FORM 990 - ORGANIZATION'S MISSION |
BRING TOGETHER BUSINESSES, RESIDENTS, AND COMMUNITY ORGANIZATIONS TO BUILD AND SUSTAIN A VIBRANT COMMERICAL DISTRICT AND PRESERVE THE NEIGHBORHOOD'S RICH HISTORY. THIS INCLUDES UTILIZING THE MARYLAND STATE MAINSTREET PROGRAM, AND IT WORKS WITH ISSUES ESSENTIAL TO INDEPENDENTLY-OWNED LOCAL BUSINESSES AND TO A THRIVING COMMUNITY. |
FORM 990, PAGE 6, PART VI, LINE 4 |
THE FOLLOWING CHANGES WERE MADE TO MEMBERSHIP RESPONSIBILITY AND VOTING PROCEDURES: AMENDMENTS TO BYLAWS AND ORGANIZATIONS NAME CHANGE WERE REMOVED FROM MEMBERSHIP RESPONSIBILITIES AND VOTING TO BOARD MEMBER RESPONSIBILITY AND VOTING. BOARD OF DIRECTORS WAS ALSO GIVEN RESPONSIBILITY FOR UPDATING ARTICLES OF INCORPORATION. |
FORM 990, PAGE 6, PART VI, LINE 6 |
MEMBER DUES ARE PAID, AND MEMBERS ELECT THE GOVERNING BODY. |
FORM 990, PAGE 6, PART VI, LINE 7A |
MEMBERS ELECT THE GOVERNING BODY. |
FORM 990, PAGE 6, PART VI, LINE 7B |
MAJOR DECISIONS ARE VOTED ON BY BOARD. |
FORM 990, PAGE 6, PART VI, LINE 8B |
THE FOLLOWING COMMITTIEES HAVE BEEN GIVEN THE AUTHORITY TO ACT ON BEHALF OF THE BOARD AND DO NOT DOCUMENT THIER MEETINGS: LOAN COMMITTEE - CAN APPROVE LOANS LESS THAN 50,000. TAX COMMITTEE - CAN APPROVE THE FINALIZATION OF FORM 990. |
FORM 990, PAGE 6, PART VI, LINE 11B |
THE EXECUTIVE DIRECTOR COORDINATES THE PREPARATION OF THE 990. THE DRAFT IS THEN REVEIWED BY A COMMITTEE ESTABLISHED BY THE BOARD OF DIRECTORS TO APPROVE ON ITS BEHALF. |
FORM 990, PAGE 6, PART VI, LINE 15A |
THE BOARD MEETS ANNUALLY TO DISCUSS AND APPROVE EXECUTIVE DIRECTOR SALARY. BOARD MEMBERS MAKE INDEPENDENT DECISIONS AND ALL DISCUSSIONS ARE RENDERED IN MINUTES. |
FORM 990, PAGE 6, PART VI, LINE 19 |
DOCUMENTS ARE AVAILABLE UPON REQUEST AT THE OFFICE OF THE ORGANIZATION. |
FORM 990, PART X |
MANAGEMENT HAS DEEMED A PORTION OF THE LOANS, REPORTED PART X LINE 6 AND ON SCHEDULE L PART II, AS UNCOLLECTIBLE AS OF DECEMBER 31, 2015. AS OF THE FILING OF THIS TAX RETURN TROHV DC, LLC IS IN THE PROCESS OF CLOSING AND FILING FOR BANKRUPTCY. THROUGH LEGAL COUNCIL, A DEMAND LETTER WAS SENT TO TROHV DC, LLC AS A NOTICE OF DEFAULT WITH AN OUTLINE OF ALL REMEDIES AVAILABLE TO THE OLD TAKOMA BUSINESS ASSOCIATION AND A CONFIRMATION OF THE SECURITY INTEREST HELD ON TROHV'S ASSETS. AFTER RESPONSE FROM TROHV LLC, MANAGEMENT ADDRESSED THE POSSIBILITY OF LOAN RECOVERY WITH LEGAL COUNCIL AND CONCLUDED IT WAS MORE LIKELY THAN NOT THAT A WRITE OFF WAS NECESSARY DUE TO OTHER PRIORITY LIENS ON TROHV DC, LLC'S ASSETS. IT WAS ESTIMATED THAT THE AMOUNT OF 40,871 WOULD NOT BE RECOVERED. AS A RESULT THIS AMOUNT HAS BEEN WRITTEN OFF AS BAD DEBT AND REPORTED TO TROHV DC, LLC ON 1099-C. MANAGEMENT WILL ASSESS THE REMAINING AMOUNT OF THE LOANS IN 2016 TO DETERMINE IF THERE IS POSSIBILITY OF RECOVERY. |