Wcny Foundation Inc.

“Jefferey b. Scheer is the wcny foundation's corporate attorney as well as chair of the board.”

“The board of the public broadcasting council of central new york, inc may elect the wcny foundation, inc.'s board members after the initial term.”

“A copy of the form 990 was provided to the entire board before it was filed to check for completeness and accuracy.”

“The cfo of the public broadcasting council of central new york, inc. Monitors the policy and makes sure it is complied with.”

“Financial statements and all other documents are available upon request.”

“The foundation completed the construction of a new 56,000 square foot television and radio broadcasting facility. In order to facilitate the construction of the facility, on july 26, 2011, wcny and the foundation closed on a new market tax credit transaction. The nmtc program permits taxpayers, who have made qualified equity investments in designated community development entities (cde's), to receive credit against their federal income taxes. The credit was claimed over a seven-year credit allowance period. Wcny received funds from different sources, comprised of grant proceeds ($10,700,000) and loans from a financial institution ($4,000,000) totaling approximately $14,700,000. Wcny aggregated all such funds to make a leveraged loan to a special purpose investment fund owned substantially by an affiliate of the related financial institution. The special purpose investment fund used the proceeds of the leverage loan, together with equity contributed by the related financial institution to make "qualified equity investments" (qei) in qualified cde's. The cde's used substantially all of each qei to make "qualified low-income community investments" (qlici loan) on favorable terms to the foundation as a "qualified active low-income community business" (qalicb). The nmtc transaction utilized four promissory notes to the foundation totaling $20,428,080, collateralized by the related assets. The foundation used these proceeds to oversee the design and facilitate the establishment, operation and maintenance of the new facility. As part of the nmtc transaction, wcny (leveraged lender) and chase nmtc wcny investment fund, llc (borrower) (investment fund) also entered into a loan agreement and promissory note on july 26, 2011, in the amount of $14,696,861. Interest only payments to wcny were payable at 0.50% through december 1, 2018. Beginning on december 1, 2018, installments including principal and interest of $152,160 were due quarterly commencing on march 1, 2019 through september 1, 2044. Built within the agreements were put and call options for wcny to acquire 100% of the special purpose investment fund at a purchase price in the amount of $1,000, and any transfer taxes or other closing costs paid or payable by the special purpose investment fund attributable to the exercise of the put option and/or sale of the special purpose investment fund interest and any amounts then due and owing from the council to the special purpose investment fund. The nmtc structure remained in effect for a period of 7 years until july 26, 2018 when the new market tax credit period expired. At that time, wcny purchased for $1,000 the 99.99% membership interest of chase community equity llc in the investment fund and concurrently community development properties new markets mm, inc. Resigned as a .01% member of the investment fund pursuant to that certain fund interest purchase agreement and assignment and assumption agreements each dated as of july 27, 2018, leaving wcny as the sole member of the investment fund. Pursuant to that certain redemption and assignment agreement dated as of july 27, 2018, ndc new markets investments lxii, llc (ndc) redeemed the 99.99% membership interest of the investment fund in consideration of a cash payment and the assignment of certain assets of ndc (promissory notes due from the foundation), specifically (i) promissory note a and (ii) promissory note b. Pursuant to a second redemption and assignment agreement dated as of july 27, 2018, enhanced capital new market development fund ix, llc (enhanced) redeemed the 99.99% membership interest of the investment fund in consideration of a cash payment and the assignment of certain assets of enhanced (promissory notes due from the foundation), specifically (i) promissory note a and (ii) promissory note b. Included within assets limited as to use, the council has new market tax credit reserve accounts to be used for paying interest and fees due and payable to the cdes pursuant to”

“Settlement of debt and loan receivable 19,874,257.”

“The finance committee votes on the selection of the independent accountant and assumes responsibility for oversight of the audit. The president and cfo bring information and updates to the finance committee. The finance committee is comprised of the treasurer, assistant treasurer and one trustee. This process has not changed from the prior year.”