TY 2015 Form 990 Schedule O

efile Public Visual Render ObjectId: 201601939349300345 - Submission: 2016-07-11 TIN: 39-1680095

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
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Attach to Form 990 or 990-EZ.
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Information about Schedule O (Form 990 or 990-EZ) and its instructions is at
www.irs.gov/form990.

OMB No. 1545-0047

2015

Open to Public
Inspection

Name of the organization

MADISON AREA CLT CORPORATION

Employer identification number

39-1680095

Return Reference	Explanation
FORM 990, PART VI, SECTION A, LINE 3	THE CORPORATION DELEGATED ALL MANAGEMENT DUTIES TO COMMON WEALTH DEVELOPMENT, INC. THE CORPORATION'S MANAGER IS AN EMPLOYEE OF COMMON WEALTH DEVELOPMENT, INC.
FORM 990, PART VI, SECTION A, LINE 6	THE CORPORATION HAS THREE CLASSES OF MEMBERSHIP: RESIDENT MEMBERS, GENERAL MEMBERS, AND ORGANIZATIONAL MEMBERS. RESIDENT MEMBERS ARE ALL PERSONS WHO HAVE ENTERED INTO A GROUND LEASE WITH THE CORPORATION. GENERAL MEMBERS ARE THOSE NATURAL PERSONS OTHER THAN RESIDENT MEMBERS WHO ARE 18 YEARS OF AGE OR OLDER, HAVE SUBMITTED AN INITIAL MEMBERSHIP APPLICATION, AND HAVE PAID DUES. ORGANIZATIONAL MEMBERS ARE ORGANIZATIONS THAT HAVE SUBMITTED AN INITIAL MEMBERSHIP APPLICATION AND HAVE PAID DUES. ORGANIZATIONAL MEMBERS ARE NON-VOTING MEMBERS OF THE CORPORATION.
FORM 990, PART VI, SECTION A, LINE 7A	RESIDENT MEMBERS AND GENERAL MEMBERS HAVE THE RIGHT TO ELECT CLASS A DIRECTORS OF THE GOVERNING BODY.
FORM 990, PART VI, SECTION A, LINE 7B	RESIDENT MEMBERS AND GENERAL MEMBERS HAVE THE RIGHT TO APPROVE THE SALE OF REAL PROPERTY VALUED IN EXCESS OF 10% OF THE TOAL VALUE OF REAL PROPERTY OWNED BY THE CORPORATION, ALTERATIONS OF THE RESALE FORMULA USED BY THE CORPORATION, AMENDMENTS TO THE CORPORATION'S ARTICLES OF INCORPORATION, AMENDMENTS TO THE CORPORATION'S BYLAWS RELATED TO MEMBERSHIP, AND THE DISSOLUTION OF THE CORPORATION.
FORM 990, PART VI, SECTION B, LINE 11	THE PREPARED FORM 990 IS REVIEWED AND APPROVED BY THE MEMBERS OF THE GOVERNING BODY AND BY MANAGEMENT BEFORE THE RETURN IS FILED WITH THE IRS. THE CORPORATION SENDS A DRAFT OF THE RETURN TO ALL OF THE MEMBERS OF THE GOVERNING BODY WITH A REQUEST THAT THE MEMBERS REVIEW THE DRAFT AND RESPOND TO MANAGEMENT ACCEPTING THE DRAFT.
FORM 990, PART VI, SECTION B, LINE 12C	ANNUALLY, ALL OFFICERS AND DIRECTORS SIGN A STATEMENT DISCLOSING POTENTIAL CONFLICTS OF INTEREST. THE SIGNED STATEMENTS ARE KEPT AT THE CORPORATION'S OFFICE. ANY CONFLICTS OF INTEREST THAT ARE IDENTIFIED ARE REVIEWED BY THE MEMBERS OF THE GOVERNING BODY AND ANY PERSON WITH A CONFLICT OF INTEREST IS PROHIBITED FROM PARTICIPATING IN THE GOVERNING BODY'S DELIBERATIONS AND DECISIONS ON THE TRANSACTION.
FORM 990, PART VI, SECTION C, LINE 19	THE CORPORATION MAKES ITS ARTICLES OF INCORPORATION AND BYLAWS AND ITS AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC ON ITS WEBSITE. THE CORPORATION'S CONFLICT OF INTEREST POLICY IS AVAILABLE TO MEMBERS OF THE GOVERNING BODY ON A SECURE PART OF THE WEBSITE BUT IS NOT MADE AVAILABLE TO THE PUBLIC.

Return Reference

Explanation

FORM 990, PART VI, SECTION A, LINE 3

THE CORPORATION DELEGATED ALL MANAGEMENT DUTIES TO COMMON WEALTH DEVELOPMENT, INC. THE CORPORATION'S MANAGER IS AN EMPLOYEE OF COMMON WEALTH DEVELOPMENT, INC.

FORM 990, PART VI, SECTION A, LINE 6

THE CORPORATION HAS THREE CLASSES OF MEMBERSHIP: RESIDENT MEMBERS, GENERAL MEMBERS, AND ORGANIZATIONAL MEMBERS. RESIDENT MEMBERS ARE ALL PERSONS WHO HAVE ENTERED INTO A GROUND LEASE WITH THE CORPORATION. GENERAL MEMBERS ARE THOSE NATURAL PERSONS OTHER THAN RESIDENT MEMBERS WHO ARE 18 YEARS OF AGE OR OLDER, HAVE SUBMITTED AN INITIAL MEMBERSHIP APPLICATION, AND HAVE PAID DUES. ORGANIZATIONAL MEMBERS ARE ORGANIZATIONS THAT HAVE SUBMITTED AN INITIAL MEMBERSHIP APPLICATION AND HAVE PAID DUES. ORGANIZATIONAL MEMBERS ARE NON-VOTING MEMBERS OF THE CORPORATION.

FORM 990, PART VI, SECTION A, LINE 7A

RESIDENT MEMBERS AND GENERAL MEMBERS HAVE THE RIGHT TO ELECT CLASS A DIRECTORS OF THE GOVERNING BODY.

FORM 990, PART VI, SECTION A, LINE 7B

RESIDENT MEMBERS AND GENERAL MEMBERS HAVE THE RIGHT TO APPROVE THE SALE OF REAL PROPERTY VALUED IN EXCESS OF 10% OF THE TOAL VALUE OF REAL PROPERTY OWNED BY THE CORPORATION, ALTERATIONS OF THE RESALE FORMULA USED BY THE CORPORATION, AMENDMENTS TO THE CORPORATION'S ARTICLES OF INCORPORATION, AMENDMENTS TO THE CORPORATION'S BYLAWS RELATED TO MEMBERSHIP, AND THE DISSOLUTION OF THE CORPORATION.

FORM 990, PART VI, SECTION B, LINE 11

THE PREPARED FORM 990 IS REVIEWED AND APPROVED BY THE MEMBERS OF THE GOVERNING BODY AND BY MANAGEMENT BEFORE THE RETURN IS FILED WITH THE IRS. THE CORPORATION SENDS A DRAFT OF THE RETURN TO ALL OF THE MEMBERS OF THE GOVERNING BODY WITH A REQUEST THAT THE MEMBERS REVIEW THE DRAFT AND RESPOND TO MANAGEMENT ACCEPTING THE DRAFT.

FORM 990, PART VI, SECTION B, LINE 12C

ANNUALLY, ALL OFFICERS AND DIRECTORS SIGN A STATEMENT DISCLOSING POTENTIAL CONFLICTS OF INTEREST. THE SIGNED STATEMENTS ARE KEPT AT THE CORPORATION'S OFFICE. ANY CONFLICTS OF INTEREST THAT ARE IDENTIFIED ARE REVIEWED BY THE MEMBERS OF THE GOVERNING BODY AND ANY PERSON WITH A CONFLICT OF INTEREST IS PROHIBITED FROM PARTICIPATING IN THE GOVERNING BODY'S DELIBERATIONS AND DECISIONS ON THE TRANSACTION.

FORM 990, PART VI, SECTION C, LINE 19

THE CORPORATION MAKES ITS ARTICLES OF INCORPORATION AND BYLAWS AND ITS AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC ON ITS WEBSITE. THE CORPORATION'S CONFLICT OF INTEREST POLICY IS AVAILABLE TO MEMBERS OF THE GOVERNING BODY ON A SECURE PART OF THE WEBSITE BUT IS NOT MADE AVAILABLE TO THE PUBLIC.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2015

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