2009 - 990 Explanation
In 2009, at the height of the economic downturn, we chose to refinance our mortgage in order to significantly decrease our monthly outflows. To pay down our mortgage, we sold several investments at a realized loss of 1.5 million. Therefore, our 2009 tax return appears as if we had a heavy operating loss, but in fact, it was actually a loss of approximately $387,000 taking the investment activity into consideration. Thanks to our dedicated supporters, our remaining endowment and investment portfolio strategically covers ongoing operational expenses.
2009 IRS Tax Form 990