2020-11-03T15:03:05-06:00 2019-12-31 EISNERAMPER LLP 733 THIRD AVENUE NEW YORK NY 100172703 990 2019-01-01 131331235 Special Funds Conservation Committee % RICHARD VANDERBEEK SPEC 2125429748 C/O GRANT THORNTON 757 THIRD AVE NEW YORK NY 10017 RICHARD VANDERBEEK COO 2125429748 2020-10-21 true CANDICE METH P01306891 2129498700 64.238.150.4 13478420203085000001 2020-11-03 P 76F63173862BD53306569026D89B1616E4AE25DE 76F63173862BD53306569026D89B1616E4AE25DE 2019 2021-04-22 16:20:28Z RICHARD VANDERBEEK C/O GRANT THORNTON 757 3RD AVE NEW YORK NY 10017 0 false X N/A X 1938 NY SEE ATTACHMENT 1 X 2 2 0 2 0 0 0 59322287 0 3574682 0 0 0 62896969 0 0 0 0 0 13665174 0 0 0 0 13190391 21146359 26855565 21146359 36041404 -21146359 60241002 9287764 12394808 3727822 47846194 5559942 X THE SPECIAL FUNDS CONSERVATION COMMITTEE (THE "COMMITTEE") WAS ORGANIZED IN NEW YORK STATE IN 1938 FOR THE PURPOSE OF CONSERVING THE ASSETS OF THE "SPECIAL FUNDS" CREATED UNDER SUBDIVISION OF SECTIONS 15 AND 25-A OF THE WORKERS' COMPENSATION LAW OF THE STATE OF NEW YORK. IT PERFORMED SERVICES IN CONNECTION WITH SPECIAL FUNDS AND COOPERATES WITH THE CHAIRMAN AND MEMBERS OF THE NEW YORK WORKERS' COMPENSATION BOARD, THE SUPERINTENDENT OF INSURANCE, AND ANY OTHER PUBLIC OFFICIAL WHOSE DUTIES ARE CONCERNED WITH THE OPERATION OF THE SPECIAL FUNDS. AS DESCRIBED IN PART III, LINE 3, THE EXPECTED DATE OF DISSOLUTION IS DECEMBER 31, 2025. FURTHER, THE OPERATIONS OF THE COMMITTEE HAVE BEEN AMENDED SUCH THAT THE COMMITTEE WILL ONLY ENGAGE IN ACTIVITIES RELATED TO THE WIND-DOWN OF THE COMMITTEE UNTIL DISSOLUTION. false true THE COMMITTEE'S PROGRAM IS INDICATED IN THE MISSION STATEMENT. ALL EXPENSES INCURRED WERE TO ADVANCE THE MISSION. THE COMMITTEE WAS RESPONSIBLE FOR HANDLING 25-A FILES, PROCESSING MEDICAL BILLS AND ATTENDING HEARINGS FOR 25-A FILES. THE CURRENT OPERATIONS AND EXPENSES OF THE COMMITTEE RELATE TO THE WIND-DOWN OF THE COMMITTEE UNTIL DISSOLUTION. false false false true false false false false false false false false true false true false true false false false false false false false false false false false false false false false false false false false false true true false true false false true 0 0 0 false false false false false false false false X 2 2 false true true false true true true true true false false true true true true true true false false false X RICHARD VANDERBEEK 2125429748 C/O GRANT THORNTON 757 THIRD AVE NEW YORK NY 10017 X JEROME ATTIE Board member 2.0 0.0 X X 0 0 0 Eric Madoff Board Member 2.0 0.0 X X 0 0 0 RICHARD VANDERBEEK INTERIM COO 37.5 0.0 X 0 0 0 0 0 0 0 false false false GRANT THORNTON LLP 757 THIRD AVENUE NEW YORK NY 10017 CONSULTING 240142 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 146359 0 0 0 0 0 0 0 0 0 0 0 0 TRANSFER OF FUNDS TO TRUST 21000000 21146359 0 0 31844551 2892608 0 0 28396451 5477244 0 0 0 0 0 0 0 0 0 498 0 0 0 0 0 0 0 0 0 0 0 917414 60241002 9287764 12394808 3727822 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12394808 3727822 X 47846194 5559942 0 0 47846194 5559942 60241002 9287764 X -21146359 -21399970 260077 X X false true X true false true true false FORM 990 PART V, LINE 4 AND SCHEDULE C, PART III-A THE COMMITTEE IS A SECTION 501(C)(6) ORGANIZATION THAT HAD PREVIOUSLY RECEIVED ASSESSMENTS. AS DESCRIBED IN SCHEDULE N, PART 1, THE COMMITTEE CEASED TO CARRY OUT ITS HISTORICAL BUSINESS AND AFFAIRS ON DECEMBER 31, 2018, AND SINCE SUCH DATE HAS ONLY ENGAGED IN ACTIVITIES AND BUSINESS APPURTENANT TO ITS WIND-DOWN AS CONTEMPLATED BY THIS PLAN (THE "WIND-DOWN"). DUE FROM RELATED PARTY - TRUST 917414 917414 0 0 X SCHEDULE D, PART X, LINE 2 The Committee follows the provisions of the Financial Accounting Standards Board's Accounting Standards Codification ("ASC") Topic 740, Income Taxes, relating to accounting and reporting for uncertainty in income taxes. Because of the Committee's general tax-exempt status, management believes ASC Topic 740 has not had, and is not expected to have, a material impact on the Committee's consolidated financial statements. SEE PART III false false false true true false false true false SEE PART III false false false false SCHEDULE N PART I, LINES 1A, 2D, 3 & 5 AND PART II: ON DECEMBER 14, 2018, THE SFCC WIND-DOWN TRUST (THE "TRUST") WAS FORMED TO HOLD certain funds of SPECIAL FUNDS CONSERVATION COMMITTEE (THE "COMMITTEE"). The principal of the funds deposited in the Trust account and income generated on the principal is to be expended for the sole purpose of funding any litigation-related liabilities of the Committee incurred in conjunction with the wind-down of the Committee. In March 2019, the Committee transferred $21,000,000 to an interest-bearing bank account held by the SFCC Wind-Down Trust (EIN# 35-7227012) . The Committee has retained a third party as the financial advisor to act as Trustee of the Trust. The Executive Committee of the Committee has the authority to approve expenditures to be disbursed by the Trust and accordingly, the Trust is consolidated within the Committee. ON DECEMBER 20, 2018, THE EXECUTIVE COMMITTEE OF THE COMMITTEE VOTED TO ADOPT THE PLAN OF DISSOLUTION, DATED DECEMBER 20, 2018 FOR WINDING DOWN AND DISSOLVING THE COMMITTEE (THE "PLAN"). ACCORDINGLY, THE COMMITTEE CEASED TO CARRY OUT ITS HISTORICAL BUSINESS AND AFFAIRS ON DECEMBER 31, 2018, AND SINCE SUCH DATE HAS ONLY ENGAGED, AND WILL CONTINUE TO ON ENGAGE IN ACTIVITIES AND BUSINESS APPURTENANT TO ITS WIND-DOWN AS CONTEMPLATED BY THIS PLAN (THE "WIND-DOWN"). THE COMMITTEE HAS ADOPTED THE LIQUIDATION BASIS OF ACCOUNTING AS OF DECEMBER 20, 2018. AS OF DECEMBER 31, 2019 THE DISTRIBUTION OF ASSETS AND LIABILITIES HAD COMMENCED. THE COMMITTEE HAS RETAINED GRANT THORNTON LLP AS THE FINANCIAL ADVISOR TO ACT AS CHIEF OPERATING OFFICER AND TRUSTEE OF THE COMMITTEE IN AN EFFORT TO MANAGE THE WIND-DOWN PROCESS. THE EXPECTED DATE OF DISSOLUTION IS DECEMBER 31, 2025. FORM 990, PART III, LINE 3: ON DECEMBER 14, 2018, THE SFCC WIND-DOWN TRUST (THE "TRUST") WAS FORMED TO HOLD CERTAIN funds of SPECIAL FUNDS CONSERVATION COMMITTEE (THE "COMMITTEE"). The principal of the funds deposited in the Trust account and income generated on the principal is to be expended for the sole purpose of funding any litigation-related liabilities of the Committee incurred in conjunction with the wind-down of the Committee. In March 2019, the Committee transferred $21,000,000 to an interest-bearing bank account held by the Trust. The Committee has retained a third party as the financial advisor to act as Trustee of the Trust. The Executive Committee of the Committee has the authority to approve expenditures to be disbursed by the Trust and accordingly, the Trust is consolidated within the Committee. ON DECEMBER 20, 2018, THE EXECUTIVE COMMITTEE OF THE COMMITTEE VOTED TO ADOPT THE PLAN OF DISSOLUTION, DATED DECEMBER 20, 2018 FOR WINDING DOWN AND DISSOLVING THE COMMITTEE (THE "PLAN"). ACCORDINGLY, THE COMMITTEE CEASED TO CARRY OUT ITS HISTORICAL BUSINESS AND AFFAIRS ON DECEMBER 31, 2018, AND SINCE SUCH DATE HAS ONLY ENGAGED, AND WILL CONTINUE TO ON ENGAGE IN ACTIVITIES AND BUSINESS APPURTENANT TO ITS WIND-DOWN AS CONTEMPLATED BY THIS PLAN (THE "WIND-DOWN"). THE COMMITTEE HAS ADOPTED THE LIQUIDATION BASIS OF ACCOUNTING AS OF DECEMBER 20, 2018. AS OF DECEMBER 31, 2019 THE DISTRIBUTION OF ASSETS AND LIABILITIES HAD COMMENCED. THE COMMITTEE HAS RETAINED GRANT THORNTON LLP AS THE FINANCIAL ADVISOR TO ACT AS CHIEF OPERATING OFFICER AND TRUSTEE OF THE COMMITTEE IN AN EFFORT TO MANAGE THE WIND-DOWN PROCESS. THE EXPECTED DATE OF DISSOLUTION IS DECEMBER 31, 2025. PART VI, LINE 3: In conjuction with the Liquidation, THE COMMITTEE HAS retained Grant Thornton LLP as the financial advisor to act as COO and trustee of the COMMITTEE, in an effort to manage the Liquidation process. Further, the COO is not a paid employee of the Committee (See Part VII). PART VI, LINE 4: ON DECEMBER 20, 2018, THE EXECUTIVE COMMITTEE OF SPECIAL FUNDS CONSERVATION COMMITTEE (THE "COMMITTEE") VOTED TO ADOPT THE PLAN OF DISSOLUTION, DATED DECEMBER 20, 2018 FOR WINDING DOWN AND DISSOLVING THE AS CONTEMPLATED BY THIS PLAN (THE "WIND-DOWN"). THE COMMITTEE HAS ADOPTED THE LIQUIDATION BASIS OF ACCOUNTING AS OF DECEMBER 20, 2018. AS OF DECEMBER 31, 2019 THE DISTRIBUTION OF ASSETS AND LIABILITIES HAD COMMENCED. THE COMMITTEE HAS RETAINED GRANT THORNTON LLP AS THE FINANCIAL ADVISOR TO ACT AS THE ACCOUNTING RECORDS AND ASSIST WITH THE WIND-DOWN PROCESS. PART VI, SECTION A, LINES 6, 7A & 7B: THE TWO VOTING MEMBER POSITIONS OF THE COMMITTEE ARE HELD BY REPRESENTATIVES OF ORGANIZATIONS. REPRESENTATIVES ARE FROM THE NEW YORK STATE INSURANCE FUND AND THE NEW YORK COMPENSATION RATING BOARD. THE REPRESENTATIVES ARE SELECTED BY THE COMMITTEE. THE BUDGET WAS APPROVED BY THE EXECUTIVE COMMITEE. PART VI, SECTION B, LINE 11B: AFTER THE COO AND MANAGEMENT HAVE REVIEWED AND APPROVED THE FORM 990, A COPY IS PROVIDED TO ALL MEMBERS OF THE BOARD FOR THEIR REVIEW AND APPROVAL PRIOR TO ITS SUBMISSION. PART VI, SECTION B, LINE 12C: EVERY JANUARY A LETTER IS SENT OUT REGARDING THE CONFLICTS OF INTEREST POLICY TO ALL STAFF AND EACH BOARD MEMBER. THE LETTER MUST BE SIGNED AND RETURNED. PART VI, SECTION C, LINE 19: GOVERNING DOCUMENTS ARE DISTRIBUTED TO MEMBERS WHO MUST PROVIDE WRITTEN ACKNOWLEDGEMENT OF RECEIPT. POLICIES AND FINANCIAL INFORMATION ARE AVAILABLE UPON REQUEST. PART XI, LINE 8: AS OF THE DATE OF FILING THE 2018 FEDERAL FORM 990, THE COMMITTEE's AUDIT FOR 2018 HAD NOT YET BEEN COMPLETED. SUBSEQUENT TO THE FILING OF THE 2018 FEDERAL FORM 990, THE COMMITTEE'S AUDIT FOR 2018 WAS COMPLETED. INCLUDED IN THE FINAL 2018 AUDITED FINANCIAL STATEMENTS WAS AN ADJUSTMENT TO REVERSE AN ACCRUAL OF FUTURE COSTS ASSOCIATED WITH THE WINDING DOWN OF THE ORGANIZATION THAT HAD BEEN PREVIOUSLY RECORDED TWICE IN THE AMOUNT OF $21,399,970 ON THE COMMITTEE'S 2018 FEDERAL FORM 990 AND IS SHOWN ON THE COMMITTEE'S 2019 FEDERAL FORM 990 AS A PRIOR PERIOD ADJUSTMENT. PART XI, LINE 9: DISPOSITION & RE-EVALUATION OF A/R $(375,525) DISPOSITION & RE-EVALUATION OF LIABILITIES 635,602 $ 260,077 PART XII, LINE 1: As a result of the Executive Committees approval of the plan of complete liquidation, the Committee adopted the liquidation basis of accounting. This basis of accounting is considered appropriate when, among other things, liquidation of an organization is probable and the net realizable values of assets reasonably determinable. Under this basis of accounting, assets are valued at their net values and liabilities are stated at their settlement amounts. The conversion from the accrual basis of accounting to liquidation basis of accounting requires management to make significant estimates and judgements to record assets at estimated realizable value and liabilities at estimated settlement amounts. These estimates are subject to change based upon the timing of asset distributions, potential sales and further deterioration of the market. FORM 8868 APPLICATION FOR AN EXTENSION OF TIME TO FILE AN EXEMPT ORGANIZATION RETURN WAS FILED ELECTRONICALLY. SFCC WIND-DOWN TRUST 757 THIRD AVENUE NEW YORK NY 10017 357227012 LIQUIDATING TRUST NY SFCC T 0 21364167 1.00000 false false false false false false false false false false false false false false false false false false true false SFCC WIND-DOWN TRUST R 21000000 FMV