Bvchc Support Corporation

“Internal management does a detailed line by line review of the Form 990 prior to it being filed. Any questions from this review are discussed and resolved with the preparer. The Form 990 will only be released once all questions raised have been resolved.”

“Board members and Leadership staff must disclose any conflicts of interest. The conflict of interest forms are filled out yearly and compiled by the compliance officer. The compliance officer ensure that Board or staff recuse themselves from any discussion or decision making where there could be a perceived conflict of interest.”

“The Organization's governing documents, conflict of interest policy and financial statements are made available to the public upon request.”

“In 2017, the Support Corporation obtained financing under a NMTC program to construct a new clinic facility at 1000 Broad Street, Central Falls, RI. During 2024, the Organization exited the NMTC program. The NMTC program offered credits against Federal income taxes over a seven-year period (the compliance period) for Qualified Equity Investments (QEIs) in certified Community Development Entities (CDEs) pursuant to Section 45D(d) of the IRC. To claim the NMTC, the CDEs used substantially all of the proceeds of the QEIs to make a loan and/or an equity investment, which are qualified low-income community investments (QLICI), as defined in Section 45D(d) of the IRC, to a QALICB. The Organization is required to comply with certain NMTC program compliance requirements for a period of seven years beginning in August 10, 2017 (NMTC Recapture Period). The Organization entered into an agreement with two NMTC funders which gave the funders the right to require the Organization to purchase the NMTC funders' capital investments in the outstanding debt of the Organization (the Put Option) after the NMTC Recapture Period for $1,000. The NMTC Recapture Period ended August 10, 2024. The Put Option was exercised during 2024 and the Organization purchased the NMTC funders interest in the outstanding debt and executed a series of transactions to unwind the NMTC financing structure. The transactions resulted in a gain from the forgiveness of debt in the amount of $2,922,059.”

“Section 1.263(a)-3(n) Election: BVCHC Support Corporation 39 East Avenue Pawtucket, RI 02860 EIN: 82-2269480 BVCHC Support Corporation is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n).”

“Transfer to Affiliate -3,690,951.”

“The Board of Directors assumes responsibility for oversight of the audit of its financial statements and selection of independent accountants.”