2026-09-15T22:01:29-05:00 2025-06-30 943108253 NOVOGRADAC & COMPANY LLP PO BOX 7833 SAN FRANCISCO CA 941207833 990 2024-07-01 465056625 DESERT COLLEGE FINANCING CORP DESE 7607732513 45524 OASIS STREET INDIO CA 92201 RAYMOND WEST INTERIM VICE PRESIDENT 7607732513 2026-04-14 1 0 ROY CHOU P01648850 4153568000 2024 RAYMOND WEST 43-500 MONTEREY AVE PALM DESERT CA 92260 10199875 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 3500000 9633221 227113 566654 0 0 0 0 3727113 10199875 0 0 0 0 0 0 0 0 0 1111690 3742949 1111690 3742949 2615423 6456926 105598531 126645483 102311942 116901968 3286589 9743515 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 AN EDUCATION CENTER BY THE DISTRICT. 0 0 3742949 566654 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 STATE OF THE ART EDUCATION FACILITY (THE "FACILITY") SITUATED IN RIVERSIDE COUNTY, CA. THE ORGANIZATION ACQUIRED THE FACILITY BY LEASE AND LEASED THE FACILITY BACK TO THE DISTRICT. 3742949 0 1 0 0 0 0 0 0 0 1 0 0 0 1 1 1 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 RAYMOND WEST 7607737452 43-500 MONTEREY AVE PALM DESERT CA 92260 X VAL MARTINEZ GARCIA PRESIDENT 1.00 X X 0 0 0 RUBEN PEREZ MEMBER 1.00 X 0 0 0 DIANE RUBIN VICE CHAIR 1.00 X X 0 0 0 JAN HARNIK MEMBER 1.00 X 0 0 0 JONATHAN NICKS MEMBER 1.00 X 0 0 0 DIANA GUIJARRO TREASURER 1.00 X X 0 0 0 0 0 0 0 0 0 0 0 9633221 9633221 9633221 RENTAL INCOME 531120 566654 566654 566654 10199875 566654 0 0 383583 383583 1114285 1114285 2242184 2242184 BANK CHARGES 2897 2897 3742949 3742949 0 0 49699604 31720134 227114 0 48942 20625 88647819 2568084 17193084 86079735 2699251 3408099 35730536 5416890 105598531 126645483 41889 46557 85040000 103880000 17230053 12975411 102311942 116901968 X 3286589 9743515 3286589 9743515 105598531 126645483 6456926 0 X X 0 1 X 0 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 88647819 2568084 86079735 86079735 DUE TO RELATED PARTY 12963311 NMTC FEES PAYABLE 12100 12975411 X 11754057 1554182 1554182 10199875 0 10199875 5033002 3532237 3532237 1500765 2242184 2242184 3742949 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 XI, LINE 2D - OTHER ADJUSTMENTS: RENT INCOME 1,554,182. PART XII, LINE 2D - OTHER ADJUSTMENTS: ASC 842 LEASE ADJUSTMENT 3,382,327. DEBT ISSUANCE COSTS - INTEREST EXPENSE 149,910. PART XII, LINE 4B - OTHER ADJUSTMENTS: AMORTIZATION 96,129. DEPRECIATION 2,146,055. PART XI, LINE 2D OTHER INCOME AMOUNTS INCLUDED ON LINE 1 BUT NOT ON FORM 990, PART VIII, LINE 12 REPRESENT ADDITIONAL RENTAL INCOME FROM STRAIGHT-LINE RENT OVER THE TERM OF THE LEASE FOR GAAP PURPOSES. THESE AMOUNTS WERE ADJUSTED BECAUSE RENTAL INCOME IS NOT REQUIRED TO BE RECOGNIZED ON A STRAIGHT-LINE BASIS FOR TAX PURPOSES. X PREINCURRED COSTS 1 9633221 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 VAL MARTINEZ GARCIA - 43-500 MONTEREY AVE, PALM DESERT, CA 92260. RUBEN PEREZ - 43-500 MONTEREY AVE, PALM DESERT, CA 92260. DIANE RUBIN - 43-500 MONTEREY AVE, PALM DESERT, CA 92260. JAN HARNIK - 43-500 MONTEREY AVE, PALM DESERT, CA 92260. JONATHAN NICKS - 43-500 MONTEREY AVE, PALM DESERT, CA 92260. DIANA GUIJARRO - 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.