Cccf River Glen Holdings Inc

“The cayuga county community college foundation, inc. Is the sole member of the corporation.”

“The cayuga county community college foundation, inc., as sole member of the corporation, has the right to appoint all members of the governing body of the corporation.”

“The form 990 is reviewed in detail by the executive director, president, and treasurer of the corporation, who recommend to the board of directors that it be approved. The board of directors is then aprovided with the form 990 and votes to approve of its filing based on its own review and the recommendation of the executive director, president, and treasurer.”

“Directors and officers must disclose any actual or possible conflicts, and the nature thereof, to the president of the corporation annually, or as such situations may arise. Disclosures may also be made to the board as a whole. The corporation shall document the existence and the resolution of any and all conflicts in its corporate records.”

“All organizational, governing, and financial documents are available for public inspection during regular working hours at the corporation's office.”

“In april 2016, cccf river glen holdings, inc. (river glen) did not make its scheduled balloon payment of principal on its mortgage payable, thereby triggering an act of default per the terms of the mortgage agreement. In fiscal 2018, the court approved the banks right to foreclose on river glen's property. Therefore, river glen surrendered title to all assets related to the property and was released of obligations related to the property. On march 14, 2018, the board of directors of the cayuga county community college foundation, inc. (the foundation), the sole corporate member of river glen, approved a plan to dissolve river glen, in an orderly manner, pending resolution of the mortgage payable. As of august 31, 2018, river glen had liquidated, transferring all remaining cash to the foundation. River glen has not been legally dissolved as of august 31, 2018.”

“Transfer of net assets to the foundation -242,519. Loss on foreclosure -965,051.”

“On march 14, 2018, the board of directors of the foundation, approved a plan to dissolve river glen, in an orderly manner, pending resolution of the mortgage payable. As a result, liquidation became imminent and river glen adopted the liquidation basis of accounting.”