2024-07-24T14:33:01-05:00 2023-09-30 521392008 GELMAN ROSENBERG & FREEDMAN 4550 MONTGOMERY AVE SUITE 800N BETHESDA MD 208142930 990 2022-10-01 342015566 THE IRAQ MIDDLE MARKET DEVELOPMENT FOUNDATION IRAQ 2029863300 DORN KLAMP 2000 P STREET NW 70 WASHINGTON DC 20036 JORGE R VILA GENERAL MANAGER 2029863300 2024-07-24 1 JORGE VILA 999009999 0 RICHARD J LOCASTRO CPA P00288314 3019519090 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z JORGE R VILA DORN KLAMP 2000 P STREET NW 708 WASHINGTON DC 20036 0 0 X WWW.IMMDF.ORG X 2004 TX SEE PART III, LINE 1 3 3 0 3 0 0 0 0 14450 0 0 0 0 0 14450 0 0 0 0 0 390310 357365 0 0 0 430688 416826 820998 774191 -806548 -774191 1641568 1144690 3443017 3921501 -1801449 -2776811 IMMDF MAKES DEVELOPMENT LOANS AT BELOW MARKET INTEREST RATES WITH NON-COMMERCIAL TERMS TO SMALL AND MEDIUM SIZED BUSINESSES IN AREAS OF IRAQ WITH LOW INCOME AND HIGH UNEMPLOYMENT TO CREATE JOBS, LESSEN POVERTY, AND FOSTER ECONOMIC GROWTH. 0 0 774191 CAPITAL ASSISTANCE: IMMDF MADE DEVELOPMENT LOANS AT BELOW MARKET INTEREST RATES WITH NON-COMMERCIAL TERMS TO SMALL AND MEDIUM SIZED BUSINESSES IN AREAS OF IRAQ.IMMDF MADE LOANS TO IRAQ SMALL AND MEDIUM SIZE COMPANIES THAT DO NOT HAVE ACCESS TO THE CREDIT UNDER AFFORDABLE INTEREST RATES FOR PROJECTS THAT GENERATE EMPLOYMENT AND ECONOMIC GROWTH. 774191 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 JO IZ 0 0 0 0 0 0 0 0 0 0 X 3 3 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X MAZEN ABOU-SHABAN 2022234600 2000 P ST NW STE 708 WASHINGTON DC 20036 CHRIS SALE CHAIRMAN 3.00 X X 0 0 0 ABHISHEK BHASIN DIRECTOR 3.00 X 0 0 0 DENNIS FLANNERY DIRECTOR 3.00 X 0 0 0 JORGE R VILA GENERAL MANAGER 40.00 X 272353 0 0 272353 0 0 1 0 1 0 0 0 0 0 0 259969 259969 97396 97396 164152 164152 21585 21585 3814 3814 40777 40777 8906 8906 9680 9680 142124 142124 11513 11513 FURNITURE AND EQUIPMENT 7614 7614 RESIDENCY FEE 3672 3672 MISCELLANEOUS 1577 1577 REGISTRATIONS 1412 1412 774191 774191 0 0 X 719545 431441 607729 124865 304009 50000 8656 8493 1629 529891 1641568 1144690 185700 143346 2911861 2911861 345456 866294 3443017 3921501 X -1801449 -2776811 -1801449 -2776811 1641568 1144690 X -774191 -201171 X 1 X 0 1 0 X 1023303 107537 1130840 1023303 107537 1130840 1130840 1130840 658887 1.00000 1.00000 X FORM 990, SCHEDULE A, PART II, LINE 1 FOR FINANCIAL STATEMENT PURPOSES, U.S. GOVERNMENT REVENUE HAS HISTORICALLY BEEN RECOGNIZED AS TEMPORARILY RESTRICTED REVENUE IN THE YEAR OF THE GRANT. AMOUNTS ARE THEN RELEASED FROM TEMPORARILY RESTRICTED AS EXPENSES ARE INCURRED. SCHEDULE A REPORTS THESE U.S. GOVERNMENT GRANTS AS DEFERRED REVENUE, WITH INCOME RECOGNIZED AS EXPENSES ARE INCURRED. THE ACCOUNTING LITERATURE SUGGESTS THAT EITHER PRESENTATION IS ACCEPTABLE. 0 DEFERRED SERVICE CHARGES 529891 529891 DEFERRED INTEREST PAYABLE 336403 ACCRUED SERVICE CHARGE 529891 866294 X PART X, LINE 2: FOR THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022 IMMDF HAS DOCUMENTED ITS CONSIDERATION OF FASB ASC 740-10, INCOME TAXES, THAT PROVIDES GUIDANCE FOR REPORTING UNCERTAINTY IN INCOME TAXES AND HAS DETERMINED THAT NO MATERIAL UNCERTAIN TAX POSITIONS QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. MIDDLE EAST AND NORTH AFRICA 1 1 PROGRAM SERVICES PROVIDE LOANS TO IRAQI BUSINESSES 975363 1 1 0 0 1 1 975363 0 975363 0 0 0 0 0 1 PART III ACCOUNTING METHOD: X 1 1 X X X 0 0 0 0 0 0 0 0 0 JORGE R VILA GENERAL MANAGER 265573 0 0 0 6780 0 0 0 0 0 272353 0 0 0 PART I, LINE 1A THE CONTRACT FOR THE GENERAL MANAGER STATES THAT HE RECEIVES HOUSING ALLOWANCE IN JORDAN. PAYMENT IS MADE DIRECTLY TO THE LAND LORD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY THE OUTSIDE ACCOUNTANTS AND REVIEWED BY THE GENERAL MANAGER AND AN INDEPENDENT FINANCIAL CONTRACTOR. THE 990 WAS DISTRIBUTED TO THE BOARD OF DIRECTORS PRIOR TO BEING FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS HAVE APPROVED A POLICY REQUIRING EACH DIRECTOR TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST AS THEY ARISE. ANNUAL FRAUD DISCLOSURE FORMS ARE REQUIRED OF EACH BOARD MEMBER. IF THERE ARE TRANSACTIONS INVOLVING A DIRECTOR, THAT DIRECTOR LEAVES THE RELEVANT PORTION OF THE BOARD MEETING AND DOES NOT PARTICIPATE IN THE DECISION. NO IMMDF EMPLOYEE IS ALLOWED TO ENGAGE IN CONDUCT RESULTING IN A POTENTIAL CONFLICT OF INTEREST. EMPLOYEES MUST STRICTLY AVOID ANY CONFLICT OF INTEREST OR THE APPEARANCE OF A CONFLICT OF INTEREST. THE ORGANIZATION MONITORS THE CONFLICT OF INTEREST POLICY ANNUALLY. EMPLOYEES MAKE FULL DISCLOSURE OF THEIR ACTIONS OR RELATIONSHIPS WITH PERSPECTIVE VENDORS, CONTRACTORS, OR CONSULTANTS. FORM 990, PART VI, SECTION B, LINE 15A THE INITIAL SALARY OF THE GENERAL MANAGER OF IMMDF WAS APPROVED BY THE GOVERNMENT AGENCY FUNDING IMMDF. RAISES ARE DETERMINED BY THE BOARD OF DIRECTORS AFTER A PERFORMANCE REVIEW, A COMPARISON WITH SIMILAR ORGANIZATIONS, AND A DISCUSSION BY THE BOARD WITHOUT THE GENERAL MANAGER PRESENT. THE DECISION IS DOCUMENTED IN THE WRITTEN MINUTES OF THE BOARD. THE LAST SALARY REVIEW FOR THE GENERAL MANAGER WAS DONE IN AUGUST 2023. FORM 990, PART VI, SECTION C, LINE 19 IMMDF DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART X, LINE 27: IMMDF HAS A DEFICIT NET ASSET BALANCE OF $2,776,811 AS OF SEPTEMBER 30, 2023. HOWEVER, CERTAIN PRINCIPAL PAYMENTS ON THE NOTES PAYABLE ARE NOT DUE UNLESS PRINCIPAL PAYMENTS ON OUTSTANDING LOANS RECEIVABLE ARE COLLECTED. SINCE MANAGEMENT OF IMMDF IS SOLELY FOCUSED ON THE COLLECTION OF THE OUTSTANDING LOANS RECEIVABLE, THE FISCAL 2024 BUDGET HAS BEEN REDUCED TO APPROXIMATELY $600,000 AND THE CURRENT LIQUIDITY SHOULD PROVIDE ENOUGH CASH FLOW TO SUSTAIN OPERATION THROUGH FISCAL 2024. ADDITIONALLY, MANAGEMENT OF IMMDF IS NEGOTIATING SETTLEMENTS WITH SEVERAL BORROWERS FOR OUTSTANDING PRINCIPAL AND INTEREST PAYMENTS. UPON SUCCESSFUL SETTLEMENTS AND COLLECTION OF THE PRINCIPAL AND INTEREST PAYMENTS, THE MANAGEMENT OF IMMDF INTENDS TO SHUT-DOWN OPERATIONS. FORM 990, PART XI, LINE 9: DECREASE IN PROVISION FOR UNCOLLECTABLE LOANS -201,171.