Mile High Community Loan Fund Inc

“The fund has entered into servicing agreements with several municipalities in the state of colorado to provide residential purchase assistance loans to individuals in those specific municipalities. The municipalities forward cash to the fund to establish loan funds for which the fund administers and manages the loans under the loan agreements. The fund accounts for the funds as agency liabilities and at december 31, 2022, $1,495,564 is available for loan capital under these programs. In july 2021, the fund entered into an agreement with the colorado office of economic development and international trade ("oedit") for the administration of payments and application review and grant underwriting for the community revitalization colorado ("crc") grant program. Pursuant to the agreement, oedit determines the awarded organizations per an application process implemented by oedit and provides the grant funds and the fund is responsible for paying out the grant funds to the awarded organizations. The fund earns an administrative fee for administering the crc program. In 2022, the fund entered into three additional agreements whereby the resource provider indicates the recipients of the funds and the fund acts as a pass-through entity by receiving the funds and then disbursing the funds to the specified parties. The fund earns an administrative fee fir the administration of the agreements. At december 31, 2022, funds held to be disbursed to others amounted to $42,876,373 and is included as part of cash and cash equivalents, funds held for others and agency liabilities on the consolidated statement of financial position.”

“The fund is exempt from federal income taxes under section 501(c)(3) of the internal revenue code and qualifies for the charitable contribution deduction. However, income from activities not directly related to its tax-exempt purpose is subject to taxation as unrelated business income. The fund did not incur taxes for unrelated trade or business income during 2022. Management is required to evaluate tax positions taken by the fund and recognize a tax liability (or asset) if the organization has taken an uncertain position that more likely than not would be sustained upon examination by taxing authorities. Management has analyzed the tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements and determined there are none. The fund is subject to routine audits by taxing jurisdictions; however there are currently no audits for any tax periods in progress. The previous three tax years remain subject to examination by the internal revenue service.”

“Provisions for loan loss -658,118. Intercompany transaction 42,341. Adjustment of grant expenses 2,500.”

“Intercompany transactions 160,000. Adjustment of grant expenses 2,500.”

“Provisions for loan loss 658,118.”