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        <MethodValuationCd>F</MethodValuationCd>
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          <PersonNm>CURTIS CANNIZZARO</PersonNm>
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        <RelationshipDescriptionTxt>EXECUTIVE DIR</RelationshipDescriptionTxt>
        <TransactionDesc>SEE PART V &amp; SCH. O</TransactionDesc>
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        <FormAndLineReferenceDesc>SCHEDULE L, PART V</FormAndLineReferenceDesc>
        <ExplanationTxt>FOR EXPLANATION OF BUSINESS TRANSACTION, SEE EXPLANATION FOR FORM 990, PART VI, LINE 3 DESCRIPTION OF DELEGATED DUTIES TO MANAGEMENT COMPANY, ON SCHEDULE O.</ExplanationTxt>
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        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>MANAGEMENT IS PROVIDED BY ANOTHER TAX EXEMPT ORGANIZATION(MERCHANTS EXCHANGE) THAT PROVIDES PROGRAM MANAGEMENT AND ADMINISTRATIVE SERVICES AS NEEDED. THE EXECUTIVE DIRECTOR IS PAID BY MERCHANTS EXCHANGE AND IS ALSO THE EXECUTIVE DIRECTOR OF MERCHANTS EXCHANGE. SEE FORM 990, PART VII, SECTION B FOR THE TOTAL AMOUNTS PAID FOR THOSE SERVICES, WHICH INCLUDE THE EXECUTIVE DIRECTOR COMPENSATION. SEE ALSO SCHEDULE L.</ExplanationTxt>
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      <SupplementalInformationDetail>
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        <ExplanationTxt>THE ORGANIZATION HAS MEMBERS.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 7A</FormAndLineReferenceDesc>
        <ExplanationTxt>MEMBERS ELECT THE BOARD OF DIRECTORS.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 7B</FormAndLineReferenceDesc>
        <ExplanationTxt>MEMBERS HAVE APPROVAL OVER MOST GOVERNING DECISIONS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>A COPY OF FORM 990 IS REVIEWED BY EXECUTIVE DIRECTOR AND A COPY IS DISTRIBUTED TO REMAINING GOVERNING BOARD FOR THEIR REVIEW BEFORE IT IS FINALIZED AND SIGNED BY AN OFFICER.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 15A</FormAndLineReferenceDesc>
        <ExplanationTxt>ORGANIZATION DOES NOT HAVE ANY EMPLOYEES. TOP MANAGEMENT/ FINANCIAL PERSON IS COMPENSATED BY MANAGEMENT COMPANY UNDER CONTRACT. THE CONTRACT IS A MULTI-YEAR AGREEMENT THAT CURRENTLY EXPIRES DECEMBER 31, 2027 AND HAS BEEN REVEIWED AND APPROVED BY THE BOARD OF DIRECTORS.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>ORGANIZATION MAKES AVAILABLE GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS TO MEMBERS UPON REQUEST BUT DOES NOT MAKE THESE DOCUMENTS AVAILABLE TO THE PUBLIC.</ExplanationTxt>
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      <SupplementalInformationDetail>
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        <ExplanationTxt>ISRC EXPENSE 133,632 0 0 COMM. SYSTEMS SUPPORT 117,594 0 0 DUES &amp; SUBSCRIPTIONS 0 40,967 0 DRILLS &amp; TRAINING 20,679 0 0 TUITION &amp; INSTRUCTION 19,496 0 0 AWARDS &amp; RECOGNITION 15,679 0 0 COMMUNICATIONS 0 6,997 0 PROPERTY TAXES 1,565 0 0 PUBLIC RELATIONS 0 1,549 0 WEBSITE EXPENSE 0 546 0 SUPPLIES 490 0 0 MISCELLANEOUS 0 419 0 POSTAGE &amp; SHIPPING 0 286 0 LICENSES &amp; FEES 0 236 0 TOTAL 309,135 51,000 0</ExplanationTxt>
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