| Return Reference | Explanation |
|---|---|
| FORM 990, PART I AND PART III, LINE 1 | THE ORGANIZATION WAS ORGANIZED FOR THE PURPOSE OF (A) ACQUIRING, RENOVATING, REFURBISHING, MANAGING, IMPROVING, MAINTAINING, OWNING, LEASING, AND SELLING REAL ESTATE PROPERTIES, (B) MANAGING AND MONITORING SUCH INVESTMENTS, AND (C) ENGAGING IN ANY OTHER ACTIVITIES INCIDENTAL OR ANCILLARY THERETO OR OTHERWISE PERMITTED BY THE STATE OF PENNSYLVANIA, AS THE MANAGER DEEMS NECESSARY OR ADVISABLE. AS DESCRIBED IN SECTION 501(C)(25)(C) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THE ORGANIZATION IS REQUIRED TO HAVE ONE OR MORE MEMBER ORGANIZATIONS. CURRENTLY THE ONLY MEMBER OF THE ORGANIZATION IS THE COMMONWEALTH OF PENNSYLVANIA MUNICIPAL RETIREMENT SYSTEM. |
| FORM 990, PART VI, SECTION A, LINE 3 | THE ORGANIZATION PAYS NUVEEN ALTERNATIVES ADVISORS, LLC (NUVEEN) AN ANNUAL ASSET MANAGEMENT FEE OF $50,000. NUVEEN SERVES AS THE MANAGER, WHICH ITS DUTIES INCLUDE MANAGING THE FINANCIAL OPERATIONS OF THE ORGANIZATION. |
| FORM 990, PART VI, SECTION A, LINE 6 | THE ORGANIZATION ONLY HAS ONE CLASS OF MEMBERS AND CURRENTLY HAS ONE MEMBER, THE COMMONWEALTH OF PENNSYLVANIA MUNICIPAL RETIREMENT SYSTEM, A GOVERNMENTAL PLAN WITHIN THE MEANING OF SECTION 414(D) OF THE INTERNAL REVENUE CODE. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE ORGANIZATION'S ONE CLASS OF MEMBERS AND CURRENTLY HAS ONE MEMBER, THE COMMONWEALTH OF PENNSYLVANIA MUNICIPAL RETIREMENT SYSTEM. MEMBERS HAVE THE VOTING POWER TO ELECT OR APPOINT MEMBERS OF THE GOVERNING BODY. |
| FORM 990, PART VI, SECTION A, LINE 8B | THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES. |
| FORM 990, PART VI, SECTION B, LINE 11B | AN INDEPENDENT ACCOUNTING FIRM WILL PREPARE A DRAFT OF THE FORM 990, WHICH WILL BE DISTRIBUTED TO THE ORGANIZATION'S ACCOUNTING TEAM. ONCE THE ACCOUNTING TEAM APPROVES THE DRAFT, THE FULL BOARD WILL REVIEW THE FORM 990 PRIOR TO ITS FILING WITH THE IRS. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. |
| FORM 990, PART VII, SECTION A | PENNSYLVANIA MUNICIPAL RETIREMENT SYSTEM (PMRS) IS A SECTION 414(D) GOVERNMENTAL PLAN THAT IS RELATED TO 1721 NORTH FRONT STREET HOLDINGS, INC. (THE HOLDING COMPANY), AND THE HOLDING COMPANY'S DIRECTORS ARE EMPLOYED BY PMRS. THE ORGANIZATION'S DIRECTORS ARE TIMOTHY A. REESE, CHIEF EXECUTIVE OFFICER FOR PMRS; AND RICHARD CARDAMONE, CHIEF FINANCIAL OFFICER. AS PART OF THE ANNUAL TAX COMPLIANCE PROCESS, THE HOLDING COMPANY ASKED PMRS FOR THE COMPENSATION INFORMATION FOR THESE INDIVIDUALS WHO ARE EMPLOYED BY THE PMRS. PMRS REQUESTED THE COMPENSATION INFORMATION FOR THESE INDIVIDUALS FROM THE PENNSYLVANIA BUREAU OF COMMONWEALTH PAYROLL OPERATIONS. PMRS WAS UNABLE TO OBTAIN THIS INFORMATION FROM THE PENNSYLVANIA BUREAU OF COMMONWEALTH PAYROLL OPERATIONS, WHO INDICATED THAT THE IRS FORM W-2S CANNOT BE PROVIDED WITHOUT A SUBPOENA. THE PMRS PROVIDED THESE INDIVIDUALS' COMPENSATION BASED ON PMRS FINANCIAL RECORDS FOR THE 2023 FISCAL YEAR. RICHARD CARDAMONE IS AN EMPLOYEE OF PMRS. TIMOTHY A. REESE IS AN INDEPENDENT CONTRACTOR FOR PMRS. |
| FORM 990, PART IX, LINE 11G | PROPERTY MANAGER EXPENSE 45,696. PROFESSIONAL FEES 13,136. |
| FORM 990, PART XI, LINE 9: | NET CASH CONTRIBUTIONS/DISTRIBUTIONS -124,880. |
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