Oaktree Foundation Inc.

“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. Meanwhile, Mrs. Joobs living trust bequeaths 100% of the Cherry Valley property to Oaktree Foundation in the event of the Joobs passing, so there is no risk to the organization.”

“Description AmountDepreciation from 4562 5,660Pet Transport 28,970Pet Food and Supplies 30,458Volunteer Relations 800License and Permits 696Bank Charges 115Veterinary Expenses 19,773Pet Promotion 41”

“Category Beginning of Year End of YearReceivable from Officers 95,000 95,000”

“Category Beginning of Year End of YearAccrued Liabilities 54 0”