2015-10-14T11:27:11-05:00 2014-12-31 420714325 MCGLADREY LLP 751 ARBOR WAY SUITE 200 BLUE BELL PA 19422 990 2014-01-01 232331946 THE REINVESTMENT FUND INC REIN 2155745800 1700 MARKET STREET 19TH FLOOR PHILADELPHIA PA 19103 MICHAEL M CRIST CFO 2155745800 2015-10-07 1 CHRISTOPHER M PEKULA P00734965 2156418600 2014 2016-02-25 16:41:14Z DONALD HINKLE-BROWN 1700 MARKET STREET 19TH FLOOR PHILADELPHIA PA 19103 37829497 0 X WWW.TRFUND.COM X 1985 PA SEE SCHEDULE O 13 13 109 50 367862 -262553 16422032 15703978 16878132 19292986 674081 163787 283837 2473449 34258082 37634200 2778341 1614406 0 0 8518370 8782933 0 0 51000 10975236 12476017 22271947 22873356 11986135 14760844 286047297 321932876 157459075 178509817 128588222 143423059 X SEE SCHEDULE O 0 0 12333178 1490719 19230814 LENDING AND COMMUNITY INVESTING: ENCOMPASSES THE ORGANIZATION'S FINANCING OF HOMES, SCHOOLS, HEALTHY FOOD RETAIL, HEALTHCARE AND OTHER PROJECTS THAT BENEFIT LOW-WEALTH PEOPLE AND PLACES AND IS THE CORE LENDING FUNCTION OF THE ORGANIZATION. 3933219 1114374 POLICYMAP: PROVIDES AN ONLINE DATA ANALYSIS AND MAPPING TOOL THAT PROVIDES BROAD ACCESS TO DATA, REPORTS AND ANALYTICS USEFUL FOR SOCIAL INVESTMENT STRATEGIES. 2105270 968208 POLICY SOLUTIONS: CONDUCTS POLICY, DATA ANALYSIS AND SOCIAL IMPACT ANALYSES THAT ADVANCE TRF'S MISSION AND EFFECT SYSTEM CHANGE, ON BEHALF OF TRF AS WELL AS PUBLIC AND PHILANTHROPIC CLIENTS. 278264 123687 85177 SUSTAINABLE DEVELOPMENT FUND ("SDF"): REPRESENTS AN ENERGY-RELATED FUND THAT USES LOANS, INVESTMENTS AND GRANTS TO AUGMENT THE ORGANIZATION'S EXISTING ENERGY CONSERVATION AND COMMUNITY INVESTING EFFORTS. SDF WAS CREATED BY THE PARTIES TO THE PECO ENERGY COMPANY ("PECO ENERGY") RESTRUCTURING AND APPROVED BY THE PENNSYLVANIA PUBLIC UTILITY COMMISSION ("PUC") IN MAY 1998. RENTAL ACTIVITIES 278264 123687 85177 18649931 1 1 0 1 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 621 0 1 109 1 1 1 0 0 0 0 0 0 0 0 0 X 13 13 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 1 1 PA DC DE MD NJ X MICHAEL M CRIST 2155745800 1700 MARKET STREET19TH FLOOR PHILADELPHIA PA 19103 ANDREA ALLON BOARD MEMBER 2.00 X 0 0 0 SCOTT M JENKINS BOARD MEMBER / TREASURER 2.00 X X 0 0 0 ARNIE GRAF BOARD MEMBER 2.00 X 0 0 0 ROBERT E KEITH JR BOARD MEMBER / SECRETARY 2.00 X X 0 0 0 JOHN S SUMMERS CHAIRMAN OF BOARD 2.00 X X 0 0 0 JEROME SMALLEY BOARD MEMBER 2.00 X 0 0 0 TRINITA LOGUE BOARD MEMBER 2.00 X 0 0 0 WAYNE TROTMAN BOARD MEMBER 2.00 X 0 0 0 MARK ZANDI VICE CHAIRMAN 2.00 X X 0 0 0 SIMRAN SIDHU BOARD MEMBER 2.00 X 0 0 0 ELIZABETH SUR BOARD MEMBER 2.00 X 0 0 0 PATRICIA WELLENBACH BOARD MEMBER 2.00 X 0 0 0 ANTHONY CREAMER BOARD MEMBER 2.00 X 0 0 0 DONALD HINKLE-BROWN CORP. PRESIDENT & CEO 36.00 4.00 X 425630 0 30424 MICHAEL M CRIST EVP & CFO 36.00 4.00 X 315903 0 11138 NANCY HORTON CORP. ASSISTANT SECRETARY 40.00 X 61024 0 12135 NANCY WAGNER-HISLIP EVP, CAPT'L STRUCTURE & LENDING 40.00 X 201502 0 24703 M AMANDA HIGH CHIEF OF STRATEGIC INITIATIVES 40.00 X 91874 0 2297 FELICIA BENDER ASSISTANT TO CEO 40.00 X 22011 0 1917 IRA GOLDSTEIN PRESIDENT OF POLICY SOLUTIONS 40.00 X 257750 0 25353 MAGGIE MCCULLOUGH PRESIDENT OF POLICYMAP 40.00 X 205824 0 24687 SUZANNE ALOI CORPORATE CONTROLLER 40.00 X 180436 0 7209 SARA V STERMAN VP OF STRATEGIC INVESTMENTS 40.00 X 160009 0 6994 PATRICIA SMITH SENIOR POLICY ADVISOR 40.00 X 164329 0 12724 BARRY POROZNI CIO 40.00 X 165392 0 12179 GERTRUDE THOMAS VP OF SALES 40.00 X 163019 0 23819 2414703 0 195579 10 0 1 0 MORGAN LEWIS & BOCKIUS LLP 1701 MARKET ST PHILADELPHIA PA 19103 LEGAL 268780 MCGLADREY LLP 751 ARBOR WAY STE 200 BLUE BELL PA 19422 ACCOUNTING SERVICES 237000 COHN REZNICK LLP 500 E PRATT STREET SUITE 200 BALTIMORE MD 21202 ACCOUNTING SERVICES 182835 3 5100000 10603978 15703978 INTEREST 525990 11650008 11650008 NMTC PLACEMENT FEES 900099 2320000 2320000 ASSET MANAGEMENT FEES 561000 1758936 1758936 FORGIVENESS OF DEBT 900099 1095000 1095000 LOAN & LEASE FEES 525990 965654 965654 1503388 1135526 367862 19292986 359084 359084 195297 -195297 -195297 -195297 GAINS FROM PARTNERSHIP 525990 2473449 2473449 2473449 37634200 21398573 367862 163787 1614406 1614406 2644138 1688018 956120 4534846 2862263 1631683 40900 228091 155418 71221 1452 840849 571325 264186 5338 535009 354205 177494 3310 239827 75472 164355 231122 231122 1813109 1555989 257120 360194 333536 26658 511282 351649 159633 186231 186231 617406 425267 192139 156532 104644 51888 270307 127874 142433 4374901 4374901 1121763 1121763 125847 85495 40352 PROVISION FOR LOAN LOSS 2156219 2156219 BANK FEES 150531 150531 STAFF DEVELOPMENT/RECRU 66128 28985 37143 UNDERWRITING/DUE DILIGE 15665 15665 78953 78953 22873356 18649931 4172425 51000 47030627 41805045 13896070 9269805 2694970 2742453 181224420 219696198 245764 306600 8835978 6163631 2842802 2672347 35444445 43514749 2668199 1925679 286047297 321932876 2921523 2985837 244891 80069 4662227 5777858 3516842 2356880 35074263 23546300 104197437 140052562 6841892 3710311 157459075 178509817 X 40232060 49868369 39587151 44862632 48769011 48692058 128588222 143423059 286047297 321932876 X 14760844 -227762 301755 X X 0 1 X 1 1 1 X 15761352 17490871 12135158 16422032 15703978 77513391 15761352 17490871 12135158 16422032 15703978 77513391 10096424 67416967 525982 1218806 1372832 517481 359084 3994185 -104180 -464 84575 -136737 -262553 -419359 81088217 55943073 0.83140 0.85090 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 167495 167495 18482436 18649931 1000000 250000 0 0 934517 1000000 1000000 1000000 3934517 5901776 49819 77498 100104 167495 394916 233629 250000 250000 250000 983629 1475444 0 3516842 1493346 2653308 2356880 1 X 1045593 249781 795812 490800 264536 226264 7299585 5649314 1650271 2672347 RESERVE FUNDS PAYABLE 2859476 ACCRUED LEASE INCENTIVE 850835 3710311 X PART IV, LINE 2B: ESCROW ACCOUNTS FOR LENDING ACTIVITY PART X, LINE 2: THE ORGANIZATION IS GENERALLY EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IN ADDITION, THE ORGANIZATION QUALIFIES FOR CHARITABLE CONTRIBUTION DEDUCTIONS AND HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION. INCOME WHICH IS NOT RELATED TO EXEMPT PURPOSES, LESS APPLICABLE DEDUCTIONS, IS SUBJECT TO FEDERAL AND STATE CORPORATE INCOME TAXES. THE ORGANIZATION HAD NO NET UNRELATED BUSINESS INCOME TAX FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013. MANAGEMENT EVALUATED THE ORGANIZATION'S TAX POSITIONS AND CONCLUDED THAT THE ORGANIZATION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. CONSEQUENTLY, NO ACCRUAL FOR INTEREST AND PENALTIES WAS DEEMED NECESSARY FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013. THE ORGANIZATION FILES INCOME TAX RETURNS IN THE U.S. FEDERAL JURISDICTION. GENERALLY, THE ORGANIZATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2011. 1 GREENSGROW PHILADELPHIA PROJECT INC 2503 E FIRTH STREET PHILADELPHIA PA 19125 232989249 501(C)(3) 5566 FMV - CASH DCED PA OPPORTUNITY WELCOMING CENTER FOR NEW PENNSYLVANIANS 1617 JOHN F KENNEDY BLVD SUITE 555 PHILADELPHIA PA 19103 233001411 501(C)(3) 22111 FMV - CASH DCED PA OPPORTUNITY SEDA- COG HOUSING DEVELOPMENT CORPORATION 201 FURNANCE ROAD LEWISBURG PA 17873 232732149 501(C)(3) 25000 FMV - CASH DCED PA OPPORTUNITY AUTISM'S HOUSING DEVELOPMENT CORPORATON OF PITTSBURGH 11676 PERRY HIGHWAY WEXFORD PA 15090 452692263 501(C)(3) 30621 FMV - CASH DCED PA OPPOURNITY CAPITAL AREA SCHOOL FOR THE ARTS CHARTER SCHOOL 150 STRAWBERRY SQUARE HARRISBURG PA 17101 300767388 501(C)(3) 19258 FMV - CASH DCED PA OPPOURNITY CHESTER HOUSING AUTHORITY 1111 AVENUE OF THE STATES 3RD FLOOR FLOOR CHESTER PA 19013 236000831 501(C)(3) 13600 FMV - CASH DCED PA OPPOURNITY MISSION FIRST HOUSING DEVELOPMENT CORPORATION 1330 NEW HAMPSHIRE AVE NW 116 WASHINGTON DC 20036 271824650 501(C)(3) 13070 FMV - CASH DCED PA OPPOURNITY PATHSTONE ALLIANCE FOR BETTER HOUSING 648 BUENA VISTA DRIVE KENNETT SQUARE PA 19248 232754537 501(C)(3) 6331 FMV - CASH DCED PA OPPOURNITY SUSQUEHANNA SUSTAINABLE BUSINESS NETWORK 1449 GLENMORRE CIRCLE LANCASTER PA 17601 753235799 501(C)(3) 10438 FMV - CASH DCED PA OPPOURNITY WOMEN'S COMMUNITY REVITALIZATION PROJECT 407-11 FAIRMOUNT AVENUE PHILADELPHIA PA 19123 222840188 501(C)(3) 14617 FMV - CASH DCED PA OPPORTUNITY SAINT FRANCIS UNIVERSITY SMALL BUSINESS DEVELOPMENT CENTER PO BOX 600 LORETTO PA 15940 251024358 501(C)(3) 115702 FMV - CASH PECO SDF ACHIEVABILITY 21 S 61ST STREET PHILADELPHIA PA 19139 232215980 501(C)(3) 50000 FMV - CASH DCED PA OPPORTUNITY COLUMBIA COUNTY HOUSING CORPORATION 700 SAWMILL ROAD SUITE 101 BLOOMSBURG PA 17815 233022558 501(C)(3) 18855 FMV - CASH DCED PA OPPORTUNITY GOODWILL INDUSTRIES OF NEPA 925 PROSPECT AVENUE SCRANTON PA 18505 240800938 501(C)(3) 37500 FMV - CASH DCED PA OPPORTUNITY GREATER EASTON DEVELOPMENT PARTNERSHIP 35 S THIRD STREET EASTON PA 18042 232660344 501(C)(3) 40000 FMV - CASH DCED PA OPPORTUNITY HOUSING DEVELOPMENT CORPORATION MIDATLANTIC 439 E KING STREET LANCASTER PA 17602 231861343 501(C)(3) 75000 FMV - CASH DCED PA OPPORTUNITY LAWRENCEVILLE CORPORATION 100 43RD STREET SUITE 106 PITTSBURGH PA 15201 251471440 501(C)(3) 7455 FMV - CASH DCED PA OPPORTUNITY METHODIST FAMILY SERVICES OF PHILADELPHIA 4300 MONUMENT ROAD PHILADELPHIA PA 19131 562311719 501(C)(3) 20100 FMV - CASH DCED PA OPPORTUNITY OUR COMMUNITY COOPERATIVE OF CHELTENHAM TOWNSHIP INC 1681 EAST WILLOW GROVE AVENUE GLENSIDE PA 19038 262364449 15000 FMV - CASH DCED PA OPPORTUNITY THE SHARE FOOD PROGRAM INC 2901 W HUNTING PARK AVENUE PHILADELPHIA PA 19154 232360819 501(C)(3) 28598 FMV - CASH DCED PA OPPORTUNITY CAMDEN RENAISSANCE ASSOCIATES LLC 630 SENTRY PARKWAY SUITE 300 BLUE BELL PA 19422 461762640 125000 FMV - CASH RWJ NJ FFFI CDIP PAULSBORO SUMMIT LP 200 FEDERAL STREET SUITE 300 CAMDEN NJ 08103 270844358 100000 FMV - CASH RWJ NJ FFFI MT EPHRAIM AVENUE SUPERMARKET 600 N KINGS HIGHWAY CHERRY HILL NJ 08034 465100829 125000 FMV - CASH RWJ NJ FFFI NEWARK SHOPRITE LLC 1409 BROAD STREET BLOOMFIELD NJ 07003 463971729 125000 FMV - CASH RWJ NJ FFFI FINANCE FUND CAPITAL CORPORATION 17 SOUTH HIGH STREET SUITE 900 COLUMBUS PA 43215 743033288 501(C)(3) 65833 FMV - CASH JP MORGAN CHASE REFRESH FLORIDA COMMUNITY LOAN FUND INC 501 N MAGNOLIA AVENUE SUITE 100 ORLANDO FL 32801 650545058 501(C)(3) 40000 FMV - CASH JP MORGAN CHASE REFRESH NORTHERN CALIFORNIA COMMUNITY LOAN FUND 870 MARKET STREET SUITE 677 SAN FRANCISCO CA 94102 943032394 501(C)(3) 40000 FMV - CASH JP MORGAN CHASE REFRESH COLORADO ENTERPRISE FUND 1888 SHERMAN STREET SUITE 530 DENVER CO 80203 840837398 501(C)(3) 40000 FMV - CASH JP MORGAN CHASE REFRESH YOUNG SCHOLARS KENDERTON CHARTER SCHOOL 1500 W ONTARIO STREET PHILADELPHIA PA 19140 463188964 501(C)(3) 95000 FMV - CASH DCED PA OPPORTUNITY SPECIAL PEOPLE IN NORTHEAST INC 10521 DRUMMOND ROAD PHILADELPHIA PA 19154 231742920 501(C)(3) 132727 FMV - CASH WP HIGH QUALITY CHILD CARE DELAWARE VALLEY COLLEGE 700 EAST BUTLER AVENUE DOYLESTOWN PA 18901 231352665 501(C)(3) 46000 FMV - CASH DCED PA OPPORTUNITY NUEVA ESPERANZA 4261 N 5TH STREET PHILADELPHIA PA 19140 232552707 501(C)(3) 50000 FMV - CASH DCED PA OPPORTUNITY CITIZENS FOR PENNSYLVANIA'S FUTURE 610 N THIRD STREET HARRISBURG PA 17101 311607866 501(C)(3) 7984 FMV - CASH PECO SDF LAKESHORE LEARNING MATERIALS 2695 E DOMINGUEZ STREET CARSON CA 90895 941525814 15039 FMV - CASH WP HIGH QUALITY CHILD CARE 28 34 PART I, LINE 2: APPLICATIONS FOR GRANTS ARE RECEIVED AND PROCESSED BY THE APPLICABLE PROGRAM MANAGER. ONCE APPROVED, GRANT DISBURSEMENTS ARE PROCESSED BY THE FINANCE DEPARTMENT. ONGOING COMPLIANCE WITH THE GRANT TERMS ARE MONITORED AND MAINTAINED BY THE APPLICABLE PROGRAM MANAGER AND THE FINANCE DEPARTMENT. X 0 1 X X X X X 0 0 0 0 0 0 0 0 0 DONALD HINKLE-BROWN CORP. PRESIDENT & CEO 337190 0 78000 0 10440 0 10400 0 20024 0 456054 0 0 0 MICHAEL M CRIST EVP & CFO 239170 0 55200 0 21533 0 10400 0 738 0 327041 0 0 0 NANCY WAGNER-HISLIP EVP, CAPT'L STRUCTURE & LENDING 164560 0 36000 0 942 0 7066 0 17637 0 226205 0 0 0 IRA GOLDSTEIN PRESIDENT OF POLICY SOLUTIONS 173920 0 83300 0 530 0 8033 0 17320 0 283103 0 0 0 MAGGIE MCCULLOUGH PRESIDENT OF POLICYMAP 162840 0 42000 0 984 0 7021 0 17666 0 230511 0 0 0 SUZANNE ALOI CORPORATE CONTROLLER 147562 0 17808 0 15066 0 6717 0 492 0 187645 0 0 0 SARA V STERMAN VP OF STRATEGIC INVESTMENTS 96230 0 36000 0 27779 0 6028 0 966 0 167003 0 0 0 PATRICIA SMITH SENIOR POLICY ADVISOR 139244 0 16709 0 8376 0 6573 0 6151 0 177053 0 0 0 BARRY POROZNI CIO 140284 0 16536 0 8572 0 6020 0 6159 0 177571 0 0 0 GERTRUDE THOMAS VP OF SALES 162500 0 0 0 519 0 6512 0 17307 0 186838 0 0 0 PART I, LINE 1A ALTHOUGH THE ORGANIZATION DOES NOT HAVE A WRITTEN POLICY, IT IS OUR PRACTICE FOR COMPANION TRAVEL COST PURCHASED ON CORPORATE CREDIT CARD, AS A CONVENIENCE, BE REIMBURSED BY THE STAFF PERSON THROUGH THE NEXT SCHEDULED SEMI-MONTHLY PAYROLL. FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: TRF BUILDS WEALTH AND OPPORTUNITY FOR LOW-WEALTH PEOPLE AND PLACES THROUGH THE PROMOTION OF SOCIALLY AND ENVIRONMENTALLY RESPONSIBLE DEVELOPMENT. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: TRF BUILDS WEALTH AND OPPORTUNITY FOR LOW-WEALTH PEOPLE AND PLACES THROUGH THE PROMOTION OF SOCIALLY AND ENVIRONMENTALLY RESPONSIBLE DEVELOPMENT. FORM 990, PART VI, SECTION B, LINE 11 THE ORGANIZATION HAS ENGAGED OUR INDEPENDENT ACCOUNTANTS MCGLADREY LLP. TO PREPARE FORM 990 IN ACCORDANCE WITH OUR AUDITED FINANCIAL STATEMENTS. THE FORM 990 IS THEN REVIEWED BY MANAGEMENT, TRF'S AUDIT AND RISK COMMITTEE (WHICH IS A SUB-COMMITTEE OF THE FULL BOARD WITH FISCAL AND FIDUCIARY OVERSIGHT) AND IS MADE AVAILABLE TO THE FULL GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 12C COMPREHENSIVE CONFLICT OF INTEREST QUESTIONNAIRE IS DISTRIBUTED ANNUALLY TO ALL BOARD AND COMMITTEE MEMBERS. UPON RECEIPT OF THE QUESTIONNAIRE, ALL BOARD, COMMITTEE MEMBERS AND STAFF HAVE 60 DAYS TO RETURN THE COMPLETED QUESTIONNAIRE TO THE ORGANIZATION'S HUMAN RESOURCE DEPARTMENT. THE COMPLETED QUESTIONNAIRES ARE REVIEWED AND MONITORED BY THE HUMAN RESOURCE DEPARTMENT AND ANY POTENTIAL CONFLICTS ARE COMMUNICATED TO THE ORGANIZATION'S MANAGEMENT AND BOARD. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS DETERMINES THE COMPENSATION OF THE ORGANIZATION'S CEO THROUGH A VARIETY OF SOURCES, INCLUDING COMPETITOR DATA AND SURVEYS. ADDITIONALLY, THE ORGANIZATION HAS ENGAGED THE SERVICES OF AN INDEPENDENT CONSULTANT TO PROVIDE AN OPINION ON THE REASONABLENESS OF THE COMPENSATION PLAN FOR THE CEO, THREE TOP MANAGEMENT OFFICIALS AND TWO BUSINESS UNIT PRESIDENTS USING COMPARATIVE DATA AND SURVEY DATA. THE OPINION LETTER FOR THE CEO, THREE TOP MANAGEMENT OFFICIALS AND TWO BUSINESS UNIT PRESIDENT'S COMPENSATION IS SENT DIRECTLY TO THE CHAIRMAN OF THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST STATEMENT, FORM(S) 1023, 990 & 990T AND FINANCIAL STATEMENT AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST THROUGH ITS OFFICES AT 1700 MARKET STREET, 19TH FLOOR, PHILADELPHIA, PA 19103. GOVERNING DOCUMENT REQUESTS ARE EVALUATED AND PROVIDED ON A CASE BY CASE BASIS. THE ORGANIZATION'S FINANCIAL STATEMENTS ARE ALSO AVAILABLE ON THE ORGANIZATION'S WEBSITE. FORM 990, PART XI, LINE 9: PRIOR PERIOD ADJUSTMENT/DIFFERENCE -13,970. RELATED PARTY NET ASSET REDESIGNATION 315,725. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR PERIOD. FORM 990, PART IV, LINE 26: THE ORGANIZATION OFFERS PROMISSORY NOTES TO THE GENERAL PUBLIC THROUGH A PROSPECTUS OFFERING REGISTERED WITH THE PENNSYLVANIA DEPARTMENT OF BANKING AND SECURITIES. THE TERMS AND CONDITIONS OF THE PROMISSORY NOTES ARE SET BY THE PROSPECTUS AND ARE THE SAME FOR EVERYONE. THE PROSPECTUS IS AVAILABLE TO THE GENERAL PUBLIC, INCLUDING BOARD MEMBERS, OFFICERS AND EMPLOYEES OF THE ORGANIZATION. AT YEAR END, VOTING BOARD MEMBERS AND OFFICERS OF THE ORGANIZATION HAD LOANS OUTSTANDING UNDER THE PROSPECTUS. BASED ON GUIDANCE, PROVIDED FROM THE IRS, REGARDING DEBT OFFERED ON THE SAME TERMS AS OFFERED TO THE GENERAL PUBLIC, WE HAVE ANSWERED THIS QUESTION AS "NO" AND DID NOT COMPLETE SCHEDULE L. AS PART OF OUR PROMISSORY NOTE PROGRAM, OUR DIRECTORS, OFFICERS, TRUSTEE, ETC MAKE UP $272,549 OF OUR PROMISSORY NOTE PROGRAM OF $22,676,534. FORM 990, PART VII, SECTION B: OF THE AMOUNT REPORTED AS PAID TO COHN REZNICK, LLP OF $182,835, $157,765 HAS BEEN/WILL BE SUBSEQUENTLY REIMBURSED TO THE REINVESTMENT FUND. THE ONLY REMAINING AMOUNT TO BE REIMBURSED FROM THE BORROWERS IS $6,302. 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