2011-07-14T09:07:40-05:00 2010-09-30 RSM MCGLADREY INC ONE CHURCH STREET NEW HAVEN CT 06510 990 2009-10-01 201198307 First City Fund Corporation FIRS 2039468200 299 WHALLEY AVENUE New Haven CT 06510 WILLIAM PLACKE 2039468200 2011-07-05 1 Eric Perez 2037731909 2009 2016-02-24 21:20:13Z William Placke 299 WHALLEY AVENUE NEW HAVEN CT 06510 512692 0 X N/A X 2004 CT ENGAGE IN ACTIVITIES THAT PROMOTE COMMUNITY DEVELOPMENT WITHIN THE GREATER NEW HAVEN AREA, INCLUDING, BUT NOT LIMITED TO, AFFORDABLE HOUSING, EDUCATION, COMMUNITY SERVICES, SMALL BUSINESS DEVELOPMENT, ECONOMIC DEVELOPMENT, ACTIVITIES THAT REVITALIZE OR STABILIZE LOW AND MODERATE INCOME GEOGRAPHIES AND OTHER FORMS OR CHARITABLE ASSISTANCE TO THOSE IN NEED THEREOF; AND ENGAGE IN ACTIVITIES THAT PROMOTE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS WITHIN THE GREATER NEW HAVEN AREA THAT SERVE LOW AND MODERATE INCOME GEOGRAPHIES, INCLUDING BUT NOT LIMITED TO PLANNING, MARKETING, STUDYING, RESEARCHING OR INVESTING THEREIN. PURCHASE, ACCEPT, EXCHANGE, INHERIT, LEASE OR OTHERWISE ACQUIRE REAL AND PERSONAL PROPERTY, OR ANY INTEREST THEREIN, OR WHATEVER KIND, AND TO OWN, HOLD, CONTROL, MAINTAIN, MANAGE, CONVEY, DISPOSE OF, OR CHANGE THE CHARACTER OF SUCH PROPERTY; AND ENGAGE IN ANY LAWFUL ACT OR ACTIVITY FOR WHICH A CORPORATION MAY BE ORGANIZED UNDER THE REVISED NON-STOCK CORPORATION ACT OF THE 12 12 13 0 0 0 525741 457181 0 171468 55511 0 697209 512692 120000 0 0 2835 2172 0 0 44436 54562 167271 56734 529938 455958 17707252 16945201 52966 369817 17654286 16575384 ENGAGE IN ACTIVITIES THAT PROMOTE COMMUNITY DEVELOPMENT WITHIN THE GREATER NEW HAVEN AREA, INCLUDING, BUT NOT LIMITED TO, AFFORDABLE HOUSING, EDUCATION, COMMUNITY SERVICES, SMALL BUSINESS DEVELOPMENT, ECONOMIC DEVELOPMENT, ACTIVITIES THAT REVITALIZE OR STABILIZE LOW AND MODERATE INCOME GEOGRAPHIES AND OTHER FORMS OR CHARITABLE ASSISTANCE TO THOSE IN NEED THEREOF; AND ENGAGE IN ACTIVITIES THAT PROMOTE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS WITHIN THE GREATER NEW HAVEN AREA THAT SERVE LOW AND MODERATE INCOME GEOGRAPHIES, INCLUDING BUT NOT LIMITED TO PLANNING, MARKETING, STUDYING, RESEARCHING OR INVESTING THEREIN. PURCHASE, ACCEPT, EXCHANGE, INHERIT, LEASE OR OTHERWISE ACQUIRE REAL AND PERSONAL PROPERTY, OR ANY INTEREST THEREIN, OR WHATEVER KIND, AND TO OWN, HOLD, CONTROL, MAINTAIN, MANAGE, CONVEY, DISPOSE OF, OR CHANGE THE CHARACTER OF SUCH PROPERTY; AND ENGAGE IN ANY LAWFUL ACT OR ACTIVITY FOR WHICH A CORPORATION MAY BE ORGANIZED UNDER THE REVISED NON-STOCK CORPORATION ACT. 0 0 0 0 THE ORGANIZATION'S APPLICATION TO BE TREATED AS A 501(C) (3) WAS APPROVED IN NOVEMBER 2005. THE ORGANIZATION IS IN THE PROCESS OF FUNDING THE ORGANIZATION OF A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION; IT HAS HIRED THE FUTURE PRESIDENT, CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER OF THIS PROPOSED INSTITUTION, HAS BEEN APPROVED FOR A BANK CHARTER BY THE CONNECTICUT DEPARTMENT OF BANKING FURTHER, IT HAS FILED AN APPLICATION FOR A BANK HOLDING COMPANY WITH THE FEDERAL RESERVE BOARD. ALL THE COSTS EXPENDED FOR THE CREATION OF THE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION HAVE BEEN REPORTED FOR TAX PURPOSES AS AN ADVANCE FROM THE FUTURE BANK. THESE COSTS WILL BE USED AS A PORTION OF THE ORGANIZATION'S INVESTMENT IN THE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION. AS OF SEPTEMBER 30, 2007, THESE COSTS TOTALED $3,352,743. AFTER THE END OF THE FISCAL YEAR BUT BEFORE THE FILING OF THIS RETURN, THE BANK OPENED FOR BUSINESS IN DECEMBER OF 2010. 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 13 0 0 0 0 0 0 0 0 0 0 0 12 12 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 1 1 1 1 0 X MCGLADREY & PULLEN LLP 2037731909 ONE CHURCH STREET NEW HAVEN CT 06510 JOHN DESTEFANO JR 1.00 X 0 0 0 ROLAN JONI YOUNG 1.00 X 0 0 0 DIANIBEL AVILES 1.00 X 0 0 0 JOHN DEVLIN CPA 1.00 X 0 0 0 WENDY CLARKE 1.00 X 0 0 0 CARL GOLDFIELD 1.00 X 0 0 0 ANDREA VAN DEN HEEVER 1.00 X 0 0 0 MARTIN LOONEY 1.00 X 0 0 0 MARK G SKLARZ 1.00 X 0 0 0 COREY STONE 1.00 X 0 0 0 ROBERT A SOLOMON 1.00 X 0 0 0 SUSAN WHETSTONE 1.00 X 0 0 0 WILLIAM H PLACKE 40.00 X X 128615 0 0 WILLIAM WEAVER 40.00 X 75577 0 0 CAROLL PEREIRA 40.00 X 8077 0 0 212269 0 0 1 0 0 0 0 457181 457181 55511 55511 512692 0 0 55511 2172 2172 51597 51597 388 388 2577 2577 56734 0 56734 0 34390 -14148 17072734 14996045 525682 457181 11436 118237 1387488 5598 63010 1381890 0 5996 17707252 16945201 40013 271663 12953 98154 52966 369817 X 17654286 16575384 17654286 16575384 17707252 16945201 X 1 1 1 X 0 X X X 0 0 0 CITY OF NEW HAVEN 066001876 8 1 0 1 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1243282 1243282 144206 5598 138608 1381890 ACCRUED PAYROLL 37008 OTHER ACCRUED LIABILITIES 60840 Payroll Liab 306 98154 512692 56734 455958 -1534860 -1534860 -1078902 512692 0 512692 0 512692 1591594 1534860 1534860 56734 0 56734 Part X: Description of Uncertain Tax Positions Under FIN 48: THE ORGANIZATION PRESENTLY RECOGNIZES INCOME TAX POSITIONS BASED ON MANAGEMENT'S ESTIMATE OF WHETHER IT IS PROBABLE THAT A LIABILITY CAN BE REASONABLY ESTIMATED HAS BEEN INCURRED FOR UNRECOGNIZED INCOME TAX BENEFITS. THE FASB HAS DEFERRED THE EFFECTIVE DATE FOR THIS GUIDANCE FOR NONPUBLIC ENTERPRISES TO THE ANNUAL FINANCIAL STATEMENTS FOR FISCAL YEARS BEGINNING AFTER DECEMBER 15, 2008. AS ALLOWED BY THE FASB, THE ORGANIZATION ELECTED TO DEFER THE APPLICATION OF THE GUIDANCE AND ADOPTED THE GUIDANCE IN ITS FISCAL 2010 ANNUAL FINANCIAL STATEMENTS, APPLYING ITS PROVISIONS TO ALL TAX POSITIONS UPON INITIAL APPLICATION OF THE GUIDANCE. ONLY TAX POSITIONS THAT MEET THE MORE-LIKELY-THAN-NOT RECOGNITION THRESHOLD AT THE EFFECTIVE DATE ARE RECOGNIZED OR CONTINUE TO BE RECOGNIZED UPON ADOPTION. THE EFFECT OF APPLYING THE PROVISIONS HAD NO IMPACT ON THE OPENING BALANCE OF NET ASSETS FOR THE 2010 FISCAL YEAR OF ADOPTION. Part XI, Line 8 - Other Adjustments: COMMUNITY DEVELOPMENT BANK COSTS CAPITALIZED: -1534860. Part XIII, Line 2d - Other Adjustments: COMMUNITY DEVELOPMENT BANK COSTS CAPITALIZED: 1534860. X X 0 0 0 0 0 0 0 0 0 MARK G SKLARZ PRESIDENT SEE SCH.O THE ORGANIZATION INCURRED LEGAL SERVICE EXPENSES FROM A FIRM WHERE MR. SKLARZ IS A PRINCIPAL. 0 Form 990, Part VI, Section B, line 11 presented BEFORE FILING and reviewed FOR CORRECTNESS. Form 990, Part VI, Section B, line 15 COMPENSATION LEVELS WERE REVIEWED AND DETERMINED TO BE REASONABLE WITHIN THE INDUSTRY WHICH THE ORGANIZATION OPERATES. Form 990, Part VI, Section C, line 18 DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST Form 990, Part VI, Section C, line 19 DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST Form 990, Part VII Contact Addresses for Officers, Directors, Etc MARK G. SKLARZ - 70 STATE STREET, NEW HAVEN, CT 06511. COREY STONE - 1952 WHITNEY AVENUE, HAMDEN, CT 06517. ROBERT A. SOLOMON - YALE LAW SCHOOL, P.O. BOX 209091, NEW HAVEN, CT 06520. SUSAN WHETSTONE - 243 FRONT STREET, UNIT B, NEW HAVEN, CT 06513. JOHN DESTEFANO, JR. - 165 CHURCH ST. C/O MAYOR'S OFFICE, NEW HAVEN, CT 06510. ROLAN JONI YOUNG - BERCHEM, MOSES & DEVLIN P.C., 75 BROAD STREET, MILFORD, CT 06460. DIANIBEL AVILES - 165 CHURCH ST. C/O MAYOR'S OFFICE, NEW HAVEN, CT 06510. JOHN DEVLIN, CPA - 4 ABBIE ROAD, BRANFORD, CT 06405. WENDY CLARKE - 121 SHADOW LANE, WEST HARTFORD, CT 06110. CARL GOLDFIELD - 61 HUNTINGTON STREET, NEW HAVEN, CT 06515. ANDREA VAN DEN HEEVER - 435 COLLEGE STREET C/O NEW HAVEN LABOR COUNCIL, NEW HAVEN, CT 06511. MARTIN LOONEY - 165 CHURCH ST. C/O MAYOR'S OFFICE, NEW HAVEN, CT 06110.