Fedc Nmtc LLC

“On september 17, 2019, pnc partners exercised the put option listed in the promissory note dated june 28, 2012, effectively unwinding the nmtc financing arrangement. Fedc nmtc, llc was legally dissolved during fy2020. Please see schedule n for more information regarding the distribution of its assets upon dissolution.”

“The form 990 is reviewed by the board president before filing.”

“Disclosures of governing documents, policies, and financial statements are available upon request.”

“On june 28, 2012, the organization entered into a financing arrangement utilizing the federal new market tax credit ("nmtc") program administered by the u.s. Department of treasury community development institutions fund to finance and reimburse the organization in connection with the construction of school facilities and to finance the acquisition of related equipment, furniture, textbooks, and other items located in a qualified census tract ("leslie shankman school project"). In order to accommodate the structure of financing the project, lssc investment fund, llc ("lsscif") was created. Lsscif was the investor for the nmtc program and was funded by a loan from lssc (senior leveraged lender) and an equity contribution from pnc new markets investment partners, llc ("pnc partners"). On september 17, 2019, pnc partners exercised the put option listed in the promissory note dated june 28, 2012, effectively unwinding the nmtc financing arrangement. Pnc partners sold their interest in lsscif to lssc for a put price of $1,000. Exercise of the put option provided lssc with ownership of lsscif and resulted in a one-time non-cash gain from the lender's transfer of equity to lssc. Furthermore, lssc's 100% ownership of lsscif allowed for the settlement of the associated nmtc note receivable and loans payable as lssc became the holder of nmtc's qlici notes payable. Upon forgiveness of the loans, lsscif was dissolved.”

“Acquiring, holding title, and collecting income from real property, and remitting the entire amount to its two owners, both of which are irc section 501(c)(3) organizations.”

“On september 17, 2019, pnc partners exercised the put option listed in the promissory note dated june 28, 2012, effectively unwinding the nmtc financing arrangement. Fedc nmtc, llc was legally dissolved during fy2020.”

“Transfer of net assets to fedc holdings llc (disregarded entity of fedc): -25,974,877. Transfer of net assets to fedc: 505,753. Transfer of net assets to lssc: 85,922.”

“James steinback and joanne steinback are directors of the organization. Their son is employed by albany bank and is a board member of the foundation for the educational development of children. James steinback indirectly owns less than 1% of albany bank stock. Adam steinback owns less than 1% of albany bank stock. The organization's checking account is at albany bank.”