Oaktree Foundation Inc.

“The organizations financial statement and Form 990 are reviewed by the governing body, and then the 990 is electronically filed. A discussion and question and answer session is done prior to filing.”

“The organizations Form 990 is timely filed each year, and is available to the public via the IRS website, the Registry of Charitable Trusts website and Guidestar.org.”

“Sch. L Part IIOaktree leases a property from its President, Carol Joob, to house the rescued pets that the group cares for while they are awaiting adoption. Mrs. Joob purchased a property (39867 High Street, Cherry Valley, CA 92223) for the organization to house the rescued pets. Since banks and mortgage companies are unwilling to loan to nonprofit corporations, Mrs. Joob and her husband purchased the property in their names, as well as incurred the mortgage. Oaktree supplied the $95K down payment, and the Joobs signed a promissory note with Oaktree. Oaktree pays monthly rent, which is equal to the mortgage and property taxes on the property. The Joobs report the monthly rent as rental income on their IRS Schedule E form. The property is used 100% by Oaktree for charitable purposes. Sch. L Part II, continued.The intent of the Joobs & Oaktree was, and continues to be, to refinance & transfer the property 100% in Oaktrees name, in order to eliminate any related party transactions. The Board of Directors continues to monitor this and is actively seeking alternative financing. Due to the real estate downturn, especially in the Riverside county, where property values plummeted by 50%, its been difficult to refinance the property into Oaktrees name. Both the Joobs and the Board of Directors continue to seek financing for this property and transfer complete title to Oaktree, thus eliminating the $95K note receivable.”