2025-07-22T13:33:46-05:00 2024-09-30 941254756 HOOD & STRONG LLP 2580 N 1ST ST STE 460 SAN JOSE CA 95131 990 2023-10-01 943032394 COMMUNITY VISION CAPITAL & CONSULTING COMM 4153928215 870 MARKET STREET 677 SAN FRANCISCO CA 94102 WIL O MENDOZA VICE PRESIDENT OF FINANCE 4153928215 2025-07-10 1 0 MAGA E KISRIEV P01008919 4089988400 2023 2025-03-06 01:10:19Z CATHERINE HOWARD 870 MARKET STREET 677 SAN FRANCISCO CA 94102 32372643 0 X HTTPS://COMMUNITYVISIONCA.ORG/ X 1987 CA PROVIDING FINANCING AND FINANCIAL EXPERTISE TO STRENGTHEN LOW-INCOME COMMUNITIES. 11 10 46 26 0 0 3851529 17580905 5338741 5594997 1213698 1441430 0 5000 10403968 24622332 164494 128588 0 0 6085586 5683657 0 0 393537 7639734 10766665 13889814 16578910 -3485846 8043422 129891649 161816185 92196482 112664111 37695167 49152074 X COMMUNITY VISION CAPITAL & CONSULTING PROMOTES ECONOMIC JUSTICE AND ALLEVIATES POVERTY BY INCREASING THE FINANCIAL RESILIENCE AND SUSTAINABILITY OF COMMUNITY-BASED NONPROFITS AND ENTERPRISES. THROUGH FLEXIBLE FINANCIAL PRODUCTS AND SOUND ADVICE, WE CREATE OPPORTUNITIES TO MAKE SOCIALLY RESPONSIBLE INVESTMENTS THAT REVITALIZE NORTHERN CALIFORNIA COMMUNITIES. 0 0 11588502 128588 4613845 CAPITAL SOLUTIONS: SINCE 1987, COMMUNITY VISION HAS MADE 683 LOANS TOTALING $348 MILLION TO NONPROFITS AND SOCIAL ENTERPRISES SERVING DISINVESTED COMMUNITIES IN NORTHERN AND CENTRAL CALIFORNIA, LEVERAGING OVER $1.99 BILLION IN ADDITIONAL PROJECT FUNDING. THESE LOANS HAVE HELPED CREATE OR PRESERVE 7,733 AFFORDABLE HOUSING UNITS FOR LOW-INCOME FAMILIES AND INDIVIDUALS, AND FINANCED OVER 5.2 MILLION SQUARE FEET OF NEIGHBORHOOD-SERVING COMMERCIAL AND RESIDENTIAL SPACE. THESE LOANS HAVE ALSO HELPED CREATE OR PRESERVE 26,494 PERMANENT AND CONSTRUCTION JOBS, AND HELPED FINANCE PROJECTS BY ORGANIZATIONS THAT SERVE OVER 1.8 MILLION INDIVIDUALS. AT THE END OF FY24, COMMUNITY VISION MANAGED A PORTFOLIO OF 104 LOANS WORTH $92.8 MILLION TO 92 ORGANIZATIONS. DURING FY24, COMMUNITY VISION CLOSED 34 LOANS TOTALING $31 MILLION. 1784042 0 672352 REAL ESTATE SOLUTIONS (RES): SINCE THE INCEPTION OF OUR CONSULTING & TRAINING PROGRAM, COMMUNITY VISION HAS PROVIDED 1,308 REAL ESTATE AND FINANCIAL MANAGEMENT CONSULTING ENGAGEMENTS AND SERVED 8,436 ORGANIZATIONS THROUGH WORKSHOPS ON THESE TOPICS. DURING FY24, THE PROGRAM COMPLETED 44 CONSULTING ENGAGEMENTS, AND HOSTED 13 WORKSHOPS. RES ALSO MANAGES THE CALCORE PROGRAM, A FIVE-YEAR STATE-WIDE INITIATIVE THAT BRINGS TOGETHER COHORTS OF COMMUNITY-BASED DEVELOPERS, WITH A FOCUS ON BLACK, INDIGENOUS, PEOPLE OF COLOR-LED (BIPOC) REAL ESTATE ORGANIZATIONS, PARTICULARLY COMMUNITY DEVELOPMENT CORPORATIONS (CDCS) AND COMMUNITY LAND TRUSTS (CLTS). 1141962 0 0 COMMUNICATIONS AND IMPACT: COMMUNITY VISION CONDUCTS ONGOING EVALUATION OF PROGRAMS AND INITIATIVES. WE DEVELOP AND DISTRIBUTE INFORMATION ABOUT OUR PROGRAMS BOTH INTERNALLY AND EXTERNALLY VIA MULTIPLE CHANNELS. 576605 0 308800 CAPITALIZATION: COMMUNITY VISION WAS FOUNDED BY COMMUNITY RESIDENTS AS A VEHICLE TO CHANNEL CAPITAL FROM SOCIALLY RESPONSIBLE AND MISSION MOTIVATED INVESTORS TO PROJECTS THAT BENEFIT LOW INCOME PEOPLE. WE PROVIDE EDUCATION ON SUSTAINABLE, SOCIALLY RESPONSIBLE INVESTING. AT THE END OF FY2024 INVESTMENTS MADE BY OVER 300 BANKS, FOUNDATIONS, INDIVIDUALS, RELIGIOUS ORGANIZATIONS, NONPROFIT ORGANIZATIONS AND HOSPITAL SYSTEMS INTO OUR REVOLVING LOAN FUND TOTALED $103.6 MILLION.NEW MARKETS TAX CREDIT: COMMUNITY VISION HAS RECEIVED A TOTAL OF $212 MILLION IN NEW MARKETS TAX CREDIT (NMTC) ALLOCATION FOR USE IN OUR NORTHERN AND CENTRAL CALIFORNIA SERVICE AREA. WE HIGHLY LEVERAGE AND INVEST TAX CREDIT CAPITAL IN HIGH IMPACT BUSINESSES AND NONPROFITS IN QUALIFYING LOW-INCOME COMMUNITIES, CREATING JOBS AND SPURRING ADDITIONAL ECONOMIC DEVELOPMENT. OUR NMTC PROGRAM HAS HELPED TO CREATE OR PRESERVE 5,637 JOBS, CREATED 1,038,826 SQUARE FEET OF COMMUNITY FACILITY SPACE, HELPED TO DEVELOP 84 UNITS OF AFFORDABLE HOUSING AND LEVERAGED AN ADDITIONAL $340 MILLION IN PRIVATE INVESTMENT. OVER 962,000 INDIVIDUALS ACROSS 8 COUNTIES SPANNING NORTHERN AND CENTRAL CALIFORNIA WILL BE SERVED BY THE PROJECTS DEVELOPED USING THESE FUNDS. 576605 0 308800 15091111 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 258 0 1 46 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 11 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X WIL O MENDOZA 4153928215 870 MARKET ST SUITE 677 SAN FRANCISCO CA 94102 ANITA ADDISON BOARD CHAIR 4.00 X X 0 0 0 JOHN CHAN TREASURER 4.00 X X 0 0 0 DAVID ELSAESSER SECRETARY 4.00 X X 0 0 0 PATRICIA GOPAUL BOARD MEMBER 4.00 X 0 0 0 CAROYN JOHNSON BOARD MEMBER 4.00 X 0 0 0 ANDY MADEIRA BOARD MEMBER 4.00 X 0 0 0 NIKKI BEASLEY BOARD MEMBER 4.00 X 0 0 0 ESTELLA SANCHEZ BOARD MEMBER 4.00 X 0 0 0 BHAVANI DARYANANI BOARD MEMBER 4.00 X 0 0 0 LUISA MEDINA BOARD MEMBER 4.00 X 0 0 0 BRYAN IGNOZZI BOARD MEMBER (THRU 1/1/24) 4.00 X 0 0 0 LUIS RODRIGUEZ BOARD MEMBER (THRU 6/1/24) 4.00 X 0 0 0 PAMELA MERCHANT BOARD MEMBER/CONSULTANT 4.00 X 4600 0 0 CATHERINE HOWARD PRESIDENT 40.00 X 261983 0 37007 WILFREDO O MENDOZA CFO 40.00 X 198867 0 30326 SABRINA KELLEY DIR OF EXTERNAL RELATIONS 40.00 X 206207 0 26838 JASON RIGGS COMMUNICATIONS DIRECTOR 40.00 X 173269 0 22178 SCOTT SPORTE DIRECTOR OF CREDIT 40.00 X 182035 0 25441 CARMEN JONES-WEAKS DIRECTOR OF PEOPLE & CULTURE 40.00 X 167669 0 29030 NATE SCHAFFRAN DIRECTOR OF BUSINESS DEVELOPMENT 40.00 X 168809 0 30204 SAUL ETTLIN SENIOR ADVISOR TO THE PRESIDENT 40.00 X 190136 0 28948 AMANDA BORNSTEIN DIR OF CATALYTIC CONSULTING/TRAINING 40.00 X 167190 0 20976 GRAYTON HUANG CONTROLLER 40.00 X 147594 0 9828 DANIEL MCDONALD SENIOR BUSINESS DEVELOPMENT OFFICER 40.00 X 153953 0 10199 RISA KEEPER INTERIM DIRECTOR OF CATALYTIC CAPITAL (THRU 12/13/ 40.00 X 167281 0 19178 2189593 0 290153 20 0 1 0 45 LINCOLN QSF 403 HOLIDAY COURT WARRENTON VA 20186 LEGAL SERVICES 133199 THE NORFUS FIRM POB 11177 MIAMI FL 33101 HR AND DEI CONSULTING 115569 NIXON PEABODY 300 S GRAND AVE 4100 LOS ANGELES CA 90071 LEGAL SERVICES 102584 3 1540730 16040175 17580905 INTEREST ON COMMUNITY LOANS 813319 4613845 4613845 LOAN FEES/NMTC FEES 813319 633155 633155 CONSULTING AND FISCAL AGENT FEES 813319 347997 347997 5594997 1444805 1444805 5000 0 5000 5000 5000 7746936 7750311 -3375 -3375 -3375 24622332 5594997 0 1446430 128588 128588 577071 317389 144268 115414 4171158 3643730 431684 95744 189145 163278 20601 5266 394893 345003 40859 9031 351390 294593 41949 14848 178141 79103 89941 9097 107555 25547 81999 9 37240 37240 815855 715245 47394 53216 52314 22515 3276 26523 200014 190278 5379 4357 371110 307776 43142 20192 363601 319742 33963 9896 51997 31969 5182 14846 51157 29781 15348 6028 1808376 1808376 47096 39492 5578 2026 115942 74023 40165 1754 PROVISION FOR LOAN LOSS 6396871 6396871 BAD DEBT EXPENSE 133047 133047 FEES AND LICENSES 15340 8975 5743 622 21009 15790 551 4668 16578910 15091111 1094262 393537 297721 22665096 10890901 22939847 1470000 460000 1079895 654546 77721782 84034094 239948 179652 2961400 462505 2520652 2498895 26104376 21231343 3909198 2199837 241808 94800 5415368 4858075 129891649 161816185 1563138 1794330 5029824 3925228 20000 20000 81046971 103316122 4536549 3608431 92196482 112664111 X 28675836 43382062 9019331 5770012 37695167 49152074 129891649 161816185 X 8043422 3403485 10000 X 0 1 X 1 1 1 X 5157269 14317131 7225412 3851529 17580905 48132246 5157269 14317131 7225412 3851529 17580905 48132246 3278725 44853521 422853 586940 1041465 1023536 1449805 4524599 52656845 28019165 0.85180 0.78140 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 2930 2930 16538740 16541670 977084 244271 0 0 597315 731372 842519 977084 3148290 4722435 7500 7110 2930 17540 149329 182843 210630 244271 787073 1180610 123954 105065 18889 409547 357440 52107 2427899 2427899 2498895 FUNDS HELD IN TRUST 2609707 OTHER LIABILITIES 42744 OPERATING LEASE LIABILITY 955980 3608431 X 28338580 3403485 350003 3753488 24585092 37240 37240 24622332 16881673 350003 -10000 340003 16541670 37240 37240 16578910 PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND FROM CALIFORNIA FRANCHISE AND/OR INCOME TAXES UNDER SECTION 23701D OF THE CALIFORNIA REVENUE AND TAXATION CODE. AS OF SEPTEMBER 30, 2024, MANAGEMENT EVALUATED THE ORGANIZATION'S TAX POSITIONS AND CONCLUDED THAT THE ORGANIZATION HAD MAINTAINED ITS TAX-EXEMPT STATUS AND HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. PART XII, LINE 2D - OTHER ADJUSTMENTS: GRANTS ADJUSTMENT -10,000. 1 SOGOREA TE' LAND TRUST 2501 HARRISON STREET OAKLAND CA 94612 824415931 501(C)(3) 35775 0 GENERAL OPERATING SUPPORT FIRST NATIONS DEVELOPMENT INSTITUTE 2432 MAIN STREET LONGMONT CA 80501 541254491 501(C)(3) 35775 0 GENERAL OPERATING SUPPORT REVOLUTIONARY ECONOMY FOR ALL LOCAL PEOPLE'S FUND 870 MARKET ST STE 677 SAN FRANCISCO CA 94102 871828856 501(C)(3) 57038 0 GENERAL OPERATING SUPPORT 3 0 PART I, LINE 2: INITIAL, INTERIM AND FINAL REPORTS BY ALL GRANTEES INCLUDING RECIPIENTS OF FORGIVABLE LOANS. IF THE LOAN IS FORGIVEN BECAUSE A PROJECT DOES NOT MOVE FORWARD IT CONVERTS TO A GRANT. X X X 0 0 0 0 0 0 0 0 0 CATHERINE HOWARD PRESIDENT 261983 0 0 0 0 0 10859 0 26148 0 298990 0 0 0 SABRINA KELLEY DIR OF EXTERNAL RELATIONS 201207 0 5000 0 0 0 9186 0 17652 0 233045 0 0 0 WILFREDO O MENDOZA CFO 193867 0 5000 0 0 0 8966 0 21360 0 229193 0 0 0 SAUL ETTLIN SENIOR ADVISOR TO THE PRESIDENT 185136 0 5000 0 0 0 8704 0 20244 0 219084 0 0 0 SCOTT SPORTE DIRECTOR OF CREDIT 177035 0 5000 0 0 0 8461 0 16980 0 207476 0 0 0 NATE SCHAFFRAN DIRECTOR OF BUSINESS DEVELOPMENT 163809 0 5000 0 0 0 8064 0 22140 0 199013 0 0 0 CARMEN JONES-WEAKS DIRECTOR OF PEOPLE & CULTURE 167669 0 0 0 0 0 8030 0 21000 0 196699 0 0 0 JASON RIGGS COMMUNICATIONS DIRECTOR 169769 0 3500 0 0 0 8198 0 13980 0 195447 0 0 0 AMANDA BORNSTEIN DIR OF CATALYTIC CONSULTING/TRAINING 162190 0 5000 0 0 0 8016 0 12960 0 188166 0 0 0 RISA KEEPER INTERIM DIRECTOR OF CATALYTIC CAPITA 162281 0 5000 0 0 0 8018 0 11160 0 186459 0 0 0 DANIEL MCDONALD SENIOR BUSINESS DEVELOPMENT OFFICER 148953 0 5000 0 0 0 7619 0 2580 0 164152 0 0 0 GRAYTON HUANG CONTROLLER 142594 0 5000 0 0 0 7428 0 2400 0 157422 0 0 0 PAMELA MERCHANT BOARD MEMBER TO FUND CAPITAL POOL FOR COMMUNITY AND ECONOMIC DEV. PROJECTS FINANCING X 20000 20000 0 1 1 20000 SCHEDULE L, PART II, LOANS FROM INTERESTED PERSONS: AT THE END OF FY2024 COMMUNITY VISION HAD 355 LOANS IN THIS POOL FROM BANKS, CORPORATIONS, INDIVIDUALS, RELIGIOUS GROUPS, HEALTH SYSTEMS AND NONPROFIT ORGANIZATIONS. ONE MEMBER OF THE BOARD OF DIRECTORS CHOSE TO SUPPORT THE ORGANIZATION'S MISSION BY LENDING MONEY TO THE ORGANIZATION'S CAPITAL POOL. THIS LOAN WAS INCLUDED IN NOTES PAYABLE ON THE ACCOMPANYING FINANCIAL STATEMENTS. THE LOAN WAS ACCEPTED ON TERMS THAT CONFORM TO THE ORGANIZATION'S STANDARD POLICIES FOR ACCEPTING LOANS INTO THE INVESTMENT POOL. DURING FY2024, COMMUNITY VISION HAD OUTSTANDING NOTES AS FOLLOWS:PAMELA MERCHANTBOARD MEMBERLOAN MADE TO COMMUNITY VISION: $20,000 AT 0% FORM 990, PART VI, SECTION B, LINE 11B ALL BOARD MEMBERS RECEIVED A COPY OF THE FORM 990 BEFORE IT WAS FILED. BOARD MEMBERS WERE ENCOURAGED TO REVIEW THE FORM 990 AND FORWARD THEIR QUESTIONS TO THE VICE PRESIDENT OF FINANCE OR TO COMMUNITY VISION'S ACCOUNTING FIRM WHO ADDRESSED THESE QUESTIONS. THE FINANCE COMMITTEE REVIEWED THE FORM IN DETAIL PRIOR TO FILING AND RECOMMENDED THE FILING OF THE RETURN TO THE FULL BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C ALL STAFF AND BOARD MEMBERS COMPLETE A DISCLOSURE FORM ANNUALLY. DISCUSSION AND DISCLOSURE ARE INCLUDED IN REGULAR BOARD AND COMMITTEE MEETINGS, AS APPROPRIATE. IF AN ACTUAL CONFLICT EXISTS, THE PERSON INVOLVED IS TO RECUSE THEMSELVES FROM TAKING ACTION ON THE TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15 THE MANAGEMENT TEAM LED BY THE PRESIDENT REVIEWS SALARY INFORMATION FOR SIMILAR POSITIONS AT OTHER NONPROFIT AND COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS. THIS GROUP RECOMMENDS SALARY RANGES BASED ON COMPARABLE DATA AND OBTAINS APPROVAL FOR THOSE RANGES FROM THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS. ALL DISCUSSIONS ARE DOCUMENTED CONTEMPORANEOUSLY AND A RECORD OF THE DECISIONS ARE MAINTAINED IN THE ORGANIZATION'S FILES. THE BOARD OF DIRECTORS REVIEWS THE PERFORMANCE OF THE PRESIDENT AND APPROVES THE COMPENSATION FOR THAT POSITION BASED ON COMPARABLE DATA FROM SIMILAR ORGANIZATION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF TIME SET FORTH IN SEC. 6104(D). FORM 990, PART XI, LINE 9: GRANTS ADJUSTMENT 10,000. CREDIT ENHANCEMENT 1 LLC 870 MARKET STREET SUITE 677 SAN FRANCISCO CA 94102 825526864 TO MANAGE A PROGRAM FOR FOOD ENTERPRISE RELATED FINANCING. CA 26980 1196340 COMMUNITY VISION CAPITAL & CONSULTING 3105 SAN PABLO LLC 870 MARKET STREET SUITE 677 SAN FRANCISCO CA 94102 943032394 SPECIAL PURPOSE ENTITY TO HOLD NOTES RELATED TO A REAL ESTATE TRANSACTION. CA 0 3135323 COMMUNITY VISION CAPITAL & CONSULTING NORTHERN CALIFORNIA COMMUNITY LOAN FUND NMTC SUB-CDE 17 LLC 870 MARKET STREET SUITE 677 SAN FRANCISCO CA 94102 474557284 NEW MARKETS TAX CREDIT CA COMMUNITY VISION CAPITAL & CONSULTING RELATED 38902 0 1 0.00010 NORTHERN CALIFORNIA COMMUNITY LOAN FUND NMTC SUB-CDE 18 LLC 870 MARKET STREET SUITE 677 SAN FRANCISCO CA 94102 474570333 NEW MARKETS TAX CREDIT CA COMMUNITY VISION CAPITAL & CONSULTING RELATED 44002 4528 0 1 0.00010 NORTHERN CALIFORNIA COMMUNITY LOAN FUND NMTC SUB-CDE 19 LLC 870 MARKET STREET SUITE 677 SAN FRANCISCO CA 94102 824881789 NEW MARKETS TAX CREDIT CA COMMUNITY VISION CAPITAL & CONSULTING RELATED 30002 3090 0 1 0.00010 NORTHERN CALIFORNIA COMMUNITY LOAN FUND NMTC SUB-CDE 20 LLC 870 MARKET STREET SUITE 677 SAN FRANCISCO CA 94102 824895633 NEW MARKETS TAX CREDIT CA COMMUNITY VISION CAPITAL & CONSULTING RELATED 45000 4631 0 1 0.00010 NORTHERN CALIFORNIA COMMUNITY LOAN FUND NMTC SUB-CDE 21 LLC 870 MARKET STREET SUITE 677 SAN FRANCISCO CA 94102 824904581 NEW MARKETS TAX CREDIT CA COMMUNITY VISION CAPITAL & CONSULTING RELATED 54965 1280789 0 1 0.00010 NORTHERN CALIFORNIA COMMUNITY LOAN FUND NMTC SUB-CDE 22 LLC 870 MARKET STREET SUITE 677 SAN FRANCISCO CA 94102 824921713 NEW MARKETS TAX CREDIT CA COMMUNITY VISION CAPITAL & CONSULTING RELATED 35014 689 0 1 0.00010 NORTHERN CALIFORNIA COMMUNITY LOAN FUND NMTC SUB-CDE 23 LLC 870 MARKET STREET SUITE 677 SAN FRANCISCO CA 94102 824952887 NEW MARKETS TAX CREDIT CA COMMUNITY VISION CAPITAL & CONSULTING RELATED 35000 3605 0 1 0.00010 NORTHERN CALIFORNIA COMMUNITY LOAN FUND NMTC SUB-CDE 24 LLC 870 MARKET STREET SUITE 677 SAN FRANCISCO CA 94102 824962734 NEW MARKETS TAX CREDIT CA COMMUNITY VISION CAPITAL & CONSULTING RELATED 56022 29117 0 1 0.00010 NORTHERN CALIFORNIA COMMUNITY LOAN FUND NMTC SUB-CDE 25 LLC 870 MARKET STREET SUITE 677 SAN FRANCISCO CA 94102 824986555 NEW MARKETS TAX CREDIT CA COMMUNITY VISION CAPITAL & CONSULTING RELATED -800 0 1 0.99000 NORTHERN CALIFORNIA COMMUNITY LOAN FUND NMTC SUB-CDE 26 LLC 870 MARKET STREET SUITE 677 SAN FRANCISCO CA 94102 825011686 NEW MARKETS TAX CREDIT CA COMMUNITY VISION CAPITAL & CONSULTING RELATED -800 0 1 0.99000 NCCLF MEMBERCO LLC 870 MARKET STREET SUITE 677 SAN FRANCISCO CA 94102 263779521 NEW MARKETS TAX CREDIT CA COMMUNITY VISION CAPITAL & CONSULTING C 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 NCCLF NMTC SUB-CDE 21 LLC L 55000 CONTRACT NCCLF NMTC SUB-CDE 24 LLC L 56000 CONTRACT SCHEDULE R, PART III COMMUNITY VISION CAPITAL & CONSULTING ("COMMUNITY VISION") IS A CALIFORNIA NONPROFIT PUBLIC BENEFIT ORGANIZATION, A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION ("CDFI") AND A CERTIFIED COMMUNITY DEVELOPMENT ENTITY ("CDE"). SINCE 2009, THE CDE HAS RECEIVED SEVEN ALLOCATIONS OF NEW MARKETS TAX CREDIT ("NMTC") AUTHORITY UNDER SECTION 45D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") TOTALING $218,000,000. UNDER THE RULES OF THE NMTC PROGRAM, COMMUNITY VISION AS A NONPROFIT CORPORATION MUST CREATE AND CONDUCT ITS NEW MARKETS PROGRAM THROUGH ONE OR MORE FOR-PROFIT CORPORATIONS OR LIMITED LIABILITY COMPANIES (HEREINAFTER THE "LLC"). THE LLC IS TYPICALLY REFERRED TO AS A "SUBSIDIARY", HOWEVER THE TERM "SUBSIDIARY" IS USED VERY DIFFERENTLY IN THE NEW MARKETS CREDIT PROGRAM THAN IT IS IN NORMAL CORPORATE FINANCE AND ACCOUNTING. IN THE NMTC PROGRAM, THE ECONOMIC INVESTMENT IN THIS "SUBSIDIARY" LLC IS MADE 99.99% BY A THIRD PARTY INVESTOR; AND THAT INVESTOR WILL RECEIVE ALL OF THE TAX BENEFITS. THE TERM "SUBSIDIARY" IS USED BY THE CDFI FUND TO SIGNIFY A RELATIONSHIP WHERE THE NEW FOR-PROFIT LLC IS MANAGED BY THE ALLOCATEE (COMMUNITY VISION) AND WHERE THE ALLOCATEE HAS SUFFICIENT CONTROL OVER THE OPERATIONS AND INVESTMENTS OF THE FOR-PROFIT LLC TO KEEP THE LLC IN COMPLIANCE WITH THE NEW MARKETS PROGRAM RULES. THE CDFI FUND HAS ESTABLISHED RULES TO DETERMINE WHAT CONSTITUTES CONTROL BUT, IN GENERAL, CONTROL MEANS (I) MAINTAINING MANAGEMENT CONTROL BY EITHER ACTING AS MANAGER OR OWNING A MAJORITY INTEREST AND (II) MAINTAINING INVESTMENT CONTROL (VETO POWER) OVER THE QUALIFIED LOW-INCOME COMMUNITY INVESTMENTS ("QLICIS") MADE BY THE SUBSIDIARY CDE. IT IS COMMON IN COMMUNITY DEVELOPMENT FINANCING, SUCH AS IN FINANCING OF AFFORDABLE HOUSING, NEW MARKETS LENDING, AND HISTORIC PRESERVATION, FOR NONPROFITS TO BE MANAGING MEMBERS OR GENERAL PARTNERS OF A FOR-PROFIT ENTITY. THE LLC HAS BEEN FORMED WITH A MISSION CONSISTENT WITH THE NONPROFIT'S EXEMPT PURPOSE, AND WILL OPERATE WITHIN THE CONSTRAINTS OF THE FEDERAL NMTC PROGRAM. IN ADDITION, THE LLC CREATED TO ACT AS CONDUIT LENDER UNDER THE NMTC PROGRAM DOES NOT HAVE A SEPARATE BOARD OF DIRECTORS. ALL DECISIONS FOR THE LLC ARE MADE BY THE MEMBERS. COMMUNITY VISION IS THE MANAGING MEMBER OF THE LLC, AND ALL ACTIONS OF THE LLC IN MAKING AND HOLDING LOANS TO BORROWERS ARE MANAGED BY COMMUNITY VISION UNDER THE LLC'S OPERATING AGREEMENT WITH AN INVESTOR. ACTIONS BY COMMUNITY VISION IN THIS CAPACITY, LIKE ALL ITS OTHER LOAN ACTIVITY TO BORROWERS, ARE MANAGED BY THE STAFF AND OFFICERS OF COMMUNITY VISION UNDER THE DIRECTION OF THE BOARD OF DIRECTORS OF COMMUNITY VISION.