Form990-PF


Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2021
Open to Public Inspection
For calendar year 2021, or tax year beginning 01-01-2021 , and ending 12-31-2021
Name of foundation
CINNAIRE CORPORATION
 
Number and street (or P.O. box number if mail is not delivered to street address)1118 S WASHINGTON AVENUE
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
LANSING, MI48910
A Employer identification number

38-3126310
B Telephone number (see instructions)

(517) 482-8555
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$74,619,323J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 2,649,309
2 Check bullet.............
3 Interest on savings and temporary cash investments 123,596 123,596 123,596
4 Dividends and interest from securities...      
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 20,519
b Gross sales price for all assets on line 6a 447,985
7 Capital gain net income (from Part IV, line 2)... 20,519
8 Net short-term capital gain......... 20,519
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 19,057,296 582,218 19,057,296
12 Total. Add lines 1 through 11........ 21,850,720 726,333 19,201,411
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 4,718,587 17,557 4,701,030 0
14 Other employee salaries and wages...... 5,540,774 0 5,540,774 0
15 Pension plans, employee benefits....... 1,926,546 0 1,926,546 0
16a Legal fees (attach schedule)......... Click to see attachment 175,351 0 175,351 0
b Accounting fees (attach schedule)....... Click to see attachment 125,190 6,260 118,931 0
c Other professional fees (attach schedule).... Click to see attachment 1,629,064 79,006 1,550,058 0
17 Interest............... 719,347 0 719,347 0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 56,149 0 25,440 0
19 Depreciation (attach schedule) and depletion... 134,820 0 134,820
20 Occupancy.............. 501,934 25,097 476,837 0
21 Travel, conferences, and meetings....... 237,442 0 237,442 0
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 3,165,056 0 3,165,056 0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 18,930,260 127,920 18,771,632 0
25 Contributions, gifts, grants paid....... 411,327 411,327
26 Total expenses and disbursements. Add lines 24 and 25 19,341,587 127,920 18,771,632 411,327
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 2,509,133
b Net investment income (if negative, enter -0-) 598,413
c Adjusted net income (if negative, enter -0-)... 429,779
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2021)
Form 990-PF (2021)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 19,715,139 15,639,676 15,639,676
3 Accounts receivable bullet25,123,817
Less: allowance for doubtful accounts bullet7,472,627 12,537,791 17,651,190 17,651,190
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 848,508 626,896 626,896
10a Investments—U.S. and state government obligations (attach schedule) 0 Click to see attachment5,096,848 5,096,848
b Investments—corporate stock (attach schedule)....... 0 Click to see attachment557,558 557,558
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 13,800,000 Click to see attachment13,367,241 13,367,241
14 Land, buildings, and equipment: basis bullet3,280,298
Less: accumulated depreciation (attach schedule) bullet1,895,078 552,630 Click to see attachment1,385,220 1,385,220
15 Other assets (describe bullet) Click to see attachment16,481,444 Click to see attachment20,294,694 Click to see attachment20,294,694
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 63,935,512 74,619,323 74,619,323
Liabilities 17 Accounts payable and accrued expenses.......... 9,153,782 9,993,255
18 Grants payable.................    
19 Deferred revenue................. 116,809 306,366
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)...... 21,812,743 28,882,981
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 31,083,334 39,182,602
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 32,852,178 35,436,721
29 Total net assets or fund balances (see instructions)..... 32,852,178 35,436,721
30 Total liabilities and net assets/fund balances (see instructions). 63,935,512 74,619,323
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
32,852,178
2
Enter amount from Part I, line 27a .....................
2
2,509,133
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
86,464
4
Add lines 1, 2, and 3 ..........................
4
35,447,775
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
11,054
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
35,436,721
Form 990-PF (2021)
Form 990-PF (2021)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a PUBLICLY TRADED SECURITIES P    
b
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 447,985   427,466 20,519
b
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       20,519
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 20,519
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3 20,519
Form 990-PF (2021)
Form 990-PF (2021)
Page 4
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 8,318
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 8,318
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 13,480
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 13,480
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 3
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 5,159
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet5,159 RefundedBullet 11 0
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XIV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletMI, IN
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.
    If "Yes," complete Part XIII .............................
    9
    Yes
     
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 5
    Part VI-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletWWW.CINNAIRE.COM
    14
    The books are in care ofbulletBRETT OUMEDIAN Telephone no.bullet (517) 482-8555

    Located atbullet1118 S WASHINGTON AVENUELANSINGMI ZIP+4bullet489331062
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2021, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
    1a(1)
     
    No
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person? ..............................
    1a(2)
     
    No
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
    1a(3)
     
    No
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
     
    No
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)? ......................
    1a(5)
     
    No
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.) ...............
    1a(6)
     
    No
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
    1b
     
     
    c
    ........bullet
    d
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2021? .............
    1d
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year? ..............................
    3a
     
    No
    b
    If "Yes," did it have excess business holdings in 2021 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2021.) .....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
     
    No
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals? .............
    5a(5)
     
    No
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
    5b
     
     
    c
    .........bullet
    d
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant? .................
    5d
     
     
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract? .............................
    6a
     
    No
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    7a
     
    No
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .........................
    8
     
    No
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    MARK MCDANIEL CHEIF EXECUTIVE OFFICER
    40.00     		1,172,598 40,516 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    KEVIN CRAWLEY CHIEF OPERATING OFFICER
    40.00     		545,513 40,516 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    JAMES PEFFLEY CHIEF STRATEGY OFFICER
    40.00     		514,742 40,516 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    JAMES LOGUE EXECUTIVE VICE PRESIDENT
    40.00     		383,192 40,516 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    JENNIFER EVERHART EXECUTIVE VICE PRESIDENT
    40.00     		332,520 40,516 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    SUSAN FRANK EXECUTIVE VICE PRESIDENT
    40.00     		305,861 40,516 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    BRETT OUMEDIAN CHIEF FINANCIAL OFFICER
    40.00     		351,134 40,516 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    RYAN ROBINSON EXECUTIVE VICE PRESIDENT
    40.00     		285,407 40,149 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    KATHERINE FORTH EXECUTIVE VICE PRESIDENT
    40.00     		274,973 39,314 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    DEBORAH TOBY EXECUTIVE VICE PRESIDENT
    40.00     		261,626 38,246 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    LUCIUS VASSAR EXECUTIVE VICE PRESIDENT
    40.00     		291,021 40,516 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    WENDELL JOHNS CHAIR
    1.00     		0 0 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    MICHAEL TAYLOR DIRECTOR
    1.00     		0 0 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    CHRISTINE HOBBS DIRECTOR
    1.00     		0 0 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    WILLIAM PERKINS DIRECTOR
    1.00     		0 0 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    PAUL WEAVER DIRECTOR/TREASURER
    1.00     		0 0 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    DONALD TUCKER DIRECTOR
    1.00     		0 0 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    DERRICK COLLINS DIRECTOR
    1.00     		0 0 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    CARL RIEDY DIRECTOR
    1.00     		0 0 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    BRETT MACLEOD DIRECTOR
    1.00     		0 0 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    QUINETTA ROBERSON DIRECTOR
    1.00     		0 0 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    ANNE MCCULLOCH DIRECTOR
    1.00     		0 0 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    JEFFREY BENSON DIRECTOR
    1.00     		0 0 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    CATHERINE CAWTHON PART YEAR DIRECTOR
    1.00     		0 0 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    RICKY LABER FORMER EXECUTIVE VP
    40.00     		836,670 17,316 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    THOMAS EDMISTON SENIOR VP
    40.00     		466,016 40,516 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    CHRISTOPHER LAURENT SENIOR VP
    40.00     		270,767 38,977 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    MARK ERICKSON GENERAL COUNSEL
    40.00     		264,564 38,481 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    CHRISTOPHER COX FORMER EXECUTIVE VP
    40.00     		238,773 17,316 0
    1118 S WASHINGTON AVENUE
    LANSING,MI48910
    Total number of other employees paid over $50,000...................bullet 106
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 7
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    SMALL BUSINESS ASSOCIATION OF MICHIGAN HEALTH INSURANCE 1,226,474
    660 CASCADE WEST PARKWAY SE
    GRAND RAPIDS,MI49546
    KUAK ROCK LLP LEGAL 299,596
    PO BOX 30057
    OMAHA,NE68103
    PLANTE & MORAN PLLC AUDIT/TAX 237,034
    16060 COLLECTIONS CENTER DR
    CHICAGO,IL60693
    LOOMIS EWERT PARSLEY DAVIS & GOTTING PC LEGAL 222,333
    124 W ALLEGAN STE 700
    LANSING,MI48933
    LYMAN & SHEETS INSURANCE 190,782
    2213 E GRAND RIVER
    LANSING,MI48901
    Total number of others receiving over $50,000 for professional services.............bullet22
    Part VIII-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 CINNAIRE PROVIDES FLEXIBLE LOANS AND EQUITY CAPITAL TO EXPAND AND PRESERVE AFFORDABLE HOUSING IN UNDERSERVED COMMUNITIES. THESE INVESTMENTS REVITALIZE NEIGHBORHOODS, EMPOWER INDIVIDUALS AND CREATE ECONOMIC OPPORTUNITIES. 18,771,632
    2  
    3  
    4  
    Part VIII-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 BELOW MARKET RATE LOANS TO ORGANIZATIONS TO ALLOW THEM TO DEVELOP AFFORDABLE HOUSING FOR LOW INCOME TENANTS. 3,741,644
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet3,741,644
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 8
    Part IX
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    5,710,797
    b
    Average of monthly cash balances.......................
    1b
    16,032,238
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    21,743,035
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    21,743,035
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    326,146
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    21,416,889
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    1,070,844
    Part X
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part IX, line 6..................
    1
     
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
     
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
     
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
     
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
     
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
    7
     
    Part XI
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
     
    b
    Program-related investments—total from Part VIII-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4.
    4
     
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 9
    Part XII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2020     		(c)
    2020     		(d)
    2021
    1 Distributable amount for 2021 from Part X, line 7  
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2021:
    a From 2016......  
    b From 2017......  
    c From 2018......  
    d From 2019......  
    e From 2020......  
    f Total of lines 3a through e ........  
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$  
    a Applied to 2020, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		 
    d Applied to 2021 distributable amount.....  
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2021.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		 
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8 Excess distributions carryover from 2016 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9 Excess distributions carryover to 2022.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2017....  
    b Excess from 2018....  
    c Excess from 2019....  
    d Excess from 2020....  
    e Excess from 2021....  
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 10
    Part XIII
    Private Operating Foundations (see instructions and Part VI-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2021, enter the date of the ruling ....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2021 (b) 2020 (c) 2019 (d) 2018
    429,779 0 0 916,355 1,346,134
    b 85% (0.85) of line 2a ......... 365,312 0 0 778,902 1,144,214
    c Qualifying distributions from Part XI,
    line 4 for each year listed .....     		4,152,971 4,130,072 2,503,682 1,239,000 12,025,725
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		411,327 129,237 117,668 1,037,000 1,695,232
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		3,741,644 4,000,835 2,386,014 202,000 10,330,493
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......         0
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		         0
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part IX, line 6 for each year listed ..     		713,896 495,125 551,335 610,903 2,371,259
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		        0
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		        0
    (3) Largest amount of support
    from an exempt organization    		         0
    (4) Gross investment income         0
    Part XIV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 11
    Part XIV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    AKRON PUBLIC SCHOOLS FOR HARRIS JACKSON ELEMENTARY
    10 N MAIN ST
    AKRON,OH44308     		  PC GENERAL SUPPORT 100
    ALMOST HOME ANIMAL RESCUE
    5600 WEST MAPLE RD STE B 204
    WEST BLOOMFIELD,MI48322     		  PC GENERAL SUPPORT 100
    ANDY'S ANGELS
    3522 SCHEELE DR
    JACKSON,MI49202     		  PC GENERAL SUPPORT 2,500
    BADGERBOTS ROBOTICS CORPORATION
    7615 DISCOVERY DR
    MIDDLETON,WI53562     		  PC GENERAL SUPPORT 1,951
    BALL STATE UNIVERSITY
    2000 W UNIVERSITY AVE
    MUNCIE,IN47306     		  PC GENERAL SUPPORT 16,640
    BEYOND BASICS
    23616 HUDSON ST
    DEARBORN,MI48124     		  PC GENERAL SUPPORT 1,951
    BRANDYWINE VALLEY FRIENDS OF THE CHILDREN
    PO BOX 9072
    WILMINGTON,DE19809     		  PC GENERAL SUPPORT 20,000
    CAPITAL AREA HOUSING PARTNERSHIP
    600 WEST MAPLE ST SUITE D
    LANSING,MI48906     		  PC GENERAL SUPPORT 1,749
    CINNAIRE LENDING CORPORATION (RESIDENT RELIEF FUND)
    1118 S WASHINGTON AVE
    LANSING,MI48910     		  PC GENERAL SUPPORT 250,838
    COMMUNITIES FIRST INC
    415 W COURT ST
    FLINT,MI48503     		  PC GENERAL SUPPORT 500
    CYSTIC FIBROSIS FOUNDATION
    4550 MONTGOMERY AVE SUITE 1100 N
    BETHESDA,MD20814     		  PC GENERAL SUPPORT 1,000
    FIRST BAPTIST CHURCH OF INDIANAPOLIS
    8600 N COLLEGE AVE
    INDIANAPOLIS,IN46240     		  PC GENERAL SUPPORT 100
    GREATER LANSING AREA HOLIDAY COMMISSION
    PO BOX 24112
    LANSING,MI48909     		  PC GENERAL SUPPORT 50,000
    HAVEN HOUSE
    121 WHITEHILLS DR
    EAST LANSING,MI48823     		  PC GENERAL SUPPORT 3,500
    JOHN BONER NEIGHBORHOOD CENTER
    2236 EAST 10TH ST
    INDIANAPOLIS,IN46201     		  PC GENERAL SUPPORT 1,749
    KHEPRW INSTITUTE
    PO BOX 88856
    INDIANAPOLIS,IN46208     		  PC GENERAL SUPPORT 1,749
    LATIN UNITED COMMUNITY HOUSING ASSOCIATION
    3541 W NORTH AVE
    CHICAGO,IL60647     		  PC GENERAL SUPPORT 1,951
    LIVING & LEARNING ENRICHMENT CENTER
    801 GRISWOLD
    NORTHVILLE,MI48167     		  PC GENERAL SUPPORT 10,000
    METROPOLITAN WILMINGTON URBAN LEAGUE
    100 WEST 10TH SUITE 602
    WILMINGTON,DE19801     		  PC GENERAL SUPPORT 1,749
    MICHIGAN ASSOCIATION OF UNITED WAYS
    330 MARSHALL ST SUITE 211
    LANSING,MI48912     		  PC GENERAL SUPPORT 30,000
    MICHIGAN CHILDREN'S TRUST FUND
    235 S GRAND AVE STE 1411
    LANSING,MI48933     		  PC GENERAL SUPPORT 7,000
    MY BLOCK MY HOOD MY CITY
    47 W POLK STREET SUITE 100
    CHICAGO,IL60605     		  PC GENERAL SUPPORT 1,749
    OTSEGO COUNTY COMMISSION ON AGING
    120 GRANDVIEW BLVD
    GAYLORD,MI49735     		  PC GENERAL SUPPORT 200
    SHELTERING WNGS CENTER FOR WOMEN
    1251 SYCAMORE
    DANVILLE,IN46122     		  PC GENERAL SUPPORT 1,951
    SPARROW FOUNDATION
    1322 E MICHIGAN AVE STE 204
    LANSING,MI48912     		  PC GENERAL SUPPORT 250
    WEST END NEIGHBORHOOD HOUSE INC
    710 NORTH LINCOLN ST
    WILMINGTON,DE19805     		  PC GENERAL SUPPORT 1,950
    YOUTH BUILD BOSTON
    27 CENTRE STREET
    ROXBURY,MA02119     		  PC GENERAL SUPPORT 100
    Total .................................bullet 3a 411,327
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments ....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 123,596  
    4 Dividends and interest from securities ....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income .....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 20,519  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. 0 144,115 19,057,296
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    19,201,411
    (See worksheet in line 13 instructions to verify calculations.)
    Part XV-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    1A DEVELOPMENT FEES CHARGED RELATED TO PROVIDING EXPERTISE IN THE DEVELOPMENT OF HOUSING FOR LOW INCOME TENANTS IN CONJUNCTION WITH LOCAL NONPROFIT ORGANIZATIONS ALLOWS THE ORGANIZATION TO BUILD CAPACITY TO DEVELOP ADDITIONAL HOUSING SITES FOR LOW INCOME TENANTS AND TO ASSIST ADDITIONAL LOCAL NONPROFIT ORGANIZATIONS IN THEIR RELATED EFFORTS.
    1B LOANS ARE MADE TO ECONOMICALLY UNDERSERVED COMMUNITIES TO SUPPORT HOUSING AND ECONOMIC OPPORTUNITIES FOR LOW AND MODERATE INCOME INDIVIDUALS AND FAMILIES. THE LOW AND MODERATE INCOME PEOPLE ARE TYPICALLY RESIDENTS OF RURAL AREAS. THE BORROWERS ARE NOT ELIGIBLE FOR TYPICAL BANK FINANCING. LOAN TERMS, DURATION, MATURITY, AND LOAN TO VALUE TERMS ARE NOT OFFERED BY COMMERCIAL BANK OR CREDIT UNIONS.
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 13
    Part XVI
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below?
    See instructions.
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2021)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2021
    Name of the organization
    CINNAIRE CORPORATION
     
    Employer identification number

    38-3126310
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
    or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990) (2021)
    Schedule B (Form 990) (2021) Page 2
    Name of organization
    CINNAIRE CORPORATION
          		Employer identification number
    38-3126310
    Part I
    Contributors
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
    PRESERVATION NON-PROFIT HOUSING CORPORATION
     
    1118 S WASHINGTON AVE
     
    LANSING, MI48910

    		$ 125,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    PROPERTY STABILIZATION INC
     
    1118 S WASHINGTON AVE
     
    LANSING, MI48910

    		$ 500,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
    CAPITAL DEVELOPMENT CORPORATION
     
    1118 S WASHINGTON AVE
     
    LANSING, MI48910

    		$ 895,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    4
    US DEPARTMENT OF THE TREASURY
     
    1500 PENNSYLVANIA AVE
     
    WASHINGTON, DC20220

    		$ 1,129,309


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990) (2021)
    Schedule B (Form 990) (2021)
    Page 3
    Name of organization
    CINNAIRE CORPORATION
          		Employer identification number

    38-3126310
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990) (2021)
    Schedule B (Form 990) (2021)
    Page 4
    Name of organization
    CINNAIRE CORPORATION
          		Employer identification number

    38-3126310
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990) (2021)
    Additional Data


    Software ID:  
    Software Version:  

    TY 2021 AccountingFeesSchedule
    Name:
    CINNAIRE CORPORATION
    EIN:
    38-3126310
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING & AUDIT 125,190 6,260 118,931 0

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    CINNAIRE CORPORATION
    EIN:
    38-3126310
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AMERICAN INTL GROUP INC 6,198 6,198
    AMERICAN TOWER CORP NEW 7,605 7,605
    APOLLO GLOBAL MANAGEMENT 11,154 11,154
    APPLE INC 21,308 21,308
    BANK OF AMERICA CORP 11,923 11,923
    BECTON DICKINSON & CO 8,802 8,802
    BLACKSTONE INC 7,634 7,634
    BOSTON PROPERTIES INC 3,225 3,225
    BROADCOM INC 7,985 7,985
    CISCO SYSTEMS INC 6,717 6,717
    COCA- COLA COMPANY 9,947 9,947
    COMCAST CORP CL A NEW 9,613 9,613
    ECOLAB INC 7,507 7,507
    EDISON INTL 5,869 5,869
    ENBRIDGE INC 10,200 10,200
    HOME DEPOT INC 11,205 11,205
    JOHNSON & JOHNSON 9,409 9,409
    JPMORGAN CHASE & CO 3,959 3,959
    LINDE PLC 10,739 10,739
    MASTERCARD INC 6,827 6,827
    MERCK & COMPANY INC NEW 7,511 7,511
    METLIFE INC 6,249 6,249
    MICROSOFT CORP 25,224 25,224
    MONDELEZ INTERNATIONAL 9,217 9,217
    NESTLE S A 9,545 9,545
    NEXTERA ENERGY INC 6,442 6,442
    NORTHROP GRUMMAN CORP 6,580 6,580
    ORACLE CORP 6,541 6,541
    OTIS WORLDWIDE CORP 2,177 2,177
    PFIZER INC 9,094 9,094
    PIONEER NATURAL 6,548 6,548
    PNC FINANCIAL SERVICES 6,016 6,016
    PPG INDUSTRIES INC 11,898 11,898
    PROCTER & GAMBLE CO 10,306 10,306
    PUBLIC SERVICE 4,538 4,538
    RAYTHEON TECHNOLOGIES 13,856 13,856
    SEMPRA 7,937 7,937
    TEXAS INSTRUMENTS INC 6,031 6,031
    TRAVELERS COS INC 7,352 7,352
    U S BANCORP DE 5,729 5,729
    UNION PACIFIC CORP 8,818 8,818
    UNITED PARCEL SERVICE 9,217 9,217
    UNITEDHEALTH GROUP INC 10,043 10,043
    VERIZON COMMUNICATIONS 7,638 7,638
    VISA INC 8,668 8,668
    VULCAN MATERIALS COMPANY 8,511 8,511
    WALT DISNEY CO 6,196 6,196
    WASTE MANAGEMENT INC 7,510 7,510
    WILLIAMS COS INC 9,765 9,765
    ZOETIS INC CL A 7,321 7,321
    AMERICAN INTL GROUP INC 1,820 1,820
    AMERICAN TOWER CORP NEW 2,340 2,340
    APOLLO GLOBAL MANAGEMENT 3,259 3,259
    APPLE INC 6,393 6,393
    BANK OF AMERICA CORP 3,559 3,559
    BECTON DICKINSON & CO 2,515 2,515
    BLACKSTONE INC 2,200 2,200
    BOSTON PROPERTIES INC 921 921
    BROADCOM INC 1,996 1,996
    CISCO SYSTEMS INC 1,964 1,964
    COCA- COLA COMPANY 2,960 2,960
    COMCAST CORP CL A NEW 2,869 2,869
    ECOLAB INC 2,346 2,346
    EDISON INTL 1,706 1,706
    ENBRIDGE INC 3,009 3,009
    HOME DEPOT INC 3,320 3,320
    JOHNSON & JOHNSON 2,737 2,737
    JPMORGAN CHASE & CO 1,267 1,267
    LINDE PLC 3,118 3,118
    MASTERCARD INC 2,156 2,156
    MERCK & COMPANY INC NEW 2,223 2,223
    METLIFE INC 1,875 1,875
    MICROSOFT CORP 7,399 7,399
    MONDELEZ INTERNATIONAL 2,719 2,719
    NESTLE S A 2,807 2,807
    NEXTERA ENERGY INC 1,961 1,961
    NORTHROP GRUMMAN CORP 1,935 1,935
    ORACLE CORP 1,919 1,919
    OTIS WORLDWIDE CORP 609 609
    PFIZER INC 2,657 2,657
    PIONEER NATURAL 2,001 2,001
    PNC FINANCIAL SERVICES 1,805 1,805
    PPG INDUSTRIES INC 3,449 3,449
    PROCTER & GAMBLE CO 3,108 3,108
    PUBLIC SERVICE 1,335 1,335
    RAYTHEON TECHNOLOGIES 4,045 4,045
    SEMPRA 2,381 2,381
    TEXAS INSTRUMENTS INC 1,885 1,885
    TRAVELERS COS INC 2,190 2,190
    U S BANCORP DE 1,685 1,685
    UNION PACIFIC CORP 2,519 2,519
    UNITED PARCEL SERVICE 2,786 2,786
    UNITEDHEALTH GROUP INC 3,013 3,013
    VERIZON COMMUNICATIONS 2,286 2,286
    VISA INC 2,601 2,601
    VULCAN MATERIALS COMPANY 2,491 2,491
    WALT DISNEY CO 1,859 1,859
    WASTE MANAGEMENT INC 2,170 2,170
    WILLIAMS COS INC 2,890 2,890
    ZOETIS INC CL A 2,196 2,196

    TY 2021 InvestmentsGovtObligationsSch
    Name:
    CINNAIRE CORPORATION
    EIN:
    38-3126310
    US Government Securities - End of Year Book Value:

    0
    US Government Securities - End of Year Fair Market Value:

    0
    State & Local Government Securities - End of Year Book Value:


    5,096,848
    State & Local Government Securities - End of Year Fair Market Value:


    5,096,848


    TY 2021 InvestmentsOtherSchedule2
    Name:
    CINNAIRE CORPORATION
    EIN:
    38-3126310
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    INVESTMENT - SLP GREENHOUSE APTS FMV 3,145,328 3,145,328
    INVESTMENT - SLP ART CENTER APTS FMV 1,000 1,000
    INVESTMENT - SLP CHARRING SQUARE APTS FMV 1,000 1,000
    INVESTMENT - ECONOMIC INTEREST PS3, LLC FMV 9,885,941 9,885,941
    LAG ADJUSTMENT - JANNEY INVESTMENTS FMV 333,972 333,972

    TY 2021 LandEtcSchedule2
    Name:
    CINNAIRE CORPORATION
    EIN:
    38-3126310
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    COMPUTER EQUIPMENT 653,788 561,987 91,801 91,801
    OFFICE EQUIPMENT 16,650 9,435 7,215 7,215
    FURNITURE & FIXTURES 388,999 318,314 70,685 70,685
    LEASEHOLD IMPROVEMENTS 136,475 46,692 89,783 89,783
    LAND IMPROVEMENTS 14,540 2,484 12,056 12,056
    CAPITAL LEASE EQUIPMENT 948,348 941,583 6,765 6,765
    LOAN FEES 45,000 14,583 30,417 30,417
    CAPITALIZED INVESTMENT COSTS 1,076,498 0 1,076,498 1,076,498


    TY 2021 LegalFeesSchedule
    Name:
    CINNAIRE CORPORATION
    EIN:
    38-3126310
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 175,351 0 175,351 0


    TY 2021 OtherAssetsSchedule
    Name:
    CINNAIRE CORPORATION
    EIN:
    38-3126310
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    SECURITY DEPOSITS 21,780 21,780 21,780
    SERVICING RIGHTS 406,388 498,066 498,066
    INVESTMENT IN AFFILIATES 1,116,583 1,096,511 1,096,511
    INTEREST RECEIVABLE 749,163 143,967 143,967
    PROGRAM-RELATED LOANS 14,187,530 18,534,370 18,534,370


    TY 2021 OtherDecreasesSchedule
    Name:
    CINNAIRE CORPORATION
    EIN:
    38-3126310
    Description Amount
    OTHER ADJUSTMENT 11,054


    TY 2021 OtherExpensesSchedule
    Name:
    CINNAIRE CORPORATION
    EIN:
    38-3126310
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INSURANCE 192,918 0 192,918 0
    OFFERING & ORG ALLOWANCE 257,838 0 257,838 0
    OFFICE EXPENSES 907,656 0 907,656 0
    MARKETING/SPONSORSHIPS 494,804 0 494,804 0
    ISF PROVISION 467,103 0 467,103 0
    MEALS 29,121 0 29,121 0
    OTHER EXPENSES 409,743 0 409,743 0
    BAD DEBT EXPENSE 398,986 0 398,986 0
    CHARITABLE EXPENSES 6,887 0 6,887 0


    TY 2021 OtherIncomeSchedule2
    Name:
    CINNAIRE CORPORATION
    EIN:
    38-3126310
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    ACQUISITION FEES 8,843,175   8,843,175
    NEW MARKET TAX CREDIT FEES 854,559   854,559
    DEVELOPMENT AND INVESTOR FEES 5,040,473   5,040,473
    CONSULTING AND UNDERWRITING 139,626   139,626
    INTEREST INCOME-LOANS 582,218 582,218 582,218
    MISCELLANEOUS 3,597,245   3,597,245


    TY 2021 OtherIncreasesSchedule
    Name:
    CINNAIRE CORPORATION
    EIN:
    38-3126310
    Description Amount
    UNREALIZED GAIN ON INVESTMENTS 86,464


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    CINNAIRE CORPORATION
    EIN:
    38-3126310
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    CONSULTING 1,629,064 79,006 1,550,058 0


    TY 2021 TaxesSchedule
    Name:
    CINNAIRE CORPORATION
    EIN:
    38-3126310
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INCOME TAX EXPENSE 30,709 0 0 0
    PERSONAL PROPERTY TAX 25,440 0 25,440 0