Flying Cloud Office Inc

“Barings, llc ("barings") manages flying cloud office, inc. On behalf of the sacramento county employees' retirement system ("scers"). Barings provides investment advisory services to scers in connection with the portfolio.”

“Sacramento county employees' retirement board has hired barings, llc as investment advisor to manage the entity, which includes the authority to invest the assets of the entity in real property, dispose of properties, and manage the day to day operations of the entity.”

“The sole shareholder of flying cloud office, inc. Is the sacramento county employees' retirement system ("scers"). The shareholders of scers are pension trusts described in, and exempt from federal income taxes under section 401 and 501 of the internal revenue code.”

“The business of the corporation shall be managed by its investment advisor. All decisions made by the investment advisor are authorized by the stockholders.”

“There are no separate written policies for flying cloud office, inc. However, the members of the governing body are employees of the management company, barings, llc, and are subject to the conflict of interest and other policies of the management company. Annually, the barings compliance officer confirms officer compliance with these policies.”

“Information about the organization's investment programs, governing documents, policies, and financial statements are not available to the general public.”

“The investments in land and building are recorded at fair value on the trial balance. The balance sheet is not adjusted to reflect historical cost less accumulated depreciation. The amount of any current change in unrealized appreciation/depreciation is not included for tax purposes in the statement of revenue and expenses.”

“The tax return is prepared by an independent accounting firm and provided to the assistant treasurer for review. A complete copy of the form 990 is provided to all members of the board of directors before filing.”

“Distributions to scers (2,688) _____________ other change in net assets (2,688)”

“There are no separate audited financial statements for flying cloud office, inc. However, the investment in flying cloud office, inc. Is audited as part of the combined financial statements for the sacramento county employees' retirement system.”

“Barings, llc as advisor for scers is responsible for the oversight and review of its consolidated audited financial statements which includes flying cloud office, inc.”

“As the institutional trustee engaged to manage certain properties of scers, and responsible for the filing of this return, we are listing the entities that we know of, that we also manage. We do not have direct knowledge of the scers other investment holding entities that might be considered brother/sister entities to this taxpayer, nor do we have access to this information sufficient to include them on schedule r.”