Annually, we undergo an independent audit process to ensure the utmost level of transparency and fiscal accountability.
Fiscal Year 2022*
Clover is pleased to report that in March of 2022, the agency was able to unwind and complete the seven year New Markets Tax Credit (NMTC) transaction related to construction of the Patrick F. Taylor Campus.
The net effect of the final NMTC unwind produced a net financial gain of $2,457,000, reflected as revenue of $9,040,144 in the Fiscal Year (FY) 2022 1542 Constance Street 990 offset by loan forgiveness in the amount of $6,583,144 shown as Bad Debt in the FY2022 Clover 990.
The consolidated audit for Clover, Inc. and Affiliates shows the $2,457,000 as Gain on Extinguishment of Debt. A detailed explanation of the entire NMTC transaction can be found in Notes # 14 and 15 (pages 18-21) of the Audited Financial Statements.
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