Civic Intelligence

Rewild

990 • Fiscal year 2018 • EIN 26-2887967

Jul 01, 2017 to Jun 30, 2018 • Filed on Dec 21, 2018

PO Box 129Austin, TX 78767

(512) 593-1883

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

9th percentile

0.01x

Higher debt load relative to assets than 9% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Liabilities / Revenue

6th percentile

0.01x

Higher debt load relative to revenue than 6% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Net Margin

94th percentile

64%

Higher net margin than 94% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Top Officer Pay

28th percentile

$171,764

Higher top officer pay than 28% of similar nonprofits.

Top officer pay equals 0.8% of source-year revenue.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Asset Growth

96th percentile

78%

Faster asset growth than 96% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Revenue Growth

94th percentile

93%

Faster revenue growth than 94% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Assets

Up

$33,209,477

Up $21,502,611 (+184%) from 2016

Net Assets

Up

$32,966,675

Up $21,309,850 (+183%) from 2016

Liabilities

Up

$242,802

Up $192,761 (+385%) from 2016

Revenue

Up

$22,372,863

Up $9,936,686 (+80%) from 2016

Expenses

Up

$8,087,702

Up $5,642,791 (+231%) from 2016

Net Income

Up

$14,285,161

Up $4,293,895 (+43%) from 2016

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$80M$60M$40M$20M$0Assets 2010: $199,501Liabilities 2010: $0Net Assets 2010: $199,5012010Assets 2011: $424,349Liabilities 2011: $150,001Net Assets 2011: $274,3482011Assets 2012: $269,663Liabilities 2012: $75,000Net Assets 2012: $194,6632012Assets 2013: $419,253Liabilities 2013: $83,000Net Assets 2013: $336,2532013Assets 2014: $516,440Liabilities 2014: $0Net Assets 2014: $516,4402014Assets 2016: $11,706,866Liabilities 2016: $50,041Net Assets 2016: $11,656,8252016Assets 2018: $33,209,477Liabilities 2018: $242,802Net Assets 2018: $32,966,6752018Assets 2019: $43,319,563Liabilities 2019: $167,001Net Assets 2019: $43,152,5622019Assets 2020: $61,178,702Liabilities 2020: $780,860Net Assets 2020: $60,397,8422020Assets 2021: $67,997,215Liabilities 2021: $979,393Net Assets 2021: $67,017,8222021Assets 2022: $75,195,563Liabilities 2022: $8,525,121Net Assets 2022: $66,670,4422022

Highlighted filing

2018

Assets$33,209,477
Liabilities$242,802
Net Assets$32,966,675

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$80M$60M$40M$20M$0Expenses 2010: $110,4152010Expenses 2011: $982,0732011Expenses 2012: $802,6542012Expenses 2013: $772,8192013Revenue 2014: $1,764,481Expenses 2014: $1,584,294Net Income 2014: $180,1872014Revenue 2016: $12,436,177Expenses 2016: $2,444,911Net Income 2016: $9,991,2662016Revenue 2018: $22,372,863Expenses 2018: $8,087,702Net Income 2018: $14,285,1612018Revenue 2019: $21,909,253Expenses 2019: $12,122,659Net Income 2019: $9,786,5942019Revenue 2020: $48,158,042Expenses 2020: $30,902,428Net Income 2020: $17,255,6142020Revenue 2021: $37,346,645Expenses 2021: $31,810,875Net Income 2021: $5,535,7702021Revenue 2022: $63,945,414Expenses 2022: $62,514,358Net Income 2022: $1,431,0562022

Highlighted filing

2018

Revenue$22,372,863
Expenses$8,087,702
Net Income$14,285,161
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Dec 21, 2018
Return Version
2017v2.3
Gross Receipts
$27,165,668
Mission and Program Overview

Mission

Re:wild protects and restores the wild to build a thriving earth where all life flourishes.

Global wildlife conservation conserves the diversity of life on earth by safeguarding wildlands, protecting wildlife and supporting guardians. We maximize our impact through scientific research, biodiversity exploration, habitat conservation, protected area management, wildlife crime prevention, endangered species recovery, and conservation leadership cultivation.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$8,819,492$12,751,176▲ $3,931,684
Investments in Publicly Traded Securities$8,091,112$10,267,474▲ $2,176,362
Savings and Temporary Cash Investments$973,955$8,573,248▲ $7,599,293
Cash and Non-Interest-Bearing Accounts$771,344$413,181▼ $358,163
Prepaid Expenses and Deferred Charges$39,677$49,898▲ $10,221
Total Assets$18,695,580$33,209,477▲ $14,513,897
Other Assets Total$0$1,154,500▲ $1,154,500
Liabilities
Accounts Payable and Accrued Expenses$65,111$242,802▲ $177,691
Total Liabilities$65,111$242,802▲ $177,691
Net Assets / Fund Balance
Temporarily Rstr Net Assets$14,863,992$19,229,443▲ $4,365,451
Unrestricted Net Assets$2,428,809$10,711,512▲ $8,282,703
Permanently Rstr Net Assets$1,337,668$3,025,720▲ $1,688,052
Total Net Assets Fund Balance$18,630,469$32,966,675▲ $14,336,206
Total Liabilities and Net Assets / Fund Balance$18,695,580$33,209,477▲ $14,513,897

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$2,276,791$2,018,152▲ $164,369-$4,459,312
2016$2,028,805$26,493▲ $365,715-$2,276,791
2015$1,262,015$766,790--$2,028,805
2014-$1,262,015--$1,262,015
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Don Church PhdPresident, SecretaryFT$152,500$19,264$171,764
Barney LongSenior DirectorFT$125,000$13,898$138,898
Alejandro QuinteroCOO, Assistant Treasurer, SecretaryFT$127,604$8,778$136,382
Weston Sechrest PhdCEO, Chief ScientistFT$99,000$5,761$104,761

Board Members and Trustees

NameTitle
Brian ShethChairman
Alan LavesAdvisory Board Member
Joe WatsonAdvisory Board Member
Cotter CunninghamBoard Member
Eric GoodeBoard Member
John D MitchellBoard Member
John MitchellBoard Member
Scott McdonaldBoard Member
Daniel RichardsTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Jon Paul RodriguezConservation ConsultantCALLE CHULAVISTA PARQUE RESIDENCIA, Colinas De Bello, MONTE, CARACAS, Ve$120,000
Revenue and Support

Revenue Composition

Contributions and Grants
$22,046,248
Program Service Revenue
$0
Investment Income
$144,525
Other Revenue
$182,090
All Other Contributions
$20,472,121
Change in Net Assets
$14,285,161

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Works of Art18$1,154,500Sales Price
Total Noncash Contributions18$1,154,500-

Audited Revenue Reconciliation

Revenue per Audited Statements
$23,178,633
Revenue Not Reported on Financial Statements
$-805,770
Revenue Not Reported on Form 990
$310,502
Other Revenue Adjustments
$-805,770
Total Revenue per Audited Statements
$23,489,135
Total Revenue per Form 990
$22,372,863
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,936,524
Other Expenses$2,830,219
Salaries, Compensation, and Employee Benefits$2,320,959
Total Fundraising Expense$151,396
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$2,796,901--$2,796,901
Fees for Services Other$1,323,396$150,942$516$1,474,854
Other Salaries and Wages$1,107,659$320,014$39,297$1,466,970
Current Officers, Directors, Trustees, and Key Employees$326,450$192,632$11,810$530,892
Travel$347,207$63,017$27,332$437,556
Office Expenses$170,768$160,848$29,930$361,546
Other Employee Benefits$102,323$60,613$3,330$166,266
Payroll Taxes$136,978$15,366$4,487$156,831
Grants to Domestic Orgs$139,058--$139,058
Occupancy$1,908$105,534-$107,442
Conferences and Meetings$58,264$5,439-$63,703
Fees for Service Investment Mgmnt Fees-$18,227-$18,227
Fees for Services Accounting-$13,550$2,897$16,447
Insurance-$6,716-$6,716
Fees for Services Management-$3,592-$3,592
Grants to Domestic Individuals$565--$565
Other Expenses$67$100$31,797$167
Total Functional Expenses$6,800,895$1,135,411$151,396$8,087,702

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$9,152,929
Expenses per Audited Statements$8,087,702
Total Expenses per Form 990$8,087,702
Expenses Not Reported on Form 990$1,065,227
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Global Conservation NetworkApple Valley, MN501(c)(3)Research Conservation$40,000
American Bird ConservancyThe Plains, VA501(c)(3)Research Conservation$20,000
University of WashingtonSeattle, WA501(c)(3)Research Conservation$17,530
The Amphibian FoundationAtlanta, GA501(c)(3)Research Conservation$12,000
The Whaleman FoundationLahaina, HI501(c)(3)Research Conservation$12,000
Lonely Whale Co Social and Environmental EntrepreneursCalabasas, CA501(c)(3)Research Conservation$10,000
Oregon Natural Desert Association IncBend, OR501(c)(3)Research Conservation$7,528
Washington State UniveristyFullman, WA501(c)(3)Research Conservation$7,500
Houston ZooHouston, TX501(c)(3)Research Conservation$5,500

International Summary

Offices
0
Employees
82
Spending
$3,793,649

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
East Asia and the PacificProgram ServicesResearch/conservation031$2,194,346
Sub-saharan AfricaProgram ServicesResearch/conservation014$487,400
South AmericaProgram ServicesResearch/conservation011$347,638
Europe (including Iceland & Greenland)Program ServicesResearch/conservation05$326,467
Central America and the CaribbeanProgram ServicesResearch/conservation015$238,454
North AmericaProgram ServicesResearch/conservation06$173,540
South AsiaProgram ServicesResearch/conservation00$22,000
Middle East and North AfricaProgram ServicesResearch/conservation00$3,804
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$987,860
Fundraising Direct Expenses$805,770
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Art Basel - Miami$987,000$720,500$478,162$242,338
Wnfw$1,574,987$267,360$148,462$118,898
Total Events$2,561,987$987,860$805,770$182,090
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The organization's officers review form 990 accuracy prior to submission to the full board of directors for review prior to filing.

Form 990, Part VI, Section B, Line 12C

The board of directors has implemented a conflict of interest policy which it monitors, enforces and reviews; the conflict of interest policy article vi states that each director, principal officer and member of a committee must annually sign a statement agreeing to comply with the policy.

Form 990, Part VI, Section B, Line 15

The ceo and presidents's compensation are reviewed and approved by the board of directors. Key employees compensation were reviewed by the board of directors.

Form 990, Part VI, Section C, Line 18

Documents are available upon request and on our website.

Form 990, Part VI, Section C, Line 19

Documents are available upon request.

Filing and Contact Details

Filer

Filer Name
Global Wildlife Conservation
EIN
26-2887967
Phone
5125931883
Address
PO BOX 129, AUSTIN, TX 78767

Signing Officer

Name
Weston Sechrest
Title
CEO
Phone
5125931883
Signed
2018-12-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Weston Sechrest
Formed
2008
Legal Domicile
TX
Voting Board Members
9
Independent Board Members
7
Employees
24
Volunteers
50

Preparer

Firm
Atchley & Associates Llp
Address
1005 LA POSADA DRIVE, AUSTIN, TX 78752
Preparer
Renae Duncan
Phone
5123462086
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

General consulting: program service expenses 353,788. Management and general expenses 149,322. Fundraising expenses 516. Total expenses 503,626. Contract services - fiscal sponsors: program service expenses 969,608. Management and general expenses 1,620. Fundraising expenses 0. Total expenses 971,228.

FORM 990, PART XII, LINE 2C:

The oversight of the audit process has not changed from the previous year.

Financial Statement Notes

PART V, LINE 4:

The walter steven sechrest endowment for wildlife protection is to protect endangered wildlife through anti-poaching efforts, including support to wildlife rangers at nature reserves around the world. The habitat for biodiversity endowment is to protect endangered wildlife through establishing nature preserves around the world, either through private, community, indigenous or government protection. Small wild cat endowment is to ensure the survival of small wild cats and their natural habitats worldwide.

PART X, LINE 2:

Gwc is exempt from federal income taxes under internal revenue code section 501(c)(3). No provision for income taxes has been made in the accompanying financial statements. Gwc has adopted the recognition requirements for uncertain income tax positions as required by gaap, with no cumulative effect adjustment required. Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more likely than not be sustained upon examination by taxing authorities. Gwc has analyzed the tax positions taken in its filings with the internal revenue service and state jurisdictions where it operates. Gwc believes that its income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse effect on gwc's financial position, changes in net assets or cash flows. Accordingly, gwc has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at june 30, 2018 and 2017. Gwc is subject to income tax audits for the previous three years which are open. There are currently no income tax audits for any tax periods in progress.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Fundraising expenses -805,770.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Fundraising expenses 805,770.

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0GLOBAL WILDLIFE CONSERVATION CONSERVES THE DIVERSITY OF LIFE ON EARTH BY SAFEGUARDING WILDLANDS, PROTECTING WILDLIFE AND SUPPORTING GUARDIANS. WE MAXIMIZE OUR IMPACT THROUGH SCIENTIFIC RESEARCH, BIODIVERSITY EXPLORATION, HABITAT CONSERVATION, PROTECTED AREA MANAGEMENT, WILDLIFE CRIME PREVENTION, ENDANGERED SPECIES RECOVERY, AND CONSERVATION LEADERSHIP CULTIVATION.
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IRS990/Form990PartVIISectionAGrp/PersonNm6JOHN D MITCHELL
IRS990/Form990PartVIISectionAGrp/PersonNm7ERIC GOODE
IRS990/Form990PartVIISectionAGrp/PersonNm8DANIEL RICHARDS
IRS990/Form990PartVIISectionAGrp/PersonNm9JOE WATSON
IRS990/Form990PartVIISectionAGrp/PersonNm10ALAN LAVES
IRS990/Form990PartVIISectionAGrp/PersonNm11ALEJANDRO QUINTERO
IRS990/Form990PartVIISectionAGrp/PersonNm12BARNEY LONG
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CEO, CHIEF SCIENTIST
IRS990/Form990PartVIISectionAGrp/TitleTxt1CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt2BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt3PRESIDENT, SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt9ADVISORY BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10ADVISORY BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11COO, ASSISTANT TREASURER, SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt12SENIOR DIRECTOR
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IRS990/MinutesOfCommitteesInd01
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IRS990/MissionDesc0GLOBAL WILDLIFE CONSERVATION'S MISSION IS TO CONSERVE THE DIVERSITY OF LIFE ON EARTH.
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IRS990/PrincipalOfficerNm0WESTON SECHREST
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IRS990/ProgSrvcAccomActy2Grp/Desc0SAFEGUARDING WILDLANDS - GWC SAFEGUARDS ENDANGERED SPECIES' HABITATS BY CREATING AND MANAGING PROTECTED SITES ACROSS THE GLOBE. WORKING WITH OUR LOCAL PARTNERS AND COMMUNITIES, IN 2017 WE PROTECTED MORE THAN 50,000 ACRES OF HABITAT FOR MORE THAN 150 ENDANGERED SPECIES. AFTER YEARS OF ADVOCACY FROM GWC AND OUR PARTNER JAMAICA ENVIRONMENT TRUST, THE JAMAICAN GOVERNMENT ANNOUNCED IT WILL ESTABLISH GOAT ISLANDS AS A WILDLIFE SANCTUARY FOR A VARIETY OF SPECIES, INCLUDING THE ENDANGERED JAMAICA IGUANA - FULLY REVERSING ITS PLANS TO CONSTRUCT A $1.5 BILLION TRANSSHIPMENT PORT. IN SOUTHWEST ECUADOR, FINANCIAL SUPPORT FROM GWC AND OUR CLOSE PARTNER AUSTRALIAN REPTILE PARK ENABLED FUNDACION JOCOTOCO TO EXPAND BUENAVENTURA RESERVE, THE REGION'S SOLE PROTECTED AREA FOR 15 GLOBALLY THREATENED BIRD SPECIES INCLUDING THE ENDANGERED EL ORO PARAKEET. AND ON NICARAGUA'S CARIBBEAN COAST, WE WORKED INTENSIVELY WITH THE RAMA AND KRIOL PEOPLE TO CREATE A PROTECTED AREA MANAGEMENT PLAN FOR INDIO MAIZ BIOLOGICAL RESERVE, HOME TO BAIRD'S TAPIRS, JAGUARS AND WHITE-LIPPED PECCARIES. THIS VISUAL, COMMUNITY-DRIVEN PLAN IS DESIGNED TO PROTECT WILDLIFE, TRADITIONAL CULTURES AND LOCAL LIVELIHOODS.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt01020134
IRS990/ProgSrvcAccomActy2Grp/GrantAmt0677528
IRS990/ProgSrvcAccomActy3Grp/Desc0SUPPORTING GUARDIANS - GWC WORKS TO PROVIDE CONSERVATION GUARDIANS AROUND THE WORLD - INCLUDING RESEARCHERS,CONSERVATIONISTS AND ACADEMICS - WITH THE SUPPORT AND CAPACITY-BUILDING THEY NEED TO SUCCEED. IN 2017, WE BROUGHT EIGHT NEW CONSERVATIONISTS INTO OUR ASSOCIATES PROGRAM TO ADDRESS ISSUES RANGING FROM AMPHIBIANS TO ANNAMITE STRIPED RABBITS TO WILDLIFE CRIME PREVENTION. TO HELP SAVE LIVES ON THE FRONT LINES OF THE POACHING BATTLE (MORE THAN 1,000 RANGERS HAVE BEEN KILLED ON DUTY OVER THE PAST DECADE),WE COLLABORATED WITH SEVERAL ORGANIZATIONS TO DEVELOP TRAINING GUIDELINES FOR FIELD RANGERS. WE BUILT LOCAL CAPACITY FOR WILDLIFE GUARDIANSHIP IN PU MAT NATIONAL PARK (VIETNAM) BY ESTABLISHING A COMMUNITY SNARE TEAM AND IMPLEMENTING SMART SOFTWARE TO HELP MONITOR AND STOP POACHING. AND FINALLY, WE CONDUCTED A SURVEY OF RANGER NUMBERS AND WORKING CONDITIONS ACROSS MESOAMERICA.
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IRS990/ProgSrvcAccomActy3Grp/GrantAmt0108120
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IRS990/PYOtherRevenueAmt047662
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IRS990/PYSalariesCompEmpBnftPaidAmt01547196
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt08573248
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt012336567
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE WALTER STEVEN SECHREST ENDOWMENT FOR WILDLIFE PROTECTION IS TO PROTECT ENDANGERED WILDLIFE THROUGH ANTI-POACHING EFFORTS, INCLUDING SUPPORT TO WILDLIFE RANGERS AT NATURE RESERVES AROUND THE WORLD. THE HABITAT FOR BIODIVERSITY ENDOWMENT IS TO PROTECT ENDANGERED WILDLIFE THROUGH ESTABLISHING NATURE PRESERVES AROUND THE WORLD, EITHER THROUGH PRIVATE, COMMUNITY, INDIGENOUS OR GOVERNMENT PROTECTION. SMALL WILD CAT ENDOWMENT IS TO ENSURE THE SURVIVAL OF SMALL WILD CATS AND THEIR NATURAL HABITATS WORLDWIDE.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1GWC IS EXEMPT FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C)(3). NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. GWC HAS ADOPTED THE RECOGNITION REQUIREMENTS FOR UNCERTAIN INCOME TAX POSITIONS AS REQUIRED BY GAAP, WITH NO CUMULATIVE EFFECT ADJUSTMENT REQUIRED. INCOME TAX BENEFITS ARE RECOGNIZED FOR INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, ONLY WHEN IT IS DETERMINED THAT THE INCOME TAX POSITION WILL MORE LIKELY THAN NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. GWC HAS ANALYZED THE TAX POSITIONS TAKEN IN ITS FILINGS WITH THE INTERNAL REVENUE SERVICE AND STATE JURISDICTIONS WHERE IT OPERATES. GWC BELIEVES THAT ITS INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE EFFECT ON GWC'S FINANCIAL POSITION, CHANGES IN NET ASSETS OR CASH FLOWS. ACCORDINGLY, GWC HAS NOT RECORDED ANY RESERVES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2018 AND 2017. GWC IS SUBJECT TO INCOME TAX AUDITS FOR THE PREVIOUS THREE YEARS WHICH ARE OPEN. THERE ARE CURRENTLY NO INCOME TAX AUDITS FOR ANY TAX PERIODS IN PROGRESS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2FUNDRAISING EXPENSES -805,770.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3FUNDRAISING EXPENSES 805,770.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART V, LINE 4:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:

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