2024-05-15T23:20:43-05:00 2023-06-30 943108253 NOVOGRADAC & COMPANY LLP PO BOX 7833 SAN FRANCISCO CA 941207833 990 2022-07-01 465056625 DESERT COLLEGE FINANCING CORP DESE 7607732513 45524 OASIS STREET INDIO CA 92201 LAURA HOPE PRESIDENT 7607732513 2024-05-15 1 LAURA HOPE 999009999 0 ROY CHOU P01648850 4153568000 2024-05-15 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z LAURA HOPE 43-500 MONTEREY AVE PALM DESERT CA 92260 948411 0 X N/A X 2014 CA THE ORGANIZATION WAS ORGANIZED FOR THE PURPOSE OF PROMOTING THE COMMON GOOD AND GENERAL WELFARE OF THE RESIDENTS OF INDIO, CA (THE "CITY"), INCLUDING THE DESERT COMMUNITY COLLEGE DISTRICT (THE "DISTRICT") AND OTHER LOCAL GOVERNMENT ENTERPRISES, THROUGH THE RENDERING OF FINANCIAL ASSISTANCE THERETO. THE ORGANIZATION WILL ACCOMPLISH THIS PRIMARILY THROUGH THE ACQUISITION, LEASING OR SELLING OF BUILDINGS, BUILDING IMPROVEMENTS, ETC. FOR THE BENEFIT OF RESIDENTS OF THE CITY, THE DISTRICT AND SURROUNDING AREAS. 5 5 0 0 0 0 0 948411 64268 0 0 0 18982684 0 19046952 948411 0 0 0 0 0 0 0 0 0 16979575 277245 16979575 277245 2067377 671166 0 18883316 0 18212150 0 671166 X THE ORGANIZATION WAS ORGANIZED FOR THE PURPOSE OF PROMOTING THE COMMON GOOD AND GENERAL WELFARE OF THE RESIDENTS OF INDIO, CA (THE "CITY"), INCLUDING THE DESERT COMMUNITY COLLEGE DISTRICT (THE "DISTRICT") AND OTHER LOCAL GOVERNMENT ENTERPRISES, THROUGH THE RENDERING OF FINANCIAL ASSISTANCE THERETO. THE ORGANIZATION WILL ACCOMPLISH THIS PRIMARILY THROUGH THE ACQUISITION, LEASING OR SELLING OF BUILDINGS, BUILDING IMPROVEMENTS, ETC. FOR THE BENEFIT OF RESIDENTS OF THE CITY, THE DISTRICT AND SURROUNDING AREAS.THE ORGANIZATION ACQUIRED A CERTAIN PARCEL OF REAL PROPERTY AND EXISITING FACILITIES SITUATED IN RIVERSIDE COUNTY, CALIFORNIA (THE "FACILITY") BY LEASE AND LEASED THE FACILITY BACK TO THE DISTRICT. THE FACILITY IS OPERATED AS A CHILD DEVELOPMENT CENTER BY THE DISTRICT. 0 0 277245 948411 THE ORGANIZATION IS A QUALIFIED ACTIVE LOW INCOME COMMUNITY BUSINESS UNDER INTERNAL REVENUE CODE SECTION 45D, AND HAS ENGAGED IN A NEW MARKETS TAX CREDIT TRANSACTION (THE "TRANSACTION"). THE TRANSACTION PROVIDES THE ORGANIZATION WITH A LONG-TERM LEASEHOLD INTEREST IN A CHILD DEVELOPMENT CENTER (THE "FACILITY") SITUATED IN RIVERSIDE COUNTY, CA. THE ORGANIZATION ACQUIRED THE FACILITY BY LEASE AND LEASED THE FACILITY BACK TO THE DISTRICT. 277245 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 5 5 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 CA X RODRIGO GARCIA 7607737452 43-500 MONTEREY AVE PALM DESERT CA 92260 X MARTHA GARCIA EDD SUPERINTENDENT/PRESIDENT 1.00 X X 0 0 0 BONNIE STEFAN EDD CHAIR 1.00 X X 0 0 0 BEA GONZALEZ VICE CHAIR 1.00 X X 0 0 0 RUBEN ARIAZTLAN PEREZ MEMBER 1.00 X 0 0 0 JOEL L KINNAMON EDD MEMBER 1.00 X 0 0 0 ISAAC ZARCO STUDENT TRUSTEE 1.00 X 0 0 0 RONALD ODEN MEMBER 1.00 X 0 0 0 0 0 0 0 0 0 0 0 948411 948411 948411 948411 0 0 0 33150 33150 201024 201024 14512 14512 ASSET MANAGEMENT FEES 28333 28333 BANK FEES 226 226 277245 277245 0 0 0 17350409 0 955311 0 577596 0 18883316 0 18200000 0 12150 0 18212150 X 0 671166 0 671166 0 18883316 671166 0 X X 0 1 X 0 0 X X 1 DESERT COMMUNITY COLLEGE DISTRICT 330535430 2 1 0 948411 1 0 948411 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 DUE TO RELATED PARTY 8000 NMTC FEES PAYABLE 4150 12150 X 948411 0 948411 0 948411 1076691 813958 813958 262733 14512 14512 277245 PART X, LINE 2: THE PREPARATION OF FINANCIAL STATEMENTS IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRES THE ORGANIZATION TO REPORT INFORMATION REGARDING ITS EXPOSURE TO VARIOUS TAX POSITIONS TAKEN BY THE ORGANIZATION. MANAGEMENT HAS DETERMINED WHETHER ANY TAX POSITIONS HAVE MET THE RECOGNITION THRESHOLD AND HAS MEASURED THE ORGANIZATION'S EXPOSURE TO THOSE TAX POSITIONS. MANAGEMENT BELIEVES THAT THE ORGANIZATION HAS ADEQUATELY ADDRESSED ALL RELEVANT TAX POSITIONS AND THAT THERE ARE NO UNRECORDED TAX LIABILITIES. FEDERAL TAX AUTHORITIES GENERALLY HAVE THE RIGHT TO EXAMINE AND AUDIT THE PREVIOUS THREE YEARS OF TAX RETURNS FILED. CALIFORNIA TAX AUTHORITIES GENERALLY HAVE THE RIGHT TO EXAMINE AND AUDIT THE PREVIOUS FOUR YEARS OF TAX RETURNS FILED. NO INTEREST OR PENALTIES FROM FEDERAL OR STATE TAX AUTHORITIES WERE RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. PART XII, LINE 2D - OTHER ADJUSTMENTS: ASC 842 LEASE ADJUSTMENT 788,657. DEBT ISSUANCE COSTS - INTEREST EXPENSE 25,301. PART XII, LINE 4B - OTHER ADJUSTMENTS: AMORTIZATION 14,512. X PREINCURRED COSTS 1 948411 COST 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE PRESIDENT, FISCAL DIRECTOR AND ADMINISTRATIVE SERVICES VICE PRESIDENT. THE FORM 990 IS ALSO INCLUDED IN THE AGENDA AT THE MEETING OF DIRECTORS FOLLOWING ITS PREPARATION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART VII CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC MARTHA GARCIA, ED.D. - 43-500 MONTEREY AVE, PALM DESERT, CA 92260. BONNIE STEFAN, ED.D. - 43-500 MONTEREY AVE, PALM DESERT, CA 92260. BEA GONZALEZ - 43-500 MONTEREY AVE, PALM DESERT, CA 92260. RUBEN ARIAZTLAN PEREZ - 43-500 MONTEREY AVE, PALM DESERT, CA 92260. JOEL L. KINNAMON, ED.D. - 43-500 MONTEREY AVE, PALM DESERT, CA 92260. RONALD ODEN - 43-500 MONTEREY AVE, PALM DESERT, CA 92260. FORM 990, PART XII, LINE 2C: THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.