2025-10-22T16:42:09-04:00 2024-12-31 550912340 CABALLERO FIERMAN LLERENA & GARCIA LLP 8950 SW 74 COURT STE 1210 MIAMI FL 33156 990 2024-01-01 920233563 LOTUS ENDOWMENT FUND INC LOTU 3056131573 3921 ALTON ROAD 470 MIAMI BEACH FL 33140 CONSTANCE COLLINS PRESIDENT & DIRECTOR 3055764780 2025-11-15 true true ENRIQUE LLERENA CPA P00916033 3056627272 2025-10-14 2024 2025-03-06 01:10:19Z CONSTANCE COLLINS 3921 ALTON ROAD 470 MIAMI BEACH FL 33140 4216570 false X WWW.LOTUSENDOWMENT.ORG X 2007 FL THE LOTUS ENDOWMENT FUND, INC. IS A 501(C)(3) SUPPORTING FOUNDATION FOR THE SUNDARI FOUNDATION, INC. AND ITS INITIATIVES, INCLUDING THE LOTUS HOUSE WOMEN'S SHELTER. THE ENDOWMENT FUND WAS FORMED TO SECURE THE FINANCIAL STABILITY AND LONG-TERM VIABILITY OF THE SUNDARI FOUNDATION, SO THE LOTUS HOUSE WILL SERVE AS A RESOURCE FOR WOMEN, CHILDREN AND YOUTH IN NEED FOR GENERATIONS TO COME. PART III, LINE 1 LOTUS ENDOWMENT FUND, INC. OWNS THE FACILITIES LOCATED AT 2040 NW 7TH AVE, MIAMI, FL 33127 AND 420 NW 35TH STREET, MIAMI, FL 33127 AND LEASES SUCH FACILITIES TO THE SUNDARI FOUNDATION, INC. PURSUANT TO A 50 YEAR LEASE AT AN ANNUAL RENT OF 1 PER YEAR. FOR 2024, THE ANNUAL RENTAL VALUE OF SUCH FACILITIES WAS APPROXIMATELY 219,000. LOTUS VILLAGE II, LLC, A WHOLLY OWNED SUBSIDIARY OF LOTUS ENDOWMENT FUND, INC., OWNS THE VACANT LAND LOCATED AT 219 NW 14TH TERRACE, MIAMI FLORIDA AND LEASES SUCH LAND TO THE SUNDARI FOUNDATION, INC. THERE IS NO RENT OR VALUE ATTRIBUTED TO SUCH LEASED LAND. IT IS P 13 13 1 1 0 2757066 2034636 0 1778091 1985934 8658976 196000 13194133 4216570 373666 368310 0 124401 144920 0 0 1646986 1406673 2145053 1919903 11049080 2296667 101694053 107409587 66542545 68945667 35151508 38463920 X THE LOTUS ENDOWMENT FUND, INC. IS A 501(C)(3) SUPPORTING FOUNDATION FOR THE SUNDARI FOUNDATION, INC. AND ITS INITIATIVES, INCLUDING THE LOTUS HOUSE WOMEN'S SHELTER. THE ENDOWMENT FUND WAS FORMED TO SECURE THE FINANCIAL STABILITY AND LONG-TERM VIABILITY OF THE SUNDARI FOUNDATION, SO THE LOTUS HOUSE WILL SERVE AS A RESOURCE FOR WOMEN, CHILDREN AND YOUTH IN NEED FOR GENERATIONS TO COME. PART III, LINE 1 LOTUS ENDOWMENT FUND, INC. OWNS THE FACILITIES LOCATED AT 2040 NW 7TH AVE, MIAMI, FL 33127 AND 420 NW 35TH STREET, MIAMI, FL 33127 AND LEASES SUCH FACILITIES TO THE SUNDARI FOUNDATION, INC. PURSUANT TO A 50 YEAR LEASE AT AN ANNUAL RENT OF 1 PER YEAR. FOR 2024, THE ANNUAL RENTAL VALUE OF SUCH FACILITIES WAS APPROXIMATELY 219,000. LOTUS VILLAGE II, LLC, A WHOLLY OWNED SUBSIDIARY OF LOTUS ENDOWMENT FUND, INC., OWNS THE VACANT LAND LOCATED AT 219 NW 14TH TERRACE, MIAMI FLORIDA AND LEASES SUCH LAND TO THE SUNDARI FOUNDATION, INC. THERE IS NO RENT OR VALUE ATTRIBUTED TO SUCH LEASED LAND. IT IS P false false 1620505 368310 REFER TO SCHEDULE O 1620505 true true false false false false false true false true true false false false true true true true false false false false false false false false false true false false false false false false false false false false true false false false true true false false false true 0 0 1 true false false false false false false false false false false false false X 13 13 true false false false false false false true true false false true true true true true true true true false FL NY X SYRIL SALZMAN 3057940924 3921 ALTON ROAD 470 MIAMI BEACH FL 33140 X JULIE LOTSPEICH SECTY, TREAS X X 0 0 0 CONSTANCE COLLINS PRESIDENT & X X 0 0 0 KATHRYN VILLANO DIRECTOR X 0 0 0 MARTIN MARGULIES DIRECTOR X 0 0 0 DEBRA WECHSLER DIRECTOR X 0 0 0 ANGELA WHITMAN DIRECTOR X 0 0 0 JOHN SUMBERG VP & DIRECTO X X 0 0 0 ANITA BROAD DIRECTOR X 0 0 0 LEILA CENTNER DIRECTOR X 0 0 0 false false false 2034636 63944 2034636 1985934 1985934 196000 196000 196000 196000 4216570 2181934 368310 368310 134615 134615 10305 10305 67345 67345 4976 4976 4396 4396 266 266 362328 362328 889867 889867 BANK SERVICE CHARGE 37592 37592 COMMUNITY OUTREACH 28335 28335 UTILITIES 6253 6253 REPAIRS AND MAINTENANCE 3150 3150 2165 2165 1919903 1620505 299398 0 37863242 27731297 5424019 3428823 14621 22176200 22176200 51827570 6055663 29798136 45771907 6010537 7703928 407298 597432 101694053 107409587 185837 2946093 66356708 65994574 5000 66542545 68945667 X 33660535 35994685 1490973 2469235 35151508 38463920 101694053 107409587 2296667 1015745 X false true X true false X X X 1 THE SUNDARI FOUNDATION INC THE SUNDARI FOUNDATION INC 810652266 7 true 325000 262526 1 325000 262526 true false false false false false false false false false false false false false false false PART IV, SECTION C, LINE 1 A MAJORITY OF THE ORGANIZATION'S DIRECTORS DURING THE TAX YEAR WERE NOT ALSO A MAJORITY OF THE DIRECTORS IN THE SUPPORTED ORGANIZATION. THEREFORE, CONTROL OR MANAGEMENT OF THE SUPPORTING ORGANIZATION WAS NOT VESTED IN THE SAME PERSONS THAT CONTROLLED OR MANAGED THE SUPPORTED ORGANIZATION. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X RAISE FUNDS false false false 23737607 23737607 24966409 4263184 20703225 599242 107978 491264 2524312 1684501 839811 45771907 DUE TO SUNDARI 5000 5000 X 5640953 1015745 408638 1424383 4216570 4216570 2328541 408638 408638 1919903 1919903 SCHEDULE D, PAGE 3, PART X THE ENDOWMENT ADOPTED THE RECOGNITION REQUIREMENTS FOR UNCERTAIN INCOME TAX POSITIONS AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, WITH NO CUMULATIVE EFFECT ADJUSTMENT REQUIRED. INCOME TAX BENEFITS ARE RECOGNIZED FOR INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, ONLY WHEN IT IS DETERMINED THAT THE INCOME TAX POSITION WILL MORE-LIKELY- THAN-NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE ENDOWMENT HAS ANALYZED TAX POSITIONS TAKEN FOR FILING WITH THE INTERNAL REVENUE SERVICE AND ALL STATE JURISDICTIONS WHERE IT OPERATES. THE ENDOWMENT BELIEVES THAT INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE EFFECT ON THE ENDOWMENTS FINANCIAL CONDITION, RESULTS OF OPERATIONS OR CASH FLOWS. ACCORDINGLY, THE ENDOWMENT HAS NOT RECORDED ANY RESERVES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAX POSITIONS AT DECEMBER 31, 2024. THE ENDOWMENT IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE ENDOWMENT BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2021. THE ENDOWMENTS POLICY IS TO CLASSIFY INCOME TAX RELATED INTEREST AND PENALTIES IN INTEREST EXPENSE AND OTHER EXPENSES, RESPECTIVELY. false THE SUNDARI FOUNDATION INC 3921 ALTON ROAD 468 MIAMI FL 33140 810652266 501C3 368310 SHELTER AND FACILITY X STOCKS 63944 63944 FMV false false false FORM 990 - ORGANIZATION'S MISSION THE LOTUS ENDOWMENT FUND, INC. IS A 501(C)(3) SUPPORTING FOUNDATION FOR THE SUNDARI FOUNDATION, INC. AND ITS INITIATIVES, INCLUDING THE LOTUS HOUSE WOMEN'S SHELTER. THE ENDOWMENT FUND WAS FORMED TO SECURE THE FINANCIAL STABILITY AND LONG-TERM VIABILITY OF THE SUNDARI FOUNDATION, SO THE LOTUS HOUSE WILL SERVE AS A RESOURCE FOR WOMEN, CHILDREN AND YOUTH IN NEED FOR GENERATIONS TO COME. PART III, LINE 1 LOTUS ENDOWMENT FUND, INC. OWNS THE FACILITIES LOCATED AT 2040 NW 7TH AVE, MIAMI, FL 33127 AND 420 NW 35TH STREET, MIAMI, FL 33127 AND LEASES SUCH FACILITIES TO THE SUNDARI FOUNDATION, INC. PURSUANT TO A 50 YEAR LEASE AT AN ANNUAL RENT OF 1 PER YEAR. FOR 2024, THE ANNUAL RENTAL VALUE OF SUCH FACILITIES WAS APPROXIMATELY 219,000. LOTUS VILLAGE II, LLC, A WHOLLY OWNED SUBSIDIARY OF LOTUS ENDOWMENT FUND, INC., OWNS THE VACANT LAND LOCATED AT 219 NW 14TH TERRACE, MIAMI FLORIDA AND LEASES SUCH LAND TO THE SUNDARI FOUNDATION, INC. THERE IS NO RENT OR VALUE ATTRIBUTED TO SUCH LEASED LAND. IT IS PENDING DEVELOPMENT AS A NEW NEIGHBORHOOD CHILDREN'S RESOURCES CENTER SERVING THE SHELTERED CHILDREN AND FAMILIES OF LOTUS HOUSE AND ITS SURROUNDING NEIGHBORHOODS. ALL OF THESE FACILITIES ARE USED BY THE SUNDARI FOUNDATION, INC. IN CONNECTION WITH ITS CHARITABLE AND EDUCATIONAL PURPOSES AS A SHELTER AND RESOURCE CENTER FOR HOMELESS WOMEN AND CHILDREN. LOTUS ENDOWMENT FUND, INC. ALSO RAISES GRANTS, DONATIONS, AND CONTRIBUTIONS FOR THE BENEFIT OF THE SUNDARI FOUNDATION, INC. SO THAT THE SUNDARI FOUNDATION, INC. CAN CARRY OUT ITS CHARITABLE AND EDUCATIONAL PURPOSES. FORM 990, PAGE 6, PART VI, LINE 2 KATHRYN VILLANO JULIE LOTSPEICH DIRECTOR SECY/TREAS SISTERS FORM 990, PAGE 6, PART VI, LINE 11B THE DRAFT OF FORM 990 IS PROVIDED TO THE BOARD FOR REVIEW AND COMMENTS PRIOR TO FILING, IN ADDITION TO BEING REVIEWED AND APPROVED BY THE PRESIDENT AND VICE PRESIDENT OF THE FOUNDATION. FORM 990, PAGE 6, PART VI, LINE 12C NO OFFICER OR EMPLOYEE SHALL SOLICIT OR ACCEPT ANY GIFT, GRATUITY, FAVOR COMPENSATION, OR ANYTHING OF VALUE, IN CASH OR IN KIND, FROM ANY EXISTING OR PROSPECTIVE CONTRACTOR OR RECIPIENT OR BENEFICIARY OF EXPENDITURES OF THE FUND, EXCEPT FOR A GIFT THAT IS AN UNSOLICITED ITEM OF NOMINAL VALUE OR AS OTHERWISE MAY BE FULLY DISCLOSED TO AND EXPRESSLY APPROVED BY THE BOARD. NO OFFICER, EMPLOYEE, OR AGENT MAY PARTICIPATE IN THE SELECTION, AWARD OR ADMINISTRATION OF A CONTRACT SUPPORTED BY GRANT PROGRAM FUNDS FROM GOVERNMENTAL SOURCES IF A REAL OR APPARENT CONFLICT OF INTEREST WOULD BE INVOLVED. SUCH A CONFLICT MAY ARISE WHEN ANY OF THE FOLLOWING PARTIES HAS A FINANCIAL OR OTHER INTEREST IN THE FIRM SELECTED FOR THE AWARD: AN EMPLOYEE, OFFICER OR AGENT OF THE FUND; ANY MEMBER OF AN EMPLOYEE'S, OFFICER'S OR AGENT'S IMMEDIATE FAMILY; AN EMPLOYEE'S, AGENT'S OR OFFICER'S PARTNER; OR AN ORGANIZATION WHICH EMPLOYS OR IS ABOUT TO EMPLOY ANY OF THE PARTIES IN THE PRECEDING SECTIONS. FORM 990, PAGE 6, PART VI, LINE 15A SPECIAL PROCEDURES ARE IN PLACE FOR BOARD REVIEW IF THERE SHOULD BE A COMPENSATION LEVEL FOR AN EMPLOYEE EXCEEDING 55,000. COMPENSATION FOR ALL EMPLOYEES WILL BE REVIEWED AND SUBJECT TO BOARD APPROVAL ANNUALLY. FORM 990, PAGE 6, PART VI, LINE 15B SPECIAL PROCEDURES ARE IN PLACE FOR BOARD REVIEW IF THERE SHOULD BE A COMPENSATION LEVEL FOR AN EMPLOYEE EXCEDING 55,000. COMPENSATION FOR ALL EMPLOYEES WILL BE REVIEWED AND SUBJECT TO BOARD APPROVAL ANNUALLY. FORM 990, PAGE 6, PART VI, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THIS INFORMATION IS ALSO POSTED ON GUIDESTAR'S WEBSITE. LOTUS VILLAGE DEVELOPMENT LLC 3921 ALTON ROAD 470 MIAMI FL 33140 PROP. DEV. FL 196000 LOTUS ENDO LOTUS VILLAGE II LLC 3921 ALTON ROAD 470 MIAMI FL 33140 PROP. DEV. FL 9605 LOTUS ENDO THE SUNDARI FOUNDATION INC 3921 ALTON ROAD 470 MIAMI FL 33140 810652266 NON-PROFIT FL 501C3 7 N/A false LOTUS SUPPORTING FOUNDATION INC 3921 ALTON ROAD 470 MIAMI FL 33140 810783068 NON-PROFIT FL 501C3 11 N/A false false true false false false false false false false true false false false false false false false false false THE SUNDARI FOUNDATION INC THE SUNDARI FOUNDATION INC J BUILDING LEASE THE SUNDARI FOUNDATION INC THE SUNDARI FOUNDATION INC B 587526 CASH, FMV LOTUS VILLAGE DEVELOPMENT LLC LOTUS VILLAGE DEVELOPMENT LLC J 196000 BUILDING LEASE LOTUS VELLAGE II LLC LOTUS VILLAGE II LLC J VACANT LOTE LEASE SCHEDULE R IN DECEMBER 2007, THE FOUNDATION EXECUTED A LEASE FOR DONATED FACILITIES WITH THE ENDOWMENT FOR A PERIOD OF FIFTY (50) YEARS WITH AUTOMATIC ONE YEAR RENEWALS AFTER THE INITIAL TERM FOR 1 PER YEAR. THE LEASE AGREEMENT WAS AMENDED ON AUGUST 2010, FEBRUARY 2011, DECEMBER 2012, APRIL 2013, DECEMBER 2013, DECEMBER 2015 AND JANUARY 2016 TO ADD ADDITIONAL FACILITIES, IN SEPTEMBER, 2016, THE ENDOWMENT TRANSFERRED LAND TO LOTUS VILLAGE DEVELOPMENT WHICH CONSISTED OF ELEVEN PARCELS OF PROPERTY NOW BEARING THE CONSOLIDATED ADDRESS OF 217 NW 15TH STREET, MIAMI FL., FOR THE PURPOSE OF DEVELOPING THE CONSTRUCTION AND DEVELOPMENT OF COMPREHENSIVE HOMELESS SERVICES FACILITY TOGETHER WITH THE HEALTH CLINIC AND THE CHILDCARE CENTER. UPON REMOVAL OF THE ELEVEN PARCELS OF LAND FOR THE REDEVELOPMENT, TWO PROPERTIES REMAINED UNDER THE ORIGINAL LEASE FOR USE BY THE FOUNDATION: 2040 NW 7TH AVENUE AND 420 NW 35TH STREET (REMAINING PROPERTIES). UNDER THE TERMS OF THE ORIGINAL LEASE FOR THE REMAINING PROPERTIES, THE FOUNDATION IS RESPONSIBLE FOR THE PAYMENT OF ALL REAL ESTATE TAXES, INSURANCE, UTILITIES AND REPAIRS AND MAINTENANCE OF THE FACILITIES. THE FACILITIES MUST BE USED SOLELY AND EXCLUSIVELY FOR THE ESTABLISHMENT AND CONTINUOUS OPERATION OF A NON-PROFIT, GENDER SPECIFIC, FREE HOUSING FOR HOMELESS AND FORMERLY HOMELESS WOMEN, D/B/A THE LOTUS HOUSE AND/OR LOTUS HOUSE WOMENS SHELTER, BY THE FOUNDATION AND FOR NO OTHER USE OR PURPOSE. IF THE FACILITIES ARE USED FOR ANY OTHER PURPOSE, THE LEASE WILL AUTOMATICALLY TERMINATE. THE LEASE AGREEMENT MAY BE TERMINATED BY THE FOUNDATION BY PROVIDING 60-DAY NOTICE TO THE ENDOWMENT. THE ENDOWMENT MAY TERMINATE THE LEASE IF THE FOUNDATION VIOLATES THE TERMS OF THE LEASE MORE SPECIFICALLY THE PERMITTED USE OF THE FACILITIES DESCRIBED IN THE LEASE AGREEMENT. IT IS DUE TO THESE PROVISIONS THAT THE LEASE IS CONSIDERED AN ANNUAL DONATION TO THE FOUNDATION AND NOT A LONG TERM PROMISE TO GIVE. ON SEPTEMBER 16, 2016 THE AFOREMENTIONED LEASE FOR THE FACILITY WAS TERMINATED AS TO THE TRANSFER PROPERTIES AND A NEW LEASE WAS ENTERED INTO IN CONNECTION WITH THE NEW MARKET TAX CREDIT FINANCING BETWEEN LOTUS VILLAGE DEVELOPMENT LLC AS LESSOR AND SUNDARI FOUNDATION AS LESSEE. THE ENDOWMENT HAS RECORDED AN IN-KIND CONTRIBUTION AND RENT EXPENSE OF 219,216 AND 187,584 FOR THE USE OF THE FACILITIES UNDER THE LEASE AGREEMENT FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023, RESPECTIVELY. THIS AMOUNT APPROXIMATES THE FAIR MARKET VALUE OF RENT EXPENSE. CERTAIN LOCATIONS WERE DEMOLISHED IN 2017 AS PART OF THE CONSTRUCTION AND DEVELOPMENT OF THE COMPREHENSIVE HOMELESS SERVICE FACILITY AND THEREFORE NO IN-KIND RENT WAS RECORDED FOR THESE LOCATIONS. IN CONNECTION WITH THE TRANSFER ON SEPTEMBER 23, 2016, BY LOTUS ENDOWMENT TO ITS SUBSIDIARY, LOTUS VILLAGE DEVELOPMENT, LLC, OF THE ELEVEN PARCELS OF PROPERTY, NOW BEARING THE CONSOLIDATED ADDRESS OF 217 NW 15TH STREET, MIAMI, FLORIDA FOR REDEVELOPMENT, LOTUS VILLAGE DEVELOPMENT, LLC ENTERED INTO A NEW LEASE WITH THE FOUNDATION FOR THE PROPERTY TO USE AND OPERATE THE SAME AS A COMPREHENSIVE HOMELESS SERVICES FACILITY, INCLUDING A HOMELESS SHELTER WITH AMENITIES, HEALTH CLINIC AND CHILDCARE CENTER. THE NEW LEASE COMMENCED SEPTEMBER 16, 2016 AND EXPIRES DECEMBER 1, 2045, SUBJECT TO RENEWAL. RENT COMMENCES THE LATER OF OCCUPANCY OF THE NEW FACILITIES OR JUNE 1, 2018. THE FOUNDATION IS REQUIRED TO PAY ANNUAL BASIC RENT IN THE FOLLOWING QUARTERLY INSTALLMENT AMOUNTS: (I) 49,000 ON JUNE 1, 2018 (OR SUCH LESSER PRORATED APPLICABLE QUARTERLY AMOUNT IF THE OCCUPANCY DATE OCCURS AFTER FEBRUARY 28, 2018) AND EACH DUE DATE THEREAFTER THROUGH DECEMBER 1, 2022; (II) 60,000 ON MARCH 1, 2023 AND EACH DUE DATE THEREAFTER THROUGH DECEMBER 1, 2023; (III) 98,500 ON MARCH 1, 2024 AND EACH DUE DATE THEREAFTER THROUGH DECEMBER 1, 2025; (IV) 157,000 ON MARCH 1, 2026 AND EACH DUE DATE THEREAFTER THROUGH DECEMBER 1, 2026; AND (V) 332,000 ON MARCH 1, 2027 AND EACH DUE DATE THEREAFTER UNTIL THE END OF THE LEASE; IN ADDITION TO UTILITIES, TAXES, INSURANCE AND OTHER OPERATING COSTS. IN OCTOBER 2021, LOTUS ENDOWMENT FUND, INC. AMENDED ITS EXISTING MASTER LEASE WITH THE FOUNDATION, INC. FOR A NEW PARCEL OF VACANT LAND LOCATED AT 233-235 NW 14TH TERRACE, MIAMI, WHICH WAS SUBSEQUENTLY TRANSFERRED IN JANUARY 2022 BY THE ENDOWMENT TO ITS WHOLLY OWNED SUBSIDIARY, LOTUS VILLAGE II, LLC. UPON TRANSFER IT WAS RELEASED FROM THE ORIGINAL MASTER LEASE AND LOTUS VILLAGE II, LLC ENTERED INTO A NEW MASTER LEASE OF THE SAME PARCEL OF LAND AND ADDITIONAL PARCELS OF LAND IN JANUARY-APRIL 2022, SUBJECT TO A PURCHASE MONEY MORTGAGE IN FAVOR OF LOTUS ENDOWMENT, FOR THE PROSPECTIVE DEVELOPMENT OF THE CHILDREN'S VILLAGE AT LOTUS VILLAGE, A PLANNED CHILDREN'S RESOURCE CENTER, LOCATED AT 205, 211, 213, 219, 225, AND 233-35 NW 14TH TERRACE AND 1460 NW 2ND AVENUE, MIAMI. THE PROPERTIES ARE USED BY THE FOUNDATION FOR VARIOUS ACTIVITIES BUT REMAIN VACANT AT THIS TIME, SUBJECT TO ADDITIONAL PRE-DEVELOPMENT ACTIVITIES BY LOTUS VILLAGE II, LLC. NO RENTAL VALUE HAS BEEN ASCRIBED TO THE VACANT LAND AND PROPERTIES AT THIS TIME. IN DECEMBER 2022, LOTUS ENDOWMENT FUND, INC. BORROWED FROM DELUCA FOUNDATION THE PRINCIPAL SUM OF 18 MILLION, SECURED BY EXISTING AND FUTURE PLEDGES, THUS ENABLING LOTUS ENDOWMENT TO LOAN THE PRINCIPAL SUM OF 22,176,000, LEVERAGE LENDER, TO FACILITATE NEW MARKET TAX CREDIT (NMTC) FINANCING FOR THE DEVELOPMENT OF THE CHILDREN'S VILLAGE AT LOTUS VILLAGE BY LOTUS VILLAGE II, LLC. AS PART OF THAT NMTC FINANCING APRIL 2023, LOTUS VILLAGE AMENDED AND RESTATED ITS LEASE OF THE CHILDREN'S VILLAGE PROJECT WITH SUNDARI FOUNDATION, INC. DBA LOTUS HOUSE. THE LEASE PRESCRIBES NO RENT UNTIL SUCH TIME AS THE CHILDREN'S VILLAGE PROJECT IS COMPLETE AND POSSESSION HAS BEEN DELIVERED TO LOTUS HOUSE. ALSO, AS PART OF THE NMTC FINANCING TRANSACTIONS, LOTUS ENDOWMENT FUND, INC. WAS REPAID AND/OR CONTRIBUTED AS EQUITY, THE REMAINING BALANCE OF THE ORIGINAL PURCHASE MONEY MORTGAGE AND SUCH MORTGAGE WAS ASSIGNED TO THE LENDERS IN THE NMTC FINANCING. FURTHER, AS PART OF SUCH NMTC TRANSACTION, LOTUS SUPPORTING FOUNDATION, INC. BECAME A 5% OWNER OF LOTUS VILLAGE II, LLC, CONTRIBUTING ADDITIONAL EQUITY IN EXCHANGE FOR ITS OWNERSHIP INTEREST.