Jcc Charitable Project Inc.

“The organization has adopted the accounting standard on accounting for uncertain income taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. Under this policy, the organization may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position would be sustained on examination by taxing authorities, based on the technical merits of the position. Management has evaluated the organization's tax position and has concluded the organization has taken no uncertain tax positions that require disclosure. The organization would be liable for income taxes in the u.s. Federal jurisdiction. Generally, the organization is no longer subject to u.s. Federal tax examinations by tax authorities before 2018.”

“Rent expense 1,516,500. Adjust to standalone financials 9,856,340. Change in mv of interest rate swap 648,932. Net employee retention credit against expenses 190,070.”

“Reverse prior year intercompany transaction 841,375. Bad debt 18,782.”

“Rent expense 1,516,500. Reverse prior year intercompany transaction 591,690. Adjust to standalone financials 8,144,507. Net employee retention credit against expenses 190,070.”

“BAD DEBT 18,782.”

“Florida new markets development program - forgiveness of debt during the year ended june 30, 2013, the related organization, tampa jcc/federation inc. (tampa jcc), completed a $9.6 million transaction (transaction) under the florida new markets development program (program) with enhanced community development, llc and its affiliates (enhanced). As part of the transaction, tampa jcc was required to create a new affiliated entity, jcc charitable project inc (the organization), which is wholly owned by tampa jcc. The organization used the proceeds to construct and operate a new community center located in south tampa pursuant to and in accordance with the build-to-suit agreement between the organization and tampa jcc. During the year ended june 30, 2017 and in accordance with the build-to-suit agreement, tampa jcc transferred property, equipment, other assets and related liabilities to the organization resulting in a contribution of approximately $4.4 million to the organization. The transaction included a gross subsidy to the organization of $1,628,000, which represents the amount of long-term debt expected to be extinguished and forgiven at the conclusion of the transaction. The transaction resulted in a note receivable from enhanced in the amount of $7,972,000 and two notes payable to enhanced in the total amount of $9.6 million. The difference between the notes payable and notes receivable of $1,628,000 represents the gross subsidy to the organization from participation in the program. On the date of closing, june 28, 2013, the organization incurred fees and costs related to the closing of the transaction of $348,450, leaving a remaining balance of $1,279,550 for subsidy. The remaining subsidy is intended to cover fees and costs related to the organization's continued participation in the program in accordance with the build-to-suit agreement. The note receivable from enhanced accrued interest at 1.20% and is payable annually beginning on december 10, 2013. Beginning december 1, 2020, principal and interest would have been payable annually sufficient to fully amortize the note with the final payment due december 1, 2044. The two notes payable in the amounts of and $7,972,000 and $1,628,000, totaling $9.6 million, accrued interest at 1% which was payable annually beginning on december 1, 2013. Beginning december 1, 2020, principal and interest would have been payable annually sufficient to fully amortize the loans with final payment due december 1, 2048. Effective december 29, 2020, enhanced exercised its put agreement, in accordance with the investment fund put and call agreement, which required tampa jcc to purchase enhanced investment in the transaction for the sum of (1) $1,000, (2) taxes and closing costs, and (3) any amounts due from the organization. Simultaneously the organization forgave the two notes payable totaling $9.6 million and the note receivable of $7,972,000 resulting in a forgiveness of debt of approximately $1,631,000 recorded in other income on the statements of activities and changes in net assets.”