Civic Intelligence

Kqed Inc.

990 • Fiscal year 2021 • EIN 94-1241309

Oct 01, 2020 to Sep 30, 2021 • Filed on Aug 09, 2022

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2601 Mariposa StreetSan Francisco, CA 94110-1400

(415) 864-2000

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

23rd percentile

0.08x

Higher debt load relative to assets than 23% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Liabilities / Revenue

25th percentile

0.24x

Higher debt load relative to revenue than 25% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Net Margin

73rd percentile

21%

Higher net margin than 73% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Top Officer Pay

33rd percentile

$506,779

Higher top officer pay than 33% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Asset Growth

44th percentile

11%

Faster asset growth than 44% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2020 to 2021

Revenue Growth

54th percentile

12%

Faster revenue growth than 54% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2020 to 2021

Assets

$338,114,400

No earlier filing loaded for comparison.

Net Assets

$310,388,329

No earlier filing loaded for comparison.

Liabilities

$27,726,071

No earlier filing loaded for comparison.

Revenue

$115,878,820

No earlier filing loaded for comparison.

Expenses

$91,090,700

No earlier filing loaded for comparison.

Net Income

$24,788,120

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$400M$300M$200M$100M$0Assets 2012: $110,268,988Liabilities 2012: $11,134,828Net Assets 2012: $99,134,1602012Assets 2013: $122,805,316Liabilities 2013: $11,997,094Net Assets 2013: $110,808,2222013Assets 2014: $131,151,221Liabilities 2014: $15,245,392Net Assets 2014: $115,905,8292014Assets 2015: $133,492,343Liabilities 2015: $14,086,200Net Assets 2015: $119,406,1432015Assets 2016: $143,814,803Liabilities 2016: $15,362,430Net Assets 2016: $128,452,3732016Assets 2017: $249,062,282Liabilities 2017: $16,606,343Net Assets 2017: $232,455,9392017Assets 2018: $246,449,309Liabilities 2018: $18,389,020Net Assets 2018: $228,060,2892018Assets 2019: $278,519,073Liabilities 2019: $21,372,480Net Assets 2019: $257,146,5932019Assets 2020: $304,837,195Liabilities 2020: $38,425,894Net Assets 2020: $266,411,3012020Assets 2021: $338,114,400Liabilities 2021: $27,726,071Net Assets 2021: $310,388,3292021Assets 2022: $310,267,088Liabilities 2022: $23,865,536Net Assets 2022: $286,401,5522022Assets 2024: $357,038,039Liabilities 2024: $26,149,619Net Assets 2024: $330,888,4202024

Highlighted filing

2021

Assets$338,114,400
Liabilities$27,726,071
Net Assets$310,388,329

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$200M$150M$100M$50M$0-$50MExpenses 2012: $60,346,3842012Expenses 2013: $61,827,6722013Revenue 2014: $69,762,856Expenses 2014: $67,381,447Net Income 2014: $2,381,4092014Revenue 2015: $79,259,562Expenses 2015: $70,824,386Net Income 2015: $8,435,1762015Revenue 2016: $82,030,389Expenses 2016: $75,864,373Net Income 2016: $6,166,0162016Revenue 2017: $181,147,626Expenses 2017: $81,269,351Net Income 2017: $99,878,2752017Revenue 2018: $89,451,637Expenses 2018: $95,541,003Net Income 2018: -$6,089,3662018Revenue 2019: $121,484,926Expenses 2019: $89,438,098Net Income 2019: $32,046,8282019Revenue 2020: $103,418,209Expenses 2020: $91,988,688Net Income 2020: $11,429,5212020Revenue 2021: $115,878,820Expenses 2021: $91,090,700Net Income 2021: $24,788,1202021Revenue 2022: $109,654,912Expenses 2022: $100,998,425Net Income 2022: $8,656,4872022Revenue 2024: $108,945,764Expenses 2024: $113,016,769Net Income 2024: -$4,071,0052024

Highlighted filing

2021

Revenue$115,878,820
Expenses$91,090,700
Net Income$24,788,120
Jump To
Filing Snapshot
Filing Period
Oct 1, 2020 to Sep 30, 2021
Signed
Aug 9, 2022
Return Version
2020v4.2
Gross Receipts
$153,884,216
Mission and Program Overview

Mission

Kqed is for everyone who wants to be more. Our television, radio, digital media and educational services change lives for the better and help individuals and communities achieve their full potential. Kqed serves the people of northern california with a community-supported alternative to commercial media, providing citizens with the knowledge they need to make informed decisions; convening community dialogue; bringing the arts to everyone; and engaging audiences to share their stories. Kqed helps students and teachers thrive in 21st-century classrooms and takes people of all ages on journeys of exploration - exposing them to new people, places and ideas.kqed's visionkqed is redefining public media for the bay area, making it more inclusive, participatory and community powered. We celebrate diversity, embrace innovation, value lifelong learning and partner with those who share our passion for public service.

INFORM, INSPIRE, INVOLVE

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$130,346,371$148,007,488▲ $17,661,117
Land, Buildings, and Equipment, Net$75,002,701$112,972,195▲ $37,969,494
Savings and Temporary Cash Investments$73,945,731$55,446,478▼ $18,499,253
Pledges and Grants Receivable$14,763,825$12,370,045▼ $2,393,780
Prepaid Expenses and Deferred Charges$3,476,347$3,407,557▼ $68,790
Accounts Receivable$4,542,971$2,868,444▼ $1,674,527
Intangible Assets$1,914,134$1,828,061▼ $86,073
Investments Other Securities$489,882$944,594▲ $454,712
Inventories for Sale or Use$308,140$218,801▼ $89,339
Cash and Non-Interest-Bearing Accounts$900$900→ $0
Total Assets$304,837,195$338,114,400▲ $33,277,205
Other Assets Total$46,193$49,837▲ $3,644
Liabilities
Accounts Payable and Accrued Expenses$21,586,419$16,061,687▼ $5,524,732
Other Liabilities$16,127,703$8,972,411▼ $7,155,292
Deferred Revenue$711,772$2,691,973▲ $1,980,201
Total Liabilities$38,425,894$27,726,071▼ $10,699,823
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$195,463,490$251,341,256▲ $55,877,766
Net Assets With Donor Restrictions$70,947,811$59,047,073▼ $11,900,738
Total Net Assets Fund Balance$266,411,301$310,388,329▲ $43,977,028
Total Liabilities and Net Assets / Fund Balance$304,837,195$338,114,400▲ $33,277,205

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$78,777,984$9,066,585$87,844,569
Equipment$32,526,475$29,185,844$61,712,319
Leasehold Improvements$398,045$3,032,361$3,430,406
Land$1,269,691-$1,269,691

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$115,645,647$7,486,339▲ $22,001,822$14,607,037$130,526,771
2019$151,303,737$5,309,590▲ $4,093,095$45,060,775$115,645,647
2018$148,596,443$4,074,454▲ $6,580,559$7,947,719$151,303,737
2017$140,424,425$4,682,857▲ $6,521,054$3,031,893$148,596,443
2016$61,227,599$74,220,046▲ $7,839,899$2,863,119$140,424,425
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael IsipPresident and CEOFT$401,600$105,179$506,779
Elizabeth SeirmarcoLocal Marketing DirectorFT$310,326$43,173$353,499
Sarah SawyerLocal Marketing DirectorFT$314,516$12,076$326,592
Maria MillerChief Admin OfficerFT$239,270$72,342$311,612
Holly KernanChief Content OfficerFT$239,571$57,665$297,236
Mitzie KelleyChief Financial OfficerFT$236,971$52,568$289,539
Delinda MrowkaChief Audience OfficerFT$242,996$41,968$284,964
William LoweryGeneral Counsel & Corp SecretaryFT$228,037$53,925$281,962
Lesley GrossblattChief Product OfficerFT$229,532$44,885$274,417
Georganna KellyVP DevelopmentFT$224,288$47,413$271,701
Jason BrennemanVP, Chief Staff & Special OpsFT$196,268$50,443$246,711
David HansenExec Dir., Media Ops & FacilitiesFT$212,546$32,948$245,494
Tim OlsonSVP, Strategic Digital PartnershipsFT$194,019$50,038$244,057
John ReillyExec Director It & Enterprise SystFT$196,135$18,677$214,812
Michael KrasnyHost, ForumFT$197,100$8,977$206,077
Marianne MurphyVP, Member Generosity & Aud. IntelFT$174,909$8,787$183,696

Board Members and Trustees

NameTitle
Hank BarryBoard Chair
Anne AvisCommittee Chair
Camilla SmithCommittee Chair
Meg GarlinghouseCommittee Chair
Mike BlachCommittee Chair
Alexandra Van HeldenCommittee Chair & Exec Committee
John BuoymasterCommittee Chair & Exec Committee
Nancy SerrurierCommittee Chair & Exec Committee
Raj PherwaniCommittee Chair (thru 01/21)
Brian CheuCommittee Chair/exec Committee/treasurer
Shadi ElkarraCommittee Chair/nominating Committee
Annie Jean-baptisteBoard Member
Carla JavitsBoard Member
James ChamBoard Member
Jennifer CabalquintoBoard Member
Karen EdwardsBoard Member
Lisa Sobrato SonsiniBoard Member
Mallun YenBoard Member
Matthew ZinnBoard Member
Nadia RoumaniBoard Member
Naveen ChopraBoard Member
Sanjay VaswaniBoard Member
Tom ChavezBoard Member
Roselyne SwigBoard Member (thru 01/21)
Edward LichtyExecutive Committee
Jaime StudleyExecutive Committee
Simone Otus CoxeExecutive Committee
Steve BochnerExecutive Committee
Jen McclureNominating Committee
Mark PerryNominating Committee
Julia LopezNominating Committee & Exec Committee
Nancy FareseNominating Committee (thru 01/21)

Highest Paid Contractors

ContractorServicesLocationCompensation
Cahill Contractors LLCConstruction Services425 CALIFORNIA ST SUITE 2200, San Francisco, CA 94104$30,565,719
Rsm US LLPIntacct/adaptive Implementation5155 PAYSPHERE CIRCLE, Chicago, IL 60674$519,012
Ttwn Media Networks LLCTraffic Svcs/radio Affiliates62301 COLLECTION CENTER DRIVE, Chicago, IL 60693$335,400
George Diaz - Webmocha LLCDevelopment Operations Augme.400 CONCAR DRIVE, San Mateo, CA 94402$270,380
Davis Wright Tremaine LLPProfessional Services/legal920 FIFTH AVENUE SUITE 3300, Seattle, WA 98104$265,904
Revenue and Support

Revenue Composition

Contributions and Grants
$98,580,410
Program Service Revenue
$12,092,979
Investment Income
$4,113,235
Other Revenue
$1,092,196
All Other Contributions
$81,998,302
Change in Net Assets
$24,788,120

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Cars and Other Vehicles4,523$5,070,698Fair Market Value (FMV)
Securities Publicly Traded147$1,203,840Fair Market Value (FMV)
Other Non Cash Contri Table6$9,440Fair Market Value (FMV)
Total Noncash Contributions4,676$6,283,978-

Audited Revenue Reconciliation

Revenue per Audited Statements
$115,560,274
Revenue Not Reported on Financial Statements
$318,546
Revenue Not Reported on Form 990
$19,669,491
Other Revenue Adjustments
$-2,928
Total Revenue per Audited Statements
$135,229,765
Total Revenue per Form 990
$115,878,820
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$50,150,128
Other Expenses$39,023,134
Total Fundraising Expense$18,216,559
Professional Fundraising Fees$1,917,438
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$23,433,921$5,692,317$6,334,624$35,460,862
Other Employee Benefits$5,030,769$1,399,175$1,284,814$7,714,758
Depreciation Depletion$5,182,494$1,005,674$791,371$6,979,539
Occupancy$4,364,947$535,833$555,021$5,455,801
Fees for Services Other$2,230,676$701,812$1,372,063$4,304,551
Office Expenses$1,739,297$398,244$1,458,109$3,595,650
Payroll Taxes$2,132,235$620,708$604,177$3,357,120
Current Officers, Directors, Trustees, and Key Employees$711,326$1,720,473$781,779$3,213,578
Information Technology$2,235,403$371,858$492,723$3,099,984
Fees for Services Professional Fundraising--$1,917,438$1,917,438
Advertising$680,881$35,019$87,478$803,378
All Other Expenses$167,031$75,420$224,897$467,348
Pension Plan Contributions$270,912$63,495$69,403$403,810
Other Expenses$757,150$63,470$362,758$362,758
Fees for Service Investment Mgmnt Fees-$321,474-$321,474
Fees for Services Legal$17,360$286,837$15,628$319,825
Insurance$215,675$41,136$36,156$292,967
Fees for Services Accounting-$141,777-$141,777
Royalties$122,155-$3,340$125,495
Travel$62,359$10,091$4,485$76,935
Interest-$60,030-$60,030
Fees for Services Lobbying$52,540--$52,540
Conferences and Meetings$23,659$4,675$1,922$30,256
Total Functional Expenses$59,229,680$13,644,461$18,216,559$91,090,700

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$91,252,737
Total Expenses per Form 990$91,090,700
Expenses per Audited Statements$90,769,226
Expenses Not Reported on Form 990$483,511
Expenses Not Reported on Financial Statements$321,474
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$1,917,438
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Liab. to Beneficiaries of Charitable Gift$4,799,555
Deferred Compensation Obligations$2,610,506
Accrued Broadcast Rights$1,518,288
Deferred Rent Liability$44,062
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

Form 990 review process the process for reviewing the kqed form 990 prior to filing includes a review by the controller, cfo, and the audit committee of the board. The organization's cpa firm presents the form 990 to the audit committee at a virtual meeting. After the audit committee approves the form 990, it is provided to all voting members of the board prior to filing.

Form 990, Part VI, Section B, Line 12C

Monitoring and enforcement of conflict-of-interest policy in accordance with the organization's conflict of interest policy, all directors, officers, and key employees fill out and sign a conflict of interest disclosure form, which is reviewed and maintained in the general counsel's office. Key employees and officers fill out the conflict of interest disclosure form annually. Board of directors fill out the conflict of interest disclosure form when their initial term commences, and then are asked annually to report any changes that would give rise to a conflict of interest. If a conflict of interest were to arise, the key employee, officer or board member with the conflict would be recused from the decision making process.

Form 990, Part VI, Section B, Line 15

Process for determining compensation of officers and key employees the executive committee of the board is responsible for reviewing the compensation of the president/ceo, and it makes recommendations to the board of directors, who approve any such compensation. The president/ceo is recused from any discussion and vote. The process followed by the board to develop and approve the compensation package for the president/ceo included the review of data on comparable compensation packages and recommendations, prepared by an outside consultant. Based on the data and recommendations from the consultant as well as an evaluation of the president/ceo's performance against previously set goals, the executive committee deliberated and agreed on recommendations to the board. The full board deliberated about the compensation package based on the recommendations from the executive committee and approved the salary for the president/ceo. In determining salaries for other officers and key employees, kqed's president/ceo, its chief administrative and operations officer and its executive director of human resources analyze the data from relevant compensation surveys, including the executive compensation survey sponsored by weta, and the executive compensation for pbs station survey. In addition, they have discussions with contemporaries at similarly situated public broadcasting stations concerning compensation for key employees in comparable positions. Finally, they consider the historical and current compensation paid by kqed for comparable positions, as well as the skills and experience of the individual employee.

Form 990, Part VI, Section C, Line 19

Documents made available to the public the organization's governing documents, conflict of interest policy, and financial statements are available to the public upon request for the same period of time set forth in 26 u.s. Code 6104(d). Condensed financial information is also made available to the public via the annual kqed report to the community, which is posted on the organization's website in addition to its form 990 and audited financial statements.

FORM 990, PART VIII, LINE 1E:

Contributions received as govt. Grants corporation for public broadcasting is a private, not-for-profit corporation. It receives appropriations from congress, which it distributes to support a national policy for growth and development of radio and television broadcasting. The corporation was granted a loan (the "loan") from community reinvestment fund, inc. In the aggregate amount of $8,116,900, pursuant to the paycheck protection program (the "ppp") under the coronavirus aid, relief and economic security act ("cares act"). The loan, dated april 17, 2020, with a maturity date of april 17, 2022, bears interest at a rate of 1% per annum. Accrued interest for the year ended september 30, 2021 was $56,485. Funds from the loan may only be used for payroll costs, costs used to continue group health care benefits, mortgage payments, rent, utilities, and interest on other debt obligations incurred before october 4, 2020. The company has used the entire loan amount for qualifying expenses. Under the terms of the ppp, certain amounts of the loan may be forgiven if certain criteria are met. The loan, including accrued interest of $93,400, was forgiven on june 14, 2021.

Filing and Contact Details

Filer

Filer Name
Kqed Inc
EIN
94-1241309
Phone
4158642000
Address
2601 MARIPOSA STREET, SAN FRANCISCO, CA 94110-1400

Signing Officer

Name
Mitzie Kelley
Title
CFO
Phone
4155532829
Signed
2022-08-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Isip
Formed
1954
Legal Domicile
CA
Voting Board Members
29
Independent Board Members
29
Employees
535
Volunteers
0

Preparer

Firm
Grant Thornton Llp
Address
101 CALIFORNIA STREET SUITE 2700, SAN FRANCISCO, CA 94111
Preparer
Daniel Romano
Phone
4159863900
Supplemental Narrative

Additional Explanations

FORM 990, PART III, LINE 4A:

Program service accomplishments kqed's multidisciplinary content teams - focusing on news; arts and culture; education and science - work to expand regional coverage and ensure our content is available via mobile, social and digital media as well as on radio and television. In fy21, new multimedia products included voter guides (one for the general election, one for the california gubernatorial recall election, and one in spanish). In partnership with npr, kqed launched consider this, a daily news podcast with an innovative format. And on our watch, above the noise, deep look, mindshift, rightnowish, bay curious, sold out: rethinking housing in america, and other projects continued. Each year, kqed celebrates the diversity of our community with a special lineup of programs, including events and film screenings during black history, women's history, asian american pacific islander, lesbian gay bisexual transgender queer (lgbtq), latino heritage, indian heritage, and disability culture awareness months. Kqed has long recognized the important connection between cultural heritage and the arts and has made events (online this year because of the pandemic) an integral part of our heritage month celebrations.

FORM 990, PART III, LINE 4B:

Program service accomplishments kqed 9 and kqed plus are among the nation's most-watched public television stations with an average of 797,000 weekly viewers in the san francisco-oakland-san jose market. Kqed owns and operates public television stations kqed-tv/dt channel 9 (san francisco), kqeh-tv/dt channel 54 (san jose) and kqet-tv/dt channel 25 (watsonville/monterey). Kqed's digital television channels include kqed 9, kqed plus, kqed world, and pbs kids, and are available 24/7 over the air and on cable. Since first going on the air in 1954, kqed has been an integral part of the bay area's media and cultural landscape. The station produces its own unique content and collaborates with filmmakers and documentary producers to present independent programming. Kqed public television is committed to producing, co-producing and presenting content that serves the people of northern california and beyond. In fy21, kqed continued to broadcast locally produced series showcasing different aspects of life in the bay area. Programs included the 16th season of check, please! Bay area, where local diners review their favorite bay area restaurants and a new spinoff: check, please! You gotta try this! The 8th season of kqed newsroom, a weekly multiplatform news program on television, radio and online, and the documentary series truly ca, which presented 7 independently produced films in its 16th season. Kqed was also a leader in presenting independent productions to nationwide audiences, including bloodline, unadopted, joseph rosendo's travelscope, roadtrip nation. Kqed supported these programs in finding distribution and national audiences in fy21.

FORM 990, PART III, LINE 4C:

Program service accomplishments kqed public radio is among the most-listened-to public radio stations in the nation, with an average of 733,000 weekly radio listeners in the san francisco metro survey area and an additional 22,200 in the sacramento area. Kqed owns and operates kqed public radio 88.5 fm san francisco and 89.3 fm sacramento. Its award-winning news and public affairs program service can be heard on 88.5 fm or comcast channel 960 in san francisco, kqei 89.3 fm in sacramento and 88.3 fm in santa rosa and 88.1 fm in martinez. Kqed public radio broadcasts many of npr's stellar programs. Kqed public radio also produces a significant number of local programs and series, including the award-winning forum, political breakdown, the california report, a weekday news report carried across the state; and its counterpart, the california report magazine, a weekly 30-minute news magazine. In addition, there are weekly kqed science radio reports and 18 weekday and weekend kqed news reports. Kqed public radio presented content from the commonwealth club of california, the world affairs council, and city arts and lectures. It also broadcasts a radio version of kqed newsroom. Kqed public radio continued to embrace 21st-century media techniques in fy21, serving the san francisco bay area with content through a wide array of on-demand online services. Some kqed public radio broadcasts are also part of the sirius satellite network. Kqed public radio staff received two awards from the society of professional journalists (national).

Financial Statement Notes

PART V, LINE 4:

Intended use of endowment funds the organization's primary long-term management objective is to provide general support in meeting the needs of kqed provided that a donor making a contribution to the permanent endowment may impose specific use restrictions on the donor's contribution.

PART X, LINE 2:

Liability for uncertain tax positions the corporation follows guidance that clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognitions and measurement. This guidance provides that the tax effects from an uncertain tax position can only be recognized in the financial statements if the position is "more-likely-than-not" to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. The corporation is exempt from federal income tax under section 501(c)(3) of the internal revenue code ("irc"), though it is subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the irc. The corporation has also been recognized by the franchise tax board as an organization that is exempt from income tax pursuant to california revenue and tax code section 23701d on its income other than the unrelated business income. The corporation has processes presently in place to ensure the maintenance of its tax-exempt status, to identify and report unrelated income, to determine its filing and tax obligations in jurisdictions for which it was nexus, and to identify and evaluate other matters that may be considered tax positions. The corporation has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Revenue included on financials but not form 990 loss on investment reclassed from expenses -2,928.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Expenses included on financials but not form 990 loss on investment reclassed from expenses 2,928.

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IRS990/Form990PartVIISectionAGrp/PersonNm46JOHN REILLY
IRS990/Form990PartVIISectionAGrp/PersonNm47MICHAEL KRASNY
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt100

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