Euclid Avenue Development Corporation

“The Student Housing Project is managed by Greystar Management.”

“The members of the corporation at any time consist of those individuals who are then serving as the voting members of the Board of Trustees of Cleveland State University.”

“The members of the corporation have the authority and power to determine the number of, and to elect and remove, the Community Directors.”

“Form 990 is reviewed by the Vice President and the other board members with the assistance of the outside public accounting firm.”

“Annual disclosures from officers and trustees are reviewed for conflicts. When a conflict arises, the person is not permitted to participate in the discussion of the transaction or to vote. The decision about the transaction is made by persons who are independent of the conflict.”

“The organization makes its financial statements, conflict of interest policy and governing documents available upon request for the same period of time as set forth in Internal Revenue Code section 6104(d).”

“The corporation is organized and shall at all times be operated exclusively for charitable, scientific and educational purposes within the meaning of section 501(c)(3) of the internal revenue code of 1986, as amended, (the "Code"), and shall operate pursuant to section 509(a)(3) of the code exclusively for the benefit of Cleveland State university, an instrumentality of the state of Ohio and a state assisted institution of higher education (the "University"). Without limiting the foregoing, the corporation shall have the following purposes: (a) to promote the welfare of the people of the state of Ohio by constructing, acquiring, equipping, furnishing, owning, developing, operating, and maintaining real and personal property to be used directly or indirectly for or in connection with the conduct of the university as an institution of higher education, including housing, dining and food service facilities, instructional, administrative and office facilities, libraries, student activity and student service facilities, athletic and recreational facilities, faculty centers, auditoriums, assembly and exhibition halls, medical and health facilities, research and continuing education facilities and parking facilities (collectively, "facilities") and other uses in support or the University and/or joint programs and activities of the University and other governmental organizations or tax-exempt 501(c)(3) organizations (collectively, the "Exempt Organizations") along with related facilities that promote the educational, social, psychological and physical well-being of the students, faculty and staff of the University and exempt organizations located in proximity to the University's main campus in the city of Cleveland, Ohio (the "University Campus"); (b) to expand the educational opportunities available to individuals residing outside of the reasonable commuting area of the university campus by providing to the students, faculty and staff of the university and exempt organizations reasonably priced rental housing and other facilities in proximity to the university campus; (c) to promote a sense of community among the students, faculty and staff of the university and exempt organizations by encouraging educational, social, and recreational interaction among such individuals by providing facilities in proximity to the university, the exempt organizations and each other; and (d) to lessen the burdens of government by assisting the state of Ohio, the university and exempt organizations in providing facilities for students, faculty and staff of the university and exempt organizations. (e) solely for the above purposes, the corporation is empowered to take and hold by bequest, devise, gift, contribution, purchase, lease, or any other form, either absolutely or in trust, any property, real or personal, tangible or intangible, without limitation as to amount or value; to sell, convey, use, assign and dispose of any such property and to invest and reinvest the income and principal thereof; to deal with and expend the income and principal of the corporation; to make gifts or contributions to other entities or persons; to vote the shares or interests in any stock or other equity investment held by the corporation; to maintain, protect and enforce all rights, title and interests incidental to holding title to property held by the corporation; to do all things necessary or appropriate to accomplish the foregoing; and to exercise all other rights and powers conferred by the laws of the state of Ohio upon nonprofit corporations.”

“Contracted Personnel: Program service expenses 2,722,587. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,722,587.”

“Impairment loss on property and equipment -16,019,285.”