Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2024
Open to Public Inspection
For calendar year 2024, or tax year beginning 01-01-2024 , and ending 12-31-2024
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 right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$72,188,344J 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) 1,000,000
2 Check right arrow.............
3 Interest on savings and temporary cash investments 895,914 895,914 895,914
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 29,290
b Gross sales price for all assets on line 6a 2,728,617
7 Capital gain net income (from Part IV, line 2)... 29,290
8 Net short-term capital gain......... 29,290
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
List of Attached Documents:
// Content
23,039,762 414,997 23,039,762
12 Total. Add lines 1 through 11........ 24,964,966 1,340,201 23,964,966
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 5,670,724 313,097 5,357,627 0
14 Other employee salaries and wages...... 7,829,144 391,464 7,789,998 0
15 Pension plans, employee benefits....... 2,828,007 141,400 2,686,607 0
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
49,297 0 49,297 0
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
125,345 6,267 119,078 0
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
1,991,714 72,038 1,919,676 0
17 Interest............... 225,889 0 225,889 0
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
53,662 0 18,912 0
19 Depreciation (attach schedule) and depletion... 51,469 0 51,469
20 Occupancy.............. 559,755 27,988 531,767 0
21 Travel, conferences, and meetings....... 734,482 0 734,482 0
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
3,827,429 0 3,827,429 0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 23,946,917 952,254 23,312,231 0
25 Contributions, gifts, grants paid....... 177,135 177,135
26 Total expenses and disbursements. Add lines 24 and 25 24,124,052 952,254 23,312,231 177,135
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 840,914
b Net investment income (if negative, enter -0-) 387,947
c Adjusted net income (if negative, enter -0-)... 652,735
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2024)
Form 990-PF (2024)
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......... 13,297,884 7,092,188 7,092,188
3 Accounts receivable right arrow34,988,363
Less: allowance for doubtful accounts right arrow10,994,081 24,817,804 23,994,282 23,994,282
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
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) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 357,038 402,819 402,819
10a Investments—U.S. and state government obligations (attach schedule) 7,457,668 Click to see attachment
List of Attached Documents:
// Content
7,477,708 		7,477,708
b Investments—corporate stock (attach schedule)....... 667,280 Click to see attachment
List of Attached Documents:
// Content
767,271 		767,271
c Investments—corporate bonds (attach schedule)....... 7,379,869 Click to see attachment
List of Attached Documents:
// Content
7,505,380 		7,505,380
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 206,977 Click to see attachment
List of Attached Documents:
// Content
349,497 		349,497
14 Land, buildings, and equipment: basis right arrow2,741,930
Less: accumulated depreciation (attach schedule) right arrow868,675 653,039 Click to see attachment
List of Attached Documents:
// Content
1,873,255 		1,873,255
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
18,565,183 		Click to see attachment
List of Attached Documents:
// Content
22,725,944 		Click to see attachment
List of Attached Documents:
// Content
22,725,944
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 73,402,742 72,188,344 72,188,344
Liabilities 17 Accounts payable and accrued expenses.......... 5,993,014 6,009,984
18 Grants payable.................    
19 Deferred revenue................. 1,866,856 139,809
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)...... 991,859 518,390
22 Other liabilities (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
926,309 		Click to see attachment
List of Attached Documents:
// Content
986,913
23 Total liabilities (add lines 17 through 22)......... 9,778,038 7,655,096
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
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 right arrow
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 63,624,704 64,533,248
29 Total net assets or fund balances (see instructions)..... 63,624,704 64,533,248
30 Total liabilities and net assets/fund balances (see instructions). 73,402,742 72,188,344
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
63,624,704
2
Enter amount from Part I, line 27a .....................
2
840,914
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
67,630
4
Add lines 1, 2, and 3 ..........................
4
64,533,248
5
Decreases not included in line 2 (itemize) right arrow
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
64,533,248
Form 990-PF (2024)
Form 990-PF (2024)
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 SALE OF REAL ESTATE PORTFOLIO P    
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 2,712,123   2,699,327 12,796
b 16,494     16,494
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       12,796
b       16,494
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 29,290
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 29,290
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 right arrow 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) 1 5,392
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 5,392
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 5,392
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 14,920
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 14,920
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 143
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 9,385
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow9,385 Refundedright arrow 11 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 4
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. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 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:
round bullet By language in the governing instrument, or
round bullet 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)
right arrowMI, 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 2024 or the taxable year beginning in 2024? 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
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 addressright arrowWWW.CINNAIRE.COM
14
The books are in care ofright arrowBRETT OUMEDIAN Telephone no.right arrow (517) 482-8555

Located atright arrow1118 S WASHINGTON AVENUELANSINGMI ZIP+4right arrow489331062
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2024, 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 right arrow
Form 990-PF (2024)
Form 990-PF (2024)
Page 5
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
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
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 2024? .............
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 2024, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2024?....................
2a
 
No
If "Yes," list the years right arrow20, 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.
right arrow20, 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 2024 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 2024.) .....................
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 2024? ..
4b
 
No
Form 990-PF (2024)
Form 990-PF (2024)
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
Organizations relying on a current notice regarding disaster assistance check .........right arrow
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 CHIEF EXECUTIVE OFFICER
40.00 		950,737 45,576 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
KEVIN CRAWLEY CHIEF OPERATING OFFICER
40.00 		606,427 45,576 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
DEBORAH TOBY CHIEF HUMAN RESOURCE OFFICER
40.00 		578,140 45,576 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
BRETT OUMEDIAN CHIEF FINANCIAL OFFICER
40.00 		591,212 45,576 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
LUCIUS VASSAR CHIEF LEGAL OFFICER
40.00 		469,171 45,576 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
SUSAN FRANK EXECUTIVE VICE PRESIDENT
40.00 		378,854 45,576 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
JENNIFER EVERHART EXECUTIVE VICE PRESIDENT
40.00 		435,326 45,576 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
RYAN ROBINSON EXECUTIVE VICE PRESIDENT
40.00 		406,991 45,576 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
KATHERINE FORTH EXECUTIVE VICE PRESIDENT
40.00 		350,104 45,576 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
DONSIA STRONG HILL EXECUTIVE VICE PRESIDENT
40.00 		280,965 42,374 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
CHRISTOPHER LAURENT EXECUTIVE VICE PRESIDENT
40.00 		299,936 39,650 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
SARAH GREENBERG EXECUTIVE VICE PRESIDENT
40.00 		322,861 42,252 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
WENDELL JOHNS DIRECTOR
1.00 		0 0 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
MICHAEL J TAYLOR DIRECTOR
1.00 		0 0 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
CHRISTINE R HOBBS DIRECTOR
1.00 		0 0 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
QUINETTA ROBERSON CONNALLY DIRECTOR
1.00 		0 0 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
AMANDULA ANDERSON DIRECTOR
1.00 		0 0 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
PAUL J WEAVER DIRECTOR
1.00 		0 0 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
FRED GREENE DIRECTOR
1.00 		0 0 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
DONALD F 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
SARIDA SCOTT 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
TAMARA DUDUKOVICH 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
BENJAMIN STEHOUWER SENIOR VP
40.00 		427,943 44,506 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
MATTHEW HODGES SENIOR VP
40.00 		384,913 45,576 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
JOSHUA GHENA SENIOR VP
40.00 		374,144 41,913 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
PAMELA HETZ SENIOR VP
40.00 		294,943 41,658 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
SABRINA IGA SENIOR VP
40.00 		289,431 42,125 0
1118 S WASHINGTON AVENUE
LANSING,MI48910
Total number of other employees paid over $50,000...................right arrow 156
Form 990-PF (2024)
Form 990-PF (2024)
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 1,909,456
660 CASCADE WEST PARKWAY SE
GRAND RAPIDS,MI49546
KUTAK ROCK LLP LEGAL 586,417
PO BOX 30057
OMAHA,NE68103
CLARK HILL PLC LEGAL 547,667
PO BOX 3760
PITTSBURGH,PA15230
GREATER MINNESOTA HOUSING FUND CONSULTING 445,385
332 MINNESOTA STREET STE 1650
ST PAUL,MN55101
PLANTE & MORAN PLLC AUDIT, TAX, CONSULTING 410,129
16060 COLLECTIONS CENTER DRIVE
CHICAGO,IL60606
Total number of others receiving over $50,000 for professional services.............right arrow27
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 EQUITY CAPITAL AND FLEXIBLE LOANS TO EXPAND AND PRESERVE AFFORDABLE HOUSING IN UNDERSERVED COMMUNITIES. THESE INVESTMENTS REVITALIZE NEIGHBORHOODS, EMPOWER INDIVIDUALS AND CREATE ECONOMIC OPPORTUNITIES. 23,312,231
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 LOANS TO ORGANIZATIONS TO ALLOW THEM TO DEVELOP AFFORDABLE HOUSING FOR LOW INCOME RESIDENTS 2,624,885
2 PARTNERSHIP INTERESTS IN LOW-INCOME HOUSING TAX CREDIT FUNDS HELD TO ADVANCE AFFORDABLE HOUSING FOR LOW-INCOME RESIDENTS 1,472,761
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow4,097,646
Form 990-PF (2024)
Form 990-PF (2024)
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
16,405,143
b
Average of monthly cash balances.......................
1b
6,502,007
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
22,907,150
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
22,907,150
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
343,607
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
22,563,543
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
1,128,177
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 2024 from Part V, line 5 .......
2a
 
b
Income tax for 2024. (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
177,135
b
Program-related investments—total from Part VIII-B..................
1b
4,097,646
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
4,274,781
Form 990-PF (2024)
Form 990-PF (2024)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2023 		(c)
2023 		(d)
2024
1 Distributable amount for 2024 from Part X, line 7  
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only.......  
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2024:
a From 2019......  
b From 2020......  
c From 2021......  
d From 2022......  
e From 2023......  
f Total of lines 3a through e ........  
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$  
a Applied to 2023, 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 2024 distributable amount.....  
e Remaining amount distributed out of corpus  
5 Excess distributions carryover applied to 2024.    
(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 2023. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		 
f Undistributed income for 2024. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2025 .......... 		 
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 2019 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2025.
Subtract lines 7 and 8 from line 6a ...... 		 
10 Analysis of line 9:
a Excess from 2020....  
b Excess from 2021....  
c Excess from 2022....  
d Excess from 2023....  
e Excess from 2024....  
Form 990-PF (2024)
Form 990-PF (2024)
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 2024, enter the date of the ruling ...... right arrow
 
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 IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2024 (b) 2023 (c) 2022 (d) 2021
652,735 1,505,931 1,292,672 429,779 3,881,117
b 85% (0.85) of line 2a ......... 554,825 1,280,041 1,098,771 365,312 3,298,949
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		4,274,781 9,211,619 568,306 4,152,971 18,207,677
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		177,135 139,417 568,306 411,327 1,296,185
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		4,097,646 9,072,202 0 3,741,644 16,911,492
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 .. 		752,118 1,003,954 861,781 713,896 3,331,749
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 right arrow if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions
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 (2024)
Form 990-PF (2024)
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

ANDY'S ANGELS

3522 SCHEELE DR
JACKSON,MI49202 		  PC GENERAL SUPPORT 500

CASA FOR KIDS INC

3303 W SAGINAW ST STE B2
LANSING,MI48917 		  PC GENERAL SUPPORT 2,533

CHILDREN TRUST MICHIGAN

235 S GRAND AVE STE 1411
LANSING,MI48933 		  PC GENERAL SUPPORT 21,267

CHOSEN VISION

13279 AUDREY LN
GRAND LEDGE,MI48837 		  PC GENERAL SUPPORT 542

GREATER INDY HABITAT FOR HUMANITY

3135 N MERIDIAN ST
INDIANAPOLIS,IN46208 		  PC GENERAL SUPPORT 528

GREATER LANSING AREA HOLIDAY COMMISSION

PO BOX 24112
LANSING,MI48909 		  PC GENERAL SUPPORT 50,000

HABITAT FOR HUMANITY CAPITAL REGION

1941 BENJAMIN DR
LANSING,MI48906 		  PC GENERAL SUPPORT 7,206

HAVEN HOUSE

121 WHITEHILLS DR
EAST LANSING,MI48823 		  PC GENERAL SUPPORT 5,000

HDC MIDATLANTIC

8 WEST KING ST STE 821
LANCASTER,PA17603 		  PC GENERAL SUPPORT 1,000

HOPE NETWORK

3075 ORCHARD VISTA DR SE
GRAND RAPIDS,MI49546 		  PC GENERAL SUPPORT 141

HOWARD UNIVERSITY MIDDLE SCHOOL OF MATHEMATICS & SCIENCE

405 HOWARD PLACE NW
WASHINGTON,DC20059 		  PC GENERAL SUPPORT 300

KARUNA INC

703 FARNAM ST STE 207
LA CROSSE,WI54601 		  PC GENERAL SUPPORT 7,206

MEMORIAL COMMUNITY DEVELOPMENT CORPORATION

645 CONNIE ROBINSON WY
EVANSVILLE,IN47713 		  PC GENERAL SUPPORT 500

MICHIGAN ASSOCIATION OF UNITED WAYS

330 MARSHALL STREET STE 211
LANSING,MI48912 		  PC GENERAL SUPPORT 50,000

NERDIT FOUNDATION

100 W 10TH ST STE 502
WILMINGTON,DE19801 		  PC GENERAL SUPPORT 7,206

PROJECT FOR PRIDE IN LIVING

1035 E FRANKLIN AVE
MINNEAPOLIS,MN55404 		  PC GENERAL SUPPORT 1,000

STRIKEOUT BASEBALL USA

1115 CANDELA
GRAND LEDGE,MI48837 		  PC GENERAL SUPPORT 5,000

TRINITY HAVEN INC

3561 N PENNSYLVANIA ST
INDIANAPOLIS,IN46205 		  PC GENERAL SUPPORT 7,206

VOLUNTEERS OF AMERICA OHIO & INDIANA

4181 E 96TH ST
INDIANAPOLIS,IN46240 		  PC GENERAL SUPPORT 10,000
Total .................................right arrow 3a 177,135
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2024)
Form 990-PF (2024)
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
aACQUISITION FEES         14,638,740
bNEW MARKET TAX CREDIT FEES         269,899
cDEVELOPMENT AND INVESTOR FEES         6,315,715
dCONSULTING AND UNDERWRITING         46,061
eINTEREST INCOME-LOANS         414,997
fMISCELLANEOUS         424,220
DISPOSITION FEES         426,237
FUND DISSOLUTION FEES         479,393
LOAN LOSS ADJUSTMENT         0
BRIDGE LOAN ADMIN FEE         24,500
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    14 895,914  
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 29,290  
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) .. 0 925,204 23,039,762
13Total. Add line 12, columns (b), (d), and (e)..................
13
23,964,966
(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 CINNAIRE CORPORATION IS A NONPROFIT LOW-INCOME HOUSING TAX CREDIT (LIHTC) SYNDICATOR THAT RAISES AND MANAGES EQUITY CAPITAL FROM INSTITUTIONAL INVESTORS TO SUPPORT THE DEVELOPMENT AND PRESERVATION OF AFFORDABLE RENTAL HOUSING FOR LOW INCOME INDIVIDUALS AND FAMILIES. THE ORGANIZATION PROVIDES FINANCIAL STRUCTURING, UNDERWRITING, AND LONG- TERM ASSET MANAGEMENT TO ENSURE EACH INVESTMENT DELIVERS LASTING COMMUNITY IMPACT AND PROGRAM COMPLIANCE. ALL ACTIVITIES ARE CONDUCTED EXCLUSIVELY IN FURTHERANCE OF CINNAIRE'S CHARITABLE PURPOSE TO CREATE ECONOMIC OPPORTUNITIES AND PROMOTE SAFE, STABLE, AFFORDABLE HOMES THROUGH AFFORDABLE HOUSING INVESTMENT.
Form 990-PF (2024)
Form 990-PF (2024)
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.
right arrow right arrow
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 Check if self-
employed right arrow		 PTIN
Firm's name Right Arrow
 Firm's EIN Right Arrow
Firm's address Right Arrow


 Phone no.
Form 990-PF (2024)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description
Schedule B
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors

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

38-3126310
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ
501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization


Form 990-PF
501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation
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
For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.
Special Rules
For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 331/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Right Arrow $  
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) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025) Page 2
Name of organization
CINNAIRE CORPORATION
  		Employer identification number
38-3126310
Part I
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
PROPERTY STABILIZATION INC
 
1118 S WASHINGTON AVE
 
LANSING, MI48910

$ 1,000,000


(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.)
(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.)
(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) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
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) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
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.) $  
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) (Rev. 1-2025)
Additional Data


Software ID:  
Software Version:  

TY 2024 AccountingFeesSchedule
Name:
CINNAIRE CORPORATION
EIN:
38-3126310
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING & AUDIT 125,345 6,267 119,078 0

TY 2024 InvestmentsCorpBondsSchedule
Name:
CINNAIRE CORPORATION
EIN:
38-3126310
Name of Bond End of Year Book Value End of Year Fair Market Value
PACCAR FINL CORP 165,635 165,635
REALTY INCOME CORP 198,610 198,610
PEPSIC INC 169,257 169,257
CONSUMERS ENERGY CO 194,394 194,394
APPLE INC 175,924 175,924
BP CAP MKTS AMER INC 165,836 165,836
UNITEDHEALT GRP INC 196,360 196,360
AMERICAN HONDA FIN CORP 173,217 173,217
TOTA CAP INTL 170,535 170,535
UNITED PARCEL SVC INC 167,098 167,098
TARGET CORP 167,939 167,939
HOME DEPOT INC 170,642 170,642
DUKE ENERGY FL LLC 173,140 173,140
S&P GLBL INC 172,439 172,439
AIR PRODS & CHEMS INC 170,152 170,152
META PLATFORMS 200,727 200,727
NEXTERA ENERGY CAP HLDGS 202,356 202,356
LOCKHEED MARTIN CORP 172,317 172,317
PRINCIPA FINL GRP INC 202,525 202,525
BHP BILLITON FIN USA LTD 169,647 169,647
PHILI MORRIS INTL INC 204,705 204,705
COMCAST CORP NEW 171,505 171,505
TJ COS INC NEW 170,985 170,985
PB NVIDIA CORP 173,367 173,367
BARCLAY PLC 179,858 179,858
PFIZER INC 170,522 170,522
THERMO FISHER SCIENTIFIC 170,626 170,626
KIMBERLY CLARK CORP 172,119 172,119
SIMON PPTY GRP LP 175,155 175,155
PROGRESSIV CORP 165,175 165,175
AMERIPRISE FINL INC 161,492 161,492
DEUTSCH BANK 170,595 170,595
JOHN DEERE CAP CORP 161,109 161,109
CONOCOPHILLIPS 159,738 159,738
MARS & MCLENNAN COS INC 161,351 161,351
CITIGRO INC 205,107 205,107
TOYOTA MOTOR CREDIT CORP 162,538 162,538
COMWLTH EDISON CO 162,542 162,542
AVALONBAY CMNTYS INC 161,560 161,560
HONEYWEL INTL INC 162,161 162,161
QUALCOMM INC 162,966 162,966
AMERICAN EXPR CO 165,881 165,881
WASTE MANAGEMENT INC 175,573 175,573

TY 2024 InvestmentsCorpStockSchedule
Name:
CINNAIRE CORPORATION
EIN:
38-3126310
Name of Stock End of Year Book Value End of Year Fair Market Value
AIR PRODUCTS & CHEMICALS INC 8,121 8,121
ALPHABET INC CL A 13,062 13,062
AMERICAN INTL GROUP INC 4,514 4,514
AMERICAN TOWER CORP NEW 9,721 9,721
APOLLO GLOBAL MANAGEMENT INC 15,030 15,030
APPLE INC 14,524 14,524
ASTRAZENECA PLC SPONSORED ADR 8,124 8,124
AVALONBAY COMMNTYS INC 11,658 11,658
BECTON DICKINSON & CO 19,284 19,284
BROADCOM INC 23,184 23,184
CAPITAL ONE FINANCIAL CORP 13,374 13,374
COCA-COLA COMPANY 11,643 11,643
COMCAST CORP CL A 16,701 16,701
DIAGEO PLC SPON ADR 9,408 9,408
DTE ENERGY CO 6,158 6,158
EDISON INTL 5,988 5,988
ENBRIDGE INC 19,560 19,560
EQT CORP 7,700 7,700
EXXON MOBIL CORP 19,040 19,040
FREEPORT MCMORAN INC 6,207 6,207
GENERAL MOTORS CO 3,942 3,942
GILEAD SCIENCES INC 5,173 5,173
HALEON PLC ADR 10,055 10,055
HOME DEPOT INC 9,336 9,336
JOHNSON & JOHNSON 7,665 7,665
JPMORGAN CHASE & CO 21,334 21,334
LINDE PLC 14,235 14,235
MERCK & COMPANY INC 10,445 10,445
META PLATFORMS INC CL A 8,197 8,197
METLIFE INC 12,528 12,528
MICROSOFT CORP 24,026 24,026
NESTLE S A SPON ADR REPSTG REG SHS 17,647 17,647
NORTHROP GRUMMAN CORP 10,324 10,324
ORACLE CORP 12,331 12,331
PNC FINANCIAL SERVICES GROUP INC 8,100 8,100
PPG INDUSTRIES INC 5,495 5,495
PROCTER & GAMBLE CO 9,388 9,388
PUBLIC STORAGE INC 5,989 5,989
RTX CORP 11,341 11,341
SAP SE SPON ADR 9,356 9,356
SEMPRA 21,579 21,579
T- MOBILE US INC 16,996 16,996
TEXAS INSTRUMENTS INC 6,000 6,000
TRAVELERS COS INC 16,140 16,140
UNILEVER PLC SPON ADR 7,541 7,541
UNION PACIFIC CORP 12,542 12,542
UNITEDHEALTH GROUP INC 8,600 8,600
VISA INC CL A 15,170 15,170
VULCAN MATERIALS COMPANY 13,633 13,633
WALT DISNEY CO 5,345 5,345
WASTE MANAGEMENT INC DEL 9,686 9,686
WILLIAMS COS INC DEL 19,483 19,483
AIR PRODUCTS & CHEMICALS INC 2,030 2,030
ALPHABET INC CL A 3,218 3,218
AMERICAN INTL GROUP INC 1,165 1,165
AMERICAN TOWER CORP NEW 2,384 2,384
APOLLO GLOBAL MANAGEMENT INC 3,799 3,799
APPLE INC 3,756 3,756
ASTRAZENECA PLC SPONSORED ADR 2,031 2,031
AVALONBAY COMMNTYS INC 2,860 2,860
BECTON DICKINSON & CO 4,764 4,764
BROADCOM INC 5,796 5,796
CAPITAL ONE FINANCIAL CORP 3,388 3,388
COCA-COLA COMPANY 2,926 2,926
COMCAST CORP CL A 4,203 4,203
DIAGEO PLC SPON ADR 2,415 2,415
DTE ENERGY CO 1,570 1,570
EDISON INTL 1,517 1,517
ENBRIDGE INC 4,922 4,922
EQT CORP 1,937 1,937
EXXON MOBIL CORP 4,841 4,841
FREEPORT MCMORAN INC 1,561 1,561
GENERAL MOTORS CO 1,012 1,012
GILEAD SCIENCES INC 1,293 1,293
HALEON PLC ADR 2,538 2,538
HOME DEPOT INC 2,334 2,334
JOHNSON & JOHNSON 1,880 1,880
JPMORGAN CHASE & CO 5,274 5,274
LINDE PLC 3,768 3,768
MERCK & COMPANY INC 2,885 2,885
META PLATFORMS INC CL A 2,342 2,342
METLIFE INC 3,193 3,193
MICROSOFT CORP 5,901 5,901
NESTLE S A SPON ADR REPSTG REG SHS 4,412 4,412
NORTHROP GRUMMAN CORP 2,816 2,816
ORACLE CORP 3,166 3,166
PNC FINANCIAL SERVICES GROUP INC 1,929 1,929
PPG INDUSTRIES INC 1,433 1,433
PROCTER & GAMBLE CO 2,347 2,347
PUBLIC STORAGE INC 1,497 1,497
RTX CORP 2,893 2,893
SAP SE SPON ADR 2,462 2,462
SEMPRA 5,439 5,439
T- MOBILE US INC 4,194 4,194
TEXAS INSTRUMENTS INC 1,500 1,500
TRAVELERS COS INC 4,095 4,095
UNILEVER PLC SPON ADR 1,928 1,928
UNION PACIFIC CORP 3,193 3,193
UNITEDHEALTH GROUP INC 2,023 2,023
VISA INC CL A 3,792 3,792
VULCAN MATERIALS COMPANY 3,344 3,344
WALT DISNEY CO 1,336 1,336
WASTE MANAGEMENT INC DEL 2,421 2,421
WILLIAMS COS INC DEL 4,925 4,925

TY 2024 InvestmentsGovtObligationsSch
Name:
CINNAIRE CORPORATION
EIN:
38-3126310
US Government Securities - End of Year Book Value:

2,520,750
US Government Securities - End of Year Fair Market Value:

2,520,750
State & Local Government Securities - End of Year Book Value:


4,956,958
State & Local Government Securities - End of Year Fair Market Value:


4,956,958


TY 2024 InvestmentsOtherSchedule2
Name:
CINNAIRE CORPORATION
EIN:
38-3126310
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
LAG ADJUSTMENT - JANNEY INVESTMENTS FMV 349,497 349,497

TY 2024 LandEtcSchedule2
Name:
CINNAIRE CORPORATION
EIN:
38-3126310
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
COMPUTER EQUIPMENT 443,009 371,990 71,019 71,019
OFFICE EQUIPMENT 0 0    
FURNITURE & FIXTURES 413,310 364,088 49,222 49,222
LEASEHOLD IMPROVEMENTS 131,289 71,682 59,607 59,607
LAND IMPROVEMENTS 14,540 4,665 9,875 9,875
LOAN FEES 60,000 56,250 3,750 3,750
CAPITALIZED INVESTMENT COSTS 1,679,782 0 1,679,782 1,679,782


TY 2024 LegalFeesSchedule
Name:
CINNAIRE CORPORATION
EIN:
38-3126310
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL FEES 49,297 0 49,297 0


TY 2024 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
INVESTMENT IN AFFILIATES 9,115,002 10,587,763 10,587,763
INTEREST RECEIVABLE 51,432 149,845 149,845
PROGRAM-RELATED LOANS 8,460,358 10,986,830 10,986,830
OPERATING LEASE RIGHT OF USE ASSET 916,611 979,726 979,726


TY 2024 OtherExpensesSchedule
Name:
CINNAIRE CORPORATION
EIN:
38-3126310
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INSURANCE 228,868 0 228,868 0
OFFERING & ORG ALLOWANCE 348,129 0 348,129 0
OFFICE EXPENSES 1,193,055 0 1,193,055 0
MARKETING/SPONSORSHIPS 987,349 0 987,349 0
ISF PROVISION 755,881 0 755,881 0
MEALS 131,720 0 131,720 0
GRANT EXPENSE 36,000 0 36,000 0
BAD DEBT EXPENSE 105,931 0 105,931 0
CHARITABLE EXPENSES 13,985 0 13,985 0
LOAN LOSS ADJUSTMENT 26,511 0 26,511 0


TY 2024 OtherIncomeSchedule2
Name:
CINNAIRE CORPORATION
EIN:
38-3126310
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
ACQUISITION FEES 14,638,740   14,638,740
NEW MARKET TAX CREDIT FEES 269,899   269,899
DEVELOPMENT AND INVESTOR FEES 6,315,715   6,315,715
CONSULTING AND UNDERWRITING 46,061   46,061
INTEREST INCOME-LOANS 414,997 414,997 414,997
MISCELLANEOUS 424,220   424,220
DISPOSITION FEES 426,237   426,237
FUND DISSOLUTION FEES 479,393   479,393
BRIDGE LOAN ADMIN FEE 24,500   24,500


TY 2024 OtherIncreasesSchedule
Name:
CINNAIRE CORPORATION
EIN:
38-3126310
Description Amount
UNREALIZED GAIN ON INVESTMENTS 47,437
OTHER ADJUSTMENT 20,193


TY 2024 OtherLiabilitiesSchedule
Name:
CINNAIRE CORPORATION
EIN:
38-3126310
Description Beginning of Year - Book Value End of Year - Book Value
OPERATING LEASE LIABILITY` 926,309 986,913


TY 2024 OtherProfessionalFeesSchedule
Name:
CINNAIRE CORPORATION
EIN:
38-3126310
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
CONSULTING 1,919,676 0 1,919,676 0
INVESTMENT MANAGEMENT EXPENSES - JANNEY 72,038 72,038 0 0


TY 2024 TaxesSchedule
Name:
CINNAIRE CORPORATION
EIN:
38-3126310
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INCOME TAX EXPENSE 34,750 0 0 0
PERSONAL PROPERTY TAX 18,912 0 18,912 0