Otr Resources

“Form 990 is emailed to the board treasurer before the return is filed.”

“Each member of the board of directors is required annually to sign a conflict of interest statement. Management insures that staff and the board members are exempted as contractors and/or vendors of on the road lending. The board member shall disclose the conflict and the board as a body shall opine on a course of action.”

“The organization's compensation committee reviews compensation with the assistance of an independent consultant and third-party compensation studies. The final approval of management compensation is determined by the board of directors and documented in the meeting minutes.”

“The organization's governing documents, policies and financial statements are made available upon request.”

“The organization executed loan agreements on november 23, 2021, that provides for borrowings of $5,696,600 and $2,303,400 from gsnmf sub-cde 34 llc. The loans were to refinance certain property and provide funding to improvements to the property and are intended to be treated as "qualified low-income community investment" for purposes of generating new market tax credits under section 45d of the internal revenue code of 1986, as amended. The loans are secured by a property deed of trust, security agreement and guaranteed by champion impact capital, an affiliate of the organization. Each loan accrues interest at 1%, payable quarterly beginning on december 2021 until november 2028. Quarterly principal payments begin march 2029. After the first day following the end of the tax credit investment period or the occurrence of a nmtc recapture event and for 180 days thereafter, u.s. Bancorp community development corporation (usbcdc) can exercise its "put option" to sell its interest in twain investment fund 601, llc (investment fund) to the organization for $1,000 plus transfer taxes and other closing costs, any amounts due and owing from otrl or any of the organization's affiliates, any unpaid management fees and expenses of the investment fund other than company expenses. In the event that usbcdc has not exercised the put option, champion impact capital shall have the right and option to purchase all, but not less than all, of usbcdc's interest for 180 calendar days following the expiration of the put option. After exercising its option to purchase the interest in the fund, the organization can cancel the new markets tax credit program notes payable.”

“The board of directors assumes the responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed from prior years.”