744540 1538655 PCDC'S CONSULTING & TRAINING TEAM PROVIDED CONSULTING, TRAINING, AND COACHING SERVICES TO MORE THAN 4,800 PRIMARY CARE ORGANIZATIONS ACROSS THE COUNTRY. OUR STAFF BRINGS EXTENSIVE EXPERTISE ACROSS OPERATIONS, FINANCIAL MANAGEMENT, AND TEAM-BASED AND INTEGRATED CARE MODELS; MOST HOLD GRADUATE DEGREES AND AVERAGE BETWEEN 10 TO 15 YEARS OF EXPERIENCE WORKING DIRECTLY WITH PRIORITY POPULATIONS. THIS "REAL-WORLD" EXPERIENCE ENABLES PCDC TO BETTER UNDERSTAND THE NEEDS OF OUR CLIENTS AND TO CRAFT CAPACITY-BUILDING SOLUTIONS THAT WILL BE HIGHLY SUSTAINABLE AND IMPACTFUL.HIGHLIGHTS OF RECENT CONSULTING & TRAINING ACCOMPLISHMENTS INCLUDE: - ASSISTING OVER 1,200 PRIMARY CARE SITES IN ACHIEVING PATIENT-CENTERED MEDICAL HOME (PCMH) RECOGNITION: THE MILESTONE REFLECTED THE SUCCESS OF PCDC'S CONTENT EXPERTS, WHOSE STRATEGIC LEADERSHIP, PRACTICE COACHING, AND TECHNICAL ASSISTANCE HAVE GUIDED COMMUNITY HEALTH CENTERS, HOSPITAL OUTPATIENT CENTERS, PRIVATE PRACTICES, AND SPECIAL NEEDS PROVIDERS NATIONWIDE. A GROWING BODY EVIDENCE SHOWS THE PCMH MODEL REDUCES HEALTH CARE COSTS AND UNNECESSARY USE OF SERVICES, SUCH AS EMERGENCY DEPARTMENT VISITS.- LAUNCHING FINANCIAL MANAGEMENT AND LITERACY SERVICES: RESPONDING TO THE NEEDS OF PRIVATE PRACTICES AND SMALLER HEALTH CENTERS, PCDC LAUNCHED A NEW SUITE OF TRAINING AND COACHING SERVICES TO SUPPORT HEALTH CARE PROFESSIONALS TO BUILD THEIR KNOWLEDGE, CONFIDENCE, AND SKILLS RELATED TO THE FINANCIAL MANAGEMENT OF A PRIMARY CARE ORGANIZATION. THIS WORK RESPONDS TO A GROWING NEED FOR MORE THAN THE EXECUTIVES AND PHYSICIAN OWNER/OPERATORS TO BE STEWARDS OF THEIR ORGANIZATION'S FINANCIAL POSITION. - COMPLETION OF 75 CUSTOM TECHNICAL ASSISTANCE PROJECTS WITH SMALL HEALTHCARE BUSINESSES: WITH THE SUPPORT OF THE WELLS FARGO FOUNDATION, PCDC SUPPORTED 75 SMALL HEALTHCARE BUSINESSES (PRIMARY CARE AND BEHAVIORAL HEALTH ORGANIZATIONS LOCATED IN HISTORICALLY MARGINALIZED COMMUNITIES) TO HELP IMPROVE THEIR BUSINESS STABILITY AS THEY EMERGE FROM THE COVID19 PANDEMIC. PRACTICES WERE PROVIDED WITH FINANCIAL MANAGEMENT SUPPORT, BUSINESS OPERATIONS IMPROVEMENT COACHING, AND TRAINING FOR THEIR WORKFORCE TO BE BETTER POSITIONED TO ENGAGE THEIR COMMUNITIES. 1709932 100081 HIGH-QUALITY AND ACCESSIBLE PRIMARY CARE SAVES LIVES AND IS ESSENTIAL TO ACHIEVING A STRONG AND EQUITABLE HEALTH CARE SYSTEM, YET IT CONTINUES TO BE UNDERVALUED AND UNDERFUNDED. THE HARMFUL EFFECTS OF LIMITED PRIMARY CARE ACCESS AND RESOURCES ARE STARKEST IN COMMUNITIES OF COLOR AND OTHER HISTORICALLY DISINVESTED COMMUNITIES. PCDC SUPPORTS POLICY INITIATIVES THAT PROMOTE HEALTH EQUITY BY EXPANDING AND ENSURING ACCESS TO QUALITY PRIMARY CARE. WE ADVOCATE FOR POLICIES THAT INCREASE INVESTMENT IN PRIMARY CARE, IMPROVE PRIMARY CARE ACCESS, AND SUPPORT AND EXPAND THE PRIMARY CARE WORKFORCE IN COMMUNITIES THAT NEED IT MOST. PCDC ALSO ANALYZES DATA TO UNDERSTAND THE CURRENT STATE OF PRIMARY CARE ACCESS AND HEALTH INEQUITIESINFORMING STRONGER POLICY AND INTERVENTIONS IN COMMUNITIES.HIGHLIGHTS OF RECENT POLICY, COMMUNICATIONS, AND RESEARCH & EVALUATION ACCOMPLISHMENTS INCLUDE: - DRAFTING AND LEADING CAMPAIGNS FOR LEGISLATION TO INCREASE ACCESS TO PRIMARY CARE IN NEW YORK STATE: PCDC WORKED CLOSELY WITH LAWMAKERS AND WITH A LOBBYING FIRM, TO ADVOCATE FOR LEGISLATION THAT WOULD EXPAND AND ENHANCE PRIMARY CARE IN NEW YORK STATE AND LATER FOR BUDGET LANGUAGE TO INCREASE NEW YORK STATE'S INVESTMENT IN THE NEW YORK STATE COMMUNITY HEALTH CARE REVOLVING CAPITAL LOAN FUND, WHICH IS ADMINISTERED BY PCDC. THE LEGISLATION, S5139/A4593, WHICH WOULD HAVE AMENDED THE HEALTH CARE REVOLVING LOAN FUND'S ENABLING LEGISLATION TO CREATE NEW USES FOR THE FUNDS, PASSED OUT OF COMMITTEE BUT DID NOT ADVANCE FURTHER. HOWEVER, THE BUDGET LANGUAGE WAS INCLUDED IN THE FINAL BUDGET, ADDING AN ADDITIONAL $10 MILLION TO BE LOANED TO SAFETY NET PROVIDERS TO EXPAND ACCESS TO CARE. LATER IN 2023, PCDC WAS INSTRUMENTAL IN ADVOCATING FOR THE INTRODUCTION OF LEGISLATION TO REQUIRE PAYORS IN THE STATE TO MEASURE THEIR SPENDING ON PRIMARY CARE, REPORT IT OUT AND ULTIMATELY INCREASE IT TO 12% OF THEIR OVERALL HEALTH CARE SPENDING. BY THE END OF DECEMBER 2023, SENATOR GUSTAVO RIVERA HAD INTRODUCED SENATE BILL 1197, INCLUDING THOSE ELEMENTS. PCDC POLICY STAFF BEGAN TO CREATE MATERIALS TO SUPPORT THE LEGISLATION, WHICH WILL CONTINUE IN 2024. - ANALYZING STATE PRIMARY CARE POLICY TRENDS ACROSS THE COUNTRY TO ENCOURAGE POLICYMAKERS TO CONSIDER NEW IDEAS: IN EARLY 2023, PCDC RELEASED A REPORT DOCUMENTING MAJOR TRENDS IN STATE POLICY ON PRIMARY CARE ACROSS THE COUNTRY, REVIEWING HUNDREDS OF PIECES OF LEGISLATION TO FIND THE PROPOSALS THAT HELD PROMISE FOR THE FUTURE OF PRIMARY CARE. OVER THE COURSE OF 2023, PCDC STAFF ANALYZED THAT YEAR'S LEGISLATIVE SESSION PROPOSALS TO FOLLOW UP ON THAT INITIAL REPORT, DOCUMENTING THE CONTINUING TRENDS IN SOME AREAS, SUCH AS PRIMARY CARE INVESTMENT, AS WELL AS NEW IDEAS EMERGING IN AREAS SUCH AS EXPANDING THE PRIMARY CARE WORKFORCE. - RELEASING REPORT AND PRESENTING FINDINGS ON PRIMARY CARE ACCESS: PCDC'S RESEARCH & EVALUATION TEAM ISSUED A NEW BRIEF WITHIN ITS POINTS ON CARE SERIES: REDLINING IN NEW YORK CITY: A LENS ON PRIMARY CARE AND MATERNAL HEALTH, WHICH HIGHLIGHTS THE LASTING IMPACTS OF SYSTEMIC RACISM AS SHOWN BY A NEIGHBORHOOD HISTORY OF REDLINING, AND DEMONSTRATES THAT HEALTH OUTCOMES FOR MOTHERS AND INFANTS REFLECT THE VAST AND DEEPLY INGRAINED INEQUITIES THAT CONTINUE TO BE FELT BY THESE COMMUNITIES TODAY. PCDC ALSO DID TWO PRESENTATIONS AT THE NATIONAL ASSOCIATION OF COMMUNITY HEALTH CENTERS (NACHC) ANNUAL CONFERENCE ONE ON THE IMPACT OF FQHC PENETRATION ON COVID-RELATED MORTALITY ACROSS FOUR U.S. CITIES, AND ONE ON A CASE STUDY OF HOW A LARGE FQHC IN NEW YORK CITY ADAPTED TO PROVIDE CONTINUOUS CARE TO ITS TYPE II DIABETES PATIENTS DURING THE COVID-19 PANDEMIC.- ADVOCATING PUBLICLY AND FREQUENTLY FOR IMPROVED PRIMARY CARE ACCESS: THROUGH MULTIPLE PUBLIC COMMENTS AND SIGNING ON TO LETTERS FROM OTHER ORGANIZATIONS, PCDC LENT ITS VOICE TO MULTIPLE POLICY CONCERNS INCLUDING DISPARITIES IN PRIMARY CARE ACCESS ACROSS NEW YORK STATE; THE NEED TO INTEGRATE PRIMARY AND BEHAVIORAL HEALTH CARE; AND PRIORITIZING PRIMARY CARE IN COVID-19 RECOVERY, INCLUDING THROUGH STIMULUS FUNDING, AND, IN PARTICULAR, POLICIES THAT WOULD THREATEN THE STABILITY AND EFFECTIVENESS OF THE FEDERAL 340B DRUG PRICING PROGRAM AT THE FEDERAL AND STATE LEVELS. THE GOAL THROUGHOUT THESE ACTIVITIES WAS TO ADVANCE POLICIES THAT INCREASE ACCESS TO QUALITY PRIMARY CARE, ENABLING IT TO MORE SUCCESSFULLY IMPROVE HEALTH OUTCOMES, REDUCE COSTS, AND IMPROVE HEALTH EQUITY. 12200260 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 80 0 1 69 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 NY AL AK AR CA CO CT FL GA HI IL KS KY LA ME MD MA MI MS NH NJ ND OH OK OR PA RI SC TN UT VA WV WI MN MO NM NC X X X DAN LEHMAN 2124373927 45 BROADWAY SUITE 530 NEW YORK NY 10006 ALAN BRANSON BOARD MEMBER 1.00 X 0 0 0 CAROL RAPHAEL VICE CHAIR 1.00 X X 0 0 0 CAROLYN TAIN BOARD MEMBER 1.00 X 0 0 0 CHRISTOPHER KOLLER BOARD MEMBER 1.00 X 0 0 0 CYRUS BATHEJA BOARD MEMBER (INCOMING 7/22) 1.00 X 0 0 0 DAVID A GOULD CHAIR 1.00 X X 0 0 0 DAVID A MANKO BOARD MEMBER 1.00 X 0 0 0 DIANA MASON BOARD MEMBER 1.00 X 0 0 0 DUDLEY BENOIT BOARD MEMBER 1.00 X 0 0 0 GARY M JACOBS BOARD MEMBER 1.00 X 0 0 0 HELEN ARTEAGA LANDAVERDE BOARD MEMBER 1.00 X 0 0 0 HENRY CHUNG BOARD MEMBER 1.00 X 0 0 0 JOHN HOLDSCLAW BOARD MEMBER (INCOMING 7/22) 1.00 X 0 0 0 JOHN RUGGE SECRETARY 1.00 X X 0 0 0 JORGE R PETIT BOARD MEMBER 1.00 X 0 0 0 LORI SCOTT BOARD MEMBER 1.00 X 0 0 0 MARLENE ZURACK BOARD MEMBER 1.00 X 0 0 0 MATT SIEGLER EX OFFICIO BOARD MEMBER 1.00 X 0 0 0 PABLO BRAVO BOARD MEMBER 1.00 X 0 0 0 SCOTT MORGAN TREASURER 1.00 X X 0 0 0 SUZETTE E GORDON BOARD MEMBER (OUTGOING 1/23) 1.00 X 0 0 0 UDAI TAMBAR BOARD MEMBER 1.00 X 0 0 0 YVETTE P TEOFAN VICE CHAIR 1.00 X X 0 0 0 DANIEL LEHMAN EXE VP/CFO 40.00 X 284436 0 20812 LOUISE COHEN CEO 40.00 X 389727 0 23128 CYNTHIA SUMMERS MANAGING DIR SPA 40.00 X 250660 0 18285 DANA REED MNG DIR, CAP INV 40.00 X 262147 0 33004 ISAAC KASTENBAUM VP CQP 40.00 X 246139 0 48188 WILLIAM O'BRIEN CHIEF LENDING OFFICER 40.00 X 241871 0 55445 AMY BARNETT DIR OF ADMINISTRATION 40.00 X 165379 0 37673 DEBORAH JOHNSON SR DIR CQP 40.00 X 183597 0 16935 HENRIETTA CROSWELL SENIOR DIRECTOR 40.00 X 171992 0 12768 NANCY LAGER SR DIR, CAPITAL INVESTMENT 40.00 X 200855 0 26768 SHUK HAN LEUNG SR. DIR OF FINANCE 40.00 X 188133 0 40032 2584936 0 333038 33 0 1 0 MCCARTER & ENGLISH LLP FOUR GATEWAY CENTER 100 MULBERRY ST NEWARK NJ 07102 LEGAL SERVICES 370267 LEVERAGE LAW GROUP LLC 4501 COLLEGE BOULEVARD STE 280 LEAWOOD KS 66211 LEGAL SERVICES 120000 2 385385 2771047 1220139 4376571 PROGRAM FEES 900099 5581016 5581016 INTEREST ON LOANS 900099 3218095 3218095 8799111 1080511 1080511 2833017 2932542 -99525 -99525 -99525 53095 385385 51250 1845 1845 81 81 81 14158594 8799192 0 982831 1720930 1031194 655052 34684 6073935 4986415 1044525 42995 301146 248726 50454 1966 684601 559167 120173 5261 582376 456543 119868 5965 891534 886144 5390 89189 89189 61250 61250 756079 689312 53917 12850 101351 77580 16258 7513 258704 171673 85797 1234 576151 455415 115393 5343 274731 206931 67608 192 114098 84519 29579 1299904 1299904 72071 56944 14394 733 171216 500 170716 PROVISION FOR LOAN LOSS 798258 798258 BANK & MISCELLANEOUS 89142 28299 58630 2213 DUES & SUBSCRIPTION 71395 54192 17203 PROVISION FOR DOUBTFUL 10575 10575 203889 36719 165243 1927 15202525 12200260 2879389 122876 65548829 37072733 1219385 949124 967623 1254977 52768908 75795959 103130 106128 708843 565508 185807 143335 6967366 23355863 26844 25266 4180371 4273507 131968263 142976892 1669572 1122722 1596941 5655116 46213640 51063640 23779222 24701047 73259375 82542525 X 35089185 40625115 23619703 19809252 58708888 60434367 131968263 142976892 X -1043931 -51207 2820617 X 0 1 X 1 1 1 X 3196866 4354066 15261916 6487397 4376571 33676816 3196866 4354066 15261916 6487397 4376571 33676816 887616 32789200 347997 335439 260218 295416 1080511 2319581 7490 1845 9335 450017 565 81 450663 36456395 46977632 0.89940 0.92660 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISC INCOME - 2020 AMOUNT: $ 450,017. 2021 AMOUNT: $ 565. 2022 AMOUNT: $ 81. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 120450 0 0 120450 0 PART II-B, LINE 1: LOBBYING ACTIVITIES INCLUDE OUTREACH TO LOCAL, STATE, AND FEDERAL ELECTED AND APPOINTED OFFICIALS AS WELL AS THEIR RELEVANT AGENCY, DEPARTMENT, AND OFFICE STAFF TO EDUCATE THEM ON PRIMARY CARE ISSUES AND IN NEW YORK CITY AND NEW YORK STATE TO OBTAIN FUNDING FOR PCDC-LED INITIATIVES THAT EXPAND ACCESS TO STRENGTHEN PRIMARY CARE. 384768 324692 60076 120737 95076 25661 203338 145740 57598 143335 DUE TO THIRD PARTY 19696998 DUE TO NEW YORK CITY 304991 RESERVES AND DEPOSITS PAYABLE 3163868 OPERATING LEASE LIABILITY 777279 OTHER LIABILITY 757911 24701047 X 14169953 -51207 11316 -39891 14209844 -51250 -51250 14158594 15265091 11316 51250 62566 15202525 0 15202525 PART X, LINE 2: THE ORGANIZATION BELIEVES IT HAS NO UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2023 AND 2022 IN ACCORDANCE WITH FASB ASC TOPIC 740, WHICH PROVIDES STANDARDS FOR ESTABLISHING AND CLASSIFYING ANY TAX PROVISIONS FOR UNCERTAIN TAX POSITIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRASING EXPENSES -51,250. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRASING EXPENSES 51,250. GALA 438480 385385 53095 51250 438480 385385 53095 51250 51250 1845 X X X X X 0 0 0 0 0 0 0 1 0 LOUISE COHEN CEO 345106 0 43402 0 1219 0 19536 0 3592 0 412855 0 0 0 DANIEL LEHMAN EXE VP/CFO 269994 0 14028 0 414 0 14404 0 6408 0 305248 0 0 0 WILLIAM O'BRIEN CHIEF LENDING OFFICER 218945 0 21738 0 1188 0 12650 0 42795 0 297316 0 0 0 DANA REED MNG DIR, CAP INV 248216 0 13517 0 414 0 13491 0 19513 0 295151 0 0 0 ISAAC KASTENBAUM VP CQP 232906 0 13071 0 162 0 12694 0 35494 0 294327 0 0 0 CYNTHIA SUMMERS MANAGING DIR SPA 237437 0 12953 0 270 0 12705 0 5580 0 268945 0 0 0 SHUK HAN LEUNG SR. DIR OF FINANCE 176261 0 11098 0 774 0 9707 0 30325 0 228165 0 0 0 NANCY LAGER SR DIR, CAPITAL INVESTMENT 188554 0 11082 0 1219 0 10223 0 16545 0 227623 0 0 0 AMY BARNETT DIR OF ADMINISTRATION 153781 0 10379 0 1219 0 8593 0 29080 0 203052 0 0 0 DEBORAH JOHNSON SR DIR CQP 172215 0 10968 0 414 0 9440 0 7495 0 200532 0 0 0 HENRIETTA CROSWELL SENIOR DIRECTOR 161459 0 10263 0 270 0 8755 0 4013 0 184760 0 0 0 PART I, LINE 7 THE CEO AND CFO BONUSES WERE DETERMINED AND AWARDED BY THE BOARD OF DIRECTORS FOLLOWING THE END OF THE FISCAL YEAR, BASED ON ORGANIZATIONAL FINANCIAL RESULTS AND INDIVIDUAL PERFORMANCE AS EVALUATED DURING THE ANNUAL REVIEW PROCESS. BONUSES FOR ALL OTHER STAFF, INCLUDING OTHER KEY EMPLOYEES, WERE DETERMINED AND AWARDED BASED ON ORGANIZATIONAL FINANCIAL RESULTS AND INDIVIDUAL PERFORMANCE AS WELL, IN ACCORDANCE WITH A BOARD-APPROVED BONUS PLAN STRUCTURE. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS PREPARED BY PCDC AND REVIEWED BY PCDC'S INDEPENDENT ACCOUNTING FIRM. THE 990 IS THEN REVIEWED BY THE FINANCE COMMITTEE. UPON APPROVAL OF THE FINANCE COMMITTEE, THE 990 IS PRESENTED TO THE BOARD OF DIRECTORS. THE RETURN IS CIRCULATED TO THE BOARD OF DIRECTORS IN ADVANCE OF THE MEETING. AFTER APPROVAL THE RETURN IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR BOARD MEMBERS REVIEW PCDC'S WRITTEN POLICY AND ATTEST THAT THEY HAVE READ AND WILL ABIDE BY THE POLICY BY SIGNING AN ANNUAL AFFIRMATION OF POLICY ON INTERESTED DIRECTORS. WHEN A DIRECTOR OF PCDC HAS AN INTEREST IN A PCDC MATTER THAT DIRECTOR DISCLOSES THEIR INTEREST TO THE BOARD PRIOR TO ANY DISCUSSION OR VOTE REGARDING THE MATTER; AND THE INTERESTED DIRECTOR ABSENTS HIM OR HERSELF FROM THE DISCUSSION AND/OR VOTES CONCERNING THE MATTER. CONFLICTS ARE REPORTED IN THE BOARD MINUTES. A LIST OF BOARD MATTERS IS COMPILED ANNUALLY FOR BOARD MEMBERS TO REVIEW AND REAFFIRM THEIR DISCLOSURE (S) DURING THE YEAR. SIMILARLY, ALL EMPLOYEES OF PCDC ANNUALLY REVIEW PCDC'S CONFIDENTIALITY AND CONFLICT OF INTEREST POLICIES AND SIGN A STATEMENT ACKNOWLEDGING THEY HAVE RECEIVED, READ AND WILL ABIDE BY THE POLICIES. ANY CONFLICT OF INTERESTS ARE REQUIRED TO BE IMMEDIATELY DISCLOSED TO THE CHIEF EXECUTIVE OFFICER. EMPLOYEES ALSO ANNUALLY REAFFIRM IN WRITING ANY CONFLICT(S), AND DISCLOSURE(S) THEREOF, DURING THE PRIOR YEAR. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION COMPARABLE DATA IS COMPILED, EITHER INTERNALLY OR BY AN INDEPENDENT CONSULTANT, ON THE CHIEF EXECUTIVE OFFICER (CEO), CHIEF FINANCIAL OFFICER (CFO) AND KEY EMPLOYEES AND IS REVIEWED BY THE GOVERNANCE COMMITTEE (GC). THE COMPARABLE COMPENSATION DATA IS BASED ON MARKET ANALYSIS AND COMPARISON OF 990S FROM OTHER ORGANIZATIONS WITH SIMILAR MISSIONS, PROGRAMS, BALANCE SHEETS, AND BUDGETS. RECOMMENDATION OF CEO'S AND CFO'S COMPENSATION IS MADE BY THE GC TO THE BOARD FOR ITS DISCUSSION AND APPROVAL. THE GC PROPOSES COMPENSATION AND DETERMINES THE REASONABLENESS OF COMPENSATION IN A PROCESS THAT INCLUDES PERFORMANCE APPRAISALS AND THE REVIEW OF COMPARATIVE COMPENSATION DATA. THE BOARD MAKES THE FINAL DECISION IN AN EXECUTIVE SESSION WITH NO STAFF PRESENT. KEY EMPLOYEE COMPENSATION IS DETERMINED BY THE CEO ANNUALLY BASED PRIMARILY ON PERFORMANCE APPRAISALS AND COMPARABLE COMPENSATION DATA AND IS REVIEWED BY THE GC. FORM 990, PART VI, SECTION C, LINE 19 PCDC'S CONSOLIDATED AUDITED FINANCIAL STATEMENTS AND IRS FORM 990 ARE AVAILABLE TO THE PUBLIC ON ITS WEBSITE OR UPON REQUEST IN ADDITION TO POSTING IN NONPROFIT DATABASES SUCH AS GUIDESTAR OR NYS CHARITIES BUREAU WEBSITES. FORM 990, PART XI, LINE 9: CHANGE IN ACCOUNTING POLICY 2,820,617. PCDC NMTC HEALTH FUND LLC 45 BROADWAY SUITE 530 NEW YORK NY 10006 831213730 HEALTH CARE NMTC PROGRAM LOANS NY 0 0 PCDC PCDC PFS01 LLC 45 BROADWAY SUITE 530 NEW YORK NY 10006 873437601 FISCAL INTERMEDIARY NY 0 0 PCDC PCDC HEALTH OPPORTUNITIES FUND XXXVII LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 852560563 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 0 1 0.99000 PCDC HEALTH OPPORTUNITIES FUND XXXVI LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 852709023 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XXXV LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 852701908 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 1000 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XXXIV LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 852667723 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XXXIII LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 852647296 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 21558 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XXXII LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 852615152 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 1 13999 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XXXI LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 852568577 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 1 9122 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XXX LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 852534624 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 1 20949 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XXVIII LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 824907042 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 4 9546 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XXVI LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 814871292 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 1 13706 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XXIX LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 824923506 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 3 13947 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XXIV LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 814835602 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 1 9313 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XXIII LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 814932296 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 7 9487 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XXII LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 814914582 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 1 13641 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XX LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 814859546 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 1 11358 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XVIII LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 814830979 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 9529 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XVII LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 474476378 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 4 23381 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XVI LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 474464362 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 1 9284 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XV LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 474452002 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 1 9161 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XIX LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 814845795 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 14 53461 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XIV LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 474439649 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 2 9381 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XIII LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 474416943 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 7 15238 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XII LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 471208668 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 16 9429 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND XI LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 471197703 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 7 14980 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND VIII LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 471160866 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 2 9904 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND VII LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 471150721 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 28 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND VI LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 471147896 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 27 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND V LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 471122026 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 26 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND IX LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 471174154 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 9009 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND 48 LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 872649020 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 0 1 0.99000 PCDC HEALTH OPPORTUNITIES FUND 47 LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 872843644 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 0 1 0.99000 PCDC HEALTH OPPORTUNITIES FUND 46 LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 872830898 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 0 1 0.99000 PCDC HEALTH OPPORTUNITIES FUND 45 LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 872797760 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 0 1 0.99000 PCDC HEALTH OPPORTUNITIES FUND 44 LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 872776563 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 0 1 0.99000 PCDC HEALTH OPPORTUNITIES FUND 43 LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 872754385 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 0 1 0.99000 PCDC HEALTH OPPORTUNITIES FUND 42 LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 872733206 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 0 1 0.99000 PCDC HEALTH OPPORTUNITIES FUND 41 LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 872715321 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 0 1 0.99000 PCDC HEALTH OPPORTUNITIES FUND 40 LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 872693961 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 0 1 0.99000 PCDC HEALTH OPPORTUNITIES FUND 39 LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 872667336 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 0 1 0.00010 PCDC HEALTH OPPORTUNITIES FUND 38 LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 872630738 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 0 1 0.00010 PCDC EMPIRE STATE HEALTH OPPORTUNITIES FUND IV LLC C/O PCDC 45 BROADWAY NEW YORK NY 10006 262054736 HEALTH CARE NMTC PROGRAM LOANS NY PCDC RELATED 35 0 1 0.00010 0 1 0 0 0 0 1 0 0 0 0 1 0 1 1 0 0 0 0 FORM 990, SCHEDULER - PART III: BETWEEN FISCAL YEARS 2007 AND 2022, THE ORGANIZATION WAS AWARDED $378 MILLION IN NMTC ALLOCATION TO FINANCE THE CONSTRUCTION OF HEALTH CENTERS IN LOW-INCOME COMMUNITIES. THE PROGRAM, ADMINISTERED BY THE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND, A BRANCH OF THE U.S. DEPARTMENT OF THE TREASURY, REQUIRES THAT NONPROFIT AWARD RECIPIENTS CREATE A FOR-PROFIT ENTITY OR ENTITIES THROUGH WHICH THE TAX CREDIT ALLOCATION FLOWS. PURSUANT TO THE AMENDED OPERATING AGREEMENTS FOR ACTIVE NMTC LLCS, THE ORGANIZATION RETAINS A 0.01% OWNERSHIP INTEREST WHEN AN INVESTOR MEMBER IS IDENTIFIED IN EACH ENTITY. AT THAT TIME, THE INVESTOR MEMBER BECAME THE 99.99% OWNER MAKING THE NECESSARY QUALIFIED EQUITY INVESTMENT ("QEI") IN THE LLC WHILE THE ORGANIZATION REMAINS THE MANAGING MEMBER. IN THE INDEMNIFICATION AGREEMENTS WITH EACH INVESTOR THE ORGANIZATION AGREES TO INDEMNIFY INVESTORS IF THERE IS A LOSS OF NMTC RELATED TO THEIR QEI TRIGGERED BY CERTAIN RECAPTURE EVENTS AS DEFINED UNDER THE CODE. THE INDEMNIFICATION AMOUNTS VARY WITH EACH AGREEMENT. ABSENT GROSS OR WILLFUL MISCONDUCT, THE ORGANIZATION'S LIABILITY IS SUBJECT TO THE AFOREMENTIONED INDEMNIFICATION LIMIT IN EACH AGREEMENT WITH AN ESTIMATED AMOUNT TOTALING $18.1 MILLION. THE ORGANIZATION HAS SYSTEMATIC MONITORING PROCEDURES IN PLACE TO AVOID RECAPTURE EVENTS THROUGH TRACKING AND TESTING OF TRANSACTION PAYMENTS, REVIEW OF QUARTERLY FINANCIAL STATEMENTS, CONFIRMATION OF COMPLIANCE CERTIFICATES AND REGULAR MEETINGS OF THE ORGANIZATION NMTC ADVISORY BOARD. UNDER THE TERMS OF THE AMENDED OPERATING AGREEMENTS, THE ORGANIZATION MADE A PROPORTIONAL EQUITY CONTRIBUTION BASED ON EACH QEI AND THE ORGANIZATION'S .01% MEMBERSHIP INTEREST IN EACH NMTC LLC IN DECEMBER 2013, THE ORGANIZATION ENTERED INTO AN AGREEMENT WITH TWO OTHER CDFI'S TO FORM HEALTHCO AS A FINANCING VEHICLE TO PROVIDE INDIRECT FACILITY FINANCING FOR FQHC'S. THE ORGANIZATION IS ONE OF THREE EQUAL MEMBERS AT 33.33%. UNDER THE LIMITED LIABILITY COMPANY AGREEMENT, ANY INCOME OR EXPENSE OF HEALTHCO IS SHARED EQUALLY BY THE THREE MEMBERS. IN JUNE 2022, ALL MEMBERS APPROVED TO THE VOLUNTARY DISSOLUTION OF THE LLC. THE UNWIND PROCESS WAS COMPLETE DURING FY 2023. DURING THE YEAR 2022, PCDC PFS01 LLC WAS FORMED TO SERVE AS THE INTERMEDIARY ORGANIZATION FOR A PAY FOR SUCCESS ("PFS") INITIATIVE. UNDER THIS PFS MODEL, INVESTORS AND FUNDERS PROVIDE UPFRONT CAPITAL NECESSARY TO SUPPORT COMMUNITY-BASED INTERVENTIONS FOR MEDICAID BENEFICIARIES ENROLLED IN A MANAGED CARE HEALTH PLAN. THESE INTERVENTIONS ARE DESIGNED TO REDUCE UNNECESSARY HEALTHCARE UTILIZATION AND THEREFORE COSTS. THE MEDICAID MANAGED CARE HEALTH PLAN THEN REPAYS THE INVESTORS BASED ON SAVINGS REALIZED FROM IMPROVED OUTCOMES. PCDC PFS01, LLC IS THE BORROWING ENTITY THAT RECEIVES FUNDS FROM THE INVESTORS AND DISBURSES FUNDS TO SERVICE PROVIDERS IN ACCORDANCE WITH THE "PAY FOR SUCCESS" AGREEMENT. THE INVESTOR HAS NO RECOURSE TO PCDC PFS01, LLC EXCEPT FOR THE AMOUNTS IN THE PROJECT OPERATING ACCOUNT. RECEIPTS AND DISBURSEMENTS OF FUNDS ARE IN ACCORDANCE WITH THE APPROVED PROJECT PLAN. THESE FUNDS ARE RECOGNIZED AS AGENCY TRANSACTIONS. AS OF JUNE 30, 2023, CASH AND DUE TO SPONSOR OF $74,740 ARE INCLUDED IN THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION. SCHEDULE R, PART IV: PCDC HAS A LESS THAN 50% OWNERSHIP IN SEVERAL LLC ENTITIES. AS THE OWNERSHIP IS LESS THAN 50%, PCDC IS NOT DEEMED TO HAVE CONTROL, AND THEREFORE ENTITIES ARE NOT LISTED ON SCHEDULE R, PART IV.