The Continental Foundation

“A copy of the information return is provided to the governing board for review and approval prior to filing.”

“The organization makes its governing documents and financial statements available to the public upon request.”

“Alpha barnes real estate llc processes and retains all financial data for the organization.”

“On february 14, 2020, the continental foundation executed a secured promissory note of $1,550,000 with a per annum interest rate of 7.5% and executed a subordinate mortgage, assignment of rents, security agreement and fixture filing. The continental foundation received draw downs of $1,253,003 during 2020 to fund current operations and pay down old debt. Notes receivable of $296,997 was reported on line 7 which represents funds still available for use. Notes payable of $1,550,000 was reported on line 23.almandine i llc (mortgagee) calculated interest on the available funds of $1,550,000 commencing on february 14, 2020. Accrued interest of $109,956 was reported on line 25 and is also included on line 20 in the statement of functional expenses. No payments were made during 2020 to pay down the loan. The promissory note matures on december 1, 2021.”

“On february 14, 2020, the continental foundation executed an unsecured promissory note of $775,000 with a per annum interest rate of 7.75%.the promissory note is to reimburse red stone osv am llc for senior asset management services provided for calendar years 2012 through 2019. These services were never recorded in the organization's accounting records. Notes payable of $775,000 was reported on line 24. Accrued interest of $53,286 was reported on line 25 and is also included on line 20 in the statement of functional expenses.no payments were made during 2020 to pay down the loan. The promissory note matures on december 1, 2021.there is an unidentifiable difference of $73,504 that cannot be explained.”