Organizations Filed Purposes:
YMCA SF NMTC, Inc. Under the NMTC program, taxpayers receive a 39% tax credit on QEIs that are made in a CDE. In Revenue Ruling 2003-20, the Internal Revenue Service ruled that a taxpayer is permitted to borrow money to make an investment in a CDE. YMCA SF NMTC, Inc. was formed for the purpose of serving as the leverage lender for both the Bayview Project and the Chinatown Project. In connection with the Bayview Project, YMCA SF NMTC, Inc. loaned $3,498,500 to Bayview Fund. These loan proceeds were combined with $1,151,500 contributed to Bayview Fund by an equity investor and permitted Bayview Fund to make an aggregate QEI in Bayview CDE) of $4,650,000. With respect to the Chinatown Project, YMCA SF NMTC, Inc. agreed to loan $11,903,500 to Chinatown Fund. These loan proceeds were combined with equity investment in the Chinatown Fund of $5,596,500 to permit Chinatown Fund to make a = QEI in Chinatown CDE in the amount of $17,500,000.
YMCA SF NMTC, INC. UNDER THE NMTC PROGRAM, TAXPAYERS RECEIVE A 39% TAX CREDIT ON QEIS THAT ARE MADE IN A CDE. IN REVENUE RULING 2003-20, THE INTERNAL REVENUE SERVICE RULED THAT A TAXPAYER IS PERMITTED TO BORROW MONEY TO MAKE AN INVESTMENT IN A CDE. YMCA SF NMTC, INC. WAS FORMED FOR THE PURPOSE OF SERVING AS THE LEVERAGE LENDER FOR BOTH THE BAYVIEW PROJECT AND THE CHINATOWN PROJECT. IN CONNECTION WITH THE BAYVIEW PROJECT, YMCA SF NMTC, INC. LOANED $3,498,500 TO BAYVIEW FUND. THESE LOAN PROCEEDS WERE COMBINED WITH $1,151,500 CONTRIBUTED TO BAYVIEW FUND BY AN EQUITY INVESTOR AND PERMITTED BAYVIEW FUND TO MAKE AN AGGREGATE QEI IN BAYVIEW CDE) OF $4,650,000. WITH RESPECT TO THE CHINATOWN PROJECT, YMCA SF NMTC, INC. AGREED TO LOAN $11,903,500 TO CHINATOWN FUND. THESE LOAN PROCEEDS WERE COMBINED WITH EQUITY INVESTMENT IN THE CHINATOWN FUND OF $5,596, 500 TO PERMIT CHINATOWN FUND TO MAKE A QEI IN CHINATOWN CDE IN THE AMOUNT OF $17,500,000.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
| Name | Title | Hours Per Week | Total Salary |
|---|
| Linda Griffith | Secretary | 1 | $0 |
| Kathy Cheng | Treasurer | 1 | $0 |
| Charles Collins | President | 1 | $0 |
| Patricia Theophilos | Board Member | 1 | $0 |
| Theodora Lee | Board Member | 1 | $0 |
| Gary Cumpston | Board Member | 1 | $0 |
| John Berg | Board Member | 1 | $0 |
| Roxanne Richards | Board Member | 1 | $0 |
| John Willingham | Board Member | 1 | $0 |
| Peter Susko | Board Member | 1 | $0 |
| Caryl Welborn | Board Member | 1 | $0 |
Data for this page was sourced from XML published by IRS (
public 990 form dataset) from:
https://s3.amazonaws.com/irs-form-990/201640429349301344_public.xml