IRS 990 Nonprofit Profile

Ymcacw Clark Community Center

Client Note 1 - During the year ended December 31, 2020, the YMCACW Clark Community Center exited the New Markets Tax Credits Transaction after a seven-year compliance period. As a result of the exit, the following transactions resulted from the NMTC Exit and the net assets were transferred from YMCACW Clark Community Center to a related 501(c)(3) exempt organization (YOUNG MEN'S CHRISTIAN ASSOCIATION OF COLUMBIA-WILLIAMETTE EIN 93-0386981)(the Association):STATEMENT OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 2020Other Income:NMTC Exit - Forgiveness of debt Note Payable NCIF New Markets Capital Fund x CDE (Note B)**-------$2,033,600NMTC Exit - Forgiveness of debt Note Payable Wells Fargo CDE Round 9 (Note B)**-------------------$2,737,800Total Other Income------------------------------------------------$4,771,400Total Expenses----------------------------------------------------$(13,429)Increase in net assets--------------------------------------------$4,757,971Net deficit, beginning of year------------------------------------$(2,287,339)Net assets transferred to the Association-------------------------$(2,470,632)Net assets, end of year-------------------------------------------$0 STATEMENT OF FINANCIAL POSITION(Balances prior to transfer to the Association, Transfers to the Association, and Balances after transfers to the Association)-------Balances prior to transfer-----------Transfer------Balances after transferCash---------------------$190,223-----------$(190,223)-------$0Total current assets-----$190,223-----------$(190,223)-------$0Land---------------------$1,359,405---------$0---------------$0Land improvements--------$14,171------------$0---------------$0Buildings----------------$4,640,041---------$0---------------$0Buildings expansion----$10,510,733--------$0---------------$0-------------------------$16,524,350--------$0---------------$0Less accumulated depreciation-------------$(2,255,341)-------$0---------------$0-------------------------$14,269,009--------$(14,269,009)----$0Total assets-------------$14,459,232--------$(14,459,232)----$0Notes payable--NCIF Note A (Note A)*--$5,726,400---------$(5,726,400)-----$0--Wells Fargo CDE Round 9(Note A)*---------------$6,262,200---------$(6,262,200)-----$0NCIF New Markets Capital Fund x CDE (Note B)**----$0-----------------$0---------------$0Wells Fargo CDE Round 9 (Note B)**-------------$0-----------------$0---------------$0Total liabilities--------$11,988,600--------$(11,988,600)----$0Net Assets---------------$2,470,632---------$(2,470,632)-----$0Total liabilities and net assets---------------$14,459,232--------$(14,459,232)----$0*Note A payable was offset by the Associations Note Receivable in the amount of $11,988,600.**NCIF New Markets Capital Fund X CDE (Note B) note payable for $2,033,600 and Wells Fargo CDE Round 9 (Note B) for $2,737,800 were forgiven and a gain recorded for forgiveness of debt.