Chicago Tabernacle Support Foundation

“A member of the board reviews the form 990 prior to its filing. The board is provided a copy of the form 990 prior to its filing.”

“Form 1024 and 990 are available for public inspection upon request.”

“The organization's governing documents and financial statements are available for public inspection upon request.”

“In connection with the federal new markets tax credit program and the new markets development program act of the state of illinois, effective june 18, 2015, in simultaneous transactions, usbcdc investment fund 78, llc (the investment fund) invested $9,000,000 in urban development fund xl, llc (fund xl) (both unrelated entities); fund xl loaned $8,730,000 to chicago tabernacle of the assemblies of god (ctaog), a church; and ctaog loaned $7,212,674 to the investment fund (the leverage loan). The net proceeds of the loans were intended to renovate the church property, stimulate economic activity in the area surrounding the church, and create jobs in a low-income community, as defined in various documents. The leverage loan from ctaog to the usbcdc investment fund 78, llc (the investment fund) bears interest at 1%; requires interest-only payments until 2022, with payments of principal and interest quarterly thereafter; and matures in 2038. Ctaog contributed the leverage loan to chicago tabernacle support foundation in a prior period. The leveraged loan was settled during the current fiscal year and a gain of $1,517,326 has been included on the return.”

“Commissions and fees: program service expenses 18,650. Management and general expenses 0. Fundraising expenses 0. Total expenses 18,650.”

“The organization has a committee that assumes responsibility for the oversight of the audit, review, or compilation of its financial statements and returns and selection of an independent accountant. This process has not changed from prior year.”