Tejano Center for Community Concerns Inc.

“Tccc is exempt from income taxes under section 501(c)(3) and section 501(c)(4) of the us internal revenue code (the code) and comparable state law, and contributions to it are tax deductible within the limitations prescribed by the code. Tccc has been classified as a publicly supported organization which is not a private foundation under section 509(a) of the code. However, tccc is subject to taxes on unrelated business income when such activities exist. No provision for federal income tax has been made in the financial statements. Tccc accounts for uncertain tax positions, when it is more likely than not, that such an asset or a liability will be realized. As of august 31, 2018, management believes there were no uncertain tax positions.”

“Net assets of $389,789 are permanently restricted for use in building projects associated with a grant from the neighborhood reinvestment corporation (d.b.a. Neighborworks america), a nonprofit, public corporation charted by the united states congress. On january 27, 2009, the board of directors of tccc approved a resolution authorizing tccc to enter into an investment and grant agreement (the grant agreement) with neighborworks america. The grant agreement stipulates that permanently restricted capital funds shall be held in perpetuity and to be used for the following purposes: 1) making loans to individuals who cannot be adequately served by local financial institutions, such as homeowners desirous of improving their homes or potential homeowners who wish to purchase affordable housing, to facilitate neighborhood revitalization in the service areas in which tccc operates. 2) making loans to owners of residential rental or mixed use commercial/residential rental properties for acquisition, construction, rehabilitation, or development to facilitate neighborhood revitalization in the services areas in which tccc operates. 3) making loans to individuals and/or equity investments to businesses that cannot be adequately served by local financial institutions for economic development activities to facilitate neighborhood revitalization in the services areas in which tccc operates. 4) establishing and maintaining cash reserves and/or loan loss reserves that support the eligibility uses specified above. 5) funding capitalized pre-development costs associated with determining the feasibility of acquiring and developing specific real estate properties and/or specific economic development or commercial activities, including without limitation the operations of a business, designed to facilitate neighborhood revitalization in the service areas in which tccc operates, consistent with the requirements of accounting principles generally accepted in the united states of america or its applicable successor. 6) funding capitalized costs, as debt or equity, incurred for the acquisition, construction, rehabilitation or development of specific real estate properties and/or specific economic development or commercial activities including without limitation the operation of business, designed to facilitate neighborhood revitalization in the service areas in which tccc operates.”