2024-11-07T14:39:08-05:00 2023-12-31 341602442 H & J CERTIFIED PUBLIC ACCOUNTANTS INC 7555 FREDLE DR STE 110 CONCORD OH 44077 990 2023-01-01 341567708 GROWTH CAPITAL CORPORATION GROW 2165922332 1360 EAST NINTH ST RM/STE 950 CLEVELAND OH 44114 JOHN KROPF PRESIDENT/EXEC DIR 2165922343 2024-11-08 true true ROLLAND B STANDISH P00169705 4409512997 2024-11-05 2023 2024-10-15 13:58:12Z JOHN KROPF 1360 EAST NINTH STREET IMG CENTER SUITE 950 CLEVELAND OH 44114 1900107 false X GROWTHCAPITALCORP.COM X 1981 OH TO PROVIDE FINANCING ASSISTANCE TO AREA BUSINESSES AS PART OF AN OVERALL MISSION TO FOSTER ECONOMIC GROWTH AND JOB CREATION IN NORTHEAST OHIO. 9 9 7 9 0 42000 3562 2020805 1776991 6877 84171 14063 35383 2083745 1900107 0 0 1040257 925244 0 0 1027490 810977 2067747 1736221 15998 163886 4887031 4158077 2621254 1728414 2265777 2429663 X TO PROVIDE FINANCING ASSISTANCE TO AREA BUSINESSES AS PART OF AN OVERALL MISSION TO FOSTER ECONOMIC GROWTH AND JOB CREATION IN NORTHEAST OHIO. false false 1505227 1776991 LOAN DEMAND WAS EXTREMELY WEAK IN 2023 AS 2022 ENDED AND CONTINUED A NEGATIVE TREND THROUGHOUT THE YEAR. WE FINISHED WITH JUST 12 SBA 504 LOANS, THE LOWEST TOTAL IN MY NEARLY 20 YEARS AT GROWTH CAPITAL. CA LOAN ACTIVITY WAS LIKEWISE WEAK IN 2023 AND WE PRODUCED 13 CA LOAN APPROVALS. BOTH LOAN PROGRAMS WERE IMPACTED BY THE CURRENT RISING INTEREST RATE ENVIRONMENT WITH AN "INVERTED YIELD CURVE" CAUSING OUR LONGER TERM 25 YEAR FIXED RATE TO BE LOWER THAN OUR 10 YEAR FIXED RATES FOR OUR 504 BORROWERS AND THE PRIME RATE INCREASING FROM 3.25% AT THE START OF THE YEAR TO 8.5% AT THE END, INCREASING OUR CA RATE TO OVER 14% FOR SOME BORROWERS AND FURTHER DAMPENING DEMAND FOR LENDING. WHILE LOAN PRODUCTION FACED RISING INTEREST RATES, PERSISTENT INFLATION AND EVER PRESENT RISKS OF RECESSION THERE WERE SEVERAL AREAS OF ORGANIZATIONAL PERFORMANCE THAT STOOD OUT POSITIVELY. FIRST OUR LOAN CLOSINGS WERE ONE AREA OF GOOD RESULTS AND WHILE WE ONLY CLOSED 32 LOANS THE DOLLAR VOLUME WAS STRONG AT A TOTAL OF 20.5MM WITH OVER 1.8MM IN CA LOANS. PORTFOLIO GROWTH WAS LIKEWISE SOLID AT 4MM IN GROWTH AND REPRESENTS ONE LOAN PRODUCTION CATEGORY THAT WAS MET AT 100% OF GOAL. OUR MISSION IMPACT RESULTS FOR 2023 WERE OUR BEST EVER. WE ACHIEVED 53% OF OUR CA LENDING TO WOMEN OWNED BUSINESSES AND 31% TO MINORITY OWNED BUSINESSES AND DRAMATICALLY INCREASED OUR LENDING TO AFRICAN-AMERICAN OWNED BUSINESSES WHILE REACHING A FULL 100% OF OUR CA LENDING TO SBA UNDERSERVED MARKET BORROWERS. GROWTH CAPITAL MAINTAINED FULL REGULATORY COMPLIANCE ALL YEAR WITH THE CULMINATION OF OUR SBA SMART REVIEW CORRECTIVE ACTIONS. THAT REVIEW REVEALED THE CARES ACT PAYMENT ERRORS THAT WERE SO PREVALENT DURING THE COVID PERIOD THAT RESULTED IN OUR STRESS LOAN RATE AND EARLY PROBLEM LOAN RATE TO BALLOON. THE CORRECTIVE ACTIONS WE HAVE IMPLEMENTED HAVE RESULTED IN A SIGNIFICANT REDUCTION IN OUR STRESS LOAN RATE AS REPORTED THROUGH THE SERVICING COMMITTEE. THE ANNUAL GROWTH CAPITAL VIP INVITATIONAL GOLF EVENT WAS ONCE AGAIN WELL ATTENDED. IT WAS EXPANDED TO INCLUDE MORE SPONSORS AND WE ONCE AGAIN RECEIVED POSITIVE FEEDBACK FROM THE EVENT AND WERE ABLE TO RECOGNIZE OUR BANK AND LENDER OF THE YEAR FROM 2022. WE ALSO BEGAN A SPONSORSHIP RELATIONSHIP WITH FIRST TEE - GREATER AKRON SUPPORTING AT RISK YOUTH IN OUR COMMUNITIES. WE ALSO RE-INTRODUCED OUR ANNUAL AWARDS EVENT, PUTTING TOGETHER A HYBRID OF OUR FORMER DECEMBER ANNUAL MEETING AND OUR APRIL STAKEHOLDER RECEPTION, THE FIRST TIME SINCE 2019 AND IT TOO WAS WELL RECEIVED BY THE MARKET. WE SOUGHT EXTERNAL GROWTH EXPLORING AN OPPORTUNITY WITH A MERGER WITH CASCADE CAPITAL OF AKRON ALTHOUGH THEY ULTIMATELY DID NOT WANT TO MOVE FORWARD WE WILL CONTINUE TO HAVE CONVERSATIONS. THE EARLY AND COMPLETELY UNEXPECTED RETIREMENT OF A LONG-TIME STAFF MEMBER CAUSED SERIOUS MANAGEMENT CHALLENGES EARLY IN THE YEAR AND WITH THE HELP OF MEMBERS OF THE GROWTH CAPITAL BOARD I WAS ABLE TO FIND A HIGH QUALITY HIRE IN JUNE KINZEL TO SUPPORT OUR LOAN SERVICING AND RECONFIGURED SOME WORK RESPONSIBILITIES IN MOVING JACKIE GILMORE INTO THE LOAN PROCESSING ROLE. STILL SOME REFINING TO DO PERSONNEL WISE BUT WE TRANSITIONED WELL THROUGH THE ATTRITION. ADDITIONALLY, WE HAD TWO LONG-TIME BOARD MEMBERS RETIRE WITH ALAN AND MJ BIDDING US SO LONG AND WE WERE ABLE TO NOMINATE A NEW BOARD CHAIR WITH WES AND TRANSITION THE LOAN COMMITTEE CHAIR TO DAVE AND THE SERVICING COMMITTEE CHAIR TO GLORIA WHILE ADDING TWO HIGH QUALITY BOARD MEMBERS IN KELLY SMITH OF CROGHAN COLONIAL BANK AND JAY RUTTER OF ROETZEL & ANDRESS. IN ADDITION TO THE BUSINESS CHALLENGES AND THE WEAK LOAN DEMAND FINANCIALLY WE HAD A SOLID YEAR WITH SERVAL COST CUTTING STRATEGIES EMPLOYED TO HELP BOOST THE BOTTOM LINE AND INCLUDED IMPROVED VENDOR MANAGEMENT, A LOWER RENEGOTIATED RENTAL RATE HELPING TO REDUCE OVERALL OCCUPANCY COSTS AS WELL AS CONSIDERABLE EXPENSE SAVINGS FROM TOTAL EMPLOYEE COMPENSATION WITH MUCH SMALLER BONUSES THIS YEAR AS WELL AS SOME STAFFING REALIGNMENT IN AN EFFORT TO MINIMIZE COSTS. WE TOOK A BIG HIT IN CA SECONDARY MARKET PREMIUMS THAT WERE DOWN TO 5% MOST OF THE YEAR UNTIL IMPROVING IN OCTOBER. OVERALL REVENUE MAXIMIZATION AND EXPENSE CONTROL RESULTED IN AN INCREASE IN NET ASSETS OF MORE THAN 167M, A VERY STRONG SHOWING FOR THE YEAR. 1505227 false false false false false false false false false false false false true true true true false false false false false false false false false false false false true false false false false false true false true false false false false false false false false true 5 0 true 7 true false false false false true true false false false X 9 9 false false false false true true true true true false false true true true true true true true true false X X JOHN KROPF 2165922332 1360 EAST NINTH STREET IMG CENTER SUITE 950 CLEVELAND OH 44114 JOHN KROPF PRESIDENT/EX 40.00 X 369993 0 68536 JUAN HERNANDEZ BUSINESS DEV 40.00 X 166650 0 6701 JEFFREY SOZIO SBA LOAN OFF 40.00 X 138389 0 26723 WESLEY GILLESPIE CHAIR 3.00 X X 0 0 0 DANIEL PRENDERGAST TREASURER 3.00 X X 0 0 0 TIM BRECKNER DIRECTOR 1.00 X 0 0 0 GLORIA GATES DIRECTOR 1.00 X 0 0 0 DAVID KINZEL DIRECTOR 1.00 X 0 0 0 CHRISTOPHER KOLAR DIRECTOR 1.00 X 0 0 0 JAY RUTTER DIRECTOR 1.00 X 0 0 0 KELLY SMITH DIRECTOR 1.00 X 0 0 0 KEVIN SCHMOTZER DIRECTOR 1.00 X 0 0 0 675032 101960 3 false true false 3562 3562 504 LENDING AND SERVICING ACT 522298 1218287 1218287 7(A) LENDING ACTIVITIES 522298 558704 558704 1776991 84171 84171 ANNUAL MEETING 900099 35383 35383 35383 1900107 1812374 84171 255843 153506 102337 472386 453946 18440 57554 48009 9545 92837 77439 15398 46624 38891 7733 44276 44276 32605 32605 5132 5132 104489 94440 10049 83840 75456 8384 109602 103685 5917 27136 25779 1357 191834 191438 396 41252 22419 18833 LOAN SERVICING EXPENSE 88034 88034 PROV LOAN LOSS RESERVE 74003 74003 LOAN SALE FEES AND OTHER 8774 8774 1736221 1505227 230994 0 2943350 463171 1300963 2800966 13890 47968 492132 496430 15450 16141 121246 333401 4887031 4158077 261544 140509 33822 56897 2325888 1251453 279555 2621254 1728414 X 2265777 2429663 2265777 2429663 4887031 4158077 X 163886 X false true X true false RIGHT-OF-USE ASSET 270807 SERVICING AND OTHER 42108 INTEREST RECEIVABLE 20486 333401 LEASE LIABILITY 279555 279555 X 1900107 1900107 1900107 1736221 1736221 1736221 SCHEDULE D, PAGE 3, PART X GROWTH CAPITAL IS INCORPORATED AS A NOT-FOR-PROFIT ORGANIZATION UNDER CHAPTER 17 OF THE OHIO REVISED CODE, IS EXEMPT FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C)(4). SCHEDULE D, PAGE 4, PART XI, LINE 2D SPECIAL EVENT EXPENSE 0 SCHEDULE D, PAGE 4, PART XII, LINE 2D SPECIAL EVENT EXPENSE 0 X true true X X X false false false false false false false false false JOHN KROPF PRESIDENT/EXEC DIR 270243 99750 41361 27175 438529 JUAN HERNANDEZ BUSINESS DEV DIR 166650 6701 173351 JEFFREY SOZIO SBA LOAN OFFICER 104889 33500 5727 20996 165112 SEE BELOW false SCHEDULE L, PART V PART IV - LINE 28C: MEMBERS OF THE BOARD AND CERTAIN STANDING COMMITTEES INCLUDE EMPLOYEES OF LENDING INSTITUTIONS WHO MAY BE A PARTY TO THE LOAN AGREEMENT WITH AN APPLICANT. GROWTH CAPITAL'S POLICY IS FOR THESE APPLICABLE MEMBERS TO ABSTAIN FROM VOTING ON APPROVAL OF THESE APPLICANTS. FORM 990, PAGE 2, PART III, LINE 4A LOAN DEMAND WAS EXTREMELY WEAK IN 2023 AS 2022 ENDED AND CONTINUED A NEGATIVE TREND THROUGHOUT THE YEAR. WE FINISHED WITH JUST 12 SBA 504 LOANS, THE LOWEST TOTAL IN MY NEARLY 20 YEARS AT GROWTH CAPITAL. CA LOAN ACTIVITY WAS LIKEWISE WEAK IN 2023 AND WE PRODUCED 13 CA LOAN APPROVALS. BOTH LOAN PROGRAMS WERE IMPACTED BY THE CURRENT RISING INTEREST RATE ENVIRONMENT WITH AN "INVERTED YIELD CURVE" CAUSING OUR LONGER TERM 25 YEAR FIXED RATE TO BE LOWER THAN OUR 10 YEAR FIXED RATES FOR OUR 504 BORROWERS AND THE PRIME RATE INCREASING FROM 3.25% AT THE START OF THE YEAR TO 8.5% AT THE END, INCREASING OUR CA RATE TO OVER 14% FOR SOME BORROWERS AND FURTHER DAMPENING DEMAND FOR LENDING. WHILE LOAN PRODUCTION FACED RISING INTEREST RATES, PERSISTENT INFLATION AND EVER PRESENT RISKS OF RECESSION THERE WERE SEVERAL AREAS OF ORGANIZATIONAL PERFORMANCE THAT STOOD OUT POSITIVELY. FIRST OUR LOAN CLOSINGS WERE ONE AREA OF GOOD RESULTS AND WHILE WE ONLY CLOSED 32 LOANS THE DOLLAR VOLUME WAS STRONG AT A TOTAL OF 20.5MM WITH OVER 1.8MM IN CA LOANS. PORTFOLIO GROWTH WAS LIKEWISE SOLID AT 4MM IN GROWTH AND REPRESENTS ONE LOAN PRODUCTION CATEGORY THAT WAS MET AT 100% OF GOAL. OUR MISSION IMPACT RESULTS FOR 2023 WERE OUR BEST EVER. WE ACHIEVED 53% OF OUR CA LENDING TO WOMEN OWNED BUSINESSES AND 31% TO MINORITY OWNED BUSINESSES AND DRAMATICALLY INCREASED OUR LENDING TO AFRICAN-AMERICAN OWNED BUSINESSES WHILE REACHING A FULL 100% OF OUR CA LENDING TO SBA UNDERSERVED MARKET BORROWERS. GROWTH CAPITAL MAINTAINED FULL REGULATORY COMPLIANCE ALL YEAR WITH THE CULMINATION OF OUR SBA SMART REVIEW CORRECTIVE ACTIONS. THAT REVIEW REVEALED THE CARES ACT PAYMENT ERRORS THAT WERE SO PREVALENT DURING THE COVID PERIOD THAT RESULTED IN OUR STRESS LOAN RATE AND EARLY PROBLEM LOAN RATE TO BALLOON. THE CORRECTIVE ACTIONS WE HAVE IMPLEMENTED HAVE RESULTED IN A SIGNIFICANT REDUCTION IN OUR STRESS LOAN RATE AS REPORTED THROUGH THE SERVICING COMMITTEE. THE ANNUAL GROWTH CAPITAL VIP INVITATIONAL GOLF EVENT WAS ONCE AGAIN WELL ATTENDED. IT WAS EXPANDED TO INCLUDE MORE SPONSORS AND WE ONCE AGAIN RECEIVED POSITIVE FEEDBACK FROM THE EVENT AND WERE ABLE TO RECOGNIZE OUR BANK AND LENDER OF THE YEAR FROM 2022. WE ALSO BEGAN A SPONSORSHIP RELATIONSHIP WITH FIRST TEE - GREATER AKRON SUPPORTING AT RISK YOUTH IN OUR COMMUNITIES. WE ALSO RE-INTRODUCED OUR ANNUAL AWARDS EVENT, PUTTING TOGETHER A HYBRID OF OUR FORMER DECEMBER ANNUAL MEETING AND OUR APRIL STAKEHOLDER RECEPTION, THE FIRST TIME SINCE 2019 AND IT TOO WAS WELL RECEIVED BY THE MARKET. WE SOUGHT EXTERNAL GROWTH EXPLORING AN OPPORTUNITY WITH A MERGER WITH CASCADE CAPITAL OF AKRON ALTHOUGH THEY ULTIMATELY DID NOT WANT TO MOVE FORWARD WE WILL CONTINUE TO HAVE CONVERSATIONS. THE EARLY AND COMPLETELY UNEXPECTED RETIREMENT OF A LONG-TIME STAFF MEMBER CAUSED SERIOUS MANAGEMENT CHALLENGES EARLY IN THE YEAR AND WITH THE HELP OF MEMBERS OF THE GROWTH CAPITAL BOARD I WAS ABLE TO FIND A HIGH QUALITY HIRE IN JUNE KINZEL TO SUPPORT OUR LOAN SERVICING AND RECONFIGURED SOME WORK RESPONSIBILITIES IN MOVING JACKIE GILMORE INTO THE LOAN PROCESSING ROLE. STILL SOME REFINING TO DO PERSONNEL WISE BUT WE TRANSITIONED WELL THROUGH THE ATTRITION. ADDITIONALLY, WE HAD TWO LONG-TIME BOARD MEMBERS RETIRE WITH ALAN AND MJ BIDDING US SO LONG AND WE WERE ABLE TO NOMINATE A NEW BOARD CHAIR WITH WES AND TRANSITION THE LOAN COMMITTEE CHAIR TO DAVE AND THE SERVICING COMMITTEE CHAIR TO GLORIA WHILE ADDING TWO HIGH QUALITY BOARD MEMBERS IN KELLY SMITH OF CROGHAN COLONIAL BANK AND JAY RUTTER OF ROETZEL & ANDRESS. IN ADDITION TO THE BUSINESS CHALLENGES AND THE WEAK LOAN DEMAND FINANCIALLY WE HAD A SOLID YEAR WITH SERVAL COST CUTTING STRATEGIES EMPLOYED TO HELP BOOST THE BOTTOM LINE AND INCLUDED IMPROVED VENDOR MANAGEMENT, A LOWER RENEGOTIATED RENTAL RATE HELPING TO REDUCE OVERALL OCCUPANCY COSTS AS WELL AS CONSIDERABLE EXPENSE SAVINGS FROM TOTAL EMPLOYEE COMPENSATION WITH MUCH SMALLER BONUSES THIS YEAR AS WELL AS SOME STAFFING REALIGNMENT IN AN EFFORT TO MINIMIZE COSTS. WE TOOK A BIG HIT IN CA SECONDARY MARKET PREMIUMS THAT WERE DOWN TO 5% MOST OF THE YEAR UNTIL IMPROVING IN OCTOBER. OVERALL REVENUE MAXIMIZATION AND EXPENSE CONTROL RESULTED IN AN INCREASE IN NET ASSETS OF MORE THAN 167M, A VERY STRONG SHOWING FOR THE YEAR. FORM 990, PAGE 6, PART VI, LINE 6 GROWTH CAPITAL MAINTAINS A MEMBERSHIP OF AT LEAST 25 PERSONS ELECTED FROM EACH OF THE FOLLOWING FOUR GROUPS: (I) GOVERNMENT; (II) PRIVATE SECTOR LENDING INSTITUTIONS, (III) COMMUNITY ORGANIZATIONS; AND (IV) BUSINESS ORGANIZATIONS. FORM 990, PAGE 6, PART VI, LINE 7A IF IT IS NECESSARY TO ELECT ADDITIONAL MEMBERS, AN APPOINTED OFFICER OF THE BOARD SHALL NOTIFY THE BOARD CHAIR WHO IMMEDIATELY APPOINTS A COMMITTEE FROM AMONG THE BOARD. NOMINATIONS ARE REPORTED AND NEW MEMBERS ARE ELECTED AT A MEETING OF THE MEMBERS WHERE A QUORUM IS PRESENT AND BY AN AFFIRMATIVE VOTE BY A MAJORITY OF THOSE MEMBERS PRESENT. FORM 990, PAGE 6, PART VI, LINE 7B THE MEMBERS ELECT THE BOARD OF DIRECTORS AND NEW MEMBERS. FORM 990, PAGE 6, PART VI, LINE 11B THE 990 IS PREPARED BY AN INDEPENDENT CPA AND THEN PRESENTED TO THE FINANCE COMMITTEE, FINANCE STAFF, AND THE EXECUTIVE DIRECTOR FOR REVIEW AND APPROVAL. THE COMPLETE RETURN IS THEN ELECTRONICALLY DISTRIBUTED TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO FILING WITH THE IRS. AN OFFICER SIGNS THE 990. FORM 990, PAGE 6, PART VI, LINE 12C EACH YEAR, THE BOARD MEMBERS ARE ASKED TO REVIEW THE ORGANIZATION'S CONFLICT OF INTEREST POLICY. AMONG OTHER THINGS, THE POLICY MAKES CLEAR THAT ALL DECISIONS OF THE BOARD, OFFICERS, AND EMPLOYEES OF THE ORGANIZATION ARE MADE SOLELY ON THE BASIS OF A DESIRE TO PROMOTE THE BEST INTEREST OF THE ORGANIZATION AND THE PUBLIC GOOD. THE CONFLICT OF INTEREST STATEMENT REQUESTS BOARD MEMBERS TO IDENTIFY TO THE BEST OF THEIR KNOWLEDGE AFFILIATIONS WITH ORGANIZATIONS THAT MAY BE POTENTIALLY RELATED TO THE FINANCIALS OR OTHER SUBSTANTIVE OPERATIONS OF THE ORGANIZATION. THEY ARE ALSO ASKED TO IDENTIFY CIRCUMSTANCES INVOLVING EITHER THEMSELVES, OR A MEMBER OF THEIR EXTENDED FAMILY, THAT MAY BE CONSTRUED AS A CONFLICT OF INTEREST. AT THE STAFF LEVEL, THE ORGANIZATION'S PERSONNEL ALSO ENSURE THAT THERE ARE NO CONFLICTS OF INTEREST WHEN CONSIDERING THE ENGAGEMENT OF A NEW VENDOR. IF A POTENTIAL CONFLICT IS IDENTIFIED, APPROPRIATE STEPS ARE TAKEN TO BOTH ASSESS THE NATURE OF THE POTENTIAL CONFLICT AND, SUBSEQUENTLY, TO ENSURE THAT THE POSSIBILITY OF AN ACTUAL CONFLICT IS MITIGATED. SUCH MITIGATION IS MANAGED AND THE LETTER AND SPIRIT OF THE CONFLICTS POLICY ARE UPHELD. FORM 990, PAGE 6, PART VI, LINE 15A THE BOARD OF DIRECTORS ANNUALLY EVALUATES THE PERFORMANCE OF THE EXECUTIVE DIRECTOR. COMPENSATION IS BASED ON PERFORMANCE AND COMPARED TO OTHER STATE AND NATIONAL SBA LENDERS AS WELL AS LOCAL BANKING INDUSTRY COMPENSATION LEVELS. THE BOARD OF DIRECTORS HAS ADOPTED THE IRS-WRITTEN "REBUTTABLE PRESUMPTION" CHECKLIST WHICH IS COMPLETED CONTEMPORANEOUS WITH THE EXECUTIVE DIRECTOR'S PERFORMANCE REVIEW. FORM 990, PAGE 6, PART VI, LINE 15B COMPENSATION FOR STAFF WITHIN THE ORGANIZATION IS DETERMINED BY THE EXECUTIVE DIRECTOR. COMPENSATION IS BASED ON PERFORMANCE AND COMPARED TO OTHER STATE AND NATIONAL SBA LENDERS AS WELL AS LOCAL BANKING INDUSTRY COMPENSATION LEVELS. THIS COMPENSATION IS A COMPONENT OF THE BUDGET, WHICH IS REVIEWED AND APPROVED BY THE EXECUTIVE AND FINANCE COMMITTEES AND ALSO BY THE BOARD AS A WHOLE. FORM 990, PAGE 6, PART VI, LINE 19 THE ORGANIZATION'S CURRENT GOVERNING DOCUMENTS, FORM 990 CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. THE FORM 990 CAN ALSO BE FOUND ON SEVERAL PUBLICALLY- ACCESSIBLE WEBSITES. FORM 990, PART XI, LINE 9 SPECIAL EVENT EXPENSE 0 SPECIAL EVENT EXPENSE 0